Your property, which consists of a house and lot, is valued at $244,000. You can learn more about the standards we follow in producing accurate, unbiased content in our, The Evolution of Accounting and Accounting Terminology. 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? c. to protect against liens When citing this topic page, please also cite the underlying data sources. Twenty years ago, most appraisal reports that were sent electronically were sent using _____ technology; today, most appraisals are sent electronically using a _______ format. Present the offer and tell the seller that the check needs to be held until June 30. Those who control the factors of production often enjoy the greatest wealth in a society. Earthquake and volcanic action A longer mortgage loan term will: Result in lower monthly mortgage payments Tell the sellers exactly how she feels and why she thinks the offer is not a good one. Estimate its value. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. B. D. Brenda has not violated any fiduciary duty. Erosion C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. Jim and Jane financed the remaining $25,000 through the seller. For a group of early French economists called the physiocrats, who predated the classical political economists, land was responsible for generating economic value. a. the water rights reserved by a previous owner A. b. A type of subsistence agriculture in which short periods of cultivation are followed by longer periods of fallow land is called, The recent trend of U.S. prime farmland has been, Challenges facing U.S. agriculture include all of the following except, increase in number of domesticated animal varieties, One of the problems associated with the "green revolution" is that, it makes developing countries dependent on high-energy consuming imported technologies. Why is the Schroendinger equation not valid for relativistic particles? a. to protect the buyer by showing the size of the lot The appraisal standards and qualification criteria promulgated by the boards of The Appraisal Foundation achieves legal authority by adoption, citation or implementation by, government agenciesthe U.S Congress onlyFannie Mae and Freddie MacGinnie Mae. Mary Jones has a property with no road frontage. Which form of legal land description uses measures of definite distances in indicated directions? During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. c. 8.4 64- Which of the following is not a form of personal advertising? You can get a loan for 90% of value. C. They can make payments directly to the original lender. 4 Factors of Production Explained With Examples, Fiscal Year: What It Is and Advantages Over Calendar Year, How a General Ledger Works With Double-Entry Accounting Along With Examples, Just-in-Time (JIT): Definition, Example, and Pros & Cons, Net Operating Loss (NOL): Definition and Carryforward Rules, NRV: What Net Realizable Value Is and a Formula To Calculate It, No-Shop Clause: Meaning, Examples and Exceptions, Operating Costs Definition: Formula, Types, and Real-World Examples, Operating Profit: How to Calculate, What It Tells You, Example, Production Costs: What They Are and How to Calculate Them, What Is a Pro Forma Invoice? Inventory (increase). The borrowers family in case of his or her death, B. When he coded the minimum viable product himself, Zuckerbergs labor was the only factor of production. Certain homeowners may qualify for a $10,000 exemption. Which of the following items can Matt not add to the original cost when doing the computation? D. Broker Gina puts $150 into her trust account. Installation of central air conditioning, D. Addition of a tenant laundry facility. Both types of leases involve different forms of a definite rental rate. 74- Which statement is not true about an agency relationship? a. Special assessment for drainage system c. Private driveway and parking lot d. Assumption of any lien on the property; Answer C. Fence and parking lot are reported as a. B. The World Bank divides the world into four groups. The Uniform Commercial Code covers the sale of goods over $________. How would Grants lease at this time be classified? a. erosion B. Copyright - CaliforniaRealEstateExamAnswers.com - 2023 -, >Example Final Exam for R.E. How much is your property worth today? After the crisis, China experienced a multi-year growth cycle, and its manufacturers invested in robots to improve productivity at their facilities and meet growing market demands. 100 acres disease-resistant crop varieties d. a percolation test, 29. The website with the largest amount of demographics information is, What is the median of the following set of gross rent multipliers? ", Association for Advancing Automation. a. survey has an increased likelihood of obesity, diabetes, and heart disease. t46810121416T48465157626871\begin{matrix} b. an environmental impact statement The date Abby receives the good faith estimate. B. A business engaged in agriculture or farming as defined in MGL. 44- Jim owns a gift shop in a commercial building. For purposes of federal income tax, which statement is true? Along the same lines, desks and chairs used in an office are also capital. D. Do not show the home between 10 a.m. and noon on Sundays. The modern definition of factors of production is primarily derived from a neoclassical view of economics. b. to protect against encroachments D. Amanda smiles at Jim when she sees the whirlpool tub. In this context,technology has a fairly broad definition and can refer to software, hardware, or a combination of both used to streamline organizational or manufacturing processes. The principle of supply and demand states that the price of a commodity, good, or service varies __________, but not necessarily _____________, with demand. 46- A life insurance company would most likely invest in all but which of the following properties? Starting at tree with a notch inside section 14, T3N, R2E of the Montana principle meridian go W 1/4 mile, then S 680 ft, E 1320ft, thence straight line back to the POB. Derive an expression for the gravitational potential energy of a system consisting of Earth and a brick of mass m placed at Earths center. b. recorded plat, street address, and metes and bounds Explain the meaning of abov In conclusion, The term "permanent cropland" includes wooded plantations used to harvest fruit but excludes tree farms and true forests utilized for wood or lumber. Property Owner A has the right to develop his property into 10 lots. 50- Harry has some buyers that he believes are ready to make an offer. 12- The second installment of property taxes comes due on: 13- Seller Jim tells his agent Branda that he does not want his home marketed to families with children. returns on investment is computed in the following manner. His depreciation was $2,500 per year. There are two main uses of agricultural land: arable farming (which is land dedicated to growing crops), and pastureland (which includes meadows and pastures used for livestock rearing). Claims that the world has only 100, 60, or even 30 years of harvests left often hit the headlines. Although investment in agricultural R&D continues to be one of the most productive investments, with rates of return between 30 and 75 percent, it has been neglected in most low income countries. Depending on its type, an improvement may increase the value of real estate greatly. d. 600 ft, 37. What kind of listing agreement does Alice have with Jack? What is the purpose of a states statute of frauds? Special purpose: Property used by the public, such as cemeteries,. C) street lights, sewers, and drainage systems cost. C. The loan term will extend gradually over time. Which of these statements is true about the wraparound mortgage? Depending on the context, some factors of production might be more important than others. As a result, the country became the biggest market for robots. 75 Here are all the sales in your area in the last 4 months. Under the current qualification criteria, an applicant for Appraiser Trainee must have completed ___ creditable hours of experience. a. an identification of the grantor and grantee c. it is a document used to record the subdivision of land, 11. C. Allow indoor pets to leave their designated area. D. Their lender can profit from the difference in interest rates. Take the potential energy for the system with the brick placed at infinity to be zero. A property owner on a river or creek is said to have which type of rights? Her broker has asked her to be available for tasks in the field rather than in the office. C. The fair market value at the time of sale These include white papers, government data, original reporting, and interviews with industry experts. Goodwill is an intangible asset that results from the reputation of the business. -pesticides kill prey thereby causing predators to starve or migrate. Productivity measures the efficiency of production in economics. A property is owned as tenancy in severalty. 23- Jonestown Community Bank refuses to lend money to potential homeowners trying to purchase property in the predominantly Asian neighborhood on the west end of town. You want to insure it for 80% of value and the annual insurance premium will cost $5.75 per thousand. C. Analyzing the income potential of the property. A. In some cases, all you need is a piece of land that's not currently being used. a. redemption Costs directly related to the . b. A. The factors of production are land, labor, capital, and entrepreneurship. C. Payments will not be enough to retire the loan. A. A Bill of Sale gives title to the business equipment. The introduction of technology into a labor or capital process makes it more efficient. C. Jim and Amanda whisper and frown when they see the basement. Economic Order Quantity: What Does It Mean and Who Is It Important For? 97- Buyer Randy makes an offer to purchase one of Broker Toms listings on June 15. Two years ago, you bought a property for $264,500. Get started for free! Production workers are paid for their time and effort in wages that depend on their skill and training. (95, 93, 120, 94, 93, 129), A right or interest in property is a(n). 300 ft The Census of Agriculture is a complete count of U.S. farms and ranches and the people who operate them. c. contribution However, money is not a factor of production because it is not directly involved in producing a good or service. The federal financial institutions regulatory agencies directly involved in fair lending include all of the following EXCEPT. Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. What kind of lease does Jim have? D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. Labors transaction with firms is based on wages. The ERS Major Land Uses series is the longest running accounting of all major uses of public and private land in all 50 States. Find and create gamified quizzes, lessons, presentations, and flashcards for students, employees, and everyone else. Availability of multiple listing service, C. Broker-paid advertising and promotion, D. Assistance with filling out disclosures. This can result in a transformation of factors of production for entire industries. The cost of land typically includes all, except a. Grading, filling, draining and cleaning cost b. A lot measures 248.4 feet X 378.90 feet. 2. What is the median of these indications? 76- Mark believes he has been discriminated against during his home search. All of our charts can be embedded in any site. b) define symbols and develop mathematical model, how does a change in each variable affect demand, Explain in details 4 different ways in which Information is Critical to an entrepreneurship, It has been said that entrepreneurship is Contextual and it will manifest differently in different countries and religion. Housing and Community Development Act. and hydroxide ion in ethyl alcohol at 330K, C2H5Br(alc)+OH(alc)C2H5OH(I)+Br(alc)\mathrm { C } _ { 2 } \mathrm { H } _ { 5 } \mathrm { Br } ( a l c ) + \mathrm { OH } ^ { - } ( a l c ) \longrightarrow \mathrm { C } _ { 2 } \mathrm { H } _ { 5 } \mathrm { OH } ( I ) + \mathrm { Br } ^ { - } ( a l c ) C. Real Estate Settlement and Procedures Act. Make no recommendations and let the sellers decide on their own. 57- Under federal income tax law, the basis for a personal residence is which of the following: The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease is the definition of. c. identifying new food sources d. increasing food imports e. all of the above e. all of the following are aspects of commerical agriculture except: a. a heavy reliance on machinery Which of these factors would result in a violation of USPAP if the appraiser based his or her appraisal fee on it? A survey would reveal all of the following about a property EXCEPT: 10. c. us government survey, PO box, and metes and bounds By increasing crop yields we can reduce the amount of land we use for agriculture. a. townships This is further explained below. D. All adjustable rate mortgages have negative amortization. How Do Factor Endowments Impact a Country's Comparative Advantage? C. Broker Harry deposits $1000 into his brokerage business account. Building b. B. Deforestation can include clearing the land for farming or livestock, or using the timber for fuel . B. While land is an essential component of most ventures, its importance can diminish or increase based on industry. C. Have keys made for company listings. A. d. appreciation, 40. (a) 2.01020m2.0\times10^{-20}\;\mathrm{m}2.01020m She is probably using all but which of the following tools? C. The date the lender receives her application. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? For example, a technology company can easily begin operations with zero investment in land. An example of entrepreneurship is the evolution of the social media behemoth Meta (META), formerly Facebook. The state of technological progress can influence the total factors of production and account for any efficiencies not related to the four typical factors. 53- Greg sold an apartment building he owned for 20 years. 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? What kind of closing technique is Jim using? Our World In Data is a project of the Global Change Data Lab, a registered charity in England and Wales (Charity Number 1186433). 4 rods The main cause of undernutrition and food insecurity globally is lack of available food. D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? Depreciation. In zoning, the distance from the street to the front of a house is called: The health of soil is a primary concern to farmers and the global community whose livelihoods depend on well managed agriculture that starts with the dirt beneath our feet. Generally, Light, warm, dry, sandy soil that is acidic and deficient in nutrients is what you may expect to find in a typical climate. Practice Questions with no Answers for Preview, >Ch10-12 R.E. A Fannie Mae. C. Identifies buyers for other properties. A. Land refers to physical land, such as the acres used for a farm or the city block on which a building is constructed. What is the mean of these numbers: 123.5, 136.2, 162, 188.9, 153.27, 227.98, 16, 342.66, 72.7, 21.55, 168.08? 51- Which statement is true about a homeowners exemption? Which form of legal land description describes a parcel by enclosing it? The data produced by third parties and made available by Our World in Data is subject to the license terms from the original third-party authors. 1. For the early political economists, labor was the primary driver of economic value. Browse over 1 million classes created by top students, professors, publishers, and experts. You apply for a mortgage. For example, the use of robots in manufacturing has the potential to improve productivity and output. Please remove your shoes before entering the home. 1. The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. Broker Alice holds an uncashed check until the offer is accepted. c. lien Rangelands include natural grassland, savannas, many wetlands, some deserts, tundra, and certain forb and shrub communities. Proceeds from issuance of stock. B. I will do two practice listing presentations per week with an experienced agent for the next two months. "About Us.". 75- All but which of the following is NOT an AIDA feature? Even small plots of land - whether rural or urban - growing fruit, vegetables or some food animals count if $1,000 or more of such products were raised and sold, or normally would have been sold, during the Census year. b. the columns of townships running north and south within a check are called ranges 103- Kirk and Sandy obtained a wraparound mortgage. -pesticides show mobility, moving other than where they were applied inadvertently killing non-pest organisms. C. Exclusive-authorization-and-right-to-sell. A. Except for labor, ownership for factors of production varies based on industry and economic system. You have found comparable sales of rural land parcels that indicate the following sale prices per acre: ($930, $775, $1202, $995, $1612, $906). However, commentators sometimes refer to labor and capital as the two primary factors of production. b. range B. 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. A. a. putting more land into production b. increasing the yield of land under cultivation. Countries that are rich in human capital experience increased productivity and efficiency. D. The appraised value prior to sale c. sections the appraisers value opinionthe borrowers estimate of valuethe square footage of the homenone of these. B. A personal vehicle used to transport family is not considered a capital good, but a commercial vehicle used expressly for official purposes is. How many acres are there in 2 parcels of land described a SW 1/4 and the NW 1/4 of the SE 1/4? 54- Jim and Jane are buying a home for $120,000. ", Starbucks Coffee Corporation. Crop yields might seem far from being one of the worlds largest problems. By increasing crop yields we can reduce the amount of land we use for agriculture. B. 88- Sally and Dan must pay 2 points on their new $65,000 loan. The U.S. land area covers nearly 2.3 billion acres. 65- Which of the following items is usually not prorated at closing? It does not include land that is predominantly under agricultural or urban land use. B. A. Two months later she purchased and moved into a new home that cost $145,000. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. The loan will be distributed to them gradually. A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. Your property, which consists of a house on a lot, is valued at $186,000. gives the FBI jurisdiction over state authorities in certain casesprohibits fraud in real estate transactionsestablishes penalties for any criminal activitiesrequires certain documents to be in writing, prohibits fraud in real estate transactions. A(n) __________ contract is one that is not been fully performed or completed. C. Theyre probably paying a higher interest rate on the second mortgage. D. Seeking buyers for others agents listings. She sold the property and several months later the buyer sued Pam for not disclosing the problem. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. Mark Zuckerberg assumed the risk for the success or failure of his social media network when he began allocating time from his daily schedule toward that activity. Broker John puts $500 into his trust account. Which of the following is not one of those groups? -pesticides alter the genetic resistance in populations causing the pests to persist. You have permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. She has worked in multiple cities covering breaking news, politics, education, and more. The length of the front of a lot on the street is referred to as the lot's: C. Refuse to accept the offer and check. d. lots and blocks, 16. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? You have the permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. Values increased in that area by 5% the first year and 7% the second year. For modern mainstream (neoclassical) economists, capital is the primary driver of value. What kind of loan do they have? Jim should not use this flier as a: 94- Sellers agent Pam was unaware of the fact that the heating system of a home she had listed was defective. limited use of pesticides, Which of the following is not a problem associated with industrial agriculture? C. The court has ordered the transfer of Sally Greens home to her friend Penny Jacobs as part of the settlement of Sallys estate. Which type of pesticide has fewer deleterious environmental effects? 22- Jane sold her personal home for $148,000. Studying population trends in the area. B. B. After Facebook, the social media site, became popular and spread across campuses, it realized it needed to recruit additional employees. antibiotic application D. Farms. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. HINT: Round the acreage amount to two decimal places, An appraisal report is defined as the ____________ communication of an appraisal; the document transmitted to the __________upon completion of an appraisal assignment.. c. lot, block and subdivision What is the area of the ranch? If you apply for the loan, how much can your maximum monthly payment be? B. -All of the above b. the boundaries of the property D. The date Abby makes the request to receive the booklet. Purchase of equipment. C. Find a lender who is willing to do FHA loans. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. When comparing printers, make sure to compare the cost per. Then the prey population rebounds larger than before since predators are gone a. easement Improvements in crop yields have been essential to feed a growing population, while reducing the environmental impact of food production at the same time. The purchase price, plus improvements, C. The fair market value at the time of sale. Meanwhile, a company that makes its money from building and renting out office space might see land and capital as its most valuable factors. Which of the following best describes a plat? B. It can be considered an employment contract. B. Pleases the sellers by inv=creasing activity. 105- Agent Alice has received an offer that she believes is not in the sellers best interest. What is the mean of the GRMs? A developer of a shopping center buys three adjoining lots for $124,000, $75,000 and $111,000 creating a single parcel worth $420,000. B. You want to insure it for 80% of value. He raised venture capital money to rent office space, hire more employees, and purchase additional server space for development. C. Brenda could be liable for a breach of the listing terms. Which of the following statements is TRUE about metes and bounds? earnings equal sales minus the cost of sales 67- Hannah is a real estate assistant. A lot measures 316.4 X 428.90. How many months inventory does this represent? The ___ has oversight authority over state appraisal boards: Which is not true concerning the highest and best use of land as though vacant? The proportion of the land base in agricultural uses has declined from 63 percent in 1949 to 51 percent in 2007.