Alberta Real Estate Fundamentals
questions and correct answers 2023
Real Estate - correct answer The land and fixed improvements to the land
Classes of License - correct answer 1. Associate
2. Associate Broker
3. Broker
4 Areas of Practice - correct answer 1. Residential
2. Commercial
3. Rural
4. Property Management
Mobile homes fall under the same category as recreational properties - correct answer
False
Industrial Properties - correct answer Include warehouses and custom-built
manufacturing plants
Residential Income property - correct answer Include low-rise and high-rise apartments,
duplexes, fourplexes, and townhouses
Characteristic: Scarce - correct answer Identifies real estate as a limited resource
Characteristic: Durable - correct answer Identifies real estate as indestructible
Characteristic: Fixed - correct answer Identifies real estate as immobile
Characteristic: Unique - correct answer Identifies parcels of land as being different from
one another
Characteristic: Private - correct answer Identifies how real estate transactions are
conducted between a buyer and seller
Characteristic: Supply/Demand - correct answer Identifies the slow response of these 2
market forces affecting real estate
Characteristic: Standardized - correct answer Identifies the inability to marker properties
for all areas of real estate in a universal approach
Characteristic: Local - correct answer Identifies real estate transactions as occurring in
a defined area
questions and correct answers 2023
Real Estate - correct answer The land and fixed improvements to the land
Classes of License - correct answer 1. Associate
2. Associate Broker
3. Broker
4 Areas of Practice - correct answer 1. Residential
2. Commercial
3. Rural
4. Property Management
Mobile homes fall under the same category as recreational properties - correct answer
False
Industrial Properties - correct answer Include warehouses and custom-built
manufacturing plants
Residential Income property - correct answer Include low-rise and high-rise apartments,
duplexes, fourplexes, and townhouses
Characteristic: Scarce - correct answer Identifies real estate as a limited resource
Characteristic: Durable - correct answer Identifies real estate as indestructible
Characteristic: Fixed - correct answer Identifies real estate as immobile
Characteristic: Unique - correct answer Identifies parcels of land as being different from
one another
Characteristic: Private - correct answer Identifies how real estate transactions are
conducted between a buyer and seller
Characteristic: Supply/Demand - correct answer Identifies the slow response of these 2
market forces affecting real estate
Characteristic: Standardized - correct answer Identifies the inability to marker properties
for all areas of real estate in a universal approach
Characteristic: Local - correct answer Identifies real estate transactions as occurring in
a defined area
