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Real Estate- Final Exam Study Guide *Q&A* (100% Correct) 2024/2025 |VERIFIED|

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Real Estate- Final Exam Study Guide *Q&A* (100% Correct) 2024/2025 |VERIFIED| What is the method used to estimate the value of real estate by calculating the replacement cost, subtracting depreciation, and adding the land value based on market data? Cost Approach - This method is part...

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  • December 8, 2024
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • real estate final exam study guide qa 100 c

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  • Real Estate
  • Real Estate

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Real Estate- Final Exam Study Guide
*Q&A* (100% Correct) 2024/2025
|VERIFIED|
What is the method used to estimate the value of real estate by calculating the replacement cost,
subtracting depreciation, and adding the land value based on market data?

Cost Approach

- This method is particularly useful for properties that are unique and lack many comparable sales.



What is the method of estimating the value of an income-producing property by capitalizing its net
operating income using an appropriate capitalization rate?

Income Approach

- This method is commonly used for commercial real estate.

- Formula: Value = Income ÷ Rate.



What is the method of property valuation that compares a subject property to similar properties that
have recently sold in the same market?

Sales Comparison Approach

- The value is determined by comparing the subject property’s characteristics with recently sold
properties in similar transactions.



What is the practice called when a lender refuses to provide loans or insurance in certain neighborhoods
based on racial or ethnic factors, and why is it illegal?

Redlining

- This practice is illegal because it discriminates against individuals based on their race or ethnicity.



What term refers to the practice of inducing homeowners to sell their properties at below-market prices
by creating fear of declining property values due to minority groups moving into the neighborhood?

Blockbusting



1

, - Real estate agents use fear tactics, convincing homeowners to sell quickly, often at reduced prices, by
suggesting that minorities moving in will cause property values to fall.



What federal law protects buyers and renters from discrimination based on race, color, religion, gender,
national origin, familial status, or disability?

Fair Housing Act of 1968

- This law prevents discrimination in housing transactions.



What landmark Supreme Court case determined that “separate is not equal” in public schools?

Brown vs. Board of Education

- This case declared that segregation in public schools was unconstitutional.



Who are the individuals sent by state or private agencies to investigate if housing brokers are
discriminating by pretending to be prospective buyers or renters?

Testers

- These volunteers pose as potential homebuyers or renters to monitor fair housing practices.



What unit of land measurement is equal to 43,560 square feet?

Acre

- An acre is used to measure land area.



Which local government body is responsible for planning and overseeing a municipality’s growth and
development strategy?

Planning Board

- The Planning Board develops and controls the municipality's comprehensive development strategy.



Which board is responsible for ensuring the quality and aesthetics of a neighborhood or community’s
development?

Architectural Review Board

- This board ensures that construction and renovations meet aesthetic and quality standards.


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