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. A. Capital also follows a similar model in that it can be owned or leased from another party. , ided by total investment.. total investment is current assets (inventories, accounts receivables and cash) plus fixed assets. This is called: d. it is used to describe lots in a subdivision, b. the description is imperfect if it does not end at the point of beginning, 24. Which of the following would be PRIVATE restrictions on property rights? Help us do this work by making a donation. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. A. Twenty years ago, most appraisal reports that were sent electronically were sent using _____ technology; today, most appraisals are sent electronically using a _______ format. A. Generates leads for new listings. c. lot, block and subdivision indirectly, proportionatelydirectly, proportionatelyinversely, directlydirectly, inversely, A business arrangement in which two or more persons jointly own a business and share in its profits and losses is the definition of, limited partnershippartnershipgeneral partnershiptrust. The second mortgage has now become the primary loan. Labor by an uneducated and untrained worker is typically paid at low prices. C. Broker Harry deposits $1000 into his brokerage business account. 1. The size of agricultural property tax exemptions varies from state to state because property taxes aren't administered at the federal level. 71- When agent Jane meets with her sellers to offer suggestions, she most likely would not give them: 72- According to RESPA, a buyer or seller cannot legally be charged at closing for which of the following items? Another example of entrepreneurship is Starbucks Corporation (SBUX). When comparing printers, make sure to compare the cost per. 56- Which is not a true statement about the Agency Disclosure? 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 Earthquake and volcanic action A longer mortgage loan term will: Result in lower monthly mortgage payments C. Once filed, it remains until terminated. As the demands of a business change over time, the relative importance of the factors of production will also change accordingly. Under the current qualification criteria, an applicant for Appraiser Trainee must have completed ___ creditable hours of experience. strategies used to increase the supply of food for a country could include. Which of these factors would result in a violation of USPAP if the appraiser based his or her appraisal fee on it? A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. What will the new owners pay in property taxes? Under no circumstances, however, is labor owned by firms. . depletion of fossil fuels 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? (d) 1.81019m1.8\times10^{-19}\;\mathrm{m}1.81019m Each of their payments is for the same amount. Certain homeowners may qualify for a $10,000 exemption. Lots and blocks are appox. B. To that end, technologylike moneyis a facilitator of the factors of production. 41- Agricultural land includes all of the following EXCEPT which? How much is your property worth today? a. a. a grant However, commentators sometimes refer to labor and capital as the two primary factors of production. a. a series of wire links each 7.92' long B. How many acres are there in 2 parcels of land described a SW 1/4 and the NW 1/4 of the SE 1/4? Read about productivity in the workplace and how productivity impacts investments. Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land. -pesticides show mobility, moving other than where they were applied inadvertently killing non-pest organisms. The cash rent lease and the crop-share lease are the two most frequently used land leases in agriculture. Increasing agricultural productivity across Sub-Saharan Africa is one of the most important problems this century, Area of land needed to meet global vegetable oil demand, Area of land needed to produce one tonne of vegetable oil, Cereal yields vs. tractor inputs in agriculture, Change in calorie production as a result of climate change impacts on crop yields, Change in cereal production, yield and land use. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? Which of the following is not one of those groups? C. Mike has been late with his rent payments seven times in the past year, D. He had a serious physical altercation with his downstairs neighbor. b. littoral The purchase price, plus depreciation He sells this right to nearby Property Owner B who wishes to develop his property into additional lots. Find a home that meets FHA requirements. Make no recommendations and let the sellers decide on their own. How to Calculate with Formula, Average Collection Period Formula, How It Works, Example, Bill of Lading: Meaning, Types, Example, and Purpose, What Is a Cash Book? Which of the following best describes a plat? Your property, which consists of a house on a lot, is valued at $186,000. Countries that are rich in human capital experience increased productivity and efficiency. A. returns on investment is computed in the following manner. What is the area of the ranch? The borrower makes payments of interest only over the term of the loan. Skilled and trained workers are called human capital and are paid higher wages because they bring more than their physical capacity to the task. For a group of early French economists called the physiocrats, who predated the classical political economists, land was responsible for generating economic value. B. Your income is $1,472 every two weeks. a. a radon level test 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. It can be considered an employment contract. Each of these requires significant real estate and capital investments. How much will your insurance cost per month? C. Refuse to accept the offer and check. U.S. land area covers nearly 2.3 billion acres. A lot measures 316.4 X 428.90. limited use of pesticides, Which of the following is not a problem associated with industrial agriculture? You can get a loan for 90% of value. D) grading, filling, draining, and clearing costs. The Buckle, Incorporated, included the following in its statement of cash flows presented using the indirect method. 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? When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Jim and Jane financed the remaining $25,000 through the seller. A personal vehicle used to transport family is not considered a capital good, but a commercial vehicle used expressly for official purposes is. (c) 3.31014m3.3\times10^{-14}\;\mathrm{m}3.31014m (95, 93, 120, 94, 93, 129), A right or interest in property is a(n). How many owners are there? He says to them, Would you prefer to take possession on September 1 or October 1? What kind of closing technique is Harry using? B. D. Their loan payments will gradually increase. d. avulsion, 34. B. Pleases the sellers by inv=creasing activity. Why Are the Factors of Production Important to Economic Growth? Because of their low clay content, sandy soils are often referred to as "light soils.". Give the prospects a black copy of a purchase agreement to look over. Inventory (increase). 20.6 Take the potential energy for the system with the brick placed at infinity to be zero. Studying population trends in the area. Which of the following methods of legal land description would most likely be used to describe agricultural lands? Secure documents that are public information from the courthouse and other sources available to the public. His depreciation was $2,500 per year. B. We will always indicate the original source of the data in our documentation, so you should always check the license of any such third-party data before use and redistribution. Jim should not use this flier as a: 94- Sellers agent Pam was unaware of the fact that the heating system of a home she had listed was defective. A basis of $148,000 and no taxable gain, B. c. 400 ft a. erosion 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. the same size c. the section lines must be clearly noted A. 57- Under federal income tax law, the basis for a personal residence is which of the following: Demand analysis in a market indicates that 15 houses per month can be sold in the market. Deposit the check into his trust fund account on the next business day. Labor refers to the effort expended by an individual to bring a product or service to the market. 75- All but which of the following is NOT an AIDA feature? Give credit to all potential borrowers. b. the columns of townships running north and south within a check are called ranges You have found comparable sales of rural land parcels that indicate the following sale prices per acre: ($930, $775, $1202, $995, $1612, $906). What is the process by which a landowner increases his property due to the accumulation of alluvial deposits washed on to his property from other properties? What is the mean of these numbers: 123.5, 136.2, 162, 188.9, 153.27, 227.98, 16, 342.66, 72.7, 21.55, 168.08? You can specify conditions of storing and accessing cookies in your browser. a. redemption 22- Jane sold her personal home for $148,000. b. reliction C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. The adjusted cost basis of the first home was $140,000. The selling agent must provide the disclosure to the seller as soon as practicable prior to presenting a purchase offer. b. to protect against encroachments The simplot house, Brentwood Subdivision, Sun Rose township, Great Falls MT 59405 Property rights are part of real property, not real estate, The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires is the definition of. Negotiate agreements regarding commission structuring. During this interim period, grant makes monthly rent payments and the owner accepts them. b. a description of the property using metes and bounds 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? 1.7107M/s. In socialist systems, the government (or community) often exerts greater control over the factors of production. 59- Which of the following is a sellers request that an agent cannot honor? B. Decks in Basic Appraisal . Which method of land description would describe an irregular piece of property? b. "North American Robot Orders Fall 21% in 2008. The ERS Major Land Uses series is the longest running accounting of all major uses of public and private land in all 50 States. A. During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. What does that mean? The costs of conversion of inventory include all of the following, except a. The modern definition of factors of production is primarily derived from a neoclassical view of economics. The state of technological progress can influence the total factors of production and account for any efficiencies not related to the four typical factors. Ask questions of the prospects children. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. Mark Zuckerberg assumed the risk for the success or failure of his social media network when he began allocating time from his daily schedule toward that activity. D. The selling agent must provide the disclosure to the buyer as soon as practicable prior to the execution of the buyers offer to purchase. 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. 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. C. Consider child support payments in the decision. Deforestation can include clearing the land for farming or livestock, or using the timber for fuel . B. Ken must obtain his own training. As a factor of production, capital refers to the purchase of goods made with money in production. The area is characterized by the presence of agricultural land intended for parking serving the Fiumicino airport, located in the vicinity, along the SW slope with the Leonardo Da Vinci airport, to the SE with the A91 motorway Rome Fiumicino motorway, to the to the NW with other land and some commercial/craft activities and to the NE with a . If pesticide from a farm runs off into Lake Michigan, which organism in the lake's food chain would test highest for the pesticide? C. I will open my own office within nine years. 25- According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50,000 first mortgage for a period of 2 years? It sold for $80,000. 73- Which of these is not a buying signal? A property owner on a river or creek is said to have which type of rights? 95- Who is liable for the withholding on the sale of a property owned by a foreigner? Electronic Data Interchange for transmitting appraisal reports became popular in the (date). 186,000 x .80 = 148,800148,800 x .006 = 892.8892.8/12 (months) =74.4Answer: $74.40, Short term money instruments are traded on the. 7- In the initial meetings with the prospects, the agent should do all of the following except which? Agricultural land is typically land devoted to agriculture the systematic and controlled use of other forms of lifeparticularly the rearing of livestock and production of cropsto produce food for humans. All of the following would be considered improvements to land EXCEPT. The home comes equipped with all furnishings. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. The U.S. land area covers nearly 2.3 billion acres. B. a. plottage The federal financial institutions regulatory agencies directly involved in fair lending include all of the following EXCEPT, The primary purpose of USPAP is to protect. All of the following could be participants in a real property market except: In analyzing real estate purchase contract, you should be able to find all of the following items except. tT4486468511057126214681671. Land refers to physical land, such as the acres used for a farm or the city block on which a building is constructed. 55- Greg is approved for a Cal-Vet loan. The borrowers family in case of his or her death, B. A. These claims are overblown, but soil erosion is a problem and we can do something about it. The price expected for a whole property, e.g., a house, or a part of a property, e.g., a plumbing fixture, that is removed from the premises usually for use elsewhere is the definition of ____________ value. She is probably using all but which of the following tools? In conclusion, The term "permanent cropland" includes wooded plantations used to harvest fruit but excludes tree farms and true forests utilized for wood or lumber. Purchase of equipment. D. The date Abby makes the request to receive the booklet. A. 88- Sally and Dan must pay 2 points on their new $65,000 loan. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. 57- Under federal income tax law, the basis for a personal residence is which of the following: A. turnover is sales div B. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. The principle of supply and demand states that the price of a commodity, good, or service varies __________, but not necessarily _____________, with demand. The land that is least conducive to agriculture is sandy soil. 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. 6. C. The date the lender receives her application. Prices have been increasing at the rate of 8% per year. b. recorded plat, street address, and metes and bounds D. The interest payment is always smaller then the amount allocated to the principal. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. a. riparian d. an easement, a. the water rights reserved by a previous owner, 14. The most common lease in agriculture is a land lease. 300 ft What is the median of these indications? It must be in writing to be enforceable. C. Insurance agents dealing with customers. B) assumption of any liens or mortgages on the property. 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. As a result, the country became the biggest market for robots. How much will you have to deliver to closing to cover both the down payment and the loan points? 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? The Census of Agriculture is a complete count of U.S. farms and ranches and the people who operate them. A. Mike has changed jobs six times in the past six months. d. annexation, 32. c. eminent domain 76- Mark believes he has been discriminated against during his home search. He just sold it for $13,000. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. Which of the following is an example of a genetically modified crop? There are four factors of productionland, labor, capital, and entrepreneurship. c. front footage 7. She has worked in multiple cities covering breaking news, politics, education, and more. Which of the following would be considered an intermediate goal? has an increased likelihood of obesity, diabetes, and heart disease. Property Owner A has the right to develop his property into 10 lots. Crop yields might seem far from being one of the worlds largest problems. 435,600 square feet B. It can also refer to market, industry, and business fragmentation. c. 66 feet c. an encroaching elm tree D. Amanda smiles at Jim when she sees the whirlpool tub. Browse over 1 million classes created by top students, professors, publishers, and experts. An important characteristic of land is that it may be modified or improved at any given time. Fragmentation is the use of various suppliers and manufacturers to produce a good. 93- Jim has created a nice property flier for the James home. 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. As such, factors of production, such as land and capital, are owned and regulated by the community as a whole under socialism. The lender in case of the borrowers death, C. The lender against delinquent payments, D. The lender in case of the borrowers default. d. lien, 35. Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. This is an example of. B. Pam is not liable since it was summer and the heating problem was not obvious. f(z)=z3z2+2z+2f(z)=\frac{z-3}{z^{2}+2 z+2}f(z)=z2+2z+2z3. Your property, which consists of a house and lot, is valued at $244,000. a. -All of the above d. a percolation test, 29. d. 2.5 square miles, 15. d. depth, 25. A column of townships running North and South is called a: D. A basis of $140,000 and no taxable gain. c. reliction A problem with the real property market is that the amount of ________ is slow to change. the estimated cost to -replace a property, a guarantee of the true worth of a property, the President of The Appraisal Foundation. c. check Special assessment for drainage system c. Private driveway and parking lot d. Assumption of any lien on the property; Answer C. Fence and parking lot are reported as a. Even small plots of land - whether rural or urban - growing fruit, vegetables or some food animals count if $1,000 or more of such products were raised and sold, or normally would have been sold, during the Census year. In 2012, the latest update to ERS's Major Land Uses (MLU) series, grassland pasture and range uses accounted for the largest share of the Nation's land base, surpassing land in forest uses, which includes grazed forest land, for the first time since 1959.Although the shares of land in different uses have fluctuated to some degree over time . The rate at which vacant space in a property or a group of properties for sale or lease has been or is expected to be successfully sold or leased over a specified period of time is the definition of a(n) __________ rate. A. A. c. easement The website with the largest amount of demographics information is, What is the median of the following set of gross rent multipliers? Practice Questions with no Answers for Preview, >Ch16-18 R.E. An example of entrepreneurship is the evolution of the social media behemoth Meta (META), formerly Facebook. 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? Housing and Community Development Act. 6- According to California real estate law, how often must a broker balance his or her trust accounts? 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? Import duties and taxes c. Freight, handling and other costs directly attributable to the acquisition of goods d. Trade discounts, rebates and other similar items. b. metes and bounds 44- Jim owns a gift shop in a commercial building. 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. Which form of legal land description describes a parcel by enclosing it? All of the following statements about sections as defined in the US government survey system are true EXCEPT: a. a section is 640 acres. Get started for free! Sharon and Steve have just taken a second mortgage on their home. Because of their low clay content, sandy soils are often referred to as " light soils." What is the mean of the GRMs? Building b. A farm described as the SW 1/4 of the NW 1/4 of section 7 and the W 1/2 section 8 is how many acres? There are currently 180 houses for sale in this market. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. When citing this topic page, please also cite the underlying data sources. If you apply for the loan, how much can your maximum monthly payment be? A. Brenda must follow all of Jims instructions. A facade easement is a type of_______________ easement. Which type of pesticide has fewer deleterious environmental effects? Our articles and data visualizations rely on work from many different people and organizations. D. The UCC is a body of law that standardizes a number of business practices. Which of the following is Kirk himself not likely to do during the application process? Why might a lender require a survey before making a loan? Which statement is true? Goodwill is an intangible asset that results from the reputation of the business. 19- Which of the following is not an advantage of hosting an open house? Whoever brings the buyer will get the commission. 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? Generally, Light, warm, dry, sandy soil that is acidic and deficient in nutrients is what you may expect to find in a typical climate. Practice Questions with no Answers for Preview, >Practice Exam for R.E. a. putting more land into production b. increasing the yield of land under cultivation. b. an environmental impact statement d. to make sure the improvements are constructed on the mortgaged lot, d. to make sure the improvements are constructed on the mortgaged lot, 33. John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, David N. Shier, Jackie L. Butler, Ricki Lewis, Nursing Fundamentals- Medication Administrati. What kind of agreement is this? D. Allows viewing access to strangers. a. quadrant A. Ken is responsible for his own taxes, while the broker pays Sarahs. Practice Questions with no Answers for Preview, >Ch7-9 R.E. C. Jim and Amanda whisper and frown when they see the basement. Which of the following uses of pesticide can lead to ecological imbalance? Economic Order Quantity: What Does It Mean and Who Is It Important For? b. us government system 11- Broker Jill has an agreement with seller Alice that says Jill will receive compensation if anyone except Alice sells Alices home, what kind of agreement is this? For the early political economists, labor was the primary driver of economic value. c. Lot 2 block M, Lincoln wood subdivision, missoula country, MT 59802 50- Harry has some buyers that he believes are ready to make an offer. Estimate its value. B. Jim Sharp is purchasing his fathers home. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. Installation of central air conditioning, D. Addition of a tenant laundry facility. They are commonly broken down into four elements: land, labor, capital, and entrepreneurship.