Test Bank for Real Estate Principles: A Value Approach, 7th Edition by Ling

1 Chapter 01 7e Ling 1) When viewed as a tangible asset, real estate can be defined as the land and its permanent improvements. Improvements on the land include: A) fences. B) walkways. C) sewer systems. D) streets. 2) The term real estate is used in three fundamental ways. When real estate is defined as the land and its improvements, it is being viewed as purely a(n): A) tangible asset. B) intangible asset. C) parallel asset. D) personal asset. 3) The term real estate is used in three fundamental ways. When real estate is defined as a bundle of rights associated with ownership and the use of the site and improvements, it is being viewed as purely a(n): A) tangible asset. B) intangible asset. C) parallel asset. D) personal asset. 4) All of the following are examples of an improvement on the land EXCEPT: A) fences. B) building. C) walls. D) streets. 2 5) Real estate is defined as land and its permanent improvements. Which of the following is an example of an improvement to the land? A) fence B) building C) water and sewer systems D) personal property 6) Real estate consists of the physical structures and infrastructure that accompany the land. All of the following are examples of an improvement to the land EXCEPT: A) walkways. B) the building and parking lot. C) sewer system. D) streets. 7) Real estate is property, which can be either a tangible or an intangible asset. Which of the following would be considered an intangible asset? A) land B) building C) mortgage D) fence 8) Which of the following would be considered a tangible asset? A) land B) lease agreement C) mortgage D) listed REIT 9) If we desire to classify land by its use, land that does not include any improvements to the land would be categorized as: A) “raw” land. B) building site. C) developed land. D) property infrastructure.