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Master Real Estate Ch 1 > diagnostic test 1 > Flashcards

diagnostic test 1 Flashcards

1
Q

The physical characteristic of real property that no two parcels of land are exactly alike is called

a. immobility
b. nonhomogeneity
c. situs
d. indestructibility

A

b. nonhomogeneity

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2
Q

store shelves and restaurant equipment are examples of which of the following

a. real property
b. real estate
c. trade fixtures
d. general fixtures

A

C. trade fixtures

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3
Q

intent of the parties, method of annexation, adaptation to real estate, and agreement between the parties are the legal tests for determining whether an item is

a. a trade fixture or personal property
b. real property or real estate
c. a fixture or personal property
d. an improvement

A

c a fixture or personal property

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4
Q

a shopping mall is an example of which type of real estate?

a. industrial
b. commercial
c. residential
d special purpose

A

b. commercial

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5
Q

laws based on custom and usage that have been developed through the years by the courts are called

a. the allodial system
b. common law
c. statute law
d. emblements

A

b. common law

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6
Q

the economic characteristic of scarcity refers to which of the following

a. no two parcels of land are exactly alike
b. there may not be enough land in certain areas to satisfy demand
c. people prefer certain areas
d. the real estate industry has run out of land to continue sufficient development

A

b.

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7
Q

included in the term real property is

a. anything permanently affixed to the land
b. the air rights to the property
c. mineral rights to the property
d. all of above

A

d

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8
Q

the economic characteristic of situs refers to which of the following

a. no tow parcels of land are exactly alike
b. there may not be enough land ing certain areas to satisfy demand
c. people prefer certain areas
d. land cannot be destroyed

A

c

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9
Q

a warehouse is an example of which type of real estate

a. residential
b. special purpose
c. industrial
d. commercial

A

c

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10
Q

a system of laws that recognizes private ownership of land is called

a. the allodial system
b. common law
c. statute law
d. feudal law

A

A

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11
Q

of the following items, which is considered personal property

a. a store’s display counters
b. a garage
c. an installed dishwasher
d. growing bushes

A

a

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12
Q

in general, when the supply of real estate increases

a. prices tend to increase
b. prices tend to decrease
c. demand tends to increase
d. demand is unchanged

A

b

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13
Q

which of the following describes the act by which real property can be converted to personal property

a. severance
b. accession
c. conversion
d. seperation

A

a

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14
Q

a buyer and a seller of a home are dating whether a certain item is real or personal property. the buyer believes it is real property and should be conveyed with the house, the seller believes it is personal property and may be conveyed separately with a bill of sale. in determining whether the item is real to personal property a court would consider all the following except…

a. adaptation of the item to the real estate
b. the method of attachment
c. permanence of the installation
d. the length of time the item has been attached to the property

A

D

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15
Q

in the real estate market, several factors affect the supply and demand for real estate. which of the following would affect the demand for estate.

a. number of real estate brokers in the area
b. number of full-time real estate salespeople in the area
c. wage levels and employment opportunities
d. price of new homes being built in the area

A

c

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16
Q

the term REALTOR can be used only by

a. license brokers
b. full-time licensed salepersons or brokers
c. all licensed salespersons and brokers
d. licensees who are members of the NationalAssociation of REALTORS

A

d

17
Q

harold owns a building in a commercial are. Tom rents space in the building and operates a bookstore. In tom’s bookstore are large tables fastened to the walls. where customers are encouraged to sit and read. shelves create aisles from he front of the store to the back. The shelves are bolted to both the ceiling and the floor. Which of the following best characterizes the contents of tom’s bookstore

a. the shelves and tables are trade fixtures and will be sold with the building
b. the shelves and tables are trade fixtures and may be removed before tom’s lease expires
c. because tom is a tenant, the shelves and tables are fixtures and may not be removed except with Harold’s permission
d. because the shelves and tables are attached to the building, they are treated the same as other fixtures

A

b

18
Q

an office building is an example of which type of real estate

a. residential
b. special purpose
c. industrial
d. commercial

A

d

19
Q

a mobile home on a permanent foundation most likely would be considered

a. chattel propery
b. a trade fixures
c. real property
d. personal property

A

c

20
Q

the economic characteristic of permanence of investment refers to which statement

a. investment in real estate are usually for the long term
b. land cannot be destroyed
c. land cannot be removed
d. no two parcels of land are exactly alike

A

a

21
Q

james is building a new enclosed front porch on his home. a truckload of limber has been left on james’s driveway for use in building the porch. at this point, the limber is considered which kind of property?

a. a fixture because twill be permanently affixed to exiting real property
b. personal property
c. real property
d. a trade fixture

A

b

22
Q

property management, appraisal, financing, and development are all example of

a. factors affecting demand for real estate
b. services provided by the real estate industry
c. non-real estate professions
d. government regulation of the real estate industry

A

b

23
Q

which of the following is considered personal property?

a. trees rowing on the property
b. trade fixtures installed on the property
c. a garage
d. a driveway

A

b

24
Q

which economic characteristic of real estate refers to the concept that changes in a parcel of land affect its value either favorably or unfavorably?

a. fixity
b. scarcity
c. nonhomogeneity
d. modifications

A

d

25
Q

a tenants occupies a rental unit in an apartment building and, without notifying the owner, installs new wooden kitchen cabinets. At the end of the lease, the tenant wishes to remove the cabinets. which of the following is true regarding removal of the cabinets?

a. the cabinets may be removed by the tenant
b. the cabinets may be removed, but the tenant owes compensation to the property owner.
c. the cabinet must stay, but the tenant is entitled to compensation
d. the cabinets must stay

A

d

26
Q

a church is an example of what type of real estate

a. residential
b. special purpose
c. industrial
d. commercial

A

b

27
Q

a restaurant owner occupying a leased space in a commercial building installs a large neon sign ing the window. The sign would probably be considered.

a. an emblement
b. a trade fixture
c. real property
d. a fixture

A

b

28
Q

what physical characteristic makes real estate easy for local governments to tax and causes it to be heavily influenced by changes in the surrounding areas

a. indestructability
b. nonhomogeneity
c. immobility
d. situs

A

c

29
Q

which of the following is included in the definition of real estate but not the definition of land

a. the air rights
b. the property’s surface
c. below the property to the center of the earth
d. fixtures on the property

A

d

30
Q

which economic characteristic of real estate refers to the concept that the supply of land is limited and that, therefore, strong demand in certain areas will increase property values?

a. permanence of investment
b. scarcity
c. nonhomogeneity
d. modification

A

b

Master Real Estate Ch 1 (7 decks)

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