Thursday, August 29, 2013

Chapter 1 Review Questions

1)      Real estate and real property are commonly both used to mean both space and rights; but technically, rights are the real property and the space is the real estate.
a.       True
b.      False
2)      Lack of information about what buyers are willing to pay for property is a source of inefficiency in the real estate market.
a.       True
b.      False
3)      The real estate process may or may not involve construction.
a.       True
b.      False
4)      A commercial bank is a financial institution that specializes on the needs of businesses by focusing on long-term loans.
a.       True
b.      False
5)      Successor entrepreneurs can only be large, sophisticated real estate funds.
a.       True
b.      False
6)      Some of the reasons that real estate markets are inefficient are the following:
a.       Homogenous products
b.      Critical mass of market participants
c.       Large amounts of data
d.      All of the above
e.      None of the above
7)      A real estate professional who maintains and creates value to a property by maximizing its attractiveness and keeping it leased up is     a(n) _________.
a.       Property manager
b.      Acquisition expert
c.       Asset manager
d.      Broker
8)      A real estate professional working for a government authority who estimates the value of property for tax purposes is a(n) _________.
a.       Appraiser
b.      Tax assessor
c.       Leasing agent
d.      Consultant
        Answers: 1)F   2)T   3)T   4)F   5)F   6)E   7)C   8)B

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