Real Estate Practice Exam Questions &
Answers
The ability to buy and sell is also known as what essential element of value?
A. Demand
B. Utility
C. Scarcity
D. Transferability - Answer-Transferability
Essential elements of value acronym - Answer-Dust
Demand
Utility
Scarcity
Transferability
Demand - Answer-The desire to buy and the ability to pay
Utility - Answer-The item satisfies a human need or desire such as shelter, income,
recreation
Scarcity - Answer-Limited in supply, as supply diminishes , value increases
Transferability - Answer-Able to transfer from one owner to another
The person who hires or appoints an agent is called the
A. Deputy
B. Principal
C. Fiduciary
D. Customer - Answer-Principal
The principal is the - Answer-Buyer and seller
CRV stands for Certificate of reasonable value and is issued by who
A. Fannie Mae
B. Federal mortgage association
C. Federal housing administration
D. The department of veterans affairs - Answer-The department of veterans affairs
An example of economic obsolescence in real estate is
Answers
The ability to buy and sell is also known as what essential element of value?
A. Demand
B. Utility
C. Scarcity
D. Transferability - Answer-Transferability
Essential elements of value acronym - Answer-Dust
Demand
Utility
Scarcity
Transferability
Demand - Answer-The desire to buy and the ability to pay
Utility - Answer-The item satisfies a human need or desire such as shelter, income,
recreation
Scarcity - Answer-Limited in supply, as supply diminishes , value increases
Transferability - Answer-Able to transfer from one owner to another
The person who hires or appoints an agent is called the
A. Deputy
B. Principal
C. Fiduciary
D. Customer - Answer-Principal
The principal is the - Answer-Buyer and seller
CRV stands for Certificate of reasonable value and is issued by who
A. Fannie Mae
B. Federal mortgage association
C. Federal housing administration
D. The department of veterans affairs - Answer-The department of veterans affairs
An example of economic obsolescence in real estate is
