Real Estate Final Exam
A single-family detached home is classified as _________. - answer residential property
When a seller sells a piece of property for more than she originally purchased it ,the
_____ is the difference between the net selling price of property and the original
purchase price. - answer capital gain
A(n) ________ is in the business of brining buyers and sellers together to facilitate a
real estate transaction. - answer broker
The study and description of populations is referred to as demographics. - answertrue
Population, demographics, and employment levels are factors that affect the ______of
real estate. - answer demand
The _____ nature of real estate refers to the fact that property cannot be relocated to
satisfy demand where supply is low, nor can buyers always relocate to areas with
greater supply. - answer immobile
____refers to how quickly an asset can be converted into cash. - answer liquidity
A property owner could hire a ______ to maintain and manage the property. This
person or company would perform tasks such as collecting rent, maintaining the
property, and finding new tenants. - answerproperty manager
A shortage of skilled works to build homes would most likely affect the ________ of
residential homes. - answersupply
Which of the following is a governmental control that could impact the supply of real
estate? - answerzoning laws, environmental laws, building codes
A(n)___________ is a licensed professional who develops an opinion of a property's
value based on established methods and professional judgment. - answerappraiser
A public elementary school would most likely be classified as which type of property? -
answerspecial-purpose or special-use
Generally, real estate investments show above average returns. - answertrue
Farms, timberland, and orchards would most likely be classified as industrial property. -
answerfalse
, In a ______ the owners own shares or stock in a corporation and the corporation holds
legal title to the real estate.
condominium - answercooperative
"Chattels" is another term used to describe _________. - answerpersonal property
In SD, the beds of navigable waters are owned by: - answerthe state
A ______ is a physical legal document that transfers property ownership from one
person to another. - answerdeed
Which of these terms is used to describe a situation where there is a sudden removal of
soil by an act of nature? - answeravulsion
______ is land plus all human-made improvements to the land that are permanently
attached to it. - answerreal estate
Emblements are crops that are cultivated annually and treated under the law as
personal property. - answertrue
Regarding water rights, ______ belong to owners of land that borders navigable lake,
sea, or ocean. - answerlittoral rights
According to our text, the term "land" includes human-made improvement that are
permanently attached to the land. - answerfalse
______ is the abstract rights associated with property ownership sometimes referred to
with the "bundle of sticks" metaphor. - answerreal property
According to our class text, Real Estate is defined as the interests, benefits, and rights
that are automatically included in the ownership of land. - answerfalse
Land includes the earth surface plus all permanent human-made additions. -
answerfalse
The act of separating real estate from the land and turning it into personal property is
called "severance". - answertrue
As discussed in class, in the case United States v. Causby, the Court ruled that Causby
was not entitled to any compensation due to the airplanes flying over his land. -
answerfalse
____ is the act of turning personal property into real estate. - answerannexation
If there is a dispute as to whether something constitutes a fixture or personal property,
courts will generally favor the seller over the buyer. - answerfalse
A single-family detached home is classified as _________. - answer residential property
When a seller sells a piece of property for more than she originally purchased it ,the
_____ is the difference between the net selling price of property and the original
purchase price. - answer capital gain
A(n) ________ is in the business of brining buyers and sellers together to facilitate a
real estate transaction. - answer broker
The study and description of populations is referred to as demographics. - answertrue
Population, demographics, and employment levels are factors that affect the ______of
real estate. - answer demand
The _____ nature of real estate refers to the fact that property cannot be relocated to
satisfy demand where supply is low, nor can buyers always relocate to areas with
greater supply. - answer immobile
____refers to how quickly an asset can be converted into cash. - answer liquidity
A property owner could hire a ______ to maintain and manage the property. This
person or company would perform tasks such as collecting rent, maintaining the
property, and finding new tenants. - answerproperty manager
A shortage of skilled works to build homes would most likely affect the ________ of
residential homes. - answersupply
Which of the following is a governmental control that could impact the supply of real
estate? - answerzoning laws, environmental laws, building codes
A(n)___________ is a licensed professional who develops an opinion of a property's
value based on established methods and professional judgment. - answerappraiser
A public elementary school would most likely be classified as which type of property? -
answerspecial-purpose or special-use
Generally, real estate investments show above average returns. - answertrue
Farms, timberland, and orchards would most likely be classified as industrial property. -
answerfalse
, In a ______ the owners own shares or stock in a corporation and the corporation holds
legal title to the real estate.
condominium - answercooperative
"Chattels" is another term used to describe _________. - answerpersonal property
In SD, the beds of navigable waters are owned by: - answerthe state
A ______ is a physical legal document that transfers property ownership from one
person to another. - answerdeed
Which of these terms is used to describe a situation where there is a sudden removal of
soil by an act of nature? - answeravulsion
______ is land plus all human-made improvements to the land that are permanently
attached to it. - answerreal estate
Emblements are crops that are cultivated annually and treated under the law as
personal property. - answertrue
Regarding water rights, ______ belong to owners of land that borders navigable lake,
sea, or ocean. - answerlittoral rights
According to our text, the term "land" includes human-made improvement that are
permanently attached to the land. - answerfalse
______ is the abstract rights associated with property ownership sometimes referred to
with the "bundle of sticks" metaphor. - answerreal property
According to our class text, Real Estate is defined as the interests, benefits, and rights
that are automatically included in the ownership of land. - answerfalse
Land includes the earth surface plus all permanent human-made additions. -
answerfalse
The act of separating real estate from the land and turning it into personal property is
called "severance". - answertrue
As discussed in class, in the case United States v. Causby, the Court ruled that Causby
was not entitled to any compensation due to the airplanes flying over his land. -
answerfalse
____ is the act of turning personal property into real estate. - answerannexation
If there is a dispute as to whether something constitutes a fixture or personal property,
courts will generally favor the seller over the buyer. - answerfalse
