Alberta Real Estate Fundamentals Questions with Detailed Verified Answers

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Alberta Real Estate Fundamentals
Questions with Detailed Verified
Answers
Question: Real Estate
Answer: The land and fixed improvements to the land


Question: Classes of License
Answer: 1. Associate
2. Associate Broker
3. Broker


Question: 4 Areas of Practice
Answer: 1. Residential
2. Commercial
3. Rural
4. Property Management


Question: Mobile homes fall under the same category as recreational
properties
Answer: False


Question: Industrial Properties
Answer: Include warehouses and custom-built manufacturing plants


Question: Residential Income property

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Answer: Include low-rise and high-rise apartments, duplexes, fourplexes, and
townhouses


Question: Characteristic: Scarce
Answer: Identifies real estate as a limited resource


Question: Characteristic: Durable
Answer: Identifies real estate as indestructible


Question: Characteristic: Fixed
Answer: Identifies real estate as immobile


Question: Characteristic: Unique
Answer: Identifies parcels of land as being different from one another


Question: Characteristic: Private
Answer: Identifies how real estate transactions are conducted between a
buyer and seller


Question: Characteristic: Supply/Demand
Answer: Identifies the slow response of these 2 market forces affecting real
estate


Question: Characteristic: Standardized
Answer: Identifies the inability to marker properties for all areas of real estate
in a universal approach