CHAPTER 1

1. Which of the following is NOt part of the five classic product types in real estate?

A. Office
B. Industrial
C. Retail
D. Residential
E. All of the above are part of the 5 classic product types.

2. What are the types of lending that operate in real estate?

A. Savings and loan association
B. Commerial Banks
C. Permanent Mortgages
D. A & B
E. All of the Above.

3. Who specializes in bringing real estate borrowers together with real estate lenders but who does not originate real estate mortgages?

A. Lenders
B. Mortgage Brokers
C. Developer
D. Underwriter
E. Servicer

4. The real estate market is like the internet in that it is not and never was a place.
TRUE

5. A land use planner is a tax professional, working for a government tax authority, who estimates the value of property for tax purposes.
FALSE (TAX ASSESSOR)

6. A market researcher is a professional who investigages, reports on, and sometimes forecasts the conditions of real estate markets.
TRUE

7. Homogenous products are when every parcel of real estate is unique, a characteristic of real estate that contributes to market ineffciency.
FALSE (HETEROGENEOUS PRODUCT)

8. An underwriter is a professional who specializes in assessing the risk associated with real estate loans.
TRUE

CHAPTER 2

1. Which of the following is a prescriptive discipline that debated the question of how scientist ought to conduct scientific research?

A. Normal Science
B. Revolutionary Science
C. Philosophy of Science
D. Social Science
E. None of the above.

2. Which of the following is NOT part of the Kuhn discipline paradigm?

A. Knowledge
B. Method
C. Theories
D. Expertise
E. None of the above.

3. Which of these is part of the system that proceeds to convert knowledge from beliefs?

A. Framework
B. Theory
C. Data Development
D. Data Evaluation
E. All of the above.

4. The goal of real estate discription is always to build knowledge about the process of real estate?
TRUE

5. An anomalous fact is a research finding not suggested by theory and therefore not expected?
TRUE

6. Is the difference between a theory and hypothesis that a hypothesis is a statement of belief rather than a formal statement of what a research community beliefs?
TRUE

7. Agency cost is the cost incurred by principals when those acting on their behalf (agents) have a conflict of interest and therefore incentive not to act in the best interest of their principals?
TRUE

8. Is applied discipline the discipline descriptively focused on some aspect of how human society started and continues to function and develop?
FALSE ITS APPLIED DISCIPLINE