AZ Real Estate Unit 1

Question 1

The most common real estate transaction is?

Answer 1

The purchase of a home

Question 2

The supply of homes on the market decreases, but demand remains steady. What will happen to the price of homes?

Answer 2

It will increase

Question 3

Commercial Real estate includes

Answer 3

Office space, shopping centers and stores as well as theaters hotels and parking facilities

Question 4

Home inspection is a profession that combines interest in

Answer 4

real estate and construction skills

Question 5

Information including age, education, behavior and other characteristics of members in certain a population is

Answer 5

demographics

Question 6

A real estate professional who performs a visual survey of a property’s structure and prepares a report for a purchaser or owner is

Answer 6

A Home Inspector

Question 7

Which of the following does not affect demand ?

Answer 7

Monetary Policy

Question 8

All of the following affect how quickly the forces of supply and demand work except

Answer 8

degree of standardization of the property’s price

Question 9

Prices in the real estate market are established by

Answer 9

supply and demand

Question 10

Which of the following is true about the real estate industry

Answer 10

It includes many specialized areas and businesses

Question 11

A professional opinion of a property’s market value, based on established methods and using trained judgement is performed by

Answer 11

A real estate appraiser

Question 12

Detailed information about the age education behavior and other characteristics of members of a population group is called

Answer 12

demographics

Question 13

When the supply of a certain commodity decreases while the demand remains the same the price of that commodity will tend to

Answer 13

increase

Question 14

The market for each type of real property can be divided into the three main functions of

Answer 14

buying, selling , leasing

Question 15

A major manufacturer of automobiles announces that it will relocate one of its factories along with 2000 employees to a small town what effect will this announcement most likely have on the small towns housing market

Answer 15

housing will likely become more expensive

Question 16

A licensed real estate broker may charge a fee for all of the following services except

Answer 16

appraising

Question 17

All of the following are uses of real property except

Answer 17

developmental

Question 18

What type of federal law prohibits discrimination in the provision of housing and housing-related services (including lending)based on an individual’s race color national origin religion sex familial status or disability

Answer 18

Fair Housing

Question 19

A development that combines office space stores and residential units in a single vertical community

Answer 19

A mixed use development

Question 20

Mixed use real estate is property that allows for

Answer 20

Two uses Commercial and residential - in the same building

Question 21

Under a cooperative form of ownership an owner

Answer 21

is a shareholder in the corporation that owns the building

Question 22

Property Management appraisal financing and development are all

Answer 22

Separate professions within the real estate industry