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1. The real estate market is local in nature what doesthat mean? ✔✔Information about real
estate can best be found through local sources, which makes the real estate market local in
nature
2. You would expect a real estate licensee to perform all of the following activities, EXCEPT:
A. Providing expert knowledge about construction methods and materials
B. Providing expert knowledge to members of the public in the performance of specified
services of real estate
C. Following up with customers and clients after a transaction has been completed
D. Acting as an intermediary, or agent, between two or more people in the negotiation of the
sale, purchase, or lease of real estate ✔✔A. Providing expert knowledge about construction
methods and materials
3. A real estate licensee is expected to have expert knowledge in what three areas?
A. Valuation, marketing, and property transfer
B. Mortgages, property taxes, and homeowners' insurance policies
C. Residential real estate, commercial real estate, and surveys
D. Area schools, local crime rates, and proximity to potential employers ✔✔A. Valuation,
marketing, and property transfer
4. What is a comparative market analysis?
A. A comparison of assessed values in the same neighborhood
B. A value estimate based on recent sales of identical properties in the same neighborhood
C. A value estimate based in recent sales of similar properties in the same neighborhood
D. An appraisal of the value of a property ✔✔C. A value estimate based in recent sales of similar
properties in the same neighborhood
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