1.5: Student Practice - Module 1
- Page ID
- 38035
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Discussion Starters
- In California, real estate agents, brokers, and property managers must obtain specific licenses. How does having a licensed professional contribute to a more seamless and trustworthy real estate transaction?
- In residential real estate, what are the advantages and disadvantages of working as an independent contractor on a straight commission basis? Which do you prefer, and why?
- How does the relationship between a real estate broker and an agent contribute to the success of the agent? In what ways will your broker's support impact your success overall in the real estate business?
- How do the roles of MLOs and real estate agents complement each other in the home-buying process? What challenges or advantages might arise from the collaboration between these two professions?
- The chapter outlines several essential skills for success in real estate, such as willingness to learn, customer service, negotiation, organizational skills, and marketing expertise. Which of these skills do you believe is the most critical for a real estate professional? How might the absence of these skills impact an agent's career path?
Concept Check Quiz
- What is the primary responsibility of a real estate agent? (Select 1 answer)
a) Marketing properties
b) Representing clients in real estate transactions
c) Property maintenance
d) Interior design
- In California, which government agency is responsible for licensing real estate salespersons and brokers? (Select 1 answer)
a) Department of Real Estate (DRE)
b) California Department of Transportation
c) California Department of Education
d) California Department of Health Services
- What role does a real estate appraiser play in the real estate industry?
a) Selling properties
b) Determining property values
c) Negotiating lease agreements
d) Providing home inspections
- What are the three professions in California's real estate industry that require a license issued by the state? (Select 1 answer)
a) Real estate agent, property manager, interior decorator
b) Real estate agent, real estate appraiser, mortgage broker
c) Real estate agent, real estate appraiser, real estate broker
d) Real estate agent, carpenter, electrician
- Why was the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) implemented? (Select 1 answer)
a) To reduce mortgage interest rates
b) To increase federal taxes on mortgages
c) To establish nationwide standards for mortgage licensing
d) To abolish the mortgage industry
Answers: 1. b, 2. a, 3. b, 4. b, 5. c