She sold the property and several months later the buyer sued Pam for not disclosing the problem. A. This can result in a transformation of factors of production for entire industries. c. real estate broker 42- Alice is planning her career and setting her goals. A farm described as the SW 1/4 of the NW 1/4 of section 7 and the W 1/2 section 8 is how many acres? How many acres are there is the described property? A lot measures 248.4 feet X 378.90 feet. 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? The area is characterized by the presence of agricultural land intended for parking serving the Fiumicino airport, located in the vicinity, along the SW slope with the Leonardo Da Vinci airport, to the SE with the A91 motorway Rome Fiumicino motorway, to the to the NW with other land and some commercial/craft activities and to the NE with a . 8- When considering making a loan to a borrower, which of the following factors would probably exert the least amount of influence on the lender? depletion of fossil fuels The US government survey uses all of the following EXCEPT: 4. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. In some cases, all you need is a piece of land that's not currently being used. Our articles and data visualizations rely on work from many different people and organizations. The three methods used to legally describe land are: C. Recommend a counteroffer back to list price. Which statement is TRUE regarding this situation? What test would determine the ground's ability to absorb water? 103- Kirk and Sandy obtained a wraparound mortgage. 28- Abby applies for a federally-related loan to purchase a home. For people and planet, it's one of . B. Pleases the sellers by inv=creasing activity. The fees that Eric charges Paul for making the loan could be any but which of the following amounts? The appraiser must avoid mentioning this structure in the report. What kind of listing agreement does Alice have with Jack? D. The first and second mortgage will be rolled into one. (b) 3.31011m3.3\times10^{-11}\;\mathrm{m}3.31011m Who is responsible for appointing members to the ASB and AQB? a0=mc2c=2cE1=212mc2. . d. tier, 20. D. The appraised value prior to sale Skilled and trained workers are called human capital and are paid higher wages because they bring more than their physical capacity to the task. c. 66 feet c. lot, block and subdivision Which statement is true? However, commentators sometimes refer to labor and capital as the two primary factors of production. A property owner on a river or creek is said to have which type of rights? b. 37- When dealing with the sale of a business, which is not a true statement? She is probably using all but which of the following tools? b. to protect against encroachments 6- According to California real estate law, how often must a broker balance his or her trust accounts? In the above question, the increased value created by the assemblage is called: B. Because entrepreneurs are vital for economic growth, countries are creating the necessary framework and policies to make it easier for them to start companies. All of the following are similarities between undernutrition and overnutrition except, both involve lack of access to sufficient daily calories. The term of the loan can be shortened. a. What is the meaning of T(12)?T^{\prime}(12) ?T(12)? Required Information and Example, Retained Earnings in Accounting and What They Can Tell You, Revenue Recognition: What It Means in Accounting and the 5 Steps. Fannie Mae FDIC OCC FRB. 77- Which of the following Internet pages might not be of particular interest to buyers? A. b. Generally, Light, warm, dry, sandy soil that is acidic and deficient in nutrients is what you may expect to find in a typical climate. b. a parcel of land is 1/8 mile by 1/8 mile is 40 acres. B. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. 2. d. benchmark, 30. The adjusted cost basis of the first home was $140,000. B. Ken must obtain his own training. B. By increasing crop yields we can reduce the amount of land we use for agriculture. The majority of GM crops in the United States are regulated by the United States Department of Agriculture. d. 2.5 square miles, 15. Electronic Data Interchange for transmitting appraisal reports became popular in the (date). D. Farms. The circular flow model of economics shows how money moves through an economy in a constant loop from producers to consumers and back again. Import duties and taxes c. Freight, handling and other costs directly attributable to the acquisition of goods d. Trade discounts, rebates and other similar items. pheromone traps The purchase price, plus improvements, C. The fair market value at the time of sale. But, if yields and labor productivity do not increase it will have far-reaching consequences for global poverty, and protection of the environment. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. c. highest and best use For purposes of federal income tax, which statement is true? Land, labor, and capital as factors of production were originally identified by early political economists such as Adam Smith, David Ricardo, and Karl Marx. 84- Four years ago, Sam purchased a vacant lot for $10,000. D) grading, filling, draining, and clearing costs. earnings equal sales minus the cost of sales Except for labor, ownership for factors of production varies based on industry and economic system. Jason Fernando is a professional investor and writer who enjoys tackling and communicating complex business and financial problems. Practice Questions with no Answers for Preview, >ALL Real Estate Practice Class Questions with Answers & most with Explanations. c. an easement Cultivation of crops on land by farmers increases its value and utility. 6. the same size The interest rate will increase gradually over time. During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. d. 600 ft, 37. C. The date the lender receives her application. D. The interest payment is always smaller then the amount allocated to the principal. c. There are 36 sections in a township B. 5 acres 435,600 square feet These include white papers, government data, original reporting, and interviews with industry experts. 56- Which is not a true statement about the Agency Disclosure? d. depth, 25. A. I will complete the GRI certification in the next four years. 42- Alice is planning her career and setting her goals. The metes and bounds form of land description uses: 2. a township contains how many square miles? The rate at which vacant space in a property or a group of properties for sale or lease has been or is expected to be successfully sold or leased over a specified period of time is the definition of a(n) __________ rate. Gradual declines have occurred in cropland and pasture . However, money is not a factor of production because it is not directly involved in producing a good or service. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. On the other hand, land is the most significant investment for a real estate venture. c. eminent domain c. 25 acres 22- Jane sold her personal home for $148,000. A potential benefit of genetic engineering is the development of crop plants. b. C. Allow indoor pets to leave their designated area. D. Ken and Sarah both must be at the office from 9 a.m. to 5 p.m. 35- Who benefits from Private Mortgage Insurance? turnover is sales div C. Payments will not be enough to retire the loan. You want to buy a house for $243,500. Your property, which consists of a house on a lot, is valued at $186,000. The factors of production are an important economic concept outlining the elements needed to produce a good or service for sale. The data produced by third parties and made available by Our World in Data is subject to the license terms from the original third-party authors. It can also refer to market, industry, and business fragmentation. They sold for: $178,500; $166,000; $172,750; $182,000; $168,000; $174,000; $176,000; $184,000; $170,000; $175,000; $172,000; $181,500. Land resources are the raw materials in the production process. c. identifying new food sources d. increasing food imports e. all of the above e. all of the following are aspects of commerical agriculture except: a. a heavy reliance on machinery All of the following would be considered improvements to land EXCEPT. d. 1/2 mile, 22. Labor refers to the effort expended by an individual to bring a product or service to the market. Under no circumstances, however, is labor owned by firms. How much will you have to deliver to closing to cover both the down payment and the loan points? The right held by the lessee to use and occupy real estate for a stated term and under the conditions specified in the lease is the definition of. Double-Declining Balance (DDB) Depreciation Method Definition With Formula. During this interim period, grant makes monthly rent payments and the owner accepts them. tT4486468511057126214681671. 41- Agricultural land includes all of the following EXCEPT which? 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. (d) 1.81019m1.8\times10^{-19}\;\mathrm{m}1.81019m The table shows values of this function recorded every two hours. b. the description is imperfect if it does not end at the point of beginning 81- Jake has decided to specialize in working with clients who purchase schools. The introduction of technology into a labor or capital process makes it more efficient. 3. Let T(t) be the temperature (inF)\left(\text { in }^{\circ} \mathrm{F}\right)(inF) in Seattle t hours after midnight on May 7, 2012. At the end of the term, the loan balance will be negative. a. erosion 106- If broker Tim advertises a property for sale that he doesnt intend to sell so that he can attract potential buyers, Tim is practicing: >Example Final Exam for R.E. Production, such as manufacturing, can be tracked by certain indexes, including the ISM manufacturing index. $5,600 every year, with no increase, C. $5,750 the first year, plus a maximum 2% increase in market value per year, D. $5,750, plus a maximum 1% increase in market value per year. What Is Depreciation, and How Is It Calculated? A. I will complete the GRI certification in the next four years. D. Pam is has no duty to investigate and may rely on the opinion of a heating professional or home inspector. Increasing agricultural productivity across Sub-Saharan Africa is one of the most important problems this century, Area of land needed to meet global vegetable oil demand, Area of land needed to produce one tonne of vegetable oil, Cereal yields vs. tractor inputs in agriculture, Change in calorie production as a result of climate change impacts on crop yields, Change in cereal production, yield and land use. Twenty years ago, most appraisal reports that were sent electronically were sent using _____ technology; today, most appraisals are sent electronically using a _______ format. Broker John puts $500 into his trust account. A. d. section 12 is directly north of section 1 in a township, d. section 12 is directly north of section 1 in a township, 19. Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or to pay wages. Certain homeowners may qualify for a $10,000 exemption. \text{t} & \text{4} & \text{6} & \text{8} & \text{10} & \text{12} & \text{14} & \text{16}\\ c. accretion You want to insure it for 80% of value and the annual insurance premium will cost $5.75 per thousand. C. Broker Harry deposits $1000 into his brokerage business account. 100 acres Claims that the world has only 100, 60, or even 30 years of harvests left often hit the headlines. 88- Sally and Dan must pay 2 points on their new $65,000 loan. b. A Bill of Sale gives title to the business equipment. Which of the following is not one of those groups? However, during periods of economic expansion, they invest in new machinery and equipment to bring new products to market. A. . 1.7107M/s. The area is characterized by the presence of agricultural land intended for parking serving the Fiumicino airport, located in the vicinity, along the SW slope with the Leonardo Da Vinci airport, to the SE with the A91 motorway Rome Fiumicino motorway, to the to the NW with other land and some commercial/craft activities and to the NE with a . How many acres are there in 2 parcels of land described a SW 1/4 and the NW 1/4 of the SE 1/4? What Is a Sunk Costand the Sunk Cost Fallacy? Please remove your shoes before entering the home. Depending on its type, an improvement may increase the value of real estate greatly. The appraisal standards and qualification criteria promulgated by the boards of The Appraisal Foundation achieves legal authority by adoption, citation or implementation by, government agenciesthe U.S Congress onlyFannie Mae and Freddie MacGinnie Mae. Although investment in agricultural R&D continues to be one of the most productive investments, with rates of return between 30 and 75 percent, it has been neglected in most low income countries. The ERS Major Land Uses series is the longest running accounting of all major uses of public and private land in all 50 States. What should Alice do? 7- In the initial meetings with the prospects, the agent should do all of the following except which? 14- Value includes which of the following aspects? What is the median price of homes today? c. lot, block, and subdivision A land owner is contemplating building a septic tank sewer system on his lot. b. metes and bounds 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. On this page you can find all our data, visualizations and writing relating to crop yields. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? It sold for $80,000. Meanwhile, a company that makes its money from building and renting out office space might see land and capital as its most valuable factors. For example, the use of robots in manufacturing has the potential to improve productivity and output. -pesticides alter the genetic resistance in populations causing the pests to persist. Ownership of the factors of production also differs based on the economic system. B. ", Starbucks Coffee Corporation. a. frontage a. C. Theyre probably paying a higher interest rate on the second mortgage. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? a. For example, a software company that relies primarily on the labor of skilled software engineers might see labor as its most valuable factor of production. You can learn more about the standards we follow in producing accurate, unbiased content in our, The Evolution of Accounting and Accounting Terminology. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. Practice Questions with no Answers for Preview, >Practice Exam for R.E. He hired two people, an engineer (Dustin Moskovitz) and a spokesperson (Chris Hughes), who both allocated hours to the project, meaning that their invested time became a factor of production. Sharon and Steve have just taken a second mortgage on their home. Similarly, the use of kiosks in self-serve restaurants can help firms cut back on their labor costs. b. easement 25- According to the law governing mortgage loan brokers, what is the maximum commission Broker Claire can charge for securing a $50,000 first mortgage for a period of 2 years? sewers; crops; buildings; roads Improvements in crop yields have been essential to feed a growing population, while reducing the environmental impact of food production at the same time. B. A. How Cash Books Work, With Examples, Cost of Debt: What It Means, With Formulas to Calculate It, Cost of Equity Definition, Formula, and Example, Cost-Volume-Profit (CVP) Analysis: What It Is and the Formula for Calculating It, Current Account: Definition and What Influences It, Days Payable Outstanding (DPO) Defined and How It's Calculated. 36- Broker Eric secures a loan for buyer Paul. 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? What is the mean of the GRMs? What kind of closing technique is Jim using? When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. D. Have the prospects sign the disclosure about agency relationship. 47- Which of the following duties is not a permitted activity for an unlicensed personal assistant? t46810121416T48465157626871\begin{matrix} The Federal Reserve can influence the level of economic activity by. These claims are overblown, but soil erosion is a problem and we can do something about it. Which type of pesticide has fewer deleterious environmental effects? The continued popularity of the product meant that Zuckerberg also had to scale technology and operations. He paid $100,000 for it, and made $300,000 worth of improvements. a. government survey A personal vehicle used to transport family is not considered a capital good, but a commercial vehicle used expressly for official purposes is. (e) 6.61027m6.6\times10^{-27}\;\mathrm{m}6.61027m. A. d. a setback, 12. When appraising an income producing property, you have the following GRMs indicated from comparable sales (122, 159, 132, 126, 122, 173, 152, 126). 57- Under federal income tax law, the basis for a personal residence is which of the following: Goodwill is an intangible asset that results from the reputation of the business. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? These include any resource needed for the creation of a good or service. What Are the Most Important Aspects of a Capitalist System? John David Jackson, Patricia Meglich, Robert Mathis, Sean Valentine, David N. Shier, Jackie L. Butler, Ricki Lewis, Nursing Fundamentals- Medication Administrati.