Principles of Real Estate 1 Final Exam
questions and answers
If a real estate salesperson closes on a transaction, who pays the salesperson their
commission? - The salesperson's sponsoring broker
A means of comparing similar type properties, which have recently sold, to the
subject property is known as the? - Market Comparison Approach
The market comparison approach is commonly used for this property type? -
Residential
The amount of goods offered for sale within a given market at a given price during
a given time period is known as? - Supply
A real estate agent is an example of what type of agent? - Special agent
A refrigerator is typically considered? - Personal Property
Mobile homes not permanently attached to the land are generally considered? -
Personal Property
, Principles of Real Estate 1 Final Exam
questions and answers
Which of the following is considered a legal test for determining if an item is a
fixture or not? - Mode and permanence of how the item was attached
Adaptation of the item
Intention of the parties
All of the above
The right of exclusion, which allows a landowner to prevent others from entering
or occupying their property, is included in the? - Bundle of rights
Which of the following is an example of a fixture? - Kitchen cabinets
Which of the following is an advantage to owning a home? - Potential for asset
appreciation
Tax benefits
Pride of ownership
All of the above
An individual who has not owned real property for at least the previous two years
is known as a? - First-time homebuyer
questions and answers
If a real estate salesperson closes on a transaction, who pays the salesperson their
commission? - The salesperson's sponsoring broker
A means of comparing similar type properties, which have recently sold, to the
subject property is known as the? - Market Comparison Approach
The market comparison approach is commonly used for this property type? -
Residential
The amount of goods offered for sale within a given market at a given price during
a given time period is known as? - Supply
A real estate agent is an example of what type of agent? - Special agent
A refrigerator is typically considered? - Personal Property
Mobile homes not permanently attached to the land are generally considered? -
Personal Property
, Principles of Real Estate 1 Final Exam
questions and answers
Which of the following is considered a legal test for determining if an item is a
fixture or not? - Mode and permanence of how the item was attached
Adaptation of the item
Intention of the parties
All of the above
The right of exclusion, which allows a landowner to prevent others from entering
or occupying their property, is included in the? - Bundle of rights
Which of the following is an example of a fixture? - Kitchen cabinets
Which of the following is an advantage to owning a home? - Potential for asset
appreciation
Tax benefits
Pride of ownership
All of the above
An individual who has not owned real property for at least the previous two years
is known as a? - First-time homebuyer
