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16 Questions

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INTROReal Estate Knowledge Quiz

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Questions and Answers

What does real estate consist of?

Land and natural resources

Land, improvements, and utility systems

Land and improvements (correct)

Improvements and natural resources

What is the main category that serves as the baseline for all types of real property?

Natural resources

Residential real estate

Land (correct)

Improvements

What is the most common type of estate that consists of housing for individuals, families, or groups of people?

Residential real estate (correct)

Commercial real estate

Industrial real estate

Agricultural real estate

What do property rights give a title of ownership to?

Land, improvements, and natural resources Signup and view all the answers

What is an example of commercial property?

Shopping malls Signup and view all the answers

What activities are associated with industrial real estate?

Factories and construction Signup and view all the answers

What do development firms do in the real estate industry?

Purchase raw land and create new inventory Signup and view all the answers

What is the primary role of a real estate brokerage?

Facilitate transactions between buyers and sellers Signup and view all the answers

What are the main responsibilities of property management firms?

Collecting rent and managing tenants Signup and view all the answers

What role do lenders play in the real estate industry?

Providing financing for properties and developments Signup and view all the answers

What is the main focus of sales and marketing firms in real estate?

Selling the inventory of completed units Signup and view all the answers

What is the process of real estate development?

Purchase of raw land, rezoning, construction, and sale or lease of finished product Signup and view all the answers

What is the primary function of real estate agents in a brokerage?

Facilitate transactions between buyers and sellers Signup and view all the answers

What is the most common way that real estate owners finance their business?

Using leverage (debt) from lenders Signup and view all the answers

What is the main responsibility of property management firms regarding rental properties?