Section 1: Real Estate Basics

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| By Barbara Bray

Barbara Bray

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Quizzes Created: 11 | Total Attempts: 2,349

Questions: 13 | Attempts: 436 | Updated: Mar 21, 2023

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This quiz will test your knowledge of Section 1 of the training module and will focus on the basics of real estate to give you a good foundation for learning all other subsequent material.

Questions and Answers

1.

The process of buying a property.
- A.
  
  Purchase
- B.
  
  Due Diligence
- C.
  
  Estate
- D.
  
  Acquisition
Correct Answer
D. Acquisition

Explanation
Acquisition refers to the process of obtaining or acquiring something, in this case, a property. It involves the purchase of the property after conducting due diligence, which is a thorough investigation and evaluation of the property's legal, financial, and physical aspects. The term "estate" generally refers to a property or piece of land. Therefore, in the context of buying a property, acquisition is the correct term to describe the process of obtaining ownership of the property.

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2.

The county ____ is responsible for handling the collection of taxes on land within a county. Because of this, they collect a lot of information that we will use to find site characteristics, owner information and more.

Correct Answer
Assessor

Explanation
The correct answer is "Assessor." An assessor is responsible for handling the collection of taxes on land within a county. They collect a lot of information that can be used to find site characteristics, owner information, and more.

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3.

The county ____ is responsible for keeping track of all public documents related to the purchase and sale of land within a county.

Correct Answer
Recorder

Explanation
The correct answer is "Recorder." The term "recorder" refers to an official or an office responsible for maintaining and preserving public documents related to the purchase and sale of land within a county. This includes records of deeds, mortgages, and other legal documents. The recorder's role is crucial in ensuring the accuracy and accessibility of these documents for future reference and legal purposes.

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4.

The ____ is responsible for maintaining all records of busines activities and keeps track of all legal entities doing business within their state.

Correct Answer
SOS, Secretary of State

Explanation
The Secretary of State is responsible for maintaining all records of business activities and keeping track of all legal entities doing business within their state. The Secretary of State's office is typically in charge of registering businesses, maintaining corporate records, and ensuring compliance with state laws and regulations. They are an important government official who plays a crucial role in overseeing business operations and maintaining transparency and accountability within the state.

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4
5.

Fixed property that cannot be taken from the property such as buildings, fixtures, and the land itself is called what?
- A.
  
  Real Property
- B.
  
  Personal Property
- C.
  
  Parcel Property
- D.
  
  Personal Estate
Correct Answer
A. Real Property

Explanation
Real property refers to fixed assets that cannot be easily moved or taken away from a property, such as buildings, fixtures, and the land itself. This type of property is considered immovable and is typically owned by individuals or entities. Personal property, on the other hand, refers to movable assets that can be taken from one place to another. Parcel property and personal estate are not commonly used terms to describe this type of property.

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6.

Movable property that wouldn't be included when purchasing the land such as vehicles, computers, furniture, etc. is referred to as what?
- A.
  
  Real Property
- B.
  
  Personal Property
- C.
  
  Parcel Property
- D.
  
  Personal Estate
Correct Answer
B. Personal Property

Explanation
The term "movable property" refers to items that can be easily moved or transferred, such as vehicles, computers, and furniture. When purchasing land, these movable items are not included in the transaction and are considered separate from the real estate. Therefore, the correct term for this type of property is "personal property."

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7.

What is the most basic piece of real estate?
- A.
  
  Single Family Residence
- B.
  
  Commercial Office Building
- C.
  
  Empty Undeveloped Land
- D.
  
  Self-Storage Facility
Correct Answer
C. Empty Undeveloped Land

Explanation
Empty undeveloped land is considered the most basic piece of real estate because it refers to land that has not been built upon or improved in any way. It does not have any structures or buildings on it, making it a blank canvas for potential development. This type of land is often seen as a starting point for real estate projects, as it offers flexibility and potential for various uses and developments.

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8.

What type(s) of characteristics are used to determine the value and importance of land to businesses and economies? (Check All That Apply)
- A.
  
  Economic Characteristics
- B.
  
  Personality Characteristics
- C.
  
  Physical Characteristics
- D.
  
  Product Characteristics
Correct Answer(s)
A. Economic Characteristics
C. Physical Characteristics

Explanation
The value and importance of land to businesses and economies are determined by both physical and economic characteristics. Physical characteristics include factors such as location, size, topography, and natural resources, which can affect the suitability of the land for specific industries or activities. Economic characteristics, on the other hand, encompass factors like market demand, accessibility, infrastructure, and proximity to suppliers or customers, which can impact the potential profitability and productivity of businesses operating on the land.

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9.

Which physical characteristic describes the fact that land cannot be moved?
- A.
  
  Indestructibility
- B.
  
  Non-Fungible
- C.
  
  Immobility
- D.
  
  Nonhomegeneity
Correct Answer
C. Immobility

Explanation
The physical characteristic that describes the fact that land cannot be moved is immobility. Land, unlike other assets, cannot be physically transported or relocated from one place to another. It is permanently fixed in a specific location, making it immobile.

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10.

What physical characteristic describes the fact that no two pieces of land are exactly alike?
- A.
  
  Nonhomogeneity
- B.
  
  Immobility
- C.
  
  Non-Fungible
- D.
  
  Indestructibility
Correct Answer
A. Nonhomogeneity

Explanation
Nonhomogeneity refers to the physical characteristic that describes the fact that no two pieces of land are exactly alike. This means that each piece of land has its own unique qualities, such as size, shape, topography, soil composition, and vegetation. Nonhomogeneity is an important concept in real estate and land appraisal, as it recognizes that each piece of land has its own distinct value based on its individual characteristics.

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11.

Which economic characteristic describes the fact that land is hard to create?
- A.
  
  Scarcity
- B.
  
  Modifiablity
- C.
  
  Fixity
- D.
  
  Situs
Correct Answer
A. Scarcity

Explanation
The economic characteristic that describes the fact that land is hard to create is scarcity. Scarcity refers to the limited availability of resources in relation to unlimited wants and needs. In the case of land, it cannot be easily reproduced or created, making it a scarce resource. This scarcity of land contributes to its value and the economic principles of supply and demand.

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12.

What economic characteristic describes the fact that location preferences impact the value of land?
- A.
  
  Modifiability
- B.
  
  Scarcity
- C.
  
  Situs
- D.
  
  Fixity
Correct Answer
C. Situs

Explanation
The economic characteristic that describes the fact that location preferences impact the value of land is situs. Situs refers to the specific location or position of a property, which can greatly influence its desirability and therefore its value. Factors such as proximity to amenities, transportation, and market demand all contribute to the situs of a piece of land. Thus, the location preferences of buyers and investors can significantly affect the price and value of the land.

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13.

What did you have for breakfast today?

Correct Answer
N/A

Section 1: Real Estate Basics

The process of buying a property.

The county ____ is responsible for handling the collection of taxes on land within a county. Because of this, they collect a lot of information that we will use to find site characteristics, owner information and more.

The county ____ is responsible for keeping track of all public documents related to the purchase and sale of land within a county.

The ____ is responsible for maintaining all records of busines activities and keeps track of all legal entities doing business within their state.

Fixed property that cannot be taken from the property such as buildings, fixtures, and the land itself is called what?

Movable property that wouldn't be included when purchasing the land such as vehicles, computers, furniture, etc. is referred to as what?

What is the most basic piece of real estate?

What type(s) of characteristics are used to determine the value and importance of land to businesses and economies? (Check All That Apply)

Which physical characteristic describes the fact that land cannot be moved?

What physical characteristic describes the fact that no two pieces of land are exactly alike?

Which economic characteristic describes the fact that land is hard to create?

What economic characteristic describes the fact that location preferences impact the value of land?

What did you have for breakfast today?