Geography of Real Estate Exam Questions with Complete Solutions Latest Update 2024
Highest and Best Use - Answers The possible use of a property that would produce the greatest net
income and thereby develop the highest value.
Zoning - Answers the practice of classifying areas for different types of development and land use
single-family dwelling - Answers housing unit that is detached from other units
multi-family dwelling - Answers a dwelling on 1 lot containing separate living units for multiple families,
usually provided with common access, services and use of land.
condominium - Answers a building or complex of buildings containing a number of individually owned
apartments or houses.
commercial zoning - Answers This type of zoning designates land that is suitable for commercial, or
business, development. People and companies may build offices, stores, restaurants, banks, and other
business structures in these areas.
Planned Unit Development - Answers A planned combination of diverse land uses, such as housing,
recreation, and shopping, in one contained development or subdivision.
set back requirements - Answers The minimum amount of distance required between structures and lot
lines, as determined by the municipality
supply and demand - Answers an economic concept that states that the price of a good rises and falls
depending on how many people want it (demand) and depending on how much of the good is available
(supply)
Transferability - Answers The ease with which ownership interests can be transferred from one owner to
another.
substitution - Answers buyer will not pay more for one property is equally desirable with another
contribution - Answers how much an improvement will affect the value of the property
Conformity - Answers form and use are consistent with surrounding properties
Progression and Regression - Answers The increase and decrease of property value caused by
neighboring properties
Assemblage - Answers The combining of two or more adjoining lots into one larger tract to increase
their total value.
subdivision - Answers the act of dividing land into pieces that are easier to sell or otherwise develop.
informal reference - Answers a type of property description that only uses a street address or house
number to describe the property
Highest and Best Use - Answers The possible use of a property that would produce the greatest net
income and thereby develop the highest value.
Zoning - Answers the practice of classifying areas for different types of development and land use
single-family dwelling - Answers housing unit that is detached from other units
multi-family dwelling - Answers a dwelling on 1 lot containing separate living units for multiple families,
usually provided with common access, services and use of land.
condominium - Answers a building or complex of buildings containing a number of individually owned
apartments or houses.
commercial zoning - Answers This type of zoning designates land that is suitable for commercial, or
business, development. People and companies may build offices, stores, restaurants, banks, and other
business structures in these areas.
Planned Unit Development - Answers A planned combination of diverse land uses, such as housing,
recreation, and shopping, in one contained development or subdivision.
set back requirements - Answers The minimum amount of distance required between structures and lot
lines, as determined by the municipality
supply and demand - Answers an economic concept that states that the price of a good rises and falls
depending on how many people want it (demand) and depending on how much of the good is available
(supply)
Transferability - Answers The ease with which ownership interests can be transferred from one owner to
another.
substitution - Answers buyer will not pay more for one property is equally desirable with another
contribution - Answers how much an improvement will affect the value of the property
Conformity - Answers form and use are consistent with surrounding properties
Progression and Regression - Answers The increase and decrease of property value caused by
neighboring properties
Assemblage - Answers The combining of two or more adjoining lots into one larger tract to increase
their total value.
subdivision - Answers the act of dividing land into pieces that are easier to sell or otherwise develop.
informal reference - Answers a type of property description that only uses a street address or house
number to describe the property
