Chap 1 - Intro To Real Estate Principles

Question 1

What increases economic land supply?

Answer 1

Land Utilization

Question 2

What do values do in homogenic neighborhoods?

Answer 2

Stabilize

Question 3

Soil Conditions, Parcel Size, and Topography are examples of what type of physical factor of land use?

Answer 3

Natural

Question 4

What has the greatest effect on land use?

Answer 4

Location

Question 5

Tax Rates, Wage Levels, and Interest Rates are examples of ________ factors of land use

Answer 5

Economic

Question 6

Values ______ in heterogenic neighborhoods

Answer 6

Fluctuate

Question 7

Streets, Availability of Public Utility, and Adjacent Land Use Patterns are what type of physical factor or land use

Answer 7

Artificial

Question 8

Location is also called?

Answer 8

Situs

Question 9

Indestructiblity is also called?

Answer 9

Permanence

Question 10

Are components of Real Estate are separable?

Answer 10

Yes

Question 11

Permanence of Investment Concept

Answer 11

Land can’t be consumed when used

Question 12

What type of characteristic of land is the “Permanence of Investment”

Answer 12

Economic

Question 13

The Allodial System is an example of a?

Answer 13

Land use control

Question 14

What’s the allodial system?

Answer 14

When land is owned and controlled by individuals

Question 15

Concept of Indestructibility

Answer 15

Land can’t be destroyed

Question 16

What type of characteristic of land is the Concept of Indestructibility

Answer 16

Physical

Question 17

What % of MI economy id real estate related?

Answer 17

60-68

Question 18

Scarcity/ Limited Availability concept

Answer 18

Land is in fixed supply

Question 19

What type of characteristic of land is Scarcity/ Limited Availability concept

Answer 19

Economic

Question 20

Year ARELLO organized

Answer 20

1929

Question 21

Buyer Brokerage

Answer 21

Real Estate licensee establishes contract for services with buyer

Question 22

Each parcel of land can only have _____ highest and best uses at a time

Answer 22

1

Question 23

Zoning laws are a example of?

Answer 23

Public Land Use

Question 24

Exclusions of Real Property must be conveyed where and when?

Answer 24

Purchase Agreement or Offer to Purchase before sale

Question 25

Personal Property

Answer 25

Everything readily moveable

Question 26

Personal Property is also called?

Answer 26

Chattel

Question 27

What is ARELLO

Answer 27

Association of Real Estate License Law Officials

Question 28

What does ARELLO do?

Answer 28

Help create, administrate, and enforce license law

Question 29

Real Estate Encompasses

Answer 29

Surface below, above, and air above a land plot

Question 30

What happens @ closing?

Answer 30

1) Buyer gets Deed 2) Seller gets $ 3) Broker gets $

Question 31

Contract for sale is also called?

Answer 31

Purchase Agreement or Offer to Purchase

Question 32

Contract for Sale

Answer 32

Contract to buy/ sell property from the written acceptance offer to purchase or counteroffer

Question 33

Seller can _____ , _____ , _____ , and ______ all purchase offers

Answer 33

Accept, Reject, Ignore, or Counteroffer

Question 34

Can Highest and Best Use change?

Answer 34

Yes

Question 35

Listing Contract

Answer 35

Owner of property employs real estate firm to market property for set time and price

Question 36

Real Estate also called?

Answer 36

Real Property Realty

Question 37

Most important characteristic of land use

Answer 37

Highest and Best Use

Question 38

What land characteristic type is Immobility

Answer 38

Physical

Question 39

Immobility concept

Answer 39

Land can’t be moved

Question 40

What physical characteristic plays a major role in land value?

Answer 40

Immobility

Question 41

What’s the heterogeneity concept in RE?

Answer 41

No 2 parcels look the same

Question 42

Heterogeneity is what type of labs characteristic?

Answer 42

Physical

Question 43

Year allodial system came to US

Answer 43

1785

Question 44

Highest and Best Use

Answer 44

Use of land that will preserve land, provide most income, result in greatest land value

Question 45

Specific Performance

Answer 45

Legal concept as a remedy for breach of contract by seller, buyer, etc “If you back out, we can sue”

Question 46

Land use controls

Answer 46

Restrictions on land use

Question 47

NAR stands for

Answer 47

National association of realtors

Question 48

NAR function

Answer 48

Preserve private property rights

Question 49

Realtor

Answer 49

Professional in real estate who subscribes to code of ethics and standards of practice given by NAR

Question 50

To be a realtor Roy must join _____

Answer 50

The NAR

Question 51

NAR organized in what year

Answer 51

1908

Question 52

________ factors of land use have definite effect on uses to which real estate can and should be used

Answer 52

Economic

Question 53

Physical land use factors can be _______ or ________

Answer 53

Natural or Artificial

Question 54

What’s the homogeneity concept in RE

Answer 54

Parcels look alike

Question 55

What type of characteristic is the homogeneity concept

Answer 55

Physical

Question 56

Real estate is

Answer 56

Land and everything attached

Question 57

Year 1st license law passed + where

Answer 57

Oregon in 1919

Question 58

Feudal system

Answer 58

Where land is owned by a king or royalty

Question 59

The feudal system is an example of a _____

Answer 59

Land use control

Question 60

Does a listing contact bind sellers in contact to sell property?

Answer 60

No

Question 61

RE Agents working with sellers are required to find _____ , _____ , and _______ for sale of property

Answer 61

Ready, willing, and able buyer

Question 62

Modification by improvement concept

Answer 62

Mods can raise or lower land values

Question 63

Mod by improvement is what type of characteristic

Answer 63

Economic

Question 64

What does the free market provide?

Answer 64

Ample time for buyer and seller to affect a mutually beneficial purchase and sale w/o pressure to urgency