Real estate ree3043
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Different financing requirements usually are involved in the various phases of a property's 
life. Which of the following types of loans is used to finance improvements to the land, such 
as sewers, streets and utilities? 
A. Bridge loans 
B. Land development loans 
C. Land acquisition loans 
D. Construction loans 
️: B. Land Development Loans 
An interest-only balloon mortgage loan is commonly referred to as a(n): 
A. Land acquisition loan 
B. Mini-perm loan 
C. Bullet loan 
D. Mezza...
A market where tenants negotiate rent and other terms with property owners or their 
managers is referred to as a 
️: User Market 
The market in which required rates of return on available investment opportunities are 
determined is referred to as the: 
️: Capital Market 
The actions of local, state, and federal governments affect real estate values 
️: All of the above 
Approximately what portion of U.S. households own their own home? 
️: Approximately two thirds 
Of the following ass...
If one discount point costs the borrower 1% of the loan amount, and increases the lender's 
yield by 1/8th of one percent, how many discount points must be purchased to lower the 
interest rate by 1%? 
1 
4 
8 
16 
️: 8 
1/8th = 0.125; 1.0 ÷ 0.125 = 8 
A five-sided lot has the following dimensions: side A = 44', side B = 67', side C = 91', side D 
= 18', and side E = 55'. What is the perimeter of the lot? 
257 feet 
220 feet 
320 feet 
275 feet 
️: 275 feet 
44' + 67' + 91' + 18...
Factors that affect housing market segmentation include all except: 
household size. 
household income. 
household lifestyle. 
household unemployment status. 
household age. 
️: household unemployment status. 
A popular adage in real estate is that property value is all about "location, location, location." 
However, for most property types in nonresidential realms, non-locational requirements are 
equally or even more important. All of the following are examples of non-locational facto...
A property is being appraised using the income capitalization approach. Annually, it has an 
estimated gross income of $48,000, vacancy and credit losses of $3,600, and operating 
expenses of $15,000. Using a capitalization rate of 8%, what is the property's value (rounded 
up to the nearest $1,000)? 
️: $368,000 
A sale transaction on rental property closes on December 10th. The landlord received the 
December rent of $4,400 on December 1. Assuming the closing day is the seller's, and t...
A state license is required for anyone who: 
a)sells their own property 
b)sells property for other people 
c)a and b 
d)none of the above 
️: sells property for other people 
Which of the following arrangements does not qualify as an agency relationship in real estate 
transactions? 
a)a seller hires a broker to help locate a buyer 
b)a broker hires a sales associate to help locate buyers for properties or properties for buyers 
c)a buyer hires a broker to help locate a property for pur...
The primary purpose of a listing agreement is to define the relationship between 
️: The property owner and the real estate broker 
A state license is required for anyone who 
️: Sells property for other people 
Which of the following terms refers to the illegal practice of showing minority buyers only 
those properties that are located in areas dominated by minorities? 
️: Steering 
Which of the following statements is not true about brokers? 
️: Brokers take ownership of the item bein...
Economists suggest that the value of something results from its utility and: 
️: D. Scarcity 
A branch of economics that extends the basic ideas of the early classical and neoclassical 
economists to better understand and predict how humans use space is termed: 
️: C. Urban economics 
Formal arrangements and associations that members of society make to support fundamental 
economic and social activities are referred to, in the text, as: 
️: B. institutions 
Marshall contended that in a p...
Given the following information regarding an income producing property, determine the 
NPV using levered cash flows in your analysis: required equity investment: $270,000; 
expected NOI for each of the next five years: $150,000; debt service for each of the next five 
years: $125,000; expected holding period: five years; required yield on levered cash flows: 
15%; expected sale price at end of year 5: $2,000,000; expected cost of sale: $125,000; 
expected mortgage balance at time of sale: $...