Principles of Real Estate 1 Final Exam with Solutions 2024

Principles of Real Estate 1 Final Exam with Solutions 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 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 A real estate agent is an example of what type of agent? - Answer -Special agent A refrigerator is typically 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 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 advantage to owning a home? - Answer -Potential for asset appreciation Tax benefits Pride of ownership All of the above An individual who has not owned real property for at least the previous two years is known as a? - Answer -First-time homebuyer Which of the following is NOT a form of real property? - Answer -Coop