Ch 1 Review Questions Flashcards
All of the following are separable ownerships in land except A.Surface of the land B. Area below the surface C. Non homogeneity D. Air Rights
C Nonhomogeneity
The characteristic of land that causes the real estate market to be essentially a local market is the physical characteristic of: A. Indestructibility B. Immobility C. Availability D. Natural features
B Immobility
The non homogeneity of land:
A. is the bases for the legal remedy of specific performance
B. Results from the uniqueness of every parcel of real estate
C. Is the physical characteristic of land
D. All of the above
D. All of the above
An increase in the economic supply of land has resulted from:
A. Increased utilization of the physical supply of land
B. Modification by improvements to the land
C.High-density development
D.All of the above
D all of the above
The quality of the location of land and consequently the value of the land can be changed by
A. The principle of Nonhomogeneity
B. Relocation of the land
C. Changes in the national scope of the real estate business
D. Improvements to the land that result in accessibility not previously available.
D. Improvements to the land that result in accessibility not previously available.
The employment of the concept of highest and best use:
A. Includes consideration of the physical and economy related factors affecting the land use.
B. Results in the greatest present value of the land
C. Must be a use feasible in the near future.
D. All of the above
D. All of the above
An example of public land use controls is: A. Restrictive covenants B. Zoning Laws C. Deed restrictions D. Protective covenants
B. Zoning Laws
Real estate investment offers the opportunity to produce a profit in the following ways except: A. Appreciation B. Positive cash flow C. Specific performance D. Tax advantages
C. Specific performance
The physical characteristics of land create a real estate market that has special features not inherent in other markets including
I. The characteristic that the real estate market is slow to react to changes in the supply and demand for real estate
II. The characteristic of the necessity for local specialists to adequately serve the buying and selling public
I and II
The real estate market may be described in all of the following ways except:
A. Free market
B. Local market
C. Moveable market
D. Market that is slow to react to changes in supply and demand.
C. Moveable market
The function of a real estate agent in dealings with buyers and sellers in the real estate market may best be described as which of the following? A. Financier B. Counselor or advisor C. Contractor D. Salesperson
B. Counselor or advisor
The real estate agent must have specialized knowledge of a variety of subjects that include the following except: A. Financing B. Contracts C.Legal Advice D. Valuation of property
C.Legal Advice
Which of the following is (are) accurate regarding a successful career in real estate?
I> A successful career in real estate is based on ethical conduct and service to others.
II a successful career in real estate is based on knowledge of a great variety of subjects
Both I and II
Economic characteristics of real property include which of the following? A.Situs B. Immobility C. Indestructibility D. Nonhomogeneity
A.Situs
Which of the following has the greatest effect on real property value? A. Tax rates B. Location/Situs C. Availability D. Indestructibility
B. Location/Situs
Which of the following is an example of the private control of land use? A. Zoning B. Restrictive covenants C. Building codes D. Environmental controls
B. Restrictive covenants
The real estate market is:
I. An example of the free market concept
II. Local in character
I & II
The term Realtor designates
A. Any real estate licensee
B. A real estate licensee who is a member of the national, state and local association of Realtors.
C. Only licensees who hold brokers licenses.
D. All of the above
B. A real estate licensee who is a member of the national, state and local association of Realtors.
The real estate market is subject to
I. The cyclic changes in the national economy
II. The law of supply and demand
I and II
Which of the following statements regarding the real estate business is (are) correct:
I. Real estate transactions can be traced to biblical times
II the business of real estate brokerage is a product of the twentieth century
I and II
Physical characteristics of land included all of the following except: A. Situs B. Nonhomogeneity C. Performance D. Immobility
A. Situs
The national association of realtors is A. A government organization B. A trade group C. An organization for buyers and sellers of commercial real estate D. All of the above
B. A trade group
Factors affecting supply and demand in real estate include all of these items EXCEPT: A. Government regulations B. Interest rates C. Local economic conditions D. Real estate investment trusts
D. Real estate investment trusts
A realtor must be:
I a licensee
II a broker
I a licensee
Scarcity and situs are examples of A. Physical characteristics of the land B. Highest and best use C. Permanence of investment D. Economic characteristics of the land
D. Economic characteristics of the land
All of the following are public land use restrictions except: A. Building codes B. Protective covenants C. Zoning D. Regional planning
B. Protective covenants
