Practice Questions with no Answers for Preview, >Ch10-12 R.E. What Is a Sunk Costand the Sunk Cost Fallacy? It sold for $80,000. d. tier, 20. Business Accounting 1. However, during periods of economic expansion, they invest in new machinery and equipment to bring new products to market. It is determined by who pays the compensation. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. (95, 93, 120, 94, 93, 129). 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. Negotiate agreements regarding commission structuring. b. easement 52 weeks in a year divided by 2 is 26.1,472 x 26 = 38,27238,272 x .28 = 10,716,16 (28% of the annual income per yr)10,716 divided by 12 (months) =893.01 monthly payments. A. They are commonly broken down into four elements: land, labor, capital, and entrepreneurship. 4024 pine street, Missoula, missoula country mt 59801 At first, there was no need for land. a. each check contain 16 townships who four boundaries each measure 6 miles 95- Who is liable for the withholding on the sale of a property owned by a foreigner? 70- Which of these items would be a credit to the buyer on the settlement statement? a. an identification of the grantor and grantee 6. D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? 81- Jake has decided to specialize in working with clients who purchase schools. When estimating the value of a fireplace in a single-family home, the most important principle is the principle of, changesubstitutionincreasing and decreasing returnscontribution, Normally the first step in highest and best use analysis is to research the uses that are, socially acceptablefinancially possiblelegally permissiblemaximally productive. What is the purpose of a states statute of frauds? B. Jim Sharp is purchasing his fathers home. f(z)=z3z2+2z+2f(z)=\frac{z-3}{z^{2}+2 z+2}f(z)=z2+2z+2z3. It amalgamates past approaches to economic theory, such as the concept of labor as a factor of production from socialism, into a single definition. C. Payments will not be enough to retire the loan. The four components of the Appraiser Qualification Criteria are: qualifying education, examination, experience, continuing education. Which of the following would be PRIVATE restrictions on property rights? For the early political economists, labor was the primary driver of economic value. c. lien gives the FBI jurisdiction over state authorities in certain casesprohibits fraud in real estate transactionsestablishes penalties for any criminal activitiesrequires certain documents to be in writing, prohibits fraud in real estate transactions. A. I will complete the GRI certification in the next four years. Twenty years ago, most appraisal reports that were sent electronically were sent using _____ technology; today, most appraisals are sent electronically using a _______ format. How Cash Books Work, With Examples, Cost of Debt: What It Means, With Formulas to Calculate It, Cost of Equity Definition, Formula, and Example, Cost-Volume-Profit (CVP) Analysis: What It Is and the Formula for Calculating It, Current Account: Definition and What Influences It, Days Payable Outstanding (DPO) Defined and How It's Calculated. A Montana ranch is made up of Section 9, 10, 11 and North Half of Section 16. A. Orchards. A. Generates leads for new listings. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. C. Theyre probably paying a higher interest rate on the second mortgage. The greater a firm's or country's TFP, the greater its growth. Which of the following uses of pesticide can lead to ecological imbalance? a. putting more land into production b. increasing the yield of land under cultivation. The size of agricultural property tax exemptions varies from state to state because property taxes aren't administered at the federal level. 7- In the initial meetings with the prospects, the agent should do all of the following except which? A potential benefit of genetic engineering is the development of crop plants. A. Factors of production is an economic term that describes the inputs that are used in the production of goods or services in order to make an economic profit. 92- Which of the following situations is not exempt from the seller disclosure requirement? You apply for a mortgage. Another example of entrepreneurship is Starbucks Corporation (SBUX). During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. 93- Jim has created a nice property flier for the James home. The circular flow model of economics shows how money moves through an economy in a constant loop from producers to consumers and back again. He just sold it for $13,000. Question: Knowledge Check 01 Merchandise Inventory includes all of the following except O Goods held for sale Goods located in the warehouse O Goods sold Goods located in an off-site warehouse Show transcribed image text Expert Answer 100% (30 ratings) Answer : Option - C, Goods sold Explanation : Merchandis View the full answer a. riparian Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land. 16- Dave and Nadine have decided that they want to become property investors. What is the meaning of T(12)?T^{\prime}(12) ?T(12)? Depending on its type, an improvement may increase the value of real estate greatly. A. Which form of legal land description uses measures of definite distances in indicated directions? d. benchmark, 30. A. B. Pastureland. Who will pay the points? All of the following could be participants in a real property market except: In analyzing real estate purchase contract, you should be able to find all of the following items except. D. The date Abby makes the request to receive the booklet. d. The Jones farm 13 miles west of Clinton, MT, c. Lot 2 block M, Lincoln wood subdivision, missoula country, MT 59802, 31. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease is the definition of. 41- Agricultural land includes all of the following EXCEPT which? Purchase of equipment. Fragmentation is the use of various suppliers and manufacturers to produce a good. This term typically refers to. Deforestation is the permanent removal of trees to make room for something besides forest. Housing and Community Development Act. 88- Sally and Dan must pay 2 points on their new $65,000 loan. the radius of the first Bohr orbit and the magnitude of the lowest energy for the hydrogen atom can be written as, a0=cmc2=c2E1=122mc2a_0=\frac{\hbar c}{\alpha m c^2}=\frac{\lambda_c}{2 \pi \alpha} \quad E_1=\frac{1}{2} \alpha^2 m c^2 How much did Sam gain or lose on the sale? Mary Jones has a property with no road frontage. Erosion A. 87- What information can you gather from the newspaper to help develop a Prospecting Plan? In the 1970s, who developed uniform rules for mortgage underwriting? How many acres are there in 2 parcels of land described a SW 1/4 and the NW 1/4 of the SE 1/4? A surveyor's chain is: Our World in Data is free and accessible for everyone. 5 acres Which of the following would be the least likely place for them to obtain a loan? A. where c=h/mc\lambda_c=h / m cc=h/mc is the Compton wavelength of the electron and =ke2/c\alpha=k e^2 / \hbar c=ke2/c is the finestructure constant. the same size What Is Depreciation, and How Is It Calculated? D) grading, filling, draining, and clearing costs. The other 75% came from an hourly wage paid by Tami. d. a showing of the property's boundaries to scale, a. an identification of the grantor and grantee, 27. A survey would reveal all of the following about a property EXCEPT: Building b. The ___ has oversight authority over state appraisal boards: Which is not true concerning the highest and best use of land as though vacant? Investopedia requires writers to use primary sources to support their work. 103- Kirk and Sandy obtained a wraparound mortgage. the appraisers value opinionthe borrowers estimate of valuethe square footage of the homenone of these. 300 ft She is probably using all but which of the following tools? Practice Questions with no Answers for Preview, >Ch4-6 R.E. All of these factors contribute to the food shortages in Developing countries except, increased mortality of infants and children. Because of their low clay content, sandy soils are often referred to as " light soils." Electronic Data Interchange for transmitting appraisal reports became popular in the (date). Jason Fernando is a professional investor and writer who enjoys tackling and communicating complex business and financial problems. The World Bank divides the world into four groups. In the chart here we see a global map of land used for arable agriculture (as a share of total land area). Give credit to all potential borrowers. 80- Which of the following is an example of commingling? D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. d. accretion, 36. a triangular lot with a base of 300 ft on the street contain 10,000 sq yards What is the depth of the lot? c. 66 feet What is the median price of homes today? This analysis can only be applied if there are no existing improvements. The adjusted cost basis of the first home was $140,000. c. easement B. D. The first and second mortgage will be rolled into one. The purchase price, plus improvements, C. The fair market value at the time of sale. C. Identifies buyers for other properties. d. metes and bounds, 17. Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. Labors transaction with firms is based on wages. How much is your property worth today? A. and hydroxide ion in ethyl alcohol at 330K, C2H5Br(alc)+OH(alc)C2H5OH(I)+Br(alc)\mathrm { C } _ { 2 } \mathrm { H } _ { 5 } \mathrm { Br } ( a l c ) + \mathrm { OH } ^ { - } ( a l c ) \longrightarrow \mathrm { C } _ { 2 } \mathrm { H } _ { 5 } \mathrm { OH } ( I ) + \mathrm { Br } ^ { - } ( a l c ) 6. A. This topic page can be cited as: All visualizations, data, and code produced by Our World in Data are completely open access under the Creative Commons BY license. These include white papers, government data, original reporting, and interviews with industry experts. For a group of early French economists called the physiocrats, who predated the classical political economists, land was responsible for generating economic value. Find and create gamified quizzes, lessons, presentations, and flashcards for students, employees, and everyone else. B. 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. 65- Which of the following items is usually not prorated at closing? 36- Broker Eric secures a loan for buyer Paul. B. Pam is not liable since it was summer and the heating problem was not obvious. Your property, which consists of a house on a lot, is valued at $186,000. Earthquake and volcanic action A longer mortgage loan term will: Result in lower monthly mortgage payments Claims that the world has only 100, 60, or even 30 years of harvests left often hit the headlines. A property owner on a river or creek is said to have which type of rights? The ERS Major Land Uses series is the longest running accounting of all major uses of public and private land in all 50 States. disease-resistant crop varieties The three methods used to legally describe land are: a. the water rights reserved by a previous owner The introduction of technology into a labor or capital process makes it more efficient. none, these are all problems associated with industrial agriculture It would be misleading if the appraiser did not disclose the existence of this structure in the report. c. reliction Gradual declines have occurred in cropland and pasture . Decks in Basic Appraisal . In zoning, the distance from the street to the front of a house is called: Give the prospects a black copy of a purchase agreement to look over. The loan will be distributed to them gradually. The costs of conversion of inventory include all of the following, except a. We also reference original research from other reputable publishers where appropriate. b. a parcel of land is 1/8 mile by 1/8 mile is 40 acres. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? b. A. Brenda must follow all of Jims instructions. a. Each of these requires significant real estate and capital investments. a. plottage b. conformity D. I will distribute 200 business cards every month for the next six months. 75- All but which of the following is NOT an AIDA feature? Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. B. 20.6 62- When agent Hal shows a home he should never: A. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. To that end, technologylike moneyis a facilitator of the factors of production. yields at a global level following the pattern established over the past five decades will not be sufficient to meet food needs. 58- Mortgage lenders are prohibited from discriminating in giving credit to prospective borrowers based on race, color, religion, national origin, sex, marital status, age or dependency on public assistance under which law or regulation? d. lots and blocks, 16. Meanwhile, a company that makes its money from building and renting out office space might see land and capital as its most valuable factors. How to Calculate with Formula, Average Collection Period Formula, How It Works, Example, Bill of Lading: Meaning, Types, Example, and Purpose, What Is a Cash Book? If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. D. Do not show the home between 10 a.m. and noon on Sundays. All of the following statements about the US government survey system are true except: What is most likely their main motivation for investing? Pastures are those lands that are primarily used for the production of adapted, domesticated forage plants for livestock. d. mete, 23. D. Avoid negative comments while hes inside the home. He hired two people, an engineer (Dustin Moskovitz) and a spokesperson (Chris Hughes), who both allocated hours to the project, meaning that their invested time became a factor of production. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. \text{t} & \text{4} & \text{6} & \text{8} & \text{10} & \text{12} & \text{14} & \text{16}\\ What is the mean sale price? The cost of purchase of inventory does not include a. Factors of production is an economic term that describes the inputs used in the productionof goods or services to make an economic profit. Which of the following would NOT be considered a negative easement? 28- Abby applies for a federally-related loan to purchase a home. C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. a. 29- Which of the following is not a good direct mail technique? Because of their low clay content, sandy soils are often referred to as "light soils.". 59- Which of the following is a sellers request that an agent cannot honor? On this page you can find all our data, visualizations and writing relating to crop yields. Agricultural land is typically land devoted to agriculture the systematic and controlled use of other forms of lifeparticularly the rearing of livestock and production of cropsto produce food for humans. Who is responsible for appointing members to the ASB and AQB? For example, private enterprises and individuals own most of the factors of production in capitalism. The right of ingress and egress over the land of another person is call a: D. Understanding characteristics of the rental market. There are two main uses of agricultural land: arable farming (which is land dedicated to growing crops), and pastureland (which includes meadows and pastures used for livestock rearing). 19- Which of the following is not an advantage of hosting an open house? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. C) street lights, sewers, and drainage systems cost. A. Which of the following types of investments has historically generated the highest return on investment? C. Parks. c. 25 acres What would we call Hannah? 4. While land is an essential component of most ventures, its importance can diminish or increase based on industry. A. Economic Order Quantity: What Does It Mean and Who Is It Important For? D. Brenda has not violated any fiduciary duty. Broker John puts $500 into his trust account. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. a. government survey a. erosion b. An important characteristic of land is that it may be modified or improved at any given time. d. private mortgage insurance, 26. if a property owner had a land survey done on his property it would include all of the following EXCEPT: 53- Greg sold an apartment building he owned for 20 years. What do you call the process by which a land owner loses land by a sudden or violent act of nature? Generally, Light, warm, dry, sandy soil that is acidic and deficient in nutrients is what you may expect to find in a typical climate. The borrowers family in case of his or her death, B. d. to make sure the improvements are constructed on the mortgaged lot, d. to make sure the improvements are constructed on the mortgaged lot, 33. Which of the following best describes a plat? D. The monthly payments increase overtime. 5. Capital also follows a similar model in that it can be owned or leased from another party. c. highest and best use B. a. It is important to distinguish personal and private capital in factors of production. Practice Questions with no Answers for Preview, >Ch13-15 R.E. 25- According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50,000 first mortgage for a period of 2 years? You want to buy a house for $243,500. 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Example Final Exam for R.E. Which of the following types of agriculture is correctly matched with the agricultural practice? A personal vehicle used to transport family is not considered a capital good, but a commercial vehicle used expressly for official purposes is. materials, buildingslabor, entrepreneurial coordinationbuildings, labormaterials, entrepreneurship. A. Agricultural productivity across Sub-Saharan Africa needs to improve to reduce hunger, poverty, and the destruction of biodiversity. a. quadrant \text{T} & \text{48} & \text{46} & \text{51} & \text{57} & \text{62} & \text{68} & \text{71}\\ 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? C. Recommend a counteroffer back to list price. B. How many acres is that? antibiotic application They sold for: $178,500; $166,000; $172,750; $182,000; $168,000; $174,000; $176,000; $184,000; $170,000; $175,000; $172,000; $181,500. What kind of a mortgage do they have? Which of the following would be considered an intermediate goal? D. An exclusive listing must always be at least 30 days long. b. the description is imperfect if it does not end at the point of beginning 51- Which statement is true about a homeowners exemption? Secure documents that are public information from the courthouse and other sources available to the public. b. littoral real estatesavings accountmoney market fundcertificate of deposit. All of the following would be considered improvements to land EXCEPT. 18- In a transaction that involves the purchase of a business, what document functions in the same way as the deed in a personal real estate transaction? The land that is least conducive to agriculture is sandy soil. Inventory (increase). d. all of the above, Arizona Real Estate "Escrow and Closing B-7", Real Estate Test National Portion B1-B9 Exam, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. For example, the use of robots in manufacturing has the potential to improve productivity and output. d. avulsion, 34. He raised venture capital money to rent office space, hire more employees, and purchase additional server space for development. B. Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or to pay wages. Which of the following items can Matt not add to the original cost when doing the computation? B. For example, a software company that relies primarily on the labor of skilled software engineers might see labor as its most valuable factor of production.