Real Estate Basics
What is the term for the initial payment made by a buyer to secure a property, often a percentage of the total purchase price?
What is a down payment?
What investment strategy involves purchasing properties with the goal of generating rental income and potentially realizing appreciation over time?
What is buy and hold investing?
Located in New York City, what iconic skyscraper is often considered one of the most famous office buildings in the world?
What is the Empire State Building?
In real estate, what is the term for a person or entity authorized to act on behalf of another, typically in negotiations or transactions?
What is an agent?
What ethical principle requires real estate professionals to be honest and truthful in their dealings with clients and other parties involved in a transaction?
What is honesty and integrity?
In real estate, what does the acronym "MLS" stand for?
What is Multiple Listing Service?
In real estate, what is the term for the income generated by a property through rent or other sources, minus operating expenses?
What is net operating income (NOI)?
This palace, known for its opulent architecture, is a symbol of the excesses of the Gilded Age and is located in San Simeon, California. What is its name?
What is Hearst Castle?
What type of agency relationship exists when a real estate agent represents both the buyer and the seller in the same transaction?
What is dual agency?
In real estate, what is the term for the illegal practice of directing buyers or renters to or away from certain neighborhoods based on their race, religion, or national origin?
What is steering?
What legal document outlines the terms and conditions of a home loan, including the interest rate and repayment schedule?
What is a mortgage agreement?
What tax benefit allows property owners to deduct the cost of certain expenses, such as mortgage interest and property taxes, from their taxable income?
What is tax deduction?
Situated in Agra, India, this white marble mausoleum is a UNESCO World Heritage Site and one of the Seven Wonders of the World. What is its name?
What is the Taj Mahal?
When an agent is authorized to perform only specific tasks on behalf of the principal, what type of agency is established?
What is special agency or limited agency?
What ethical responsibility do real estate agents have to disclose known material defects in a property to potential buyers?
What is the duty to disclose?
What is the term for the increase in the value of a property over time, often due to factors like improvements, renovations, or market demand?
What is appreciation?
What investment concept refers to the use of borrowed funds to increase the potential return on investment, typically through the use of a mortgage?
What is leverage?
In Paris, this Gothic cathedral is a masterpiece of French medieval architecture and is considered one of the finest examples of French Gothic architecture. What is its name?
What is Notre-Dame Cathedral?
What legal concept requires an agent to act in the best interests of their client, putting the client's interests above their own?
What is fiduciary duty?
If a real estate agent represents a buyer and a seller in the same transaction but fully discloses this dual agency relationship, what ethical principle is being upheld?
What is transparency and full disclosure?
In the context of renting, what is the term for a contractual provision that allows the tenant to purchase the property at a predetermined price after a certain period?
What is a lease option?
What type of investment property is typically purchased with the intention of selling it quickly for a profit, rather than holding it for long-term rental income?
What is a fix-and-flip property?
This palm tree-shaped artificial archipelago, located in Dubai, is known for its luxury real estate and is visible from space. What is it called?
What is the Palm Jumeirah?
In real estate, what document formalizes the relationship between a buyer or seller and their agent, outlining the terms of the agency agreement?
What is a listing agreement?
Real estate professionals are often bound by a code of ethics established by their professional organization. In the United States, what is the name of the organization that publishes the Realtor® Code of Ethics?
What is the National Association of Realtors® (NAR)?