Exam (elaborations)
MODERN REAL ESTATE PRACTICE IN ILLINOIS UNIT 1 CHAPTERS 1, 2, AND 3 QUESTIONS AND ANSWERS
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MODERN REAL ESTATE PRACTICE IN ILLINOIS UNIT 1 CHAPTERS 1, 2, AND 3 QUESTIONS AND ANSWERS
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Name: Score:35 Multiple choice questions
Term 1 of 35
A rancher owns a parcel of land on which oil was discovered. If the rancher has not previously
conveyed the oil rights, who owns the oil?
the federal government.
the rancher.
equity.
local.
Term 2 of 35
Manufactured housing
is constructed off-site and transported.
basic form.
mixed-use development.
indestructible.
Term 3 of 35
The real cost of owning a home includes certain costs or expenses that many people
overlook. Which of the is NOT such a cost expense of home ownership?
prices tend to rise.
the cost of home furnishings.
the rancher.
the definition of real property.
,Term 4 of 35
Land is considered to be...
equity.
scarcity.
a wasting asset.
indestructible.
Term 5 of 35
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...
equity.
a home inspector.
an appraiser.
a property manager.
Term 6 of 35
When the demand of commodity decreases
prices tend to drop.
demand tends to drop.
demand tends to rise.
trade fixtures.
,Term 7 of 35
Cerain items on the premises that are installed by the tenant and are related to the tenant's
business are called?
emblements.
riparian rights.
trade fixtures.
personal property.
Term 8 of 35
Which of the following types of development combines office space, stores, and residential
units in a single community?
manufactured housing park.
mixed-use development.
scarcity.
time-share community.
Term 9 of 35
The interest or value that an owner has in property over and above any indebtedness is
called...
revenue.
equity.
expenses.
liabilities.
, Term 10 of 35
Population demographics and wage levels have an important effect on...
demand.
local.
supply.
scarcity.
Term 11 of 35
According to law, a trade fixture is...
identified property
personal property.
intangible property.
trade fixtures.
Term 12 of 35
Real Estate markets are best described as...
epidural.
local.
equity.
pudendal.
Term 13 of 35
All of the following are physical characteristics EXCEPT
demand.
scarcity.
poverty.
money.
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