A column of townships running North and South is called a: a. Information on current loan programs. If Broker Tom procures a buyer for Jack, Tom will get the commission and Alice will not. 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. c. an easement 6. 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Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or to pay wages. Land improvement c. Land d. Expense; Answer B c. reliction A. All of the following statements about sections as defined in the US government survey system are true EXCEPT: a. a section is 640 acres. There are four factors of productionland, labor, capital, and entrepreneurship. Other grazing lands include woodlands, native pastures, and croplands producing forages. Variable Cost: What It Is and How to Calculate It, Work-in-Progress (WIP) Definition With Examples, Write-Offs: Understanding Different Types To Save on Taxes, Year-Over-Year (YOY): What It Means, How It's Used in Finance, Zero-Based Budgeting: What It Is and How to Use It, Marxism: What It Is and Comparison to Communism, Socialism, and Capitalism, What Is Productivity and How to Measure It Explained, Fragmentation: Definition, Examples, Pros and Cons in Business, Social Entrepreneur: Definition and Examples, Circular Flow Model Definition and Calculation, Absolute Advantage: Definition, Benefits, and Example, Sustaining Chinas Economic Growth After the Global Financial Crisis, The Industrial Robotics Industry in China: Demand and Domestic Innovation, North American Robot Orders Fall 21% in 2008. The factors of production are land, labor, capital, and entrepreneurship. 2. Investopedia requires writers to use primary sources to support their work. C. Discuss alternative properties that may be interest. b. a parcel of land is 1/8 mile by 1/8 mile is 40 acres. When comparing printers, make sure to compare the cost per. 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? He just sold it for $13,000. a. the estimated cost to -replace a property, a guarantee of the true worth of a property, the President of The Appraisal Foundation. Her asking price was $560,000 and the property sold for $575,000. d. assemblage, 39. For example, a tractor purchased for farming is capital. d. metes and bounds, 17. In economics, capital typically refers to money. B. C. Brenda could be liable for a breach of the listing terms. by Hannah Ritchie, Max Roser and Pablo Rosado, To protect the worlds wildlife we must improve crop yields especially across Africa, After millennia of agricultural expansion, the world has passed peak agricultural land, Yields vs. Land Use: How the Green Revolution enabled us to feed a growing population. C. The same amount will go towards the principal every month. A land owner is contemplating building a septic tank sewer system on his lot. She sold the property and several months later the buyer sued Pam for not disclosing the problem. A Fannie Mae. 42- Alice is planning her career and setting her goals. Take the potential energy for the system with the brick placed at infinity to be zero. (e) 6.61027m6.6\times10^{-27}\;\mathrm{m}6.61027m. b. reliction C. Mike has been late with his rent payments seven times in the past year, D. He had a serious physical altercation with his downstairs neighbor. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. \end{matrix} d. 2.5, 28. C. Jim and Amanda whisper and frown when they see the basement. An example of entrepreneurship is the evolution of the social media behemoth Meta (META), formerly Facebook. C. If the selling agent does not deal directly with the seller, the selling agent is not required to provide the disclosure. B. Pleases the sellers by inv=creasing activity. B. As part of the overall requirement for continuing education, certified and licensed appraisers must complete the 7-Hour National USPAP Update Course or its equivalent ________ calendar year(s). A. -pesticides kill prey thereby causing predators to starve or migrate. California: Real Estate Practice Sample of Final Course Exam, Answers will be revealed with the correct subscription. Land includes any natural resource used to produce goods and services; anything that comes from the land. b. the description is imperfect if it does not end at the point of beginning Jason Fernando is a professional investor and writer who enjoys tackling and communicating complex business and financial problems. a. erosion The second mortgage has now become the primary loan. 51- Which statement is true about a homeowners exemption? 63- Jennys home appraised for $550,000. A surveyor's chain is: What property type will he be dealing with? a. redemption A. B. c. us government survey, PO box, and metes and bounds tT4486468511057126214681671. habitiat fragmentation, none, these are all problems associated with industrial agriculture. C. Consider child support payments in the decision. A survey would reveal all of the following about a property EXCEPT: 10. b) define symbols and develop mathematical model, how does a change in each variable affect demand, Explain in details 4 different ways in which Information is Critical to an entrepreneurship, It has been said that entrepreneurship is Contextual and it will manifest differently in different countries and religion. This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. c. real estate broker B. In some cases, all you need is a piece of land that's not currently being used. The cost of land typically includes the purchase price and all of the following costs except A) private driveways and parking lots. 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. Today, capital and labor remain the two primary inputs for processes and profits. a. plottage 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. 28- Abby applies for a federally-related loan to purchase a home. D. Offer something valuable to the reader. A. 4. the point of beginning is associated with: 5. B. Brenda has violated the fiduciary duty of obedience to Jim. B. b. 83- Matt is computing the adjusted cost basis of his apartment building for income tax purposes. The three methods used to legally describe land are: 57- Under federal income tax law, the basis for a personal residence is which of the following: A. Costs directly related to the . C. Allow indoor pets to leave their designated area. When citing this topic page, please also cite the underlying data sources. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. Skilled and trained workers are called human capital and are paid higher wages because they bring more than their physical capacity to the task. 62- When agent Hal shows a home he should never: A. Electronic Data Interchange for transmitting appraisal reports became popular in the (date). Which of the following statements is true? B. Which law extended discrimination to include handicap and familial status? For purposes of federal income tax, which statement is true? a. government survey As a result, the country became the biggest market for robots. A net listing is illegal in all states. Demand analysis in a market indicates that 15 houses per month can be sold in the market. d. The Jones farm 13 miles west of Clinton, MT, c. Lot 2 block M, Lincoln wood subdivision, missoula country, MT 59802, 31. 3400 acres a. recorded plat, us government survey, and street address. ", Association for Advancing Automation. 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. Buyer Jim asks if he can visit the property for a second time. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. b. metes and bounds Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. B. gives the FBI jurisdiction over state authorities in certain casesprohibits fraud in real estate transactionsestablishes penalties for any criminal activitiesrequires certain documents to be in writing, prohibits fraud in real estate transactions. 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. d. 640 acres, 38. A. C. Refuse to accept the offer and check. Land as a factor of production can mean agriculture and farming to the use of natural resources. 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. b. The interest rate will increase gradually over time. strategies used to increase the supply of food for a country could include. 3. a plat map is used in which type of legal description? c. check This term typically refers to. d. 600 ft, 37. What kind of closing technique is Jim using? d. it is used to describe lots in a subdivision, b. the description is imperfect if it does not end at the point of beginning, 24. d. accretion, 36. a triangular lot with a base of 300 ft on the street contain 10,000 sq yards What is the depth of the lot? c. an encroaching elm tree b. recorded plat, street address, and metes and bounds 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. He raised venture capital money to rent office space, hire more employees, and purchase additional server space for development. A. indirectly, proportionatelydirectly, proportionatelyinversely, directlydirectly, inversely, A business arrangement in which two or more persons jointly own a business and share in its profits and losses is the definition of, limited partnershippartnershipgeneral partnershiptrust. Insurance will cost $6.00 per thousand per year. Learn how it impacts trade. All of the following would be considered improvements to land EXCEPT. the appraisers value opinionthe borrowers estimate of valuethe square footage of the homenone of these. Give the prospects a black copy of a purchase agreement to look over. 44- Jim owns a gift shop in a commercial building. D. Farms. We also reference original research from other reputable publishers where appropriate. Which statement is true? Which type of pesticide has fewer deleterious environmental effects? 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. b. 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 . Absolute advantage allows an entity to produce a greater quantity of the same good or service with the same constraints than another entity. Secure documents that are public information from the courthouse and other sources available to the public. 7- In the initial meetings with the prospects, the agent should do all of the following except which? d. 1/2 mile, 22. Labor refers to the effort expended by an individual to bring a product or service to the market. b. conformity Depending on the specific circumstances, one or more factors of production might be more important than the others. 65- Which of the following items is usually not prorated at closing? You have permission to use, distribute, and reproduce these in any medium, provided the source and authors are credited. A. 69- According to ECOA, lenders cannot discriminate against potential borrowers on the basis of all but which of the following? An illustration of the above is the difference in markets for robots in China compared to the United States after the 2008 financial crisis. All of these factors contribute to the food shortages in Developing countries except, increased mortality of infants and children. Tell the sellers exactly how she feels and why she thinks the offer is not a good one. It would be misleading if the appraiser did not disclose the existence of this structure in the report. none, these are all problems associated with industrial agriculture d. mete, 23. What is the area of the ranch? How many months inventory does this represent? 186,000 x .80 = 148,800148,800 x .006 = 892.8892.8/12 (months) =74.4Answer: $74.40, Short term money instruments are traded on the. The median price of homes sold in your county nine months ago was $217,400. The cost of land typically includes all, except a. Grading, filling, draining and cleaning cost b. 30- Being prepared to handle incoming phone calls means all of the following except which? 55- Greg is approved for a Cal-Vet loan. The appraiser must avoid mentioning this structure in the report. A. 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. metes and bounds Proceeds from issuance of stock. b. riparian -All of the above A. Ken is responsible for his own taxes, while the broker pays Sarahs. The Census of Agriculture is a complete count of U.S. farms and ranches and the people who operate them. d. tier, 20. All of the following could be participants in a real property market except: In analyzing real estate purchase contract, you should be able to find all of the following items except. You have found comparable sales of rural land parcels that indicate the following sale prices per acre: ($930, $775, $1202, $995, $1612, $906). c. to protect against liens The right to construct and maintain tunnels, subways, subcellars, pipelines, sewers, etc. is the definition of _________ rights. a. a grant A. Gradual declines have occurred in cropland and pasture . 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? It must be in writing to be enforceable. 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. A lot measures 248.4 feet X 378.90 feet. A. b. recorded plat Image by Sabrina Jiang Investopedia2020, Absorption Costing Explained, With Pros and Cons and Example, What Is an Amortization Schedule? 41- Agricultural land includes all of the following EXCEPT which? At the end of the term, the loan balance will be negative. The definition of factors of production in economic systems presumes that ownership lies with households, who lend or lease them to entrepreneurs and organizations. 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. 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. How much cropland has the world spared due to increases in crop yields? C. The fair market value at the time of sale This is an example of. It does not include land that is predominantly under agricultural or urban land use. The term of the loan can be shortened. 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? Who will pay the points? Use these expressions to check the numerical values of the constants a0a_0a0 and E1E_1E1. The ERS Major Land Uses series is the longest running accounting of all major uses of public and private land in all 50 States. It can be considered an employment contract. Why? a. a series of wire links each 7.92' long C. Broker Harry deposits $1000 into his brokerage business account. He paid $100,000 for it, and made $300,000 worth of improvements. Which of the following would NOT be considered a negative easement? sewers; crops; buildings; roads B. Jim Sharp is purchasing his fathers home. What kind of agreement is this? Present the offer and tell the seller that the check needs to be held until June 30. -pesticides alter the genetic resistance in populations causing the pests to persist. D. Understanding characteristics of the rental market. b. B. A. c. There are 36 sections in a township A basis of $148,000 and no taxable gain, B. C. Real Estate Settlement and Procedures Act. C. Parks. Our articles and data visualizations rely on work from many different people and organizations. Even small plots of land - whether rural or urban - growing fruit, vegetables or some food animals count if $1,000 or more of such products were raised and sold, or normally would have been sold, during the Census year. b. an environmental impact statement a. 85- Which paragraph of the purchase agreement states that the balance of the purchase price will be deposited into escrow prior to closing? Within the software industry, labor refers to the work done by project managers and developers in building the final product. The purchase price, plus depreciation, B. Under no circumstances, however, is labor owned by firms. The borrower makes payments of interest only over the term of the loan. Your income is $1,472 every two weeks. Which of the following is a legal description of a property? 31- Patrick has a written independent contractor agreement with his broker Tami. 435,600 square feet Estimate its value. C. Identifies buyers for other properties. Under the current qualification criteria, an applicant for Appraiser Trainee must have completed ___ creditable hours of experience. Which form of legal land description uses measures of definite distances in indicated directions? 4 Factors of Production Explained With Examples, Fiscal Year: What It Is and Advantages Over Calendar Year, How a General Ledger Works With Double-Entry Accounting Along With Examples, Just-in-Time (JIT): Definition, Example, and Pros & Cons, Net Operating Loss (NOL): Definition and Carryforward Rules, NRV: What Net Realizable Value Is and a Formula To Calculate It, No-Shop Clause: Meaning, Examples and Exceptions, Operating Costs Definition: Formula, Types, and Real-World Examples, Operating Profit: How to Calculate, What It Tells You, Example, Production Costs: What They Are and How to Calculate Them, What Is a Pro Forma Invoice? While large companies make for excellent examples, a majority of companies within the United States are small businesses started by entrepreneurs. 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. c. 400 ft Double-Declining Balance (DDB) Depreciation Method Definition With Formula. A personal vehicle used to transport family is not considered a capital good, but a commercial vehicle used expressly for official purposes is. real estatesavings accountmoney market fundcertificate of deposit. (b) 3.31011m3.3\times10^{-11}\;\mathrm{m}3.31011m The lender will allow you to spend up to 28% of your annual income for housing costs, including your mortgage, property taxes, and insurance. d. avulsion, 34. 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. Is equal for each year over the life of the property, C. Is high during the first five years of the ownership period, then reduces gradually over the life of the property, D. Varies according to the expired life of the improvements made to the property. What will the new owners pay in property taxes? D. Exclusive-authorization-and-right-to-sell agreement. 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: Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. (c) 3.31014m3.3\times10^{-14}\;\mathrm{m}3.31014m Agricultural land is typically land devoted to agriculture, [1] the systematic and controlled use of other forms of life particularly the rearing of livestock and production of crops to produce food for humans. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. D. Their loan payments will gradually increase. The website with the largest amount of demographics information is, What is the median of the following set of gross rent multipliers? How many acres is that? Our World in Data is free and accessible for everyone. 2240 acres Crop yields might seem far from being one of the world's largest problems. D. The appraised value prior to sale B. 61- Bill and Sue secured a mortgage loan that is tied to an index which fluctuates over the life of the loan. 66- When doing a listing presentation which of the following items would you not describe to the owners as being a benefit of listing with an agent? A. I will complete the GRI certification in the next four years. Their first mortgage will get paid off immediately. 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. 71- When agent Jane meets with her sellers to offer suggestions, she most likely would not give them: 72- According to RESPA, a buyer or seller cannot legally be charged at closing for which of the following items? 68- Greg and Joyce have an adjustable rate mortgage on their home.

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