Chapter 1 "Introduction to Modern Real Estate Practice"

Question 1

Uses of Real Property

Answer 1

Residential, Commercial, Industrial, Agriculture, Special Purpose and Mixed Use

Question 2

7 Sources of Real Estate Law

Answer 2

U.S. Constitution, State Constitutions, State Laws and Regulations of State Agencies, Local Ordinances, Court Decisions, Federal Law Passed by Congress and Regulations of Federal Commissions and Agencies.

Question 3

Common Law

Answer 3

affects real estate ownership and transfer which is the body of rules and principles founded on tradition and court decisions.

Question 4

Federal Laws

Answer 4

Capital Gains Tax Law
Fair Housing Law
Equal Credit Law
Real Estate Settlement Law

Question 5

State Laws

Answer 5

Contract Law 
General Property Law
Landlord-Tenant Law
Agency Law
Real Estate License Law
Consumer Protection Law

Question 6

Economic Characteristics

Answer 6

(affect the investment value)
Relative Scarcity 
Improvements
Permanence of investment
Are Preference

Question 7

Physical Characteristics

Answer 7

Immobility, indestructibility, and nonhomogeneity

Question 8

Factors that affect Supply

Answer 8

Labor Supply
Construction Costs, and
Government Controls and Policies

Question 9

Factors that affect Demand

Answer 9

Population
Demographics, and
Employment/Wage Levels

Question 10

Business Cycles

Answer 10

Expansion (growth) - Recession (slow down) - Depression (the bottom) - Revival (recovery)

Question 11

Nonhomogeneity

Answer 11

the fact that no two parcel of land are exactly alike

Question 12

The real estate market is considered local in character because..

Answer 12

land is fixed, or immobile