Exam 1: The Nature of Real Estate and Real Estate Markets

The size of a single family residential lot is typically:

When viewed as a tangible asset,real estate can be defined as the land and its permanent improvements.Improvements on the land include:

Large commercial properties valued well over $10 million are often referred to as:

Real estate values derive from the interaction of three different sectors in the economy.Which of the following sectors serves to allocate financial resources among households and firms requiring funds?

The market for buying,selling,and leasing real estate can be characterized by all of the following EXCEPT:

The required rate of return that an individual demands on a real estate investment is determined in the:

Especially in terms of retail properties,which of the following attributes is considered the most likely to result in drastic value differences between otherwise similar properties?

The national government can have a significant impact on the value of real estate through:

As of 2008,the single largest asset category in the net worth portfolios of households is:

The expected stream of rental income is capitalized into value by converting expected future cash flows into present value through a process called:

What proportion of U.S.households own their home?

Primarily through land use controls and property tax policy,which of the following branches of government has the largest influence on real estate values?

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:

Capital markets can be divided into four main categories: private equity,public equity,private debt,and public debt.An example of a real estate asset that trades in the private equity market is:

Real estate is property,which can be either a tangible or an intangible asset.Which of the following would be considered an intangible asset?

Competition in the _________,where households and firms compete for the currently available supply of locations and space,determines the level of rental income for each submarket and property.

In 2007,the housing market was widely viewed as:

Each property has unique features,whether it is its age,the building design of its structures,or its location.As such,real estate markets,in contrast to other goods,are considered:

When the value of land is considered,it is important to distinguish between land and raw land.Raw land refers to a(n):

As of December 2008,the market value of outstanding real estate mortgage debt was: