WILL ALWAYS BE LOCATION

Real Estate Chapter 1 Review Quiz Flashcards Real estate investment offers the opportunity to produce a

profit in the following ways except:

• appreciationb. positive cash flowc. specific

performanced. tax advantagesC - SPECIFIC

PERFORMANCE

The real estate market may be described in all of the

following ways except:

• a free marketb. a local marketc. a movable marketd. a

market that is slow to react to changes in supply and demandC - MOVABLE MARKET Which of the following has the greatest effect on real property value?

WILL ALWAYS BE LOCATION

An example of public land use controls is: ZONING LAWS

Scarcity and location are examples of:ECONOMIC CHARACTERISTICS OF THE LAND

An increase in the economic supply of land has resulted

from:

• increased utilization of the physical supply of landb.

modification by improvements to the landc. high-density developmentd. all of the aboveD - ALL OF THE ABOVE The characteristic of land that causes the real estate market to be essentially a local market is the physical

characteristic of:

IMMOBILITY

The term REALTOR designates:A REAL ESTATE LICENSEE WHO IS A MEMBER OF

THE NATIONAL, STATE, AND LOCAL ASSOCIATION OF

REALTORS

Factors affecting supply and demand in real estate include

all if these items except:

• government regulationsb. interest ratesc. local economic

conditionsd. real estate investment trustsD - REAL

ESTATE INVESTMENT TRUSTS

All of the following are separable ownerships of lands

EXCEPT:

• surface of the landb. area below the surfacec.

nonhomogeneityd. air rightsC - NONHOMOGENEITY Physical characteristics of land include all of the following

except:

• locationb. non homogeneityc. permanenced. immobilityA

- LOCATION

The employment of the concept of highest and best use:a. includes consideration of the physical and economic factors affecting land useb. results in the greatest present value of the landc. must be a use feasible in the near futured. all of the aboveD - ALL OF THE ABOVE The non homogeneity of land is:a. the basis for the legal remedy of specific performanceb.results from the uniqueness of every parcel of real estatec.is a physical characteristic of landd. all of the aboveD - ALL

OF THE ABOVE

The quality of the location of the land and, consequently,

the value of the land can be changed by:

IMPROVEMENTS TO THE LAND THAT RESULT IN

ACCESSIBILITY NOT PREVIOUSLY AVAILABLE

Economic characteristics of real property include which of

the following:

• locationb. immobilityc. indestructibilityd. non

homogeneityA - LOCATION Which of the following is an example of the private control of land use?

• zoningb. restrictive covenantsc. building codesd.

environmental controlsB - RESTRICTIVE COVENANTS aka HOA, TOA, COA, etc.

The National Association of REALTORS is: A TRADE GROUP (bc it is trademarked)NOT:-a government organization-an organization for buyers and sellers of commercial real estate The real estate agent must have specialized knowledge of a variety of subjects that includes all of the following

except:

• financingb. contractsc. legal adviced. valuation of

propertyC - LEGAL ADVICE All of the following are public land use restrictions except:a. building codesb. protective covenantsc. zoningd.regional planningB - PROTECTIVE COVENANTS (these are private) The function of a real estate agent in dealings with buyers and sellers in the real estate market may be best described

as:

COUNSELOR OR ADVISOR