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REAL ESTATE NATIONAL PRACTICE
Q.1) A system of laws that recognizes private ownership of land
is referred to as?
A. Common law
B. Feudal lawC. Allodial system
D. Statute law
Q.2) All of the following which are considered personal property
A. A garage B. Growing bushes
C. Installed dishwasherD. A stores displayed counters
Q.3) In general, when the supply of !" increase!!!
A. #rices tend to increase B. #rices tend to decrease
C. $emand tends to increase
D. $emand is unchanged
Q.4) %hich of the following describes the act by which real
property can be converted topersonal property?
A. Seperatation
B. Conversion C. Severance
D. Accession
Q.5) A buyer and seller of a home are debating whether a certain
item is real or personal
property! &he buyer believes its real property and should be
conveyed with thehouse' the seller believes it is personal property
and may be conveyed separately
with a bill of sale! In determining whether the item is real or
personal property, a
court would consider all of the following e(cept?
A. Adaptation of the item to the real estate B. &he method
of of attachment
C. #ermanence of the installation
D. &he length of time the item has been attached to the
property
Q.6) In the real estate mar)et there are several factors that
affect the supply of demand forreal estate! %hich of the following
would affect the demand for real estate!
A. * of real estate bro)ers in the area
B. * of full+time real estate salespersons in the area C. %age
levels and employment opportunities
D. #rice of new homes being built in area
Q.7) &he economic characteristic of permanence of investment
refers to which of the
following?
A.o - parcels of land are e(actly ali)e B. .and cannot be
removed
C. Investments in real estate are usually for the long term
D. .and cannot be destroyed
Q.8) /ames is building a new enclosed front porch on his home! A
truc)load of lumber is
left on his driveway for use in the building of the porch! At
this point the lumber isconsidered which )ind of property?
A. A fi(ture because it will be permanently affi(ed to e(isting
real property
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B. #ersonal propertyC. eal prop!
D. A trade fi(ture
Q.9) #roperty management, appraisal, financing, and development
are all e(amples of
A. Government regulation of real estate industry
B. Services provided by the real estate industry
C.on real estate professions D. Factors affecting demand for
real estate!
Q.10) %hich of the following are considered personal
property?
A. &rees growing on property
B. A garage C. A driveway
D. &rade fi(tures installed on property
Q.11) %hich economic characteristic of real estate refers to the
concept that changes in a
parcel of land affect its value either favourably or
unfavourably?
A. Fi(ity B. 0odifications
C. Scarcity
D.onhomogeneity
Q.12) %hat physical characteristic ma)es real estate easy for
local government to ta( andcauses it to be heavily influenced by
changes in the surrounding areas
A! Indestructibility
1! onhomogeneity C! Immobility
$! Situs
Q.13) %hich of the following is included in the definition of
real estate but not the
definition of land
A. Air rights B. #ropertys surface
C. 1elow the surface to center of earth
D. Fi(tures on property
ANSWERS:
1. C
2. D
3. B
4. C
5. D
