Real Estate chapter 1

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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

10 Questions2 MinutesCreated by ExploringLand202

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

Real Estate chapter 1

Real Estate Ownership Quiz

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