Real Estate Unit 1 Test Review

Which of the following is considered real property?

• A car
• A sofa
• A house
• A laptop

Personal property refers to:

• Land and anything permanently attached to it
• Movable items that are not fixed to land
• Buildings and fixtures
• Anything located on a piece of real estate

Which of the following would be an example of personal property?

• An acre of land
• A detached garage on a property
• A computer
• A swimming pool attached to the home

Which of the following is a characteristic of real property?

• It can be easily moved from place to place
• It includes land and structures permanently attached to the land
• It includes items like furniture and electronics
• It can be transferred without any legal documentation

Which of the following is true about real property?

• It can be destroyed easily and replaced
• It includes movable personal possessions
• It is typically subject to property taxes
• It is not affected by zoning laws or regulations

Which of the following is a characteristic of land?

• Mobility
• Indestructibility
• Reproducibility
• Homogeneity

What does the term "non-homogeneity" (or heterogeneity) mean in relation to land?

• All land is identical
• Each parcel of land is unique and cannot be exactly duplicated
• Land can be replicated through artificial means
• Land can be subdivided into identical pieces

Why is land considered immobile?

• Land can be bought and sold anywhere in the world
• Land cannot be moved from one place to another
• Land can be relocated by property owners
• Land can change ownership easily

Why is the uniqueness (non-homogeneity) of land important in real estate?

• It allows different owners to share the same land
• It ensures that all properties are identical
• It means no two pieces of land are exactly the same, affecting property value
• It allows land to be recreated in other locations

How does the immobility of land affect its market value?

• It makes the land less valuable over time
• Land's location cannot be changed, which makes location a critical factor in its value
• It allows land to be easily transported to better markets
• Immobility decreases the demand for land