- Which of the following is not considered a real estate professional?
- Property manager
- Acquisition expert
- Broker
- Leasing agent
Answer: D
- Which is a corporate form of real estate ownership?
- Acquisition Trust
- REIT
- 401(k)
- FHA
Answer: B
- How do private Appraisers make money?
- From the government
- Commission from sale
- Charge a fee
- Steal it from the homeowner
Answer: C
T/F
- Real Estate is an inefficient market?
Answer: T
- A wood table drilled to the ground on a property is considered real property?
Answer: F
- A mortgage actually consists of two different assets?
Answer: T
- Bank of America is a commercial bank, specializing in meeting the needs of businesses?
Answer: T
- Real estate is a Homogeneous Product?
Answer: F
Chapter 2
Multiple Choice
- Real estate falls under which category of science?
- Plant science
- Construction science
- Social Science
- Land Science
Answer: C
- Which term is used to describe academic research designed to develop technologies to improve on what actually is?
- Prescription
- Description
- Engineering
- Applied Science
Answer: A
- A________ is an effective cognitive shortcut of judgment and decisions usually subconscious, employed due to limitations with human processing and short-term memory?
- Anchoring
- Bounded Rationality
- Generalizability
- Heuristics
Answer: D
T/F
1. Theory and hypothesis are terms only used in natural science?
Answer: F
2. To become a real estate developer you have to get your college degree in business?
Answer F
3. Data development method is a useful tool to determine if what land should be used for?
Answer: T
4. Real estate is an applied science?
Answer: F
5. One can learn about real estate from a private institution?
Answer: T
Chapter 3
Multiple Choice
- Who came up with the two state theory of human information processing?
- Von Thunen
- Simon
- Kuhn
- Adamson
Answer: B
- _______ is an expression used to explain the decision making step, usually the final step before the decision is made.
- Righteous feeling
- Defined feeling
- Gut feeling
- Task feeling
Answer: C
- In the United States we have a _______ appraisal process.
- Described
- Open
- Private
- Prescribed
Answer: D
T/F
1. An ill-defined problem is a problem that has a definite answer.
Answer: F
2. The task environment is a complex external environment in which decision makers operate.
Answer: T
3. A bias is an uncommon, systematic error in human information problem solving.
Answer: F
4. Surgeons tend to have a Heuristic approach to problem solving.
Answer: T
5. Human judgment is an important factor in real-estate decision making.
Answer: T
Chapter 4
Multiple Choice
- Which term describes the important location characteristics of a site?
- Situs
- Mitus
- Land Richness
- Land value gradiant
Answer: A
- _______ cost is the options forgone when you pursue a certain option.
- Transportation
- Choice
- Opportunity
- Better
Answer: C
- As you live further and further away from amenities, land rent or land value ______.
- Increases
- Decreases
- Stays the same
- Increases, then decreases
Answer: B
T/F
- The phrase highest and best use of land was coined by Herbert Simon.
Answer: T
- Urban economics is the study of rural areas.
Answer: F
3 Climate is a big factor when families are deciding where to buy a house.
Answer: T
- A competitive advantage is something all businesses strive for.
Answer: T
- High density residential is always furthest away from the CBD.
Answer: F
No comments:
Post a Comment