1. The real estate market is local in nature what does that mean? - Correct AnswerInformation 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 - Correct Answer-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 - Correct Answer-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 - Correct Answer-C. A value estimate based in recent sales of similar properties in the same neighborhood 5. Which type of valuation must be performed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) A. Appraisal in a federally-related transaction B. Broker price opinion (BPO) C. Comparative market analysis (CMA) D. None of the above - Correct Answer-A. Appraisal in a federally-related transaction