Section 1: Real Estate Basics

13 Questions | Total Attempts: 376

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Section 1: Real Estate Basics - Quiz

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

  • 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.
  • 3. 
    The county ____ is responsible for keeping track of all public documents related to the purchase and sale of land within a county.
  • 4. 
    The ____ is responsible for maintaining all records of busines activities and keeps track of all legal entities doing business within their state.
  • 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

  • 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

  • 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

  • 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

  • 9. 
    Which physical characteristic describes the fact that land cannot be moved? 
    • A. 

      Indestructibility

    • B. 

      Non-Fungible

    • C. 

      Immobility

    • D. 

      Nonhomegeneity

  • 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

  • 11. 
    Which economic characteristic describes the fact that land is hard to create?
    • A. 

      Scarcity

    • B. 

      Modifiablity

    • C. 

      Fixity

    • D. 

      Situs

  • 12. 
    What economic characteristic describes the fact that location preferences impact the value of land?
    • A. 

      Modifiability

    • B. 

      Scarcity

    • C. 

      Situs

    • D. 

      Fixity

  • 13. 
    What did you have for breakfast today?
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