unit 1 Flashcards
Regulations passed by governmental agencies have which of the following characteristics?
The effect of law.
What is the classification of a legal, single condominium unit that is being sold along with a retail unit on the ground floor below it?
Mixed use
The Resort and Second Home Property Specialist designation is conferred on real estate professionals by what organization?
The National Association of REALTORS.
which is NOT insured by property insurance?
land
government -owned buildings complexes that are sold to school districts for educational purposes should be classified as
special purpose.
which of these can be seen as harming the objective value of a property?
a. driveway
b. downwind from a cattle ranch
c. furnace beyond its usable lifespan
d. next door to a neighbor’s ragweed-filled
furnace beyond its usable lifespan
a structure that has retail shopping on the first two floors, offices on floors 3 through 15, and apartment units on floors 16 through 25, would have what classification?
mixed use
a family’s wanting to buy a home near good schools is an example of which characteristic of real estate?
area preference
land on which three contiguous residential properties were razed and replaced by a legally rezoned parking lot would carry what classification?
commercial
because real estate is immobile
its value is heavily influenced by changes in the surrounding area
the distance a home must be set back from a city street is regulated by
city ordinance
ranches and hatcheries are classified as which kind of property?
agricultural
real estate markets are usually different in different sections of the same city.
true
what has been the impact on housing to date of environmental concerns such as climate change and the potential for an increase in hurricanes and flooding from severe storms
prices of homes with water views have been largely resilient to environmental factors.
members of the National Association of Real Estate Brokers refer to themselves as
Realtists
new construction in a community typically means
property values will move depending on the type and purpose of construction
the purpose of the National Association of Realtors is to
keep members up to date on current housing trends, legal issues, and brokerage business practices
what is not an institute or society under the umbrella of the National Association of Realtors
real estate law school
a factor affecting supply of real estate is
governmental financial policies
when supply decreases and demand decreases, real estate prices
remain stable
a developer who seeks to build apartments on the site of a former school must first receive the approval of
local government, typically including zoning and planning boards.
rules passed by the Texas Real Estate Commission are which of the seven sources of law?
Ordinances passed by local governments
the Women’s Council of Realtors offers training to receive which professional certification?
performance management network
the demand for real estate is affected by
demographics
when a broker has a question regarding a serious legal issue in a transaction, the proper course of action is to
consult an attorney
supply can be defined as what?
the amount of goods offered for sale at a given price during a given time period
which one of these adds objective value to a property?
a. a south-facing front door
b. proximity to a major airport
c. proximity to a good elementary school
d. a new roof
a new roof
which one of these can be seen as harming the subjective value of a property?
a. broken windows
b. cracked foundation
c. leaking roof
d. proximity to a major highway
proximity to a major highway
which of the following stages of the business cycle is characterized by a general economic decline?
a. depression
b. recession
c. revival
d. expansion
recession
all of the following affect the demand for real estate except
a. wage levels
b. construction material availability
c. population
d. employment
construction material availablity
an obsolete shopping center seized by the city for back taxes is sold for redevelopment as senior housing units with an expansive area for gardening vegetables and herbs, making its new classification
residential
a relator is best described as an individual who is
a member of the national association of realtors
theaters and parking lots are classified as which kind of property?
commercial
why are real estate prices slow to adjust?
length of time to complete construction
nonstandard characteristic of real estate
nonmobile nature of real estate
why is “area preference” considered the single-most important economic characteristic of land?
because “area preference” expresses an individual’s desire to own a property that meets what often is an abstract need, such as a home on a golf course or a highrise condo with specific view
which is a body of law developed by the court based on custom and usage?
common law
mortgage rates respond to a variety of influences. is one of them supply and demand?
yes, if the financial system has an excess of money and few buyers, rates may drop.
when demand increases, real estate prices
increase
what is the effect on housing when a city is named the site of a major event - such as a political convention or sporting events - that will employ a large number of local people?
there will be little to no impact
what is the classification of a legal, single condominium for sale that is above a retail store that is not for sale?
residential
if residents began moving out of a community in large numbers, prices in those communities would tend to
fall, because more homes will be on the market competing with each other.
when a large quantity of wood milled in the united states is exported to a foreign country, leaving a shortage for domestic construction projects, which would be negatively affected?
supply of housing
