Real Estate 84 Chapter 4 Real Estate Practice Quiz

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Real Estate 84 Chapter 4 Real Estate Practice Quiz.1. Which of the following is not a desirable characteristic in a neighborhood? A. High level of owner-occupancy B. High level of vacancies C. High... level of conformity D. Gently rolling topography Correct Answer: B Explanation: A high level of vacancies in a neighborhood, unless it is still in the construction stage, indicates a neighborhood in decline. 2. A house has a living room, a dining room, a kitchen, a family room, an office, three bedrooms, two and a half baths, four rooms in a partially finished basement, and a three-car garage. What is the total room count for the house? A. 8 B. 10 C. 12 D. 14 Correct Answer: A Explanation: When calculating total room count, do not include bathrooms, basement rooms, or the garage. In this case, that leaves eight rooms. 3. Which of the following phrases describes the objective value that would be placed on a property by a buyer in an open market? A. Value in use B. Value in exchange C. Market value D. Both B and C Correct Answer: D Explanation: Value in exchange, or market value, is the objective value that a property has in the open market. Value in use is the subjective value placed on a property by its owner or user. 4. Which of the following is not an example of a nuisance? A. Frequent heavy fog B. Freeway noise C. Only one bathroom for three bedrooms D. Odors from nearby sausage factory Correct Answer: C Explanation: A nuisance is a problem, either man-made or natural, that is external to a property but that affects the owner's use or enjoyment of the property [Show More]

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