Chapter 1: The Real Estate Business
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concentrating on one type or style of propery or on one particular neighborhood
FEDERALLY RELATED TRANSACTION
a loan imade by a federally regulated lending institiution that uses real propery, which has a transaction value greater that $250,000, as security for a loan
COMPARATIVE MARKET ANALYSIS
value estimate based on recent sales of similar properties in the same neighborhood
when a contractor is emplyed by an owener of land to build on that land to the owners specifications
when a contactor builds on his or her own land with the hope of lacating a purchaser after construction has been completed
a developer that acquires a large tract of land and builds a model center from which sales may be made
A real estate appraiser's fee for professional service is based on
a)a percentage of the propery's gross income.
b)a percentage of the fair market value of the property
c)the time and difficulty of the appraisal
d)a percentage of the propery's sales price
The principal in an agency relationship is the
The service provided by real estate brokers that is considered to require the most experience and knowledge is
a) property management.
d) agricultural sales
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