Yha - Unit 01 Quiz (Chapters 1, 2 & 3)

35 Questions | Total Attempts: 11121

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Course Quizzes & Trivia

90-Hour Broker Pre-License Course Quizzes


Questions and Answers
  • 1. 
    Warehouses, factories, and power plants are examples of 
    • A. 

      Commercial properties.

    • B. 

      Industrial properties

    • C. 

      Special purpose properties.

    • D. 

      Mixed-use properties.

  • 2. 
    Population demographics and wage levels have an important effect on
    • A. 

      Monetary policy.

    • B. 

      Construction rates.

    • C. 

      Supply.

    • D. 

      Demand.

  • 3. 
    The two characteristics of real estate that govern the way the market reacts to supply and demand are
    • A. 

      Financing and appraisal.

    • B. 

      Mobility and conformity.

    • C. 

      Uniqueness and immobility.

    • D. 

      Demographics and interest rates.

  • 4. 
    Real estate markets are best described as
    • A. 

      Mobile.

    • B. 

      Balanced.

    • C. 

      Local.

    • D. 

      Immune to supply and demand forces.

  • 5. 
    When the supply of a commodity decreases
    • A. 

      Prices tend to rise.

    • B. 

      Prices tend to drop.

    • C. 

      Demand tends to rise.

    • D. 

      Demand tends to drop.

  • 6. 
    When the demand of a commodity decreases
    • A. 

      Prices tend to rise.

    • B. 

      Prices tend to drop.

    • C. 

      Supply tends to rise.

    • D. 

      Supply tends to drop.

  • 7. 
    A real estate professional who performs a visual survey of a property's structure and systems and prepares an analytical report for a purchaser or an owner is acting as
    • A. 

      An educator.

    • B. 

      An appraiser.

    • C. 

      A property manager.

    • D. 

      A home inspector.

  • 8. 
    When responsible for maintaining a client's property and maximizing return on the client's investment, a broker is serving as
    • A. 

      A rental agent.

    • B. 

      A building maintenance specialist.

    • C. 

      A property manager.

    • D. 

      An investment counselor.

  • 9. 
    The phrase "bundle of legal rights" is properly included in
    • A. 

      The definition of real property.

    • B. 

      The legal description.

    • C. 

      Real estate transactions.

    • D. 

      Leases for less than one year.

  • 10. 
    The right to control one's property would NOT include the right to
    • A. 

      Invite people to the property for a political fundraiser.

    • B. 

      Exclude the utilities meter reader.

    • C. 

      Erect "no trespassing" signs.

    • D. 

      Enjoy pride of ownership.

  • 11. 
    According to law, a trade fixture is
    • A. 

      Real property.

    • B. 

      An easement.

    • C. 

      Personal property.

    • D. 

      A license.

  • 12. 
    A homebuyer is interested in a house that fits most of her needs, but it is located in a busy downtown area where she is not sure she wants to live. Her concern regards which economic characteristic?
    • A. 

      Physical deterioration

    • B. 

      Area preference (situs)

    • C. 

      Permanence of investment

    • D. 

      Immobility

  • 13. 
    Which of the following would MOST likely be considered personal property?
    • A. 

      Wood-burning fireplace

    • B. 

      Awnings

    • C. 

      Bathtubs

    • D. 

      Patio furniture

  • 14. 
    Manufactured housing
    • A. 

      Is always considered personal property.

    • B. 

      Is federally inspected at the factory.

    • C. 

      Is constructed off-site and transported.

    • D. 

      Is clear and distinct from the term "mobile home."

  • 15. 
    The owner of a property attached a garage door opener to her house. Several years later when she listed her property, she instructed the agent that she intended to take the garage door opener with her when she moved. Can she do this?
    • A. 

      Yes, the act would be known as severance and is permissible as long as it is stipulated in the sales contract.

    • B. 

      Yes, the act would be known as annexation and is permissible as long as it is stipulated in the sales contract.

    • C. 

      No, once the garage door opener was attached to a property the law considers it real property and it cannot be removed.

    • D. 

      No, because the owner should have removed the garage door opener before talking with an agent.

  • 16. 
    All of the following are physical characteristics of land EXCEPT
    • A. 

      Indestructibility.

    • B. 

      Uniqueness.

    • C. 

      Immobility.

    • D. 

      Scarcity.

  • 17. 
    A broker showed an owner-occupied property that had window screens, ceiling fans, and a built-in dishwasher. The broker secured a buyer whose offer was accepted by the owner, and the transaction was scheduled to close. Before the closing, the seller may remove
    • A. 

      All of the identified items because they are trade fixtures.

    • B. 

      Only the ceiling fans because they are personal property.

    • C. 

      Only the dishwasher because it is real property.

    • D. 

      None of the identified items.

  • 18. 
    Land is considered to be
    • A. 

      Indestructible.

    • B. 

      Personal property.

    • C. 

      Immune to the forces of supply and demand.

    • D. 

      Subordinate to real property rights.

  • 19. 
    A rancher owns a parcel of land on which oil was discovered. If the rancher had not previously conveyed the oil rights, who owns the oil?
    • A. 

      The rancher.

    • B. 

      The tenant whom the property had been leased

    • C. 

      The state government

    • D. 

      The federal government

  • 20. 
    Certain items on the premises that are installed by the tenant and are related to the tenant's business are called
    • A. 

      Fixtures.

    • B. 

      Emblements.

    • C. 

      Trade fixtures.

    • D. 

      Easements.

  • 21. 
    The foremost consideration in the purchase of a home is its affordability. What is the second?
    • A. 

      Construction specifications

    • B. 

      The age of the improvements

    • C. 

      The location of the property

    • D. 

      The landscaping and exterior

  • 22. 
    The real cost of owning a home includes certain costs or expenses that many people overlook. Which of the following is NOT such a cost expense of home ownership?
    • A. 

      The income lost on cash invested in the home

    • B. 

      The interst paid on borrowed capital

    • C. 

      Maintenance and repair expenses

    • D. 

      The cost of home furnishings

  • 23. 
    Most homeowners' insurance policies contain which of the following clauses?
    • A. 

      A property improvement clause

    • B. 

      A coinsurance clause

    • C. 

      A co-ownership clause

    • D. 

      A property devaulation clause

  • 24. 
    The owners of a vacation home sold it for $188,000. If they made a profit of 10 percent, what was the original cost of their property?
    • A. 

      $169,200

    • B. 

      $179,909

    • C. 

      $179,200

    • D. 

      $170,909

  • 25. 
    Theft, smoke damage, and damage from fire are covered under which type of homeowners' insurance policy?
    • A. 

      Coinsurance

    • B. 

      Broad form

    • C. 

      Basic form

    • D. 

      National Flood Insurance Program Policies

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