Chapter 1: An Introduction to Environments and Activities in Real Estate

1) Which term describes little relevant transaction information on a property?

  

    a) Localized

    b) Stratified Product

    c) Data Poverty

2) A process of bidding that are characterized by discrete offers, they are usually received by the seller one at a time. 

 

    a) Proprietary transaction

    b) Efficiency

    c) Sequential bidding

3) Creating a mortgage by lending money to a real estate borrower is called an:

   

    a) Origination

    b) Originator

    c) Derivative

4) Lots that are clearly seen in lines on an empty field is called a Subdivision Plat. 

  

    a) True

    b) False

5) Heterogeneous products are said to be individual parcels of Real Estate that are unique.

 

    a) True

    b) False

6) A property manager is a real estate professional who manages day-to-day operations of real estate

    assets.

 

    a) True

    b) False

7) An Appraiser usually works as an independent contractor, who charges for a fee in order to provide specific advice. 

 

    a) True

    b) False

8) Tax assessors work for a government tax authority, who estimates value of property for tax purposes.

    

    a) True 

    b) False 

1) c, 2) c, 3) a, 4) False, 5) True, 6) True, 7) False, 8) True