Real Estate Class One Review

Question 1

The process of using established methods and good judgment to form an opinion of the value of a property is

Accepted Answer

Appraisal

Question 2

Land rights, mineral rights, water rights and air rights are included in the definition of

Accepted Answer

real estate

Question 3

Which of these is an example of an economic characteristic of land

Accepted Answer

Scarcity

Question 4

Growing trees, fences and buildings are all considered

Accepted Answer

Real Estate

Question 5

Warehouses, factories, and power plants are examples of industrial property

Accepted Answer

True

Question 6

A report based on a visual survey of property structure, systems and site conditions is a(n)

Accepted Answer

Home Inspection

Question 7

Which of these has been proven to pose a health hazard

Accepted Answer

All of these pose health hazards

Question 8

How do you transfer personal property

Accepted Answer

Bill of sale

Question 9

All of these are included in the bundle of rights EXCEPT

Accepted Answer

expansion

Question 10

Lead based paint is found in about 75% of all private housing built before

Accepted Answer

1978

Question 11

When the population of a town suddenly increases, which of these is MOST likely to occur?

Accepted Answer

Real Estate prices will increase

Question 12

The splitting of a single piece of property into smaller parcels is called

Accepted Answer

Subdivision

Question 13

Office buildings and retail space are examples of

Accepted Answer

Commercial real estate

Question 14

All of these factors will tend to affect demand for real estate EXCEPT

Accepted Answer

Construction and material costs

Question 15

Both homeowners and investors who own real estate hope to benefit from the future property

Accepted Answer

Appreciation

Question 16

All of these factors can affect the supply of real estate EXCEPT

Accepted Answer

Demographics

Question 17

Another word for personal property is

Accepted Answer

chattel

Question 18

All of these are examples of government policies that can affect the real estate market EXCEPT

Accepted Answer

The shortage of skilled labor or building materials

Question 19

The amount invested in a property is the owner&#x27;s equity

Accepted Answer

True

Question 20

An important characteristic of personal property is that it is

Accepted Answer

movable

Question 21

The developer added sewer lines and utilities and built two streets, these items are called

Accepted Answer

Improvements

Question 22

The idea that no two parcels of land are exactly alike is called

Accepted Answer

Nonhomogenity

Question 23

An important distinction between real and personal property is that real property is transferred by

Accepted Answer

a deed

Question 24

A right or privilege tied to a property, not necessarily part of the property, is called

Accepted Answer

An appurtenance

Question 25

Another word for uniqueness is

Accepted Answer

nonhomogeneity

Real Estate Class One Review

Questions 25

Real Estate Class One Review

Questions 25