ALBERTA REAL ESTATE FUNDAMENTALS WITH CORRECT SOLUTIONS

ALBERTA REAL ESTATE
FUNDAMENTALS WITH CORRECT
SOLUTIONS
Real Estate - ANSWER-The land and fixed improvements to the land

Classes of License - ANSWER-1. Associate
2. Associate Broker
3. Broker

4 Areas of Practice - ANSWER-1. Residential
2. Commercial
3. Rural
4. Property Management

Mobile homes fall under the same category as recreational properties - ANSWER-False

Industrial Properties - ANSWER-Include warehouses and custom-built manufacturing
plants

Residential Income property - ANSWER-Include low-rise and high-rise apartments,
duplexes, fourplexes, and townhouses

Characteristic: Scarce - ANSWER-Identifies real estate as a limited resource

Characteristic: Durable - ANSWER-Identifies real estate as indestructible

Characteristic: Fixed - ANSWER-Identifies real estate as immobile

Characteristic: Unique - ANSWER-Identifies parcels of land as being different from one
another

Characteristic: Private - ANSWER-Identifies how real estate transactions are conducted
between a buyer and seller

Characteristic: Supply/Demand - ANSWER-Identifies the slow response of these 2
market forces affecting real estate

Characteristic: Standardized - ANSWER-Identifies the inability to marker properties for
all areas of real estate in a universal approach