Unit 15 Practice Exam

Unit 15 Practice Exam

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Question 1 of 15

1. Question
Real estate is influenced by changes in nearby land uses because of
- the cost of the property.
- the immobility of the property.
- the use of the property.
- zoning requirements.
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Question 2 of 15

2. Question
The qualities of immobility and uniqueness that give value to a parcel of land is called the land’s
- durability.
- price.
- value.
- situs.
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Question 3 of 15

3. Question
Highest and best use is determined by
- potential users bidding for a site based on its locational and environmental value of the site in each use.
- the price of the property.
- the market activity of that type of property.
- the scarcity of that land use in the area.
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Question 4 of 15

4. Question
The term used to show that no two parcels of real estate are identical is
- homogeneous.
- nonhomogeneous.
- situs.
- certiori.
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Question 5 of 15

5. Question
Which is correct about the economic characteristics of real estate?
- Government regulations are a minor influence on the market.
- Excess supply causes prices to increase.
- Population has a direct influence on demand for real estate.
- Real estate responds rapidly to changes in supply and demand.
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Question 6 of 15

6. Question
What factor of real estate is an inverse influence on demand?
- Price
- Population
- Income of consumers
- Availability of mortgage credit
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Question 7 of 15

7. Question
Which is a factor that affects the supply of real estate?
- Price
- Population
- Income of consumers
- Availability of skilled labor
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Question 8 of 15

8. Question
At which occupancy rate is the market said to be in balance?
- 80%
- 85%
- 90%
- 95%
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Question 9 of 15

9. Question
If there is an oversupply of homes in a neighborhood
- prices will tend to increase.
- sales will decrease.
- it becomes a sellers’ market.
- it becomes a buyers’ market.
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Question 10 of 15

10. Question
Assume a small city has 78,500 total houses. If 68,400 are occupied, which is correct?
- The area is a sellers’ market.
- The vacancy rate is 10%.
- The occupancy rate is 90%.
- The occupancy rate is 87%.
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Question 11 of 15

11. Question
MLS records show that 4,945 houses were sold last year. A real estate brokerage firm had 834 of those sales, so its market share is
- 12%.
- 16.9%.
- 22.6%.
- 83.1%.
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Question 12 of 15

12. Question
Which is correct about supply and demand in real estate?
- Prices go up in a buyers’ market.
- Prices decrease when houses are in short supply.
- A sellers’ market means the sellers’ find it hard to sell.
- An oversupply in the market creates a buyers’ market.
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Question 13 of 15

13. Question
If the occupancy rate in an area is 75%, which is NOT correct?
- The vacancy rate is 25%.
- There is an oversupply of property.
- It is a sellers’ market.
- Prices will tend to decline.
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Question 14 of 15

14. Question
Appraisers who are estimating the supply of apartments need to consider those homes currently on the market and
- those that are currently rented.
- building permits for new units.
- the occupancy level of houses.
- number of tenants who are moving in.
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Question 15 of 15

15. Question
An appraiser who is evaluating market activity in an area finds that prices are increasing. This indicates
- there is an oversupply of houses.
- the market is in balance.
- it is a buyers’ market.
- it is a sellers’ market.
Correct

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