REE 3043 EXAM 1 QUIZ QUESTIONS AND ANSWERS
2026
Fences - Answers - When viewed as a tangible asset, real estate can be defined as the
land and its permanent improvements. Improvements on the land include:
Mortgage - Answers - Real estate is property, which can be either a tangible or an
intangible asset. Which of the following would be considered an intangible asset?
area that does not include any improvements - Answers - When the value of land is
considered, it is important to distinguish between land and raw land. Raw land refers to
a(n):
pension fund managers - Answers - The demand for real estate derives from the need
that participants in the user market have for shelter and convenient access to other
locations. The primary participants in the user market include all of the following
EXCEPT:
User Market - Answers - A market where tenants negotiate rent and other terms with
property owners or their managers is referred to as a:
D. Through all the above - Answers - The actions of local, state, and federal
governments affect real estate values:
A. Primarily through user markets
B. Primarily through capital markets
C. Primarily through their taxation policies
D. Through all the above
2/3 - Answers - What portion of households owns their house?
Nongovernment real estate - Answers - Of the following asset categories, which class
has the greatest aggregate market value?
Improvements to the land - Answers - Storm water drainage systems are best described
as:
Housing - Answers - What is the single largest asset category in the portfolio of a typical
U.S. household?
homogeneous product - Answers - Real estate markets differ from other asset classes
by having all of the following characteristics except:
Access to schools - Answers - Which of the following is the least important to the
location of commercial properties?
, License - Answers - Which of the following is not a form of real property right?
Power line easement - Answers - Which of these easements is most likely to be an
easement in gross?
Law of capture - Answers - Rules used by courts to determine whether something is a
fixture include all except:
D. All of these - Answers - Which of the following is a titled estate?
A. Fee simple absolute
B. Fee simple conditional
C. Life estate
D. All of these
Tenancy in Common - Answers - Which of these forms of co-ownership could best be
described as "normal ownership," except that multiple owners can have unequal
ownership interest in the same property?
Community Property - Answers - Which of these marriage-related forms of co-
ownership gives each spouse a one-half interest in any property that is "fruits of the
marriage"?
Property tax lien - Answers - Which of these liens has the highest priority?
D. a and b, but not c - Answers - Restrictive covenants for a subdivision usually can be
enforced by:
A. Subdivision residents
B. Lenders with mortgage loans in the subdivision
C. Local government
D. a and b, but not c
D. All of these are possible - Answers - Timeshare programs can involve which of the
following claims or interests?
A. Fee simple ownership
B. Leasehold interest
C. License
D. All of these are possible
d. a and b, but not c - Answers - Every condominium buyer needs to know the details of
which document(s):
a. Condominium declaration
b. Bylaws
c. Proprietary lease
d. a and b, but not c
2026
Fences - Answers - When viewed as a tangible asset, real estate can be defined as the
land and its permanent improvements. Improvements on the land include:
Mortgage - Answers - Real estate is property, which can be either a tangible or an
intangible asset. Which of the following would be considered an intangible asset?
area that does not include any improvements - Answers - When the value of land is
considered, it is important to distinguish between land and raw land. Raw land refers to
a(n):
pension fund managers - Answers - The demand for real estate derives from the need
that participants in the user market have for shelter and convenient access to other
locations. The primary participants in the user market include all of the following
EXCEPT:
User Market - Answers - A market where tenants negotiate rent and other terms with
property owners or their managers is referred to as a:
D. Through all the above - Answers - The actions of local, state, and federal
governments affect real estate values:
A. Primarily through user markets
B. Primarily through capital markets
C. Primarily through their taxation policies
D. Through all the above
2/3 - Answers - What portion of households owns their house?
Nongovernment real estate - Answers - Of the following asset categories, which class
has the greatest aggregate market value?
Improvements to the land - Answers - Storm water drainage systems are best described
as:
Housing - Answers - What is the single largest asset category in the portfolio of a typical
U.S. household?
homogeneous product - Answers - Real estate markets differ from other asset classes
by having all of the following characteristics except:
Access to schools - Answers - Which of the following is the least important to the
location of commercial properties?
, License - Answers - Which of the following is not a form of real property right?
Power line easement - Answers - Which of these easements is most likely to be an
easement in gross?
Law of capture - Answers - Rules used by courts to determine whether something is a
fixture include all except:
D. All of these - Answers - Which of the following is a titled estate?
A. Fee simple absolute
B. Fee simple conditional
C. Life estate
D. All of these
Tenancy in Common - Answers - Which of these forms of co-ownership could best be
described as "normal ownership," except that multiple owners can have unequal
ownership interest in the same property?
Community Property - Answers - Which of these marriage-related forms of co-
ownership gives each spouse a one-half interest in any property that is "fruits of the
marriage"?
Property tax lien - Answers - Which of these liens has the highest priority?
D. a and b, but not c - Answers - Restrictive covenants for a subdivision usually can be
enforced by:
A. Subdivision residents
B. Lenders with mortgage loans in the subdivision
C. Local government
D. a and b, but not c
D. All of these are possible - Answers - Timeshare programs can involve which of the
following claims or interests?
A. Fee simple ownership
B. Leasehold interest
C. License
D. All of these are possible
d. a and b, but not c - Answers - Every condominium buyer needs to know the details of
which document(s):
a. Condominium declaration
b. Bylaws
c. Proprietary lease
d. a and b, but not c
