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A business engaged in agriculture or farming as defined in MGL. a. Twenty years ago, most appraisal reports that were sent electronically were sent using _____ technology; today, most appraisals are sent electronically using a _______ format. d. an easement, a. the water rights reserved by a previous owner, 14. These include white papers, government data, original reporting, and interviews with industry experts. d. 640 acres, 38. a. frontage Thomas J. Brock is a CFA and CPA with more than 20 years of experience in various areas including investing, insurance portfolio management, finance and accounting, personal investment and financial planning advice, and development of educational materials about life insurance and annuities. A. Greg Burns is selling his interest in his home to his wife Melanie as part of their divorce settlement. For a group of early French economists called the physiocrats, who predated the classical political economists, land was responsible for generating economic value. Sustainable agriculture encourages the use of antibiotics to prevent disease. The cost of land typically includes the purchase price and all of the following costs except A) private driveways and parking lots. 2. Organisms at higher levels on food webs tend to have greater concentrations of bioaccumulated pesticide stored in their bodies through a process known as. For example, a firm operating in the real estate industry typically owns significant parcels of land, while retail corporations and shops lease land for extended periods of time. 7. b. the columns of townships running north and south within a check are called ranges B. For modern mainstream (neoclassical) economists, capital is the primary driver of value. Get started for free! this analysis can only be applied if there are no existing improvements. yields at a global level following the pattern established over the past five decades will not be sufficient to meet food needs. disease-resistant crop varieties closed in the operating activities (O), investing activities (I), or financing activities (F) section of the statement or use (NA) if the item does not appear on the statement. 27- Mr. and Mrs. Haley are purchasing beachfront property in an upscale development. D. An exclusive listing must always be at least 30 days long. 4024 pine street, Missoula, missoula country mt 59801 Because of their low clay content, sandy soils are often referred to as "light soils.". Present the offer and tell the seller that the check needs to be held until June 30. 46- A life insurance company would most likely invest in all but which of the following properties? Today, capital and labor remain the two primary inputs for processes and profits. He paid $100,000 for it, and made $300,000 worth of improvements. While land is an essential component of most ventures, its importance can diminish or increase based on industry. The median price of homes sold in your county nine months ago was $217,400. Countries that are rich in human capital experience increased productivity and efficiency. narrow-spectrum pesticide because it focuses on killing specific organisms. B. Ken must obtain his own training. b. easement a. Which of the following is not one of those groups? She is probably using all but which of the following tools? 74- Which statement is not true about an agency relationship? 3- A property manager can refuse to rent to applicant Mike for any of the following reasons except which? Ask the buyers to sign a real estate transfer disclosure statement. d. a setback, 12. 4. A. The World Bank divides the world into four groups. A. d. a percolation test, 29. (a) 2.01020m2.0\times10^{-20}\;\mathrm{m}2.01020m A. Studying population trends in the area. In 2012, the latest update to ERS's Major Land Uses (MLU) series, grassland pasture and range uses accounted for the largest share of the Nation's land base, surpassing land in forest uses, which includes grazed forest land, for the first time since 1959.Although the shares of land in different uses have fluctuated to some degree over time . Who is responsible for appointing members to the ASB and AQB? The Solow residual, also known as "total factor productivity (TFP)," measures the residual output that remains unaccounted for from the four factors of production and typically increases when technological processes or equipment are applied to production. 36- Broker Eric secures a loan for buyer Paul. It sold for $80,000. A survey would reveal all of the following about a property EXCEPT: d. metes and bounds, 17. The broker will not provide any. Prices have been increasing at the rate of 8% per year. Business Accounting 1. 6. Except for labor, ownership for factors of production varies based on industry and economic system. A. a. each check contain 16 townships who four boundaries each measure 6 miles While not directly listed as a factor, technology plays a vital role in influencing production. 52 weeks in a year divided by 2 is 26.1,472 x 26 = 38,27238,272 x .28 = 10,716,16 (28% of the annual income per yr)10,716 divided by 12 (months) =893.01 monthly payments. Agricultural productivity across Sub-Saharan Africa needs to improve to reduce hunger, poverty, and the destruction of biodiversity. c. meridian 100 acres Give the prospects a black copy of a purchase agreement to look over. When appraising an income producing property, you have the following GRMs indicated from comparable sales (122, 159, 132, 126, 122, 173, 152, 126). Insurance will cost $6.00 per thousand per year. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. Two months later she purchased and moved into a new home that cost $145,000. A. Generates leads for new listings. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. That includes Randy Newman, who sings about his hometown.1:A nickname of a place can have the following functions except .Abuilding up identityBentertainmentCbringing pride to the localsDuniting surrounding cities2:The underlined sentence can best be replaced by .AYour trip to Los Angeles is not perfect if you miss . b. the description is imperfect if it does not end at the point of beginning If you apply for the loan, how much can your maximum monthly payment be? 73- Which of these is not a buying signal? C. The date the lender receives her application. Our World in Data is free and accessible for everyone. Special assessment for drainage system c. Private driveway and parking lot d. Assumption of any lien on the property; Answer C. Fence and parking lot are reported as a. How much will your insurance cost per month? Which winds steer hurricanes that form in the Atlantic Ocean toward Florida? How much cropland has the world spared due to increases in crop yields? Tell the sellers exactly how she feels and why she thinks the offer is not a good one. materials, buildingslabor, entrepreneurial coordinationbuildings, labormaterials, entrepreneurship. Then the prey population rebounds larger than before since predators are gone Fannie Mae FDIC OCC FRB. Which form of legal land description describes a parcel by enclosing it? c. the section lines must be clearly noted Start in the room with the best features. In capitalism, the factors of production are most often controlled by business owners and investors. c. 2 townships where c=h/mc\lambda_c=h / m cc=h/mc is the Compton wavelength of the electron and =ke2/c\alpha=k e^2 / \hbar c=ke2/c is the finestructure constant. Sustainable land use can help to reduce the impacts of agriculture and livestock, preventing soil degradation and erosion and the loss of valuable land to desertification. C. The fair market value at the time of sale d. recorded plat, us government survey and metes and bounds, d. recorded plat, us government survey and metes and bounds, 18. . Which type of pesticide has fewer deleterious environmental effects? D. The interest payment is always smaller then the amount allocated to the principal. Which statement is true? d. tier, 20. ", Association for Advancing Automation. The factors of production include land . b. The Uniform Commercial Code covers the sale of goods over $________. Marxism is a set of social, political, and economic theories developed by Karl Marx that formed the basis of socialist principles. Calculate the de Broglie wavelength associated with a helium-4 atom (4.00 amu) moving at 3.0106m/s3.0\times10^6\;\mathrm{m/s}3.0106m/s. How many owners are there? What kind of lease does Jim have? "Sustaining Chinas Economic Growth After the Global Financial Crisis," Pages 1-2. International Federation of Robotics. 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. In zoning, the distance from the street to the front of a house is called: This site is using cookies under cookie policy . For example, the use of robots in manufacturing has the potential to improve productivity and output. $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. 81- Jake has decided to specialize in working with clients who purchase schools. c. reliction c. There are 36 sections in a township The website with the largest amount of demographics information is, What is the median of the following set of gross rent multipliers? You can get a loan for 90% of value. You want to insure it for 80% of value and the annual insurance premium will cost $5.75 per thousand. What will they have to pay at closing for the points? 300 ft Capital also follows a similar model in that it can be owned or leased from another party. Prove that Cf(z)dz=0\oint_{C} f(z) d z=0Cf(z)dz=0, where f is the given function and C is the unit circle z=1|z|=1z=1. What should Alice do? c. to protect against liens -pesticides kill prey thereby causing predators to starve or migrate. How long does he have to file a complaint with the Department of Housing and Urban Development? Economic Order Quantity: What Does It Mean and Who Is It Important For? The Haleys want to get a mortgage that will cover the purchase price plus all the furnishings. Deforestation can include clearing the land for farming or livestock, or using the timber for fuel . tT4486468511057126214681671. The second mortgage has now become the primary loan. Randy gives Tom an earnest money check for $1,000 and asks Tom to hold it until June 30, regardless of the date the seller accepts the offer. Lots and blocks are appox. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. Land not classified as "Forest", spanning more than 0.5 hectares; with trees higher than 5 meters and a canopy cover of 5-10 percent, or trees able to reach these thresholds in situ; or with a combined cover of shrubs, bushes and trees above 10 percent. Again, it can take on various forms. d. private mortgage insurance, 26. if a property owner had a land survey done on his property it would include all of the following EXCEPT: Purchase of investments. b. a parcel of land is 1/8 mile by 1/8 mile is 40 acres. For example, a tractor purchased for farming is capital. The ___ has oversight authority over state appraisal boards: Which is not true concerning the highest and best use of land as though vacant? However, commentators sometimes refer to labor and capital as the two primary factors of production. An important characteristic of land is that it may be modified or improved at any given time. 82- What is the minimum period of time over which the owner of an apartment building can depreciate the improvements? D. All adjustable rate mortgages have negative amortization. Depreciation. b. the boundaries of the property 57- Under federal income tax law, the basis for a personal residence is which of the following: 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers, etc. is the definition of _________ rights. C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. Improvements in crop yields have been essential to feed a growing population, while reducing the environmental impact of food production at the same time. Which statement is true ? A property is owned as tenancy in severalty. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. c. 66 feet A. I will complete the GRI certification in the next four years. 96- Which statement is not true about a listing contract? A net listing is illegal in all states. The land that is least conducive to agriculture is sandy soil. B. Absolute advantage allows an entity to produce a greater quantity of the same good or service with the same constraints than another entity. 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. B. Estimate its value. Entrepreneurship is the secret sauce that combines all the other factors of production into a product or service for the consumer market. Understanding the kind of responses your advertising generates, D. Being able to anticipate the callers requirements. 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. The fees that Eric charges Paul for making the loan could be any but which of the following amounts? Practice Questions with no Answers for Preview, >Ch7-9 R.E. What did it sell for per acre? Goodwill is an intangible asset that results from the reputation of the business. For example, the construction worker at a hotel site is part of labor, as is the waiter who serves guests or the receptionist who enrolls them into the hotel. 5 acres -All of the above C. Find a lender who is willing to do FHA loans. Negotiate agreements regarding commission structuring. B. Pastureland. How much did Sam gain or lose on the sale? 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. Which statement is TRUE regarding this situation? Within the software industry, labor refers to the work done by project managers and developers in building the final product. Deposit the check into his trust fund account on the next business day. Which is the fullest and most complete type of estate? D. Their lender can profit from the difference in interest rates. B. For purposes of federal income tax, which statement is true? Electronic Data Interchange for transmitting appraisal reports became popular in the (date). b. setback 8. 65- Which of the following items is usually not prorated at closing? Labor by an uneducated and untrained worker is typically paid at low prices. e statement and outline the possible factors that could determine the contextual Variations in the manifestation of entrepreneurship. C. Neither Sarah nor Ken can get employer-provided health insurance. D. Seeking buyers for others agents listings. the same size c. lot, block and subdivision a. metes and bounds In economics, capital typically refers to money. 93- Jim has created a nice property flier for the James home. 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 . C2H5Br(alc)+OH(alc)C2H5OH(I)+Br(alc), is first order each in ethyl bromide and hydroxide ion. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. . Take the potential energy for the system with the brick placed at infinity to be zero. For example, a technology company can easily begin operations with zero investment in land. The proportion of the land base in agricultural uses has declined from 63 percent in 1949 to 51 percent in 2007. 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. d. avulsion, 34. After Facebook, the social media site, became popular and spread across campuses, it realized it needed to recruit additional employees. 1. 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? 30.4 . 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. This topic page can be cited as: All visualizations, data, and code produced by Our World in Data are completely open access under the Creative Commons BY license. C. Analyzing the income potential of the property. B. In this context,technology has a fairly broad definition and can refer to software, hardware, or a combination of both used to streamline organizational or manufacturing processes. 95- Who is liable for the withholding on the sale of a property owned by a foreigner? Which of the following statements is true? Depending on the specific circumstances, one or more factors of production might be more important than the others. What is the area of the ranch? Give a discount to families with children. But, if yields and labor productivity do not increase it will have far-reaching consequences for global poverty, and protection of the environment. D. Understanding characteristics of the rental market. Claims that the world has only 100, 60, or even 30 years of harvests left often hit the headlines. d. lots and blocks, 16. B. Integrated pest management incorporates all of the following methods except The Census of Agriculture is a complete count of U.S. farms and ranches and the people who operate them. 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. Your property, which consists of a house on a lot, is valued at $186,000. Land has a broad definition as a factor of production and can take on various forms, from agricultural land to commercial real estate to the resources available from a particular piece of land. She has an access right of way across the property of her neighbor Bob Smith for ingress, egress, and regress. Here are all the sales in your area in the last 4 months. The greater a firm's or country's TFP, the greater its growth. c. Lot 2 block M, Lincoln wood subdivision, missoula country, MT 59802 D. The date Abby makes the request to receive the booklet. How much is your property worth today? 30- Being prepared to handle incoming phone calls means all of the following except which? During an economic contraction or when they suffer losses, companies cut back on capital expenditure to ensure profits. It can also refer to market, industry, and business fragmentation. These claims are overblown, but soil erosion is a problem and we can do something about it. This can result in a transformation of factors of production for entire industries. However, as business continued to grow, Meta built its own office space and data centers. a. the water rights reserved by a previous owner Which of the following items can Matt not add to the original cost when doing the computation? Practice Questions with no Answers 33- Which statement is true about a loan that has a negative amortization? b. dedication After the crisis, China experienced a multi-year growth cycle, and its manufacturers invested in robots to improve productivity at their facilities and meet growing market demands. USPAP includes performance standards for the appraisal of, real property, personal property, and business/intangible property, What is the mode of the following set of gross rent multipliers? A survey would reveal all of the following about a property EXCEPT: 10. c. check b. us government system c. an encroaching elm tree (95, 93, 120, 94, 93, 129). Land as a factor of production can mean agriculture and farming to the use of natural resources. 3. a plat map is used in which type of legal description? 58- Mortgage lenders are prohibited from discriminating in giving credit to prospective borrowers based on race, color, religion, national origin, sex, marital status, age or dependency on public assistance under which law or regulation? 45- Kirk wants to get an FHA loan. B. b. riparian A facade easement is a type of_______________ easement. 11- Broker Jill has an agreement with seller Alice that says Jill will receive compensation if anyone except Alice sells Alices home, what kind of agreement is this? 10- Which of the following prospecting techniques do you have to use carefully because it has tended to upset people in recent years? C. Payments will not be enough to retire the loan. In conclusion, The term "permanent cropland" includes wooded plantations used to harvest fruit but excludes tree farms and true forests utilized for wood or lumber. What is the mean of the GRMs? 4. A developer of a shopping center buys three adjoining lots for $124,000, $75,000 and $111,000 creating a single parcel worth $420,000. An example of entrepreneurship is the evolution of the social media behemoth Meta (META), formerly Facebook. While large companies make for excellent examples, a majority of companies within the United States are small businesses started by entrepreneurs. The other 75% came from an hourly wage paid by Tami. How would Grants lease at this time be classified? Indicate whether each item is dis We also reference original research from other reputable publishers where appropriate. pheromone traps It amalgamates past approaches to economic theory, such as the concept of labor as a factor of production from socialism, into a single definition. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. There are four factors of productionland, labor, capital, and entrepreneurship. A. 86- Which of the following is not considered a benefit of investing in real estate? 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? At the end of the term, the loan balance will be negative. Land: Includes undeveloped property, vacant land, and agricultural lands such as farms, orchards, ranches, and timberland. A. Brenda must follow all of Jims instructions. It is important to distinguish personal and private capital in factors of production. The borrower makes payments of interest only over the term of the loan. 9- Which California Fair Housing Law Prohibits discrimination based on sexual orientation of source of income? A basis of $145,000 and a taxable gain of $3,000, C. A basis of $130,000 and a table gain of $18,000. The main cause of undernutrition and food insecurity globally is lack of available food. (e) 6.61027m6.6\times10^{-27}\;\mathrm{m}6.61027m. Secure documents that are public information from the courthouse and other sources available to the public. d. assemblage, 39. His depreciation was $2,500 per year. b. Productivity measures the efficiency of production in economics. sewers; crops; buildings; roads Learn how it impacts trade. 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 D. Allows viewing access to strangers. The price expected for a whole property, e.g., a house, or a part of a property, e.g., a plumbing fixture, that is removed from the premises usually for use elsewhere is the definition of ____________ value. The Buckle, Incorporated, included the following in its statement of cash flows presented using the indirect method. Purchase price b. Which of these factors would result in a violation of USPAP if the appraiser based his or her appraisal fee on it? Erosion A. You apply for a mortgage. Image by Sabrina Jiang Investopedia2020, Absorption Costing Explained, With Pros and Cons and Example, What Is an Amortization Schedule? The recent trend of U.S. prime farmland has been a loss of 160,000 hectares per year. The right of ingress and egress over the land of another person is call a: a. a grant d. all of the above, Arizona Real Estate "Escrow and Closing B-7", Real Estate Test National Portion B1-B9 Exam, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer. 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. 104- Lorna and Hal have obtained a growing equity mortgage for their new home. D. Offer something valuable to the reader. The purchase price, plus depreciation, B. 44- Jim owns a gift shop in a commercial building. PRACTICE QUESTIONS), >Ch1-3 R.E. Practice Questions with no Answers for Preview, >ALL Real Estate Practice Class Questions with Answers & most with Explanations. B. 29- Which of the following is not a good direct mail technique? D. Their loan payments will gradually increase. c. a determination of the area of the property 59- Which of the following is a sellers request that an agent cannot honor? c. highest and best use Pastures are those lands that are primarily used for the production of adapted, domesticated forage plants for livestock. d. 1/2 mile, 22. For example, an accountants job requires the analysis of financial data for a company. When estimating the value of a fireplace in a single-family home, the most important principle is the principle of, changesubstitutionincreasing and decreasing returnscontribution, Normally the first step in highest and best use analysis is to research the uses that are, socially acceptablefinancially possiblelegally permissiblemaximally productive. C. They can make payments directly to the original lender. As a result, the country became the biggest market for robots. At the end of the term, the loan balance will be negative. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. What kind of mortgage are they looking for? D. Avoid negative comments while hes inside the home. A. Ken is responsible for his own taxes, while the broker pays Sarahs. a. easement Investopedia requires writers to use primary sources to support their work. The cost of purchase of inventory does not include a. The metes and bounds form of land description uses: 2. a township contains how many square miles? There are two main uses of agricultural land: arable farming (which is land dedicated to growing crops), and pastureland (which includes meadows and pastures used for livestock rearing). This is further explained below. B. b. meridians All other material, including 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. a. government survey Property rights are part of real property, not real estate, The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires is the definition of. The term of the loan can be shortened. D. The UCC is a body of law that standardizes a number of business practices. c. accretion 50- Harry has some buyers that he believes are ready to make an offer. In some cases, all you need is a piece of land that's not currently being used. Labor refers to the effort expended by an individual to bring a product or service to the market.