Quiz 1: Real Estate Principles: Unit 1

Question 1

(True or False) The median home price is the price that is middle value of a sample of sales, with one-half of the sales below and one-half of the sales above.

Answer 1

True.

Question 2

(True or False) According to the U.S. Census, approximately what percentage of the U.S. population lives in California?

Answer 2

12%

Question 3

(True or False) The California Gold Rush refers to a large migration of people to a newly discovered gold field.

Answer 3

True.

Question 4

(True or False) California has about 250 Native American tribes, more than exist in any other state.

Answer 4

True.

Question 5

What are the two types of real estate licenses?

Answer 5

Salesperson license and broker license.

Question 6

California’s oil wells are known as “_____ gold.”

Answer 6

Black.

Question 7

A decrease in purchasing power of the dollar describes:

Answer 7

inflation.

Question 8

The most populous state in the country is:

Answer 8

California.

Question 9

(True or False) In California, to work as a real estate salesperson or broker you must have a real estate license issued by the California Bureau of Real Estate.

Answer 9

True.

Question 10

(True or False) A salesperson must put his or her license with a licensed broker in order to work in the real estate brokerage business.

Answer 10

True.

Question 11

(True or False) The basic climate in California is Mediterranean.

Answer 11

True.

Question 12

(True or False) Net worth is the value of all assets minus all liabilities.

Answer 12

True.

Question 13

What does not help to create a strong housing market?

Answer 13

Low affordability index.

Question 14

C.A.R. stands for:

Answer 14

California Association of REALTORS®.

Question 15

An economic system in which most of the economy’s resources are privately owned and managed is called:

Answer 15

capitalism.