The First State to Legislate Licensing Requirements for Real Estate

question 4

Multiple Choice

The first state to legislate licensing requirements for real estate agents was

• A) Texas.
• B) Rhode Island.
• C) California.
• D) New York.

---

Definitions:

Book Value

The net value of an asset according to its balance sheet account balance, calculated as the original cost minus accumulated depreciation.

Variable Manufacturing Costs

Expenses that change in proportion to the amount of goods or services produced, including direct materials and labor.

Trading In

The act of submitting a used item as partial payment for another item, often seen in automotive and electronics purchases.

Salvage Value

The estimated residual value of an asset at the end of its useful life, often considered for depreciation calculations or when disposing of the asset.