BUSI 3250 Final Exam Questions and Answers 2023

What are the 4 types of real estate?: residential commercial agricultural public living units, can be single or multi family: residential property where business or commerce is operated or takes place: commercial property used for the cultivation of natural resources: agricultural property used for government uses: public _____ and _____ are the 2 biggest property wise: residential and commercial ____ is the largest acre wise: agricultural represents clients in assisting in buying or selling real estate and can specialize: agent (broker) loans money for someone to buy a property ex: banker: mortgage lender connects the borrower with the lender and does the transaction: mortgage broker values the property, used for insurance purposes (policies): appraiser 12. determines the boundaries of property, helps with development or division: surveyor someone that knows more about a topic than you. Can be hired simply for that knowledge: consultant what are the physical characteristics of property?: immobility indestructibility NonHomogeneity cannot be moved: immobility land cannot be destroyed: indestructibility no 2 pieces of land are exactly alike (can be used to force people to buy or sell): nonhomogeneity what are the economic characteristics of real estate?: scarcity fixity situs modification