, Principles of Real Estate 1 Final Exam
QUESTIONS AND ANSWERS 100%
CORRECT!
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
QUESTIONS AND ANSWERS 100%
CORRECT!
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
