Real Estate Final Exam Questions and Answers Rated A+

Real Estate Final Exam Questions and Answers Rated A+ A religious organization has asked their real estate agent to help them find a property to conduct church services. The type of real property the client is seeking is classified as: Special purpose Who creates a report based their visual findings of a property? Home Inspector Which of the following is not a factor that would affect supply in the real estate market? Employment and wage levels Which is not one of the six categories of real property? Governmental One characteristic of real estate supply and demand is uniqueness, which of the following is the correct definition for this characteristic? No matter how identical they may appear, no two parcels of real estate are ever exactly alike; each occupies its own unique geographic location All of these factors will tend to affect demand for real estate EXCEPT transfer taxes A property owner who does not want to deal with the everyday tasks of managing a rental property can hire a property manager. One of the advantages of Real Estate investments is high rate of returns over long periods. Which of the following classifies as long periods of time? 10-20 years or more What are the two factors that affect appreciation? inflation and intrinsic value Which of the following is a point of contact that is licensed to buy, sell or lease property? Broker Property management, appraisal, financing, and development are all separate professions within the real estate industry What are the 2 characteristics of real estate that govern by the way the market reacts to the pressure of supply and demand? Uniqueness and Immobility The ________ of real estate is the result of a person's individual choices and preferences for a given geographic area. Intrinsic Value Items of Personal Property such as Couches, Clothing and money are classified as _________. Chattels Which of the following rights in the bundle of legal rights allows the property owner to use the property in any legal manner? Right of enjoyment When conducting a legal test of a fixture, which of the following question would be asked when conducting the method of annexation? Both b and c An important characteristic of personal property is that it is movable The most important economic characteristic of land is location A tenant farmer built a chicken coop and a tool shed. These buildings belong to the tenant The Law of the Sea identifies a country's territorial waters A buyer particularly liked the ornate brass lighting fixtures in a house and immediately made an offer, which the seller accepted. On moving day, the buyer discovered that the seller had replaced all the ornate brass lighting fixtures with plain steel ones. Which of these is MOST likely a correct assumption? Buyer: "Lighting