UNIT 1 - Overview of Real Estate Flashcards
In common law, what does the term “real estate” refer to?
A) Land and fixed improvements to the land
B) An item that can be removed from the property without causing damage to the property
C) Items not securely affixed to the land or buildings
D) Land, fixed improvements to the land and intangible rights of ownership
A) Land and fixed improvements to the land
In common law, what does the term “real property” refer to?
A) Land and fixed improvements to the land
B) An item that can be removed from the property without causing damage to the property
C) Items not securely affixed to the land or buildings
D) Land, fixed improvements to the land and intangible rights of ownership
D) Land, fixed improvements to the land and intangible rights of ownership
Which of the following statements best describes the term “personal property”?
A) Land and fixed improvements to the land
B) A movable item that can be removed from the property without causing damage to the property
C) Items securely affixed to the land or buildings
D) Land, fixed improvements to the land and intangible rights of ownership
B) A movable item that can be removed from the property without causing damage to the property
Which of the following industries are self-regulated through RECA?
I. Real estate
II. Mortgage brokerage
III. Real estate appraisals
IV. Property Inspectors
Statements I, II and III
What are the factors of production?
- Land
- Labor
- Capital
- Entrepreneurship
Canadian economy is referred to as?
- Capitalist economy
- Socialist economy
- Mixed economy
- Traditional economy
- Mixed economy
Which of the following statements best defines quantity supplied?
- The quantity of a good or service that would be bought at a certain price
- The amount of good or service the market can offer at a certain price.
- The quantity of a commodity that people are willing to buy at a particular price at a particular point of time
- All of the above
- The amount of good or service the market can offer at a certain price.
Which of the following statements best defines quantity demanded?
- The quantity of a good or service that would be bought at a certain price
- The amount of good or service the market can offer at a certain price.
- The quantity of a commodity that producers provide over a given interval of time
- All of the above
- The quantity of a good or service that would be bought at a certain price
Which of the following statements is correct?
- Movements along the supply line occur when a change in quantity supplied is caused only by a change in price
- Shifts in supply line occur when there are changes in influencing factors other than price
- Movements along the supply line occur when there’s a change in the price of the product or service which leads to a change quantity demanded
- Shifts in supply line occur when there’s a change in quantity demanded is due to an influencing factor other than price
- Movements along the supply line occur when a change in quantity supplied is caused only by a change in price
- Shifts in supply line occur when there are changes in influencing factors other than price
Which of the following are the key non-price determinants of supply?
- Production costs
- Technology
- Consumer expectations
- Availability of credit
- Production costs
2. Technology
Which of the following are the key non-price determinants of demand?
- Producer expectations
- Market Size
- Consumers’ disposable income
- Consumers’ disposable income
- Market Size
- Consumers’ disposable income
- Consumers’ disposable income
Which of the following statements best describe Market Equilibrium?
- When the prices for a product become grossly over inflated beyond its realistic value primarily due to excessive consumer confidence
- When the quantity demanded exceeds the quantity supplied at the current price
- When the quantity supplied exceeds the quantity demanded at the current price
- When the quantity of goods supplied is equal to the quantity demanded
- When the quantity of goods supplied is equal to the quantity demanded
Which of the following statements best describe Market Surplus?
- When the prices for a product become grossly over inflated beyond its realistic value primarily due to excessive consumer confidence
- When the quantity demanded exceeds the quantity supplied at the current price
- When the quantity supplied exceeds the quantity demanded at the current price
- When the quantity of goods supplied is equal to the quantity demanded
- When the quantity supplied exceeds the quantity demanded at the current price
Which of the following statements best describe Market Shortage?
- When the prices for a product become grossly over inflated beyond its realistic value primarily due to excessive consumer confidence
- When the quantity demanded exceeds the quantity supplied at the current price
- When the quantity supplied exceeds the quantity demanded at the current price
- When the quantity of goods supplied is equal to the quantity demanded
- When the quantity demanded exceeds the quantity supplied at the current price
Which of the following statements best describe Market Bubble?
- When the prices for a product become grossly over inflated beyond its realistic value primarily due to excessive consumer confidence
- When the quantity demanded exceeds the quantity supplied at the current price
- When the quantity supplied exceeds the quantity demanded at the current price
- When the quantity of goods supplied is equal to the quantity demanded
- When the prices for a product become grossly over inflated beyond its realistic value primarily due to excessive consumer confidence