You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. The lender will allow you to spend up to 28% of your annual income for housing costs, including your mortgage, property taxes, and insurance. This site is using cookies under cookie policy . He pays rent for occupancy, plus maintenance and operating expenses. How much will your insurance cost per month? What property type will he be dealing with? Each of their payments is for the same amount. b. Agricultural land includes all of the following EXCEPT which? 33- Which statement is true about a loan that has a negative amortization? ROI is equal to turnover multiplied by earning as a percent of sales. International (Global) Trade: Definition, Benefits, Criticisms. Find a home that meets FHA requirements. c. it is a document used to record the subdivision of land, 11. c. easement Ask questions of the prospects children. limited use of pesticides, Which of the following is not a problem associated with industrial agriculture? earnings equal sales minus the cost of sales The simplot house, Brentwood Subdivision, Sun Rose township, Great Falls MT 59405 What is the median sale price? To that end, technologylike moneyis a facilitator of the factors of production. It sold for $80,000. B. disposal of livestock wastes This analysis can only be applied if there are no existing improvements. 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Example Final Exam for R.E. D. The date Abby makes the request to receive the booklet. C. The fair market value at the time of sale a. plottage This can result in a transformation of factors of production for entire industries. "About Us.". Land refers to physical land, such as the acres used for a farm or the city block on which a building is constructed. A lot measures 248.4 feet X 378.90 feet. Which of the following uses of pesticide can lead to ecological imbalance? e statement and outline the possible factors that could determine the contextual Variations in the manifestation of entrepreneurship. As a factor of production, capital refers to the purchase of goods made with money in production. For example, a software company that relies primarily on the labor of skilled software engineers might see labor as its most valuable factor of production. You want to insure it for 80% of value. Agricultural land is typically land devoted to agriculture, [1] the systematic and controlled use of other forms of life particularly the rearing of livestock and production of crops to produce food for humans. C. Consider child support payments in the decision. Marxism is a set of social, political, and economic theories developed by Karl Marx that formed the basis of socialist principles. How much will your insurance cost per month? The buyer was responsible for making the discovery, so Pam is therefore liable. Prices of properties currently on the market, C. Properties that were listed but did not sell. Which of these statements is true about the wraparound mortgage? However, as business continued to grow, Meta built its own office space and data centers. a. a series of wire links each 7.92' long 9. d. a setback, 12. A type of subsistence agriculture in which short periods of cultivation are followed by longer periods of fallow land is called, The recent trend of U.S. prime farmland has been, Challenges facing U.S. agriculture include all of the following except, increase in number of domesticated animal varieties, One of the problems associated with the "green revolution" is that, it makes developing countries dependent on high-energy consuming imported technologies. By increasing crop yields we can reduce the amount of land we use for agriculture. All other material, including data produced by third parties and made available by Our World in Data, is subject to the license terms from the original third-party authors. d. private mortgage insurance, 26. if a property owner had a land survey done on his property it would include all of the following EXCEPT: Here are all the sales in your area in the last 4 months. Because entrepreneurs are vital for economic growth, countries are creating the necessary framework and policies to make it easier for them to start companies. c. us government survey, PO box, and metes and bounds 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. Challenges facing U.S. agriculture include all of the following except decline in prime farmland decline in numbers of domesticated plant varieties addressing habitat fragmentation improving crop and livestock yields The ___ has oversight authority over state appraisal boards: Which is not true concerning the highest and best use of land as though vacant? 95- Who is liable for the withholding on the sale of a property owned by a foreigner? D. Have the prospects sign the disclosure about agency relationship. 88- Sally and Dan must pay 2 points on their new $65,000 loan. d. 2.5, 28. The factors of production are an important economic concept outlining the elements needed to produce a good or service for sale. For example, a firm operating in the real estate industry typically owns significant parcels of land, while retail corporations and shops lease land for extended periods of time. A facade easement is a type of_______________ easement. HINT: Round the acreage amount to two decimal places, An appraisal report is defined as the ____________ communication of an appraisal; the document transmitted to the __________upon completion of an appraisal assignment.. A. B. real estatesavings accountmoney market fundcertificate of deposit. All of the following would be considered improvements to land EXCEPT. habitiat fragmentation, none, these are all problems associated with industrial agriculture. Tip: to find a certain word or key term, press at the same time, the buttons: 1- The amount that a seller takes away from a sale is termed: 2- Which of the following best describes prospecting? The three methods used to legally describe land are: [2] [3] It is generally synonymous with both farmland or cropland, as well as pasture or rangeland . All of these factors contribute to the food shortages in Developing countries except, increased mortality of infants and children. d. avulsion, 34. An important characteristic of land is that it may be modified or improved at any given time. This term typically refers to. a. b. recorded plat, street address, and metes and bounds USPAP includes performance standards for the appraisal of, real property, personal property, and business/intangible property, What is the mode of the following set of gross rent multipliers? A. These include white papers, government data, original reporting, and interviews with industry experts. The greater a firm's or country's TFP, the greater its growth. B. 66- When doing a listing presentation which of the following items would you not describe to the owners as being a benefit of listing with an agent? This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. Give the prospects a black copy of a purchase agreement to look over. 64- Which of the following is not a form of personal advertising? D. The monthly payments increase overtime. The most common lease in agriculture is a land lease. Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. 44- Jim owns a gift shop in a commercial building. Purchase of equipment. All of the following statements about sections as defined in the US government survey system are true EXCEPT: a. a section is 640 acres. Find and create gamified quizzes, lessons, presentations, and flashcards for students, employees, and everyone else. What is the mean sale price? c. recorded plat Deposit the check into his trust fund account on the next business day. Indicate whether each item is dis 12- The second installment of property taxes comes due on: 13- Seller Jim tells his agent Branda that he does not want his home marketed to families with children. 31- Patrick has a written independent contractor agreement with his broker Tami. b. Practice Questions with no Answers for Preview, >Ch7-9 R.E. The Solow residual, also known as "total factor productivity (TFP)," measures the residual output that remains unaccounted for from the four factors of production and typically increases when technological processes or equipment are applied to production. If you apply for the loan, how much can your maximum monthly payment be? a. townships It can also refer to market, industry, and business fragmentation. Depreciation. You want to buy a house for $243,500. The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease is the definition of. The purchase price, plus improvements D. Their lender can profit from the difference in interest rates. This is further explained below. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. 81- Jake has decided to specialize in working with clients who purchase schools. narrow-spectrum pesticide because it focuses on killing specific organisms. 62- When agent Hal shows a home he should never: A. Which of the following types of investments has historically generated the highest return on investment? B. A. A developer of a shopping center buys three adjoining lots for $124,000, $75,000 and $111,000 creating a single parcel worth $420,000. 28- Abby applies for a federally-related loan to purchase a home. c. Lot 2 block M, Lincoln wood subdivision, missoula country, MT 59802 90- Marsha has been keeping track of the effectiveness of her advertising campaigns. A. In economics, capital typically refers to money. 59- Which of the following is a sellers request that an agent cannot honor? Trespassing on the domain of another is the definition of, All of the following would be social influences on value EXCEPT, A firm agreement to perform an act, refrain from acting or make a payment or delivery is the definition of, All of the following would be considered to be economic influences on value EXCEPT, interest rateszoningunemployment ratesConsumer Price Index. Last year, about 25% of his income came from sales commissions. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. The main cause of undernutrition and food insecurity globally is lack of available food. An open listing is an exclusive contract. Who has the dominant tenement in this situation? The U.S. land area covers nearly 2.3 billion acres. How much is your property worth today? What kind of a mortgage do they have? Crop yields might seem far from being one of the world's largest problems. A basic homeowner's insurance policy would protect all of the following EXCEPT which one: fire & lightning, earthquake and volcanic action, windstorm and hail, water damage caused by a leaking pipe? a. The retail coffee chain needs land (prime real estate in big cities for its coffee chain), capital (large machinery to produce and dispense coffee), and labor (employees at its retail outposts for service). On the other hand, land is the most significant investment for a real estate venture. Claims that the world has only 100, 60, or even 30 years of harvests left often hit the headlines. The metes and bounds form of land description uses: 2. a township contains how many square miles? Factors of production is an economic term that describes the inputs used in the productionof goods or services to make an economic profit. a. How many acres are there is the described property? C. Use an attractive first-class stamp. d. annexation, 32. D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? Rangelands include natural grassland, savannas, many wetlands, some deserts, tundra, and certain forb and shrub communities. What is most likely their main motivation for investing? 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. When comparing printers, make sure to compare the cost per. d. a showing of the property's boundaries to scale, a. an identification of the grantor and grantee, 27. C. Once filed, it remains until terminated. As part of the overall requirement for continuing education, certified and licensed appraisers must complete the 7-Hour National USPAP Update Course or its equivalent ________ calendar year(s). Values increased in that area by 5% the first year and 7% the second year. c. accretion 4 rods All of the following statements about sections as defined in the US government survey system are true EXCEPT: b. a parcel of land is 1/8 mile by 1/8 mile is 40 acres. You have found comparable sales of rural land parcels that indicate the following sale prices per acre: ($930, $775, $1202, $995, $1612, $906). In this context,technology has a fairly broad definition and can refer to software, hardware, or a combination of both used to streamline organizational or manufacturing processes. Give a discount to families with children. Building b. Generally, Light, warm, dry, sandy soil that is acidic and deficient in nutrients is what you may expect to find in a typical climate. Production workers are paid for their time and effort in wages that depend on their skill and training. What Is a Sunk Costand the Sunk Cost Fallacy? B. 1. Present the offer and tell the seller that the check needs to be held until June 30. d. benchmark, 30. D. Do not show the home between 10 a.m. and noon on Sundays. 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For people and planet, it's one of . Secure documents that are public information from the courthouse and other sources available to the public. Land has a broad definition as a factor of production and can take on various forms, from agricultural land to commercial real estate to the resources available from a particular piece of land. Let T(t) be the temperature (inF)\left(\text { in }^{\circ} \mathrm{F}\right)(inF) in Seattle t hours after midnight on May 7, 2012. A client has requested that an appraiser value a property that is improved with an old dilapidated single family home, and asks the appraiser not to mention the existence of the home in the appraisal report. Land: Includes undeveloped property, vacant land, and agricultural lands such as farms, orchards, ranches, and timberland. The land that is least conducive to agriculture is sandy soil. c. sections All the software and code that we write is open source and made available via GitHub under the permissive MIT license. D. The appraised value prior to sale PRACTICE QUESTIONS), >Ch1-3 R.E. What kind of closing technique is Jim using? It is determined by who pays the compensation. 2240 acres 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? He paid $100,000 for it, and made $300,000 worth of improvements. C. Analyzing the income potential of the property. Accounts payable (decrease). b. meridians The health of soil is a primary concern to farmers and the global community whose livelihoods depend on well managed agriculture that starts with the dirt beneath our feet. How many owners are there? b. the description is imperfect if it does not end at the point of beginning If there is a discrepancy between an original survey and a new survey or between a survey and the legal description which party must pay the cost of the survey and the cost to remedy the discrepancy? What kind of lease does Jim have? 80- Which of the following is an example of commingling? Question: Knowledge Check 01 Merchandise Inventory includes all of the following except O Goods held for sale Goods located in the warehouse O Goods sold Goods located in an off-site warehouse Show transcribed image text Expert Answer 100% (30 ratings) Answer : Option - C, Goods sold Explanation : Merchandis View the full answer Referral fee to a homeowners insurance agent. C) street lights, sewers, and drainage systems cost. Deforestation is the permanent removal of trees to make room for something besides forest. -pesticides show mobility, moving other than where they were applied inadvertently killing non-pest organisms. 5 acres 91- This paragraph of the purchase agreements informs the seller of the buyers right to inspect the property and can cancel or request maintenance based on findings. The median price of homes sold in your county nine months ago was $217,400. Sharon and Steve have just taken a second mortgage on their home. Help us do this work by making a donation. c. lot, block, and subdivision 58- Mortgage lenders are prohibited from discriminating in giving credit to prospective borrowers based on race, color, religion, national origin, sex, marital status, age or dependency on public assistance under which law or regulation? Finally, capital refers to the cash, equipment, and other assets needed to start or grow a business. C. Payments will not be enough to retire the loan. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. 52- Which statement is true about a listing contract? Land, labor, and capital as factors of production were originally identified by early political economists such as Adam Smith, David Ricardo, and Karl Marx. b. recorded plat b. a description of the property using metes and bounds What is the median of these numbers: 19, 11, 64, 36, 81, 22, 35, 95? The cash rent lease and the crop-share lease are the two most frequently used land leases in agriculture. d. accretion, 36. a triangular lot with a base of 300 ft on the street contain 10,000 sq yards What is the depth of the lot? The purchase price, plus depreciation, B. Learn how it impacts trade. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. a. the water rights reserved by a previous owner pheromone traps d. 640 acres, 38. At first, there was no need for land. d. tier, 20. 14- Value includes which of the following aspects? Her broker has asked her to be available for tasks in the field rather than in the office. Take the potential energy for the system with the brick placed at infinity to be zero.
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