Section 1: Real Estate Basics

13 Questions | By Yardiselfstorage | Last updated: Mar 21, 2022 | Total Attempts: 376

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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
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?