When appraising an income producing property, you have the following GRMs indicated from comparable sales (122, 159, 132, 126, 122, 173, 152, 126). The lender will allow you to spend up to 28% of your annual income for housing costs, including your mortgage, property taxes, and insurance. 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. A. A. Mike has changed jobs six times in the past six months. 3. c. reliction What is the mean sale price? Practice Questions with no Answers for Preview, >ALL Real Estate Practice Class Questions with Answers & most with Explanations. b. to protect against encroachments c. 2 townships Please consult our full legal disclaimer. 31- Patrick has a written independent contractor agreement with his broker Tami. 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? Broker John puts $500 into his trust account. B. crop rotation Which of the following statements is TRUE about metes and bounds? b. a parcel of land is 1/8 mile by 1/8 mile is 40 acres. b. Long-term agricultural yields in the United Kingdom. B. What kind of a mortgage do they have? Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. C. Neither Sarah nor Ken can get employer-provided health insurance. B. She has an access right of way across the property of her neighbor Bob Smith for ingress, egress, and regress. The area is characterized by the presence of agricultural land intended for parking serving the Fiumicino airport, located in the vicinity, along the SW slope with the Leonardo Da Vinci airport, to the SE with the A91 motorway Rome Fiumicino motorway, to the to the NW with other land and some commercial/craft activities and to the NE with a . The Solow residual, also known as "total factor productivity (TFP)," measures the residual output that remains unaccounted for from the four factors of production and typically increases when technological processes or equipment are applied to production. tT4486468511057126214681671. d. appreciation, 40. In socialist systems, the government (or community) often exerts greater control over the factors of production. A. D. Farms. For example, private enterprises and individuals own most of the factors of production in capitalism. The borrowers family in case of his or her death, B. (a) 2.01020m2.0\times10^{-20}\;\mathrm{m}2.01020m 41- Agricultural land includes all of the following EXCEPT which? 50- Harry has some buyers that he believes are ready to make an offer. It would be misleading if the appraiser did not disclose the existence of this structure in the report. Pastures are those lands that are primarily used for the production of adapted, domesticated forage plants for livestock. Decks in Basic Appraisal . We also reference original research from other reputable publishers where appropriate. The cost of land typically includes all, except a. Grading, filling, draining and cleaning cost b. Installation of central air conditioning, D. Addition of a tenant laundry facility. The rate at which vacant space in a property or a group of properties for sale or lease has been or is expected to be successfully sold or leased over a specified period of time is the definition of a(n) __________ rate. As the demands of a business change over time, the relative importance of the factors of production will also change accordingly. c. easement Which method of land description would describe an irregular piece of property? Randy gives Tom an earnest money check for $1,000 and asks Tom to hold it until June 30, regardless of the date the seller accepts the offer. While large companies make for excellent examples, a majority of companies within the United States are small businesses started by entrepreneurs. On the other hand, land is the most significant investment for a real estate venture. The median price of homes sold in your county nine months ago was $217,400. Property rights are part of real property, not real estate, The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires is the definition of. 20- Which of the following would not be an essential component when researching the purchase of an apartment building? Why is the Schroendinger equation not valid for relativistic particles? How much will your insurance cost per month? Here are all the sales in your area in the last 4 months. You will also have to pay 2.75 points on the loan. He sells this right to nearby Property Owner B who wishes to develop his property into additional lots. A. I will complete the GRI certification in the next four years. 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. 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? B. Mary Jones has a property with no road frontage. Mark Zuckerberg assumed the risk for the success or failure of his social media network when he began allocating time from his daily schedule toward that activity. The size of agricultural property tax exemptions varies from state to state because property taxes aren't administered at the federal level. An example of entrepreneurship is the evolution of the social media behemoth Meta (META), formerly Facebook. D. Amanda smiles at Jim when she sees the whirlpool tub. 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. B. A. Generates leads for new listings. a. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. 8. After the crisis, China experienced a multi-year growth cycle, and its manufacturers invested in robots to improve productivity at their facilities and meet growing market demands. (95, 93, 120, 94, 93, 129), A right or interest in property is a(n). The Federal Reserve can influence the level of economic activity by. C. The loan term will extend gradually over time. C. They can make payments directly to the original lender. He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? 9. There are four factors of productionland, labor, capital, and entrepreneurship. 1.7107M/s. For purposes of federal income tax, which statement is true? Within the software industry, labor refers to the work done by project managers and developers in building the final product. 19- Which of the following is not an advantage of hosting an open house? c. front footage A surveyor's chain is: Goodwill is an intangible asset that results from the reputation of the business. The loan will be distributed to them gradually. Browse over 1 million classes created by top students, professors, publishers, and experts. 70- Which of these items would be a credit to the buyer on the settlement statement? none, these are all problems associated with industrial agriculture 300 ft B. c. recorded plat habitiat fragmentation, none, these are all problems associated with industrial agriculture. 6. However, as business continued to grow, Meta built its own office space and data centers. A(n) __________ contract is one that is not been fully performed or completed. A social entrepreneur is a person who pursues an innovative idea with the potential to solve a community problem. He paid $100,000 for it, and made $300,000 worth of improvements. c. 25 acres Similarly, the use of kiosks in self-serve restaurants can help firms cut back on their labor costs. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. a. seller 57- Under federal income tax law, the basis for a personal residence is which of the following: a. government survey 29- Which of the following is not a good direct mail technique? A business engaged in agriculture or farming as defined in MGL. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? Indicate whether each item is dis The metes and bounds form of land description uses: 2. a township contains how many square miles? real estatesavings accountmoney market fundcertificate of deposit. Her asking price was $560,000 and the property sold for $575,000. Proceeds from issuance of stock. resistant to viral diseases, drought, heat, or herbicides. Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or to pay wages. All of the following statements about sections as defined in the US government survey system are true EXCEPT: a. a section is 640 acres. There are currently 180 houses for sale in this market. Production, such as manufacturing, can be tracked by certain indexes, including the ISM manufacturing index. For example, the construction worker at a hotel site is part of labor, as is the waiter who serves guests or the receptionist who enrolls them into the hotel. Required Information and Example, Retained Earnings in Accounting and What They Can Tell You, Revenue Recognition: What It Means in Accounting and the 5 Steps. The price expected for a whole property, e.g., a house, or a part of a property, e.g., a plumbing fixture, that is removed from the premises usually for use elsewhere is the definition of ____________ value. Which of the following would be considered an intermediate goal? Even an artist involved in making art, whether it is a painting or a symphony, is considered labor. How much will your insurance cost per month? She is probably using all but which of the following tools? If there is a discrepancy between an original survey and a new survey or between a survey and the legal description which party must pay the cost of the survey and the cost to remedy the discrepancy? "Sustaining Chinas Economic Growth After the Global Financial Crisis," Pages 1-2. International Federation of Robotics. The purchase price, plus depreciation, B. 73- Which of these is not a buying signal? The greater a firm's or country's TFP, the greater its growth. Explain the meaning of abov Present the offer and tell the seller that the check needs to be held until June 30. How many acres are there is the described property? The purchase price, plus depreciation Except for labor, ownership for factors of production varies based on industry and economic system. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. Information on current loan programs. As such, factors of production, such as land and capital, are owned and regulated by the community as a whole under socialism. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? b. easement 5. Each of these requires significant real estate and capital investments. All of the following statements about the US government survey system are true except: Tip: to find a certain word or key term, press at the same time, the buttons: 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? You can specify conditions of storing and accessing cookies in your browser. What is most likely their main motivation for investing? 68- Greg and Joyce have an adjustable rate mortgage on their home. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. U.S. land area covers nearly 2.3 billion acres. A. The data produced by third parties and made available by Our World in Data is subject to the license terms from the original third-party authors. B. Pam is not liable since it was summer and the heating problem was not obvious. Brenda refuses. 80- Which of the following is an example of commingling? b. metes and bounds What is the mean of the GRMs? this analysis can only be applied if there are no existing improvements. These include white papers, government data, original reporting, and interviews with industry experts. 36- Broker Eric secures a loan for buyer Paul. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. Building b. 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. 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. 4. ", Association for Advancing Automation. Which of these statements is true about the wraparound mortgage? 78- Nancy bought her home last year for $425,000. 2240 acres Licenses: All visualizations, data, and articles produced by Our World in Data are open access under the Creative Commons BY license. Jim and Jane financed the remaining $25,000 through the seller. Depending on its type, an improvement may increase the value of real estate greatly. You can get a loan for 90% of value. Secure documents that are public information from the courthouse and other sources available to the public. C. Consider child support payments in the decision. A. Each of their payments is for the same amount. In conclusion, The term "permanent cropland" includes wooded plantations used to harvest fruit but excludes tree farms and true forests utilized for wood or lumber. 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. The difference in skill levels and terminology also helps companies and entrepreneurs create corresponding disparities in pay scales. b. setback Jim should not use this flier as a: 94- Sellers agent Pam was unaware of the fact that the heating system of a home she had listed was defective. d. metes and bounds, 17. Broker Alice holds an uncashed check until the offer is accepted. B. The purchase price, plus improvements Ask the buyers to sign a real estate transfer disclosure statement. How much will you have to deliver to closing to cover both the down payment and the loan points? a. the water rights reserved by a previous owner 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?
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