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REE 4103 Unit 1 (1).
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REE 4103 Unit 1 (1).
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REE 4103 Unit 1As the nature and extent of land use controls change, so do the nature and extent of
private land ownership. Consequently, real estate appraisers must be familiar with the
regulations and restrictions that apply to land use in general, but do not need to analyze
how these regulations affect a specific property. - ANS-False
The concepts of land are - ANS-Legal, geographic and environmental, economic, and
social.
The utility of land and the highest and best use to which land can be put are significantly
affected by the physical and locational characteristics of the land and other related
considerations, broadly referred to as geography. - ANS-True
Legal matters of paricular concern to appraisers include all of the following except: -
ANS-Property Size
All of the following are attributes of land except: - ANS-The supply of land is infinite
Professional appraisal standards require the appraiser to identify which interest is to be
valued in an assignment, but the interest valued need not reflect what currently exists. -
ANS-True
A large residential lot is an ideal location for industrial development, but the zoning
imposed by the local government ensures that the lot will continue to be used for
residential development. The power of the local government to zone property is through
its: - ANS-Police Power
The extent of rights available to private ownership is legally limited due to governmental
controls. - ANS-True
Markets reflect the attitudes and actions of people in response to social and economic
forces and the constraints of law and legal encumbrances. - ANS-True
In economics, land is regarded as one of the four agents of production, along with labor,
capital, and entrepreneurial coordination. - ANS-True
The economic concept of land as a sourse of wealth and an object of value is central to
appraisal theory. - ANS-True
,Because land ownership can be limited, ownership rights are the subect of law. The
value of these rights is the focus of real property appraisal. - ANS-True
Land can be used for all of the following purposes except: - ANS-Climate
Land use decisions are influenced the least by which of the following factors: -
ANS-America's Got Talent
____________________ is fundamental to the dynamics of supply and demand in a
free-enterprise, profit-maximizing economic system: - ANS-Competition
Entrepreneurial Profit is: - ANS-The developer's profit in addition to the return of his/her
equity investment
The supply of one-unit residential properties is most affected by - ANS-An increase in
the number of apartments built
The present or anticipated undersupply of an item relative to the demand for it is: -
ANS-Scarcity
Theory that when several similar or commensurate commodities, goods, or services are
available, the one with the lowest price attracts the greatest demand and widest
distribution.: - ANS-Substitution
The amount of a type of real estate available for sale or lease at various prices in a
given market at a given time is the: - ANS-Supply
The amount of real estate available for sale or lease at various prices in a given market
is the ________. - ANS-Supply
Typically less of an item will be demanded at a _________ price, and more will be
demanded at a _________ price: - ANS-Higher; Lower
A one-unit home owner who builds a new and unique structure will commonly find that -
ANS-Generally, fewer people desire unique structures
In residential rental property value is created by anticipation of: - ANS-The value of the
income in the future and the future sale of the property
, Two homes in the same addition have the same size, location, amenities, and features.
One is priced at $100,000, and the other is priced at $110,000. Which of the following
statements is the most accurate? - ANS-The lower-priced home will attract more
demand
Factors outside a property that exert both positive and negative influences on the
property's value - ANS-Externalities
A good's capacity to satisfy human desires or needs is known as - ANS-Utility
A new two-family home is constructed in a neighborhood of new, three-family homes on
a lot that could support a three-family home. Market research and the application of the
sales comparison approach to value indicate an appraised value significantly lower than
the sum of the land and building costs. What principle of value was violated? -
ANS-Balance
The amount of a type of real estate desired for purchase or rent at various prices in a
given market for a given period of time is the: - ANS-Demand
The result of the cause and effect relationship among the forces that influence real
property value. - ANS-Change
Real estate is affected by external influences more strongly than other goods because: -
ANS-It is physically immobile
Factors outside a property that exert both positive and negative influences on the
property's value. - ANS-Externalities
A purchaser's wish for an item to satisfy human needs or individual wants beyond
essential life-support needs. - ANS-Desire
All of the following are factors of value except: - ANS-Effective marketing power
A finished real estate product is created by combining: - ANS-Land, labor, capital, and
entrepreneurial coordination
________ is/are created by the anticipation of benefits to be derived in the future. -
ANS-Value
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