A Bill of Sale gives title to the business equipment. A. high income countries tomatoes contain a soybean's gene for disease resistance. 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. 4024 pine street, Missoula, missoula country mt 59801 "About Us.". 46- A life insurance company would most likely invest in all but which of the following properties? However, collective good is the predominating principle in socialism. There are four factors of productionland, labor, capital, and entrepreneurship. c. highest and best use An example of this is the change in production processes in the information technology (IT) industry after jobs were outsourced to countries with lower salaries. She has an access right of way across the property of her neighbor Bob Smith for ingress, egress, and regress. c. 200 acres D. An exclusive listing must always be at least 30 days long. The principle of supply and demand states that the price of a commodity, good, or service varies __________, but not necessarily _____________, with demand. Special purpose: Property used by the public, such as cemeteries,. 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. b. d. The Jones farm 13 miles west of Clinton, MT, c. Lot 2 block M, Lincoln wood subdivision, missoula country, MT 59802, 31. 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? Practice Questions with no Answers for Preview, >Practice Exam for R.E. Electronic Data Interchange for transmitting appraisal reports became popular in the (date). 54- Jim and Jane are buying a home for $120,000. The health of soil is a primary concern to farmers and the global community whose livelihoods depend on well managed agriculture that starts with the dirt beneath our feet. The retail coffee chain needs land (prime real estate in big cities for its coffee chain), capital (large machinery to produce and dispense coffee), and labor (employees at its retail outposts for service). What is the median of these numbers: 19, 11, 64, 36, 81, 22, 35, 95? 3. What is the purpose of a states statute of frauds? 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. Sustainable land use can help to reduce the impacts of agriculture and livestock, preventing soil degradation and erosion and the loss of valuable land to desertification. What is most likely their main motivation for investing? The date Abby receives the good faith estimate. 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. d. benchmark, 30. 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. B. The ___ has oversight authority over state appraisal boards: Which is not true concerning the highest and best use of land as though vacant? Within the software industry, labor refers to the work done by project managers and developers in building the final product. What is Gregs capital gain on the apartment? The size of agricultural property tax exemptions varies from state to state because property taxes aren't administered at the federal level. 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? 65- Which of the following items is usually not prorated at closing? 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? For example, private enterprises and individuals own most of the factors of production in capitalism. 4. You want to insure it for 80% of value and the annual insurance premium will cost $5.75 per thousand. She is probably using all but which of the following tools? Last year, about 25% of his income came from sales commissions. Which of the following types of agriculture is correctly matched with the agricultural practice? Learn how it impacts trade. Which of these factors would result in a violation of USPAP if the appraiser based his or her appraisal fee on it? , ided by total investment.. total investment is current assets (inventories, accounts receivables and cash) plus fixed assets. 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). An important characteristic of land is that it may be modified or improved at any given time. Which statement is TRUE regarding this situation? How much will your insurance cost per month? In some cases, all you need is a piece of land that's not currently being used. 59- Which of the following is a sellers request that an agent cannot honor? This is called: Depending on the context, some factors of production might be more important than others. Which of the following would be considered an intermediate goal? Organisms at higher levels on food webs tend to have greater concentrations of bioaccumulated pesticide stored in their bodies through a process known as. Improvements in crop yields have been essential to feed a growing population, while reducing the environmental impact of food production at the same time. Purchase of equipment. b) define symbols and develop mathematical model, how does a change in each variable affect demand, Explain in details 4 different ways in which Information is Critical to an entrepreneurship, It has been said that entrepreneurship is Contextual and it will manifest differently in different countries and religion. A. D. Seeking buyers for others agents listings. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. The adjusted cost basis of the first home was $140,000. On the other hand, land is the most significant investment for a real estate venture. What kind of listing agreement does Alice have with Jack? 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? A. - bioaccumulation of pesticides in animal tissue can lead to extinction of species Land not classified as "Forest", spanning more than 0.5 hectares; with trees higher than 5 meters and a canopy cover of 5-10 percent, or trees able to reach these thresholds in situ; or with a combined cover of shrubs, bushes and trees above 10 percent. b. reliction The most common lease in agriculture is a land lease. d. avulsion, 34. B. none, these are all problems associated with industrial agriculture b. b. (d) 1.81019m1.8\times10^{-19}\;\mathrm{m}1.81019m Practice Questions with no Answers for Preview, >CALIFORNIA REAL ESTATE PRACTICE PRELICENSE CLASS, >CALIFORNIA LEGAL ASPECTS OF REAL ESTATE PRELICENSE CLASS, >ALL Questions with Answers for ALL 3 PreLicense Classes Guides on 1 page, >CALIFORNIA Fair Housing & Fair Housing with Role-Play Activity CE CLASSES Questions with Answers, >CALIFORNIA Fair Housing & Fair Housing with Role-Play Activity CE CLASSES Questions with no Answers for Preview, >CALIFORNIA Fair Housing & Fair Housing with Role-Play Activity CE CLASSES OVERVIEW, >CALIFORNIA Ethics CE CLASS Questions with Answers, >CALIFORNIA Ethics CE CLASS Questions with no Answers for Preview, >CALIFORNIA Ethics in the Age of Disruption CE CLASS Questions with Answers, >CALIFORNIA Ethics in the Age of Disruption CE CLASS Questions with no Answers for Preview, >CALIFORNIA Ethics in the Age of Disruption CE CLASS OVERVIEW, >CALIFORNIA NAR: May The Code Be With You CE CLASS Questions with Answers, >CALIFORNIA NAR: May The Code Be With You CE CLASS Questions with no Answers for Preview, >CALIFORNIA NAR: May The Code Be With You CE CLASS OVERVIEW, >Real Estate Practice Class Questions with no Answers for Preview (ALL R.E. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. The lender will allow you to spend up to 28% of your annual income for housing costs, including your mortgage, property taxes, and insurance. 5 acres The Buckle, Incorporated, included the following in its statement of cash flows presented using the indirect method. The circular flow model of economics shows how money moves through an economy in a constant loop from producers to consumers and back again. $5,500 the first year, plus a maximum 2% increase in market value per year, B. Land: Includes undeveloped property, vacant land, and agricultural lands such as farms, orchards, ranches, and timberland. D. Their loan payments will gradually increase. Installation of central air conditioning, D. Addition of a tenant laundry facility. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. c. to protect against liens C. Payments will not be enough to retire the loan. At first, there was no need for land. Which type of pesticide has fewer deleterious environmental effects? b. a parcel of land is 1/8 mile by 1/8 mile is 40 acres. 37- When dealing with the sale of a business, which is not a true statement? turnover is sales div b. dedication Marxism is a set of social, political, and economic theories developed by Karl Marx that formed the basis of socialist principles. B. Brenda has violated the fiduciary duty of obedience to Jim. (b) 3.31011m3.3\times10^{-11}\;\mathrm{m}3.31011m C. Analyzing the income potential of the property. What is the mean of the GRMs? D. Avoid negative comments while hes inside the home. D. Exclusive-authorization-and-right-to-sell agreement. A. d. depth, 25. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. Which of the following would be the least likely place for them to obtain a loan? But, if yields and labor productivity do not increase it will have far-reaching consequences for global poverty, and protection of the environment. d. encroachment, 13. Entrepreneur Howard Schultz, the companys founder, provided the fourth factor of production by being the first person to realize that a market for such a chain existed and figuring out the connections among the other three factors of production. 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? In a typical cash rent lease, the tenant is obligated to pay a set price per acre or a set rate for the leased land. ROI is equal to turnover multiplied by earning as a percent of sales. c. in each township section 7 is south of section 6. d. there are 36 sections in a township. An example of entrepreneurship is the evolution of the social media behemoth Meta (META), formerly Facebook. How much will you have to deliver to closing to cover both the down payment and the loan points? d. section 12 is directly north of section 1 in a township, d. section 12 is directly north of section 1 in a township, 19. has an increased likelihood of obesity, diabetes, and heart disease. A property owner on a river or creek is said to have which type of rights? A potential benefit of genetic engineering is the development of crop plants. As a result, the country became the biggest market for robots. The metes and bounds form of land description uses: 2. a township contains how many square miles? This analysis can only be applied if there are no existing improvements. By increasing crop yields we can reduce the amount of land we use for agriculture. B. 100 acres Finally, capital refers to the cash, equipment, and other assets needed to start or grow a business. D. The UCC is a body of law that standardizes a number of business practices. b. the description is imperfect if it does not end at the point of beginning C. The loan term will extend gradually over time. Your property, which consists of a house on a lot, is valued at $186,000. In this context,technology has a fairly broad definition and can refer to software, hardware, or a combination of both used to streamline organizational or manufacturing processes. 28- Abby applies for a federally-related loan to purchase a home. 53- Greg sold an apartment building he owned for 20 years. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. Agricultural land is typically land devoted to agriculture, [1] the systematic and controlled use of other forms of life particularly the rearing of livestock and production of crops to produce food for humans. (c) 3.31014m3.3\times10^{-14}\;\mathrm{m}3.31014m a. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. B. 70- Which of these items would be a credit to the buyer on the settlement statement? the estimated cost to -replace a property, a guarantee of the true worth of a property, the President of The Appraisal Foundation. 42- Alice is planning her career and setting her goals. A developer of a shopping center buys three adjoining lots for $124,000, $75,000 and $111,000 creating a single parcel worth $420,000. C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. c. us government survey, PO box, and metes and bounds 75 Here are all the sales in your area in the last 4 months. It must be in writing to be enforceable. All of the following statements about sections as defined in the US government survey system are true EXCEPT: a. a section is 640 acres. Use these expressions to check the numerical values of the constants a0a_0a0 and E1E_1E1. 300 ft All other material, including 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. All of our charts can be embedded in any site. However, commentators sometimes refer to labor and capital as the two primary factors of production. 51- Which statement is true about a homeowners exemption? During this interim period, grant makes monthly rent payments and the owner accepts them. Her broker has asked her to be available for tasks in the field rather than in the office. D. Understanding characteristics of the rental market. 41- Agricultural land includes all of the following EXCEPT which? Broker John puts $500 into his trust account. The median price of homes sold in your county nine months ago was $217,400. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. a. riparian c. lien Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land. 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 ) Browse over 1 million classes created by top students, professors, publishers, and experts. B. A. b. riparian 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? Land includes any natural resource used to produce goods and services; anything that comes from the land. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? b. recorded plat, street address, and metes and bounds What kind of a mortgage do they have? There are currently 180 houses for sale in this market. 20.6 Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. The proportion of the land base in agricultural uses has declined from 63 percent in 1949 to 51 percent in 2007. In zoning, the distance from the street to the front of a house is called: Purchase of investments. Our World in Data is free and accessible for everyone. A. A client has requested that an appraiser value a property that is improved with an old dilapidated single family home, and asks the appraiser not to mention the existence of the home in the appraisal report. He raised venture capital money to rent office space, hire more employees, and purchase additional server space for development. c. a determination of the area of the property 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. It sold for $80,000. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. C. The same amount will go towards the principal every month. 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? Entrepreneurship is the secret sauce that combines all the other factors of production into a product or service for the consumer market. Buyer Jim asks if he can visit the property for a second time. ", Association for Advancing Automation. b. a. a grant Broker Alice holds an uncashed check until the offer is accepted. b. buyer 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. Agricultural Systems is an international journal that deals with interactions - among the components of agricultural systems, among hierarchical levels of agricultural systems, between agricultural and other land use systems, and between agricultural systems and their natural and social environments. In the chart here we see a global map of land used for arable agriculture (as a share of total land area). \text{T} & \text{48} & \text{46} & \text{51} & \text{57} & \text{62} & \text{68} & \text{71}\\ We also reference original research from other reputable publishers where appropriate. a. disposal of livestock wastes The loan will be distributed to them gradually. It can be considered an employment contract. A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. Find a home that meets FHA requirements. By increasing crop yields we can reduce the amount of land we use for agriculture. Agricultural productivity across Sub-Saharan Africa needs to improve to reduce hunger, poverty, and the destruction of biodiversity. What is the median of these indications? Calculate the de Broglie wavelength associated with a helium-4 atom (4.00 amu) moving at 3.0106m/s3.0\times10^6\;\mathrm{m/s}3.0106m/s. a. each check contain 16 townships who four boundaries each measure 6 miles A basis of $148,000 and no taxable gain, B. 14- Value includes which of the following aspects? You can learn more about the standards we follow in producing accurate, unbiased content in our, The Evolution of Accounting and Accounting Terminology. The World Bank divides the world into four groups. You will also have to pay 2.75 points on the loan. b. Which of the following statements is true? Prices of properties currently on the market, C. Properties that were listed but did not sell. Negotiate agreements regarding commission structuring. d. lot, block, and subdivision, 21. the NW 1/4 of the NW 1/4 of the SW 1/4 of Section 12 is: The recent trend of U.S. prime farmland has been a loss of 160,000 hectares per year. A basic homeowner's insurance policy would protect all of the following EXCEPT which one: fire & lightning, earthquake and volcanic action, windstorm and hail, water damage caused by a leaking pipe? Earthquake and volcanic action A longer mortgage loan term will: Result in lower monthly mortgage payments What should Tom do? C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. D. Their lender can profit from the difference in interest rates. 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? For people and planet, its one of our most important problems to work on. 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. Certain homeowners may qualify for a $10,000 exemption. 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. B. 12- The second installment of property taxes comes due on: 13- Seller Jim tells his agent Branda that he does not want his home marketed to families with children. You have found comparable sales of rural land parcels that indicate the following sale prices per acre: ($930, $775, $1202, $995, $1612, $906). Which statement is true ? Which of the following would be PRIVATE restrictions on property rights? 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. What is sandy soil? The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. c. sections Which of the following methods of legal land description would most likely be used to describe agricultural lands? 4 Factors of Production Explained With Examples, Fiscal Year: What It Is and Advantages Over Calendar Year, How a General Ledger Works With Double-Entry Accounting Along With Examples, Just-in-Time (JIT): Definition, Example, and Pros & Cons, Net Operating Loss (NOL): Definition and Carryforward Rules, NRV: What Net Realizable Value Is and a Formula To Calculate It, No-Shop Clause: Meaning, Examples and Exceptions, Operating Costs Definition: Formula, Types, and Real-World Examples, Operating Profit: How to Calculate, What It Tells You, Example, Production Costs: What They Are and How to Calculate Them, What Is a Pro Forma Invoice? Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. All of the following statements about the US government survey system are true except: materials, buildingslabor, entrepreneurial coordinationbuildings, labormaterials, entrepreneurship. 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 86- Which of the following is not considered a benefit of investing in real estate? Increasingly, technology is responsible for the difference in efficiency among firms. Please consult our full legal disclaimer. Practice Questions with no Answers for Preview, >Ch10-12 R.E. Which entity is responsible for monitoring state appraiser licensing and certification agencies? 36- Broker Eric secures a loan for buyer Paul. A property is owned as tenancy in severalty. 9. Studying population trends in the area. For example, a firm operating in the real estate industry typically owns significant parcels of land, while retail corporations and shops lease land for extended periods of time.