Real Estate chapter 1
Real Estate Ownership Quiz
Test your knowledge on the fundamental concepts of real estate ownership and its unique characteristics. This quiz covers essential topics from separable ownerships in land to the nuances of the real estate market.
Engage with the following concepts:
- Characteristics of land
- Land use controls
- Investment opportunities
- Market dynamics
All of the following are separable ownerships in land EXCEPT:
Surface of the land
Area below the surface
Nonhomogeneity
Air rights
The characteristic of land that causes the real estate market to be essentially a local market is the physical characteristic of:
Indestructibility
Immobility
Availability
Natural features
The nonhomogeneity of land:
Results from the uniqueness of every parcel of real estate
Is the basis for the legal remedy of specific performance
Is a physical characteristic of land
All of the above
An increase in the economic supply of land has resulted from:
Increased utilization of the physical supply of land
Modification by improvements to the land
High-density development
All of the above
The quality of the location of land and, consequently, the value of the land can be changed by:
The principal of nonhomogeneity
Relocation of the land
Changes in the national scope of the real estate business
Improvements to the land that result in accessibility not previously available
An example of public land use controls is:
Restrictive covenants
Zoning laws
Deed restrictions
Protective covenants
The employment of the concept of highest and best use:
All of the above
Must be a use feasible in the near future
Results in the greatest present value of the land
Includes consideration of the physical and economic factors affecting land use
Real estate investment offers the opportunity to produce a profit in the following ways EXCEPT:
Appreciation
Positive cash flow
Specific performance
Tax advantages
The real estate market may be described in all the following ways EXCEPT:
A free market
A local market
A movable market
A market that is slow to react to changes in supply and demand
The function of a real estate agent in dealings with buyers and sellers in the real estate market may best be described as which of the following?
Financier
Counselor or advisor
Contractor
Salesperson
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