Real Estate National Practice

13 Questions | By Janetmm | Last updated: Jan 10, 2013

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Quiz to is to help you pass your National Real Estate Exam

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Questions and Answers

1.

A system of laws that recognizes private ownership of land is referred to as?
- A.
  
  Common law
- B.
  
  Feudal law
- C.
  
  Allodial system
- D.
  
  Statute law
2.

All of the following which are considered personal property
- A.
  
  A garage
- B.
  
  Growing bushes
- C.
  
  Installed dishwasher
- D.
  
  A stores displayed counters
3.

In general, when the supply of R.E increase...
- A.
  
  Prices tend to increase
- B.
  
  Prices tend to decrease
- C.
  
  Demand tends to increase
- D.
  
  Demand is unchanged
4.

Which of the following describes the act by which real property can be converted to personal property?
- A.
  
  Seperatation
- B.
  
  Conversion
- C.
  
  Severance
- D.
  
  Accession
5.

A buyer and seller of a home are debating whether a certain iteam is real or personal property. The buyer believes its real propeprty and should be conveyed with the house; the seller believes it is personal property and may be conveyed seperatley with a bill of sale. In determining whether the item is real or personal property, a court would consider all of the following except?

Discuss
- A.
  
  Adaptation of the item to the real estate
- B.
  
  The method of of attachment
- C.
  
  Permanence of the installation
- D.
  
  The length of time the item has been attached to the property
6.

In the real estate market there are several factors that effect the supply of demand for real estate. Which of the following woul daffect the demand for real estate.
- A.
  
  # of real estate brokers in the area
- B.
  
  # of full-time real estate salespersons in the area
- C.
  
  Wage levels and employment opportunities
- D.
  
  Price of new homes being built in area
7.

The economic characteristic of permanence of investment refers to which of the following?
- A.
  
  No 2 parcels of land are exactly alike
- B.
  
  Land cannot be removed
- C.
  
  Investments in real estate are usually for the long term
- D.
  
  Land cannot be destroyed
8.

James is building a new enclosed front porch on his home. A truckload of lumber is left on his driveway for use in the building of the porch. At this poin the lumber is considered which kind of property?

Discuss
- A.
  
  A fixture because it will be permanently affixed to existing real property
- B.
  
  Personal property
- C.
  
  Real prop.
- D.
  
  A trade fixture
9.

Property management, appraisal, financing, and development are all examples of
- A.
  
  Government regulation of real estate industry
- B.
  
  Services provided by the real esate industry
- C.
  
  Non real estate professions
- D.
  
  Factors affecting demand for real estate.
10.

Which of the following are considered personal property?
- A.
  
  Trees growing on property
- B.
  
  A garage
- C.
  
  A driveway
- D.
  
  Trade fixtures installed on property
11.

Which economic characteristic of real estate refers to the concept that changes in a parcel of land affect its value either favorably or un favorably?
- A.
  
  Fixity
- B.
  
  Modifications
- C.
  
  Scarcity
- D.
  
  Nonhomogeneity
12.

What physical characteristic makes real estate easy for local gov. to tax and causes it to be heavlily influenced by changes in the surrounding areas
- A.
  
  Indestructibility
- B.
  
  Nonhomogeneity
- C.
  
  Immobility
- D.
  
  Situs
13.

Which of the following is included in the definition of real estate but not the defintion of land
- A.
  
  Air rights
- B.
  
  Propertys surface
- C.
  
  Below the surface to center of earth
- D.
  
  Fixtures on property

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