A. Ken is responsible for his own taxes, while the broker pays Sarahs. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Farm and agricultural land can also include: land that is compatible with agricultural purposes and used incidentally for those purposes, not to exceed 20% of the classified land; land on which appurtenances necessary for the production, preparation, or sale of agricultural products if it is in conjunction with the land producing the products; a Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. Meanwhile, a company that makes its money from building and renting out office space might see land and capital as its most valuable factors. C. Neither Sarah nor Ken can get employer-provided health insurance. How many months inventory does this represent? B. Pam is not liable since it was summer and the heating problem was not obvious. All of the following could be participants in a real property market except: In analyzing real estate purchase contract, you should be able to find all of the following items except. What is the area of the ranch? All the software and code that we write is open source and made available via GitHub under the permissive MIT license. It is determined by who pays the compensation. In the 1970s, who developed uniform rules for mortgage underwriting? D. All adjustable rate mortgages have negative amortization. a. an identification of the grantor and grantee C. Have keys made for company listings. resistant to viral diseases, drought, heat, or herbicides. c. 8.4 Prices have been increasing at the rate of 8% per year. sewers; crops; buildings; roads The circular flow model of economics shows how money moves through an economy in a constant loop from producers to consumers and back again. But, if yields and labor productivity do not increase it will have far-reaching consequences for global poverty, and protection of the environment. the appraisers value opinionthe borrowers estimate of valuethe square footage of the homenone of these. a. frontage B. B. 5. B. (b) 3.31011m3.3\times10^{-11}\;\mathrm{m}3.31011m Production, such as manufacturing, can be tracked by certain indexes, including the ISM manufacturing index. The home comes equipped with all furnishings. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. b. conformity For example, private enterprises and individuals own most of the factors of production in capitalism. this analysis can only be applied if there are no existing improvements. Make no recommendations and let the sellers decide on their own. The US government survey uses all of the following EXCEPT: A. Brenda must follow all of Jims instructions. The cost of land typically includes the purchase price and all of the following costs except A) private driveways and parking lots. c. reliction a. An example of this is the change in production processes in the information technology (IT) industry after jobs were outsourced to countries with lower salaries. The table shows values of this function recorded every two hours. d. lien, 35. How would Grants lease at this time be classified? A. c. reliction A. a. putting more land into production b. increasing the yield of land under cultivation. c. real estate broker Which of the following would be considered an intermediate goal? During an economic contraction or when they suffer losses, companies cut back on capital expenditure to ensure profits. a. 2240 acres Find and create gamified quizzes, lessons, presentations, and flashcards for students, employees, and everyone else. In a typical cash rent lease, the tenant is obligated to pay a set price per acre or a set rate for the leased land. 68- Greg and Joyce have an adjustable rate mortgage on their home. 300 ft d. assemblage, 39. 9. In some cases, all you need is a piece of land that's not currently being used. As such, factors of production, such as land and capital, are owned and regulated by the community as a whole under socialism. Under the current qualification criteria, an applicant for Appraiser Trainee must have completed ___ creditable hours of experience. Labor refers to all wage-earning activities, such as the work of professionals, retail workers, and so on. D. Exclusive-authorization-and-right-to-sell agreement. 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. Which of the following would be considered an intermediate goal? 1. A survey would reveal all of the following about a property EXCEPT: The Census of Agriculture is a complete count of U.S. farms and ranches and the people who operate them. The broker will not provide any. The European state model includes all of the following except: A. a clearly and legally defined territory B. a population governed from a capital city C. a representative government D. a high level of urbanization 2. earnings equal sales minus the cost of sales b. the columns of townships running north and south within a check are called ranges B. Her asking price was $560,000 and the property sold for $575,000. Countries that are rich in human capital experience increased productivity and efficiency. c. check After Facebook, the social media site, became popular and spread across campuses, it realized it needed to recruit additional employees. The cash rent lease and the crop-share lease are the two most frequently used land leases in agriculture. $5,600 every year, with no increase, C. $5,750 the first year, plus a maximum 2% increase in market value per year, D. $5,750, plus a maximum 1% increase in market value per year. ", U.S. International Trade Commission. The website with the largest amount of demographics information is, What is the median of the following set of gross rent multipliers? Both types of leases involve different forms of a definite rental rate. a. each check contain 16 townships who four boundaries each measure 6 miles C. The same amount will go towards the principal every month. Which is a true statement? a. erosion a. plottage Please remove your shoes before entering the home. For modern mainstream (neoclassical) economists, capital is the primary driver of value. d. private mortgage insurance, 26. if a property owner had a land survey done on his property it would include all of the following EXCEPT: Prices of properties currently on the market, C. Properties that were listed but did not sell. In 2012, the latest update to ERS's Major Land Uses (MLU) series, grassland pasture and range uses accounted for the largest share of the Nation's land base, surpassing land in forest uses, which includes grazed forest land, for the first time since 1959.Although the shares of land in different uses have fluctuated to some degree over time . While large companies make for excellent examples, a majority of companies within the United States are small businesses started by entrepreneurs. b. a parcel of land is 1/8 mile by 1/8 mile is 40 acres. "About Us.". c. sections In the above question, the increased value created by the assemblage is called: 74- Which statement is not true about an agency relationship? Another example of entrepreneurship is Starbucks Corporation (SBUX). The permanent receding of water increases the land owner's property by: 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? c. There are 36 sections in a township 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. You can say that the land is preserved wilderness, or put it to some kind of agricultural use to save on property taxes. The land that is least conducive to agriculture is sandy soil. a. survey limited use of pesticides, Which of the following is not a problem associated with industrial agriculture? Referral fee to a homeowners insurance agent. b. dedication For people and planet, it's one of . A. Mike has changed jobs six times in the past six months. d. 1/2 mile, 22. Which of the following statements is TRUE about metes and bounds? Generally, Light, warm, dry, sandy soil that is acidic and deficient in nutrients is what you may expect to find in a typical climate. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. 57- Under federal income tax law, the basis for a personal residence is which of the following: Fannie Mae FDIC OCC FRB. Your income is $1,472 every two weeks. c. accretion PRACTICE QUESTIONS), >Ch1-3 R.E. 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.. The metes and bounds form of land description uses: 2. a township contains how many square miles? 51- Which statement is true about a homeowners exemption? Agricultural land is typically land devoted to agriculture the systematic and controlled use of other forms of lifeparticularly the rearing of livestock and production of cropsto produce food for humans. Which of the following would be the least likely place for them to obtain a loan? Which of these factors would result in a violation of USPAP if the appraiser based his or her appraisal fee on it? What is the process by which a landowner increases his property due to the accumulation of alluvial deposits washed on to his property from other properties? The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers, etc. is the definition of _________ rights. For a group of early French economists called the physiocrats, who predated the classical political economists, land was responsible for generating economic value. Ask the buyers to sign a real estate transfer disclosure statement. 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. depletion of fossil fuels The appraiser must avoid mentioning this structure in the report. The state of technological progress can influence the total factors of production and account for any efficiencies not related to the four typical factors. 435,600 square feet USPAP includes performance standards for the appraisal of, real property, personal property, and business/intangible property, What is the mode of the following set of gross rent multipliers? 78- Nancy bought her home last year for $425,000. (e) 6.61027m6.6\times10^{-27}\;\mathrm{m}6.61027m. The size of agricultural property tax exemptions varies from state to state because property taxes aren't administered at the federal level. Present the offer and tell the seller that the check needs to be held until June 30. the estimated cost to -replace a property, a guarantee of the true worth of a property, the President of The Appraisal Foundation. Depending on the specific circumstances, one or more factors of production might be more important than the others. It does not include land that is predominantly under agricultural or urban land use. e statement and outline the possible factors that could determine the contextual Variations in the manifestation of entrepreneurship. 56- Which is not a true statement about the Agency Disclosure? Practice Questions with no Answers for Preview, >Ch4-6 R.E. The recent trend of U.S. prime farmland has been a loss of 160,000 hectares per year. crop rotation Ownership of the factors of production also differs based on the economic system. The area is characterized by the presence of agricultural land intended for parking serving the Fiumicino airport, located in the vicinity, along the SW slope with the Leonardo Da Vinci airport, to the SE with the A91 motorway Rome Fiumicino motorway, to the to the NW with other land and some commercial/craft activities and to the NE with a . It can be considered an employment contract. C. Once filed, it remains until terminated. 96- Which statement is not true about a listing contract? It is important to distinguish personal and private capital in factors of production. 37- When dealing with the sale of a business, which is not a true statement? As part of the overall requirement for continuing education, certified and licensed appraisers must complete the 7-Hour National USPAP Update Course or its equivalent ________ calendar year(s). 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? For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. c. contribution c. an encroaching elm tree Why? a. seller D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. B. 52- Which statement is true about a listing contract? 1. On the other hand, land is the most significant investment for a real estate venture. D) grading, filling, draining, and clearing costs. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. D. Understanding characteristics of the rental market. 86- Which of the following is not considered a benefit of investing in real estate? 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? 7. You have found comparable sales of rural land parcels that indicate the following sale prices per acre: ($930, $775, $1202, $995, $1612, $906). Read about productivity in the workplace and how productivity impacts investments. Indicate whether each item is dis b. us government system A basic homeowner's insurance policy would protect all of the following EXCEPT which one: fire & lightning, earthquake and volcanic action, windstorm and hail, water damage caused by a leaking pipe? Required Information and Example, Retained Earnings in Accounting and What They Can Tell You, Revenue Recognition: What It Means in Accounting and the 5 Steps. a0=mc2c=2cE1=212mc2. . You apply for a mortgage. The fees that Eric charges Paul for making the loan could be any but which of the following amounts? a. How much will your insurance cost per month? a. riparian Which of the following would be PRIVATE restrictions on property rights? When comparing printers, make sure to compare the cost per. 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? A. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. What is the purpose of a states statute of frauds? 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. Purchase of investments. 92- Which of the following situations is not exempt from the seller disclosure requirement? C. Allow indoor pets to leave their designated area. c. the section lines must be clearly noted It would be misleading if the appraiser did not disclose the existence of this structure in the report. A survey would reveal all of the following about a property EXCEPT: 10. d. appreciation, 40. However, collective good is the predominating principle in socialism. Which is NOT a requirement of a valid deed? Agricultural Systems is an international journal that deals with interactions - among the components of agricultural systems, among hierarchical levels of agricultural systems, between agricultural and other land use systems, and between agricultural systems and their natural and social environments. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? What did it sell for per acre? a. easement c. 400 ft Property Owner A has the right to develop his property into 10 lots. A farm described as the SW 1/4 of the NW 1/4 of section 7 and the W 1/2 section 8 is how many acres? Please consult our full legal disclaimer. The cost of purchase of inventory does not include a. What kind of loan do they have? 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. Why Are the Factors of Production Important to Economic Growth? 81- Jake has decided to specialize in working with clients who purchase schools. d. annexation, 32. B. This is further explained below. 18- In a transaction that involves the purchase of a business, what document functions in the same way as the deed in a personal real estate transaction? The other 75% came from an hourly wage paid by Tami. Depreciation. He sells this right to nearby Property Owner B who wishes to develop his property into additional lots. What Is Depreciation, and How Is It Calculated? $5,500 the first year, plus a maximum 2% increase in market value per year, B. This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. c. highest and best use B. Along the same lines, desks and chairs used in an office are also capital. b. reliction The factors of production are an important economic concept outlining the elements needed to produce a good or service for sale. by Hannah Ritchie, Max Roser and Pablo Rosado, To protect the worlds wildlife we must improve crop yields especially across Africa, After millennia of agricultural expansion, the world has passed peak agricultural land, Yields vs. Land Use: How the Green Revolution enabled us to feed a growing population. Lots and blocks are appox. These include any resource needed for the creation of a good or service. ROI is equal to turnover multiplied by earning as a percent of sales. 4024 pine street, Missoula, missoula country mt 59801 Which of the following is a legal description of a property? The purchase price, plus depreciation (95, 93, 120, 94, 93, 129), A right or interest in property is a(n). All of these factors contribute to the food shortages in Developing countries except, increased mortality of infants and children. 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. A client has requested that an appraiser value a property that is improved with an old dilapidated single family home, and asks the appraiser not to mention the existence of the home in the appraisal report. b. the description is imperfect if it does not end at the point of beginning The greater a firm's or country's TFP, the greater its growth. 76- Mark believes he has been discriminated against during his home search. All of the following statements about the US government survey system are true except: Because of their low clay content, sandy soils are often referred to as "light soils.". 95- Who is liable for the withholding on the sale of a property owned by a foreigner? What kind of mortgage are they looking for? A problem with the real property market is that the amount of ________ is slow to change. How much is your property worth today? A. B. Let T(t) be the temperature (inF)\left(\text { in }^{\circ} \mathrm{F}\right)(inF) in Seattle t hours after midnight on May 7, 2012. Agricultural land includes all of the following EXCEPT which? What would we call Hannah? What is the mean of the GRMs? Labors transaction with firms is based on wages. The Uniform Commercial Code covers the sale of goods over $________. -pesticides show mobility, moving other than where they were applied inadvertently killing non-pest organisms. b. 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. Economic Order Quantity: What Does It Mean and Who Is It Important For? C) street lights, sewers, and drainage systems cost. The continued popularity of the product meant that Zuckerberg also had to scale technology and operations. b. easement The definition of factors of production in economic systems presumes that ownership lies with households, who lend or lease them to entrepreneurs and organizations. B. Ken must obtain his own training. Which form of legal land description uses measures of definite distances in indicated directions? The term of the loan can be shortened. She has an access right of way across the property of her neighbor Bob Smith for ingress, egress, and regress. 22- Jane sold her personal home for $148,000. Increasingly, technology is responsible for the difference in efficiency among firms. Take the potential energy for the system with the brick placed at infinity to be zero. D. Brenda has not violated any fiduciary duty. Which of the following items can Matt not add to the original cost when doing the computation? How much will your insurance cost per month? D. Have the prospects sign the disclosure about agency relationship. 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 d. metes and bounds, 17. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. D. The date Abby makes the request to receive the booklet. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? Within the software industry, labor refers to the work done by project managers and developers in building the final product. Real Estate includes all of the following except: Property rights. c. 66 feet Each of these requires significant real estate and capital investments. Factors of production are the inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship, and capital. Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land. Which is the fullest and most complete type of estate? A surveyor's chain is: These include white papers, government data, original reporting, and interviews with industry experts. Demand analysis in a market indicates that 15 houses per month can be sold in the market. A. Orchards. Deforestation can include clearing the land for farming or livestock, or using the timber for fuel . 53- Greg sold an apartment building he owned for 20 years. Deforestation is the permanent removal of trees to make room for something besides forest. Crop yields might seem far from being one of the worlds largest problems. A. Depending on its type, an improvement may increase the value of real estate greatly. Which countries are overapplying nitrogen without gains in crop yields? d. mete, 23. b. the boundaries of the property B) assumption of any liens or mortgages on the property. She sold the property and several months later the buyer sued Pam for not disclosing the problem. What will the new owners pay in property taxes? The right of ingress and egress over the land of another person is call a: Factors of production is an economic term that describes the inputs used in the productionof goods or services to make an economic profit. D. The monthly payments increase overtime. What kind of lease does Jim have? 6- According to California real estate law, how often must a broker balance his or her trust accounts? Purchase price b. C. Brenda could be liable for a breach of the listing terms. 58- Mortgage lenders are prohibited from discriminating in giving credit to prospective borrowers based on race, color, religion, national origin, sex, marital status, age or dependency on public assistance under which law or regulation? D. Allows viewing access to strangers. Which of the following uses of pesticide can lead to ecological imbalance? 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? 3. What is the median price of homes today? d. recorded plat, us government survey and metes and bounds, d. recorded plat, us government survey and metes and bounds, 18. Productivity measures the efficiency of production in economics. C. Find a lender who is willing to do FHA loans. What property type will he be dealing with? b. a description of the property using metes and bounds (d) 1.81019m1.8\times10^{-19}\;\mathrm{m}1.81019m habitiat fragmentation, none, these are all problems associated with industrial agriculture. Decks in Basic Appraisal .