Principles of Real Estate 1 Final Exam Questions and Answers

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