chapter 3 test Flashcards

chapter 3 test Flashcards The economic characteristics of property includesupply and financial cost.scarcity and uniqueness.demand and permanence of investment.scarcity and illiquidity.demand and permanence of investment.A hotel is which type of property?CommercialSpecial purposeResidentialIndustrial Commercial An item that is owned by someone along with the set of rights to the item is called what?Tangible propertyReal propertyPersonal propertyProperty Property The physical characteristics of real property includeland, soil, trees.immobility.supply and demand.location and view.immobility By definition, property island, structures, and plants.real estate.an item that is owned by someone and the set of rights to the item.land that is owned by someone and the bundle of rights that go with the land.an item that is owned by someone and the set of rights to the item.The difference between real and personal property isreal property is land while personal property is the rights the owner has to the land.real property is anything that is tangible while personal property is anything the owner can already owned before purchasing real estate.real property is ownership of real estate and the rights that go with it while personal property is ownership of anything that is not real estate.not relevant because both are possessed by the property owner.real property is ownership of real estate and the rights that go with it while personal property is ownership of anything that is not real estate.A property that is between offices and warehouses and combines the uses of both ismanufacturing space.distribution space.flex space.commercial space.flex space.No two pieces of property are ever exactly the same unless they are right next to each other. What is wrong with this statement?Nothing is wrong with it; it's true.It is grammatically incorrect.It is incorrect because two pieces of land next to each other are considered one piece of land.It is incorrect because no two pieces of land are ever the same.It is incorrect because no two pieces of land are ever the same.Which of the following would be considered tangible real property?HouseBoatSavings accountSpouse House An owner-occupied condominium is what type of property?CommercialResidentialInvestmentSpecial purpose Residential Residential property does not includecondominiums.apartments.motels.vacation homes.motels.

Which type of property can be intangible?Real propertyPersonal propertyBoth types of propertyNeither type of property Personal property A shopping center with a complex of shops, associated walkways, and parking areas which may or may not be covered isan outlet center.a mega mall.a neighborhood center.a mall.a mall.The idea that land is scarceis ridiculous.falls under the definition of intangible property.falls under the economic characteristics of real property.falls under the physical characteristics of real property.falls under the economic characteristics of real property.An item that is abstract and has no physical existence in itself isinvisible.intangible.imaginary.wishful thinking.intangible.Which of the following is not considered a retail center?MallFull-line department storeOutlet centerStrip mall Full-line department store Since all real estate in the US is owned by some person, private organization, or government entity, all US real estateis expensive.is difficult to purchase.is real property.is intangible.is real property.The rights to possess, use, transfer, encumber, and exclude are known asland rights.the land owner's rights.land owner's group of rights.the bundle of rights.the bundle of rights.A warehouse is which type of property?CommercialSpecial purposeUnimprovedIndustrial Industrial Zoning ordinances are usually favorable for which property type?CommercialIndustrialInvestmentAgricultural Agricultural An example of intangible real property would bea listing agreement.a stock certificate.airline tickets.non-existent because there is no such thing.non-existent because there is no such thing.Within the physical characteristics of property,immobility means the property cannot be moved from place to place.indestructibility means a structure on the land is indestructible.uniqueness means the house on the land is different than anyone else's house.heterogeneity means the property is permanent and structures on it are for the long term.immobility means the property cannot be moved from place to place.A building that contains a retail shop, restaurant, and office space is what type of property?Flex spaceMixed-use buildingRetail centerOutlet center Mixed-use building warehouse is which type of property?CommercialSpecial purposeUnimprovedIndustrial Industrial A diamond ring is an example ofintangible real property.tangible real property.tangible personal property.intangible personal property.tangible personal property.

An non-owner-occupied condominium is what type of property?CommercialResidentialInvestmentSpecial purpose Investment Considering the economic characteristics of real property, in a world that is three-fourths water, land issolid.a lucky find.scarce.expensive.scarce.Which of the following would fall under the real property physical characteristic of immobility?SoilTreesHouseNone of the above House