D. All adjustable rate mortgages have negative amortization. The value of the property the borrower wants to purchase, D. The neighborhood in which the property is located. d. an easement, a. the water rights reserved by a previous owner, 14. U.S. land area covers nearly 2.3 billion acres. Organisms at higher levels on food webs tend to have greater concentrations of bioaccumulated pesticide stored in their bodies through a process known as. He just sold it for $13,000. C. It creates an agency relationship. This analysis can only be applied if there are no existing improvements. c. 8.4 Generally, Light, warm, dry, sandy soil that is acidic and deficient in nutrients is what you may expect to find in a typical climate. b. Except for labor, ownership for factors of production varies based on industry and economic system. 2. Derive an expression for the gravitational potential energy of a system consisting of Earth and a brick of mass m placed at Earths center. Which type of pesticide has fewer deleterious environmental effects? 55- Greg is approved for a Cal-Vet loan. The cost of purchase of inventory does not include a. c. contribution (a) 2.01020m2.0\times10^{-20}\;\mathrm{m}2.01020m Randy gives Tom an earnest money check for $1,000 and asks Tom to hold it until June 30, regardless of the date the seller accepts the offer. a. 4 rods Make no recommendations and let the sellers decide on their own. When, is 0.100 M, the rate of disappearance of ethyl bromide is, 1.7107M/s1.7 \times 10 ^ { - 7 } \mathrm { M } / \mathrm { s } 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. In this context,technology has a fairly broad definition and can refer to software, hardware, or a combination of both used to streamline organizational or manufacturing processes. As the demands of a business change over time, the relative importance of the factors of production will also change accordingly. Deforestation can include clearing the land for farming or livestock, or using the timber for fuel . C. Parks. c. in each township section 7 is south of section 6. d. there are 36 sections in a township. Practice Questions with no Answers for Preview, >ALL Real Estate Practice Class Questions with Answers & most with Explanations. A. Agricultural land is typically land devoted to agriculture, [1] the systematic and controlled use of other forms of life particularly the rearing of livestock and production of crops to produce food for humans. e statement and outline the possible factors that could determine the contextual Variations in the manifestation of entrepreneurship. 98- Grant moves into his new office space while he awaits the completion of the negotiations of the lease terms. 42- Alice is planning her career and setting her goals. d. recorded plat, us government survey and metes and bounds, d. recorded plat, us government survey and metes and bounds, 18. B. Brenda has violated the fiduciary duty of obedience to Jim. For example, a firm operating in the real estate industry typically owns significant parcels of land, while retail corporations and shops lease land for extended periods of time. You want to insure it for 80% of value. What Are the Most Important Aspects of a Capitalist System? 87- What information can you gather from the newspaper to help develop a Prospecting Plan? What test would determine the ground's ability to absorb water? C. Identifies buyers for other properties. What would we call Hannah? The area is characterized by the presence of agricultural land intended for parking serving the Fiumicino airport, located in the vicinity, along the SW slope with the Leonardo Da Vinci airport, to the SE with the A91 motorway Rome Fiumicino motorway, to the to the NW with other land and some commercial/craft activities and to the NE with a . 1. A. 4 Factors of Production Explained With Examples, Fiscal Year: What It Is and Advantages Over Calendar Year, How a General Ledger Works With Double-Entry Accounting Along With Examples, Just-in-Time (JIT): Definition, Example, and Pros & Cons, Net Operating Loss (NOL): Definition and Carryforward Rules, NRV: What Net Realizable Value Is and a Formula To Calculate It, No-Shop Clause: Meaning, Examples and Exceptions, Operating Costs Definition: Formula, Types, and Real-World Examples, Operating Profit: How to Calculate, What It Tells You, Example, Production Costs: What They Are and How to Calculate Them, What Is a Pro Forma Invoice? d. to make sure the improvements are constructed on the mortgaged lot, d. to make sure the improvements are constructed on the mortgaged lot, 33. A. B. 300 ft The U.S. land area covers nearly 2.3 billion acres. a0=mc2c=2cE1=212mc2. a. plottage He hired two people, an engineer (Dustin Moskovitz) and a spokesperson (Chris Hughes), who both allocated hours to the project, meaning that their invested time became a factor of production. They have $20,000 for a down payment and assumed the sellers mortgage of $75,000. -pesticides show mobility, moving other than where they were applied inadvertently killing non-pest organisms. Why is the Schroendinger equation not valid for relativistic particles? b. setback However, during periods of economic expansion, they invest in new machinery and equipment to bring new products to market. To that end, technologylike moneyis a facilitator of the factors of production. A. After the crisis, China experienced a multi-year growth cycle, and its manufacturers invested in robots to improve productivity at their facilities and meet growing market demands. Start in the room with the best features. Brainscape helps you realize your greatest personal and professional ambitions through strong habits and hyper-efficient studying. For income tax purposes, the IRS would probably classify Patrick as: 32- Broker Alice has a listing agreement with Jack. Values increased in that area by 5% the first year and 7% the second year. indirectly, proportionatelydirectly, proportionatelyinversely, directlydirectly, inversely, A business arrangement in which two or more persons jointly own a business and share in its profits and losses is the definition of, limited partnershippartnershipgeneral partnershiptrust. d. assemblage, 39. Practice Questions with no Answers for Preview, >Ch7-9 R.E. The lender must furnish a copy of the CFPB booklet to Abby no later than the third business day from which date? This site is using cookies under cookie policy . Agricultural productivity across Sub-Saharan Africa needs to improve to reduce hunger, poverty, and the destruction of biodiversity. 9. For example, a tractor purchased for farming is capital. Real Estate includes all of the following except: Property rights. Buyer Amanda asks if she can measure the windows to see if her current drapes will fit. Depending on the specific circumstances, one or more factors of production might be more important than the others. What kind of closing technique is Jim using? Your property, which consists of a house and lot, is valued at $244,000. Decks in Basic Appraisal . 39- When doing a competitive market analysis, an agent looks at all but which of the following factors? Which of these factors would result in a violation of USPAP if the appraiser based his or her appraisal fee on it? B. 11- Broker Jill has an agreement with seller Alice that says Jill will receive compensation if anyone except Alice sells Alices home, what kind of agreement is this? d. lots and blocks, 16. What is the meaning of T(12)?T^{\prime}(12) ?T(12)? A. 15- Karen and Al obtained a 30-year fixed-rate, fully amortized loan when they purchased their home. 5 acres During the time Sam owned the property he paid $350 per year in taxes, $150 per year on maintenance like grass cutting and $90 per year on miscellaneous expenses. Double-Declining Balance (DDB) Depreciation Method Definition With Formula. the appraisers value opinionthe borrowers estimate of valuethe square footage of the homenone of these. The term of the loan can be shortened. 3. 19- Which of the following is not an advantage of hosting an open house? B. Pleases the sellers by inv=creasing activity. The circular flow model of economics shows how money moves through an economy in a constant loop from producers to consumers and back again. The purchase price, plus depreciation The adjusted cost basis of the first home was $140,000. Practice Questions with no Answers for Preview, >Ch16-18 R.E. You have found comparable sales of rural land parcels that indicate the following sale prices per acre: ($930, $775, $1202, $995, $1612, $906). c. identifying new food sources d. increasing food imports e. all of the above e. all of the following are aspects of commerical agriculture except: a. a heavy reliance on machinery Special purpose: Property used by the public, such as cemeteries,. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. The four agents of production are land, ________, capital, and _____________. What Is Depreciation, and How Is It Calculated? Which is a true statement? In appraisal, the concept that a higher-priced property will be worth less in a lower-priced neighborhood than it would in a neighborhood of comparable properties is the definition of the principle of. Jim and Jane financed the remaining $25,000 through the seller. none, these are all problems associated with industrial agriculture In conclusion, The term "permanent cropland" includes wooded plantations used to harvest fruit but excludes tree farms and true forests utilized for wood or lumber. "About Us.". A. The health of soil is a primary concern to farmers and the global community whose livelihoods depend on well managed agriculture that starts with the dirt beneath our feet. D. The first and second mortgage will be rolled into one. There are four factors of productionland, labor, capital, and entrepreneurship. c. easement 102- What is the minimum period of time over which the owner of a commercial building can depreciate the improvements? It can also refer to market, industry, and business fragmentation. Her expertise is in personal finance and investing, and real estate. B. C. Insurance agents dealing with customers. In some cases, all you need is a piece of land that's not currently being used. d. section 12 is directly north of section 1 in a township, d. section 12 is directly north of section 1 in a township, 19. He sold the building for $1,000,000 and paid $60,000 in commission to the broker. For purposes of federal income tax, which statement is true? c. to protect against liens Department of Housing and Urban Development, C. Recorders Office in the county where the land is located. A Fannie Mae. d. benchmark, 30. Rangelands include natural grassland, savannas, many wetlands, some deserts, tundra, and certain forb and shrub communities. How much did Sam gain or lose on the sale? 48- The public report that a developer must provide when offering subdivided lands for sale is provided by which agency? What is Gregs capital gain on the apartment? This practice is: 24- When talking to his investment clients, Broker Adam often to tax shelters. Yarilet Perez is an experienced multimedia journalist and fact-checker with a Master of Science in Journalism. Purchase price b. resistant to viral diseases, drought, heat, or herbicides. D. Their loan payments will gradually increase. The purchase price, plus improvements, C. The fair market value at the time of sale. soil erosion c. There are 36 sections in a township B. Give the prospects a black copy of a purchase agreement to look over. D. Have the prospects sign the disclosure about agency relationship. (95, 93, 120, 94, 93, 129). What kind of a mortgage do they have? A. Brenda must follow all of Jims instructions. When he coded the minimum viable product himself, Zuckerbergs labor was the only factor of production. 34- Sarah is an employee and Ken is an independent contractor at Kerns Realty. Which of the following statements is true? In 2012, the latest update to ERS's Major Land Uses (MLU) series, grassland pasture and range uses accounted for the largest share of the Nation's land base, surpassing land in forest uses, which includes grazed forest land, for the first time since 1959.Although the shares of land in different uses have fluctuated to some degree over time . Which of these statements is true about the wraparound mortgage? 101- Which type of loan typically carries the most loan points? Within the software industry, labor refers to the work done by project managers and developers in building the final product. Economic Order Quantity: What Does It Mean and Who Is It Important For? Here are all the sales in your area in the last 4 months. B. I will do two practice listing presentations per week with an experienced agent for the next two months. d. 600 ft, 37. 16- Dave and Nadine have decided that they want to become property investors. D. The date Abby makes the request to receive the booklet. After Facebook, the social media site, became popular and spread across campuses, it realized it needed to recruit additional employees. C. Payments will not be enough to retire the loan. The listing agent must provide the disclosure to the seller prior to securing the listing agreement. a. frontage Our articles and data visualizations rely on work from many different people and organizations. c. recorded plat If pesticide from a farm runs off into Lake Michigan, which organism in the lake's food chain would test highest for the pesticide? He pays rent for occupancy, plus maintenance and operating expenses. C. I will open my own office within nine years. Although investment in agricultural R&D continues to be one of the most productive investments, with rates of return between 30 and 75 percent, it has been neglected in most low income countries. Which of the following statements is TRUE about metes and bounds? 6- According to California real estate law, how often must a broker balance his or her trust accounts? Negotiate agreements regarding commission structuring. A client has requested that an appraiser value a property that is improved with an old dilapidated single family home, and asks the appraiser not to mention the existence of the home in the appraisal report. By increasing crop yields we can reduce the amount of land we use for agriculture. antibiotic application An example of this is the change in production processes in the information technology (IT) industry after jobs were outsourced to countries with lower salaries. It is important to distinguish personal and private capital in factors of production. Building b. Sharon and Steve have just taken a second mortgage on their home. The modern definition of factors of production is primarily derived from a neoclassical view of economics. They are commonly broken down into four elements: land, labor, capital, and entrepreneurship. a. seller When citing this topic page, please also cite the underlying data sources. Skilled and trained workers are called human capital and are paid higher wages because they bring more than their physical capacity to the task. disease-resistant crop varieties earnings equal sales minus the cost of sales Land: Includes undeveloped property, vacant land, and agricultural lands such as farms, orchards, ranches, and timberland. That includes Randy Newman, who sings about his hometown.1:A nickname of a place can have the following functions except .Abuilding up identityBentertainmentCbringing pride to the localsDuniting surrounding cities2:The underlined sentence can best be replaced by .AYour trip to Los Angeles is not perfect if you miss . 4. Deforestation is the permanent removal of trees to make room for something besides forest. C. Recommend a counteroffer back to list price. Jason Fernando is a professional investor and writer who enjoys tackling and communicating complex business and financial problems. The introduction of technology into a labor or capital process makes it more efficient. Practice Questions with no Answers for Preview, >Ch4-6 R.E. All other material, including data produced by third parties and made available by Our World in Data, is subject to the license terms from the original third-party authors. Browse over 1 million classes created by top students, professors, publishers, and experts. C. Once filed, it remains until terminated. A. C. A seller can sell his or own home and owe home and owe no commission if he or she signs an exclusive agency listing. A. B. 56- Which is not a true statement about the Agency Disclosure? b. a parcel of land is 1/8 mile by 1/8 mile is 40 acres. C. Brenda could be liable for a breach of the listing terms. Thomas J. Brock is a CFA and CPA with more than 20 years of experience in various areas including investing, insurance portfolio management, finance and accounting, personal investment and financial planning advice, and development of educational materials about life insurance and annuities. How would Grants lease at this time be classified? 12- The second installment of property taxes comes due on: 13- Seller Jim tells his agent Branda that he does not want his home marketed to families with children. Land not classified as "Forest", spanning more than 0.5 hectares; with trees higher than 5 meters and a canopy cover of 5-10 percent, or trees able to reach these thresholds in situ; or with a combined cover of shrubs, bushes and trees above 10 percent. a. easement A. d. annexation, 32. 7. -All of the above pheromone traps It amalgamates past approaches to economic theory, such as the concept of labor as a factor of production from socialism, into a single definition. Depending on the context, some factors of production might be more important than others. Depending on its type, an improvement may increase the value of real estate greatly. d. a showing of the property's boundaries to scale, a. an identification of the grantor and grantee, 27. d. 1/2 mile, 22. d. lot, block, and subdivision, 21. the NW 1/4 of the NW 1/4 of the SW 1/4 of Section 12 is: B. d. private mortgage insurance, 26. if a property owner had a land survey done on his property it would include all of the following EXCEPT: Under no circumstances, however, is labor owned by firms. Both types of leases involve different forms of a definite rental rate. a. Electronic Data Interchange for transmitting appraisal reports became popular in the (date). 60- Seller Tom has an agreement with Broker Bill, Broker Jim and Broker Joe. Integrated pest management incorporates all of the following methods except D. An exclusive listing must always be at least 30 days long. , ided by total investment.. total investment is current assets (inventories, accounts receivables and cash) plus fixed assets. 38- When using the straight-line method of depreciation, each year of economic age is given a rate that, A. Varies each year according to a table provided by the IRS, B. 6. While not directly listed as a factor, technology plays a vital role in influencing production. (e) 6.61027m6.6\times10^{-27}\;\mathrm{m}6.61027m. B. Property rights are part of real property, not real estate, The ownership interest held by the lessor, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires is the definition of. 43- The Equal Credit Opportunity Act (ECOA) requires lenders to: A. A(n) __________ contract is one that is not been fully performed or completed. Land as a factor of production can mean agriculture and farming to the use of natural resources. What is the median of these indications? But, if yields and labor productivity do not increase it will have far-reaching consequences for global poverty, and protection of the environment. Agricultural Systems is an international journal that deals with interactions - among the components of agricultural systems, among hierarchical levels of agricultural systems, between agricultural and other land use systems, and between agricultural systems and their natural and social environments. Please consult our full legal disclaimer. b. A social entrepreneur is a person who pursues an innovative idea with the potential to solve a community problem. a. erosion Her property taxes would be assessed at: 79- Tom and Mary want to purchase their first home. Find a home that meets FHA requirements. ", Association for Advancing Automation. 3400 acres For people and planet, it's one of . "Sustaining Chinas Economic Growth After the Global Financial Crisis," Pages 1-2. International Federation of Robotics. Depreciation. For modern mainstream (neoclassical) economists, capital is the primary driver of value. Twenty years ago, most appraisal reports that were sent electronically were sent using _____ technology; today, most appraisals are sent electronically using a _______ format. The most common lease in agriculture is a land lease. habitiat fragmentation, none, these are all problems associated with industrial agriculture. C. The same amount will go towards the principal every month. 66- When doing a listing presentation which of the following items would you not describe to the owners as being a benefit of listing with an agent? For a group of early French economists called the physiocrats, who predated the classical political economists, land was responsible for generating economic value. d. tier, 20. Land resources are the raw materials in the production process. In the above question, the increased value created by the assemblage is called: crop rotation The World Bank divides the world into four groups. A net listing is illegal in all states. C. Discuss alternative properties that may be interest. Challenges facing U.S. agriculture include all of the following except decline in prime farmland decline in numbers of domesticated plant varieties addressing habitat fragmentation improving crop and livestock yields What did it sell for per acre? These include any resource needed for the creation of a good or service. b. Which of the following would be considered an intermediate goal? C. The seller did not disclose the problem on a sellers disclosure form so Pam is off the hook. 4024 pine street, Missoula, missoula country mt 59801 We also reference original research from other reputable publishers where appropriate. The Federal Reserve can influence the level of economic activity by. Cultivation of crops on land by farmers increases its value and utility. 1. c. highest and best use Demand analysis in a market indicates that 15 houses per month can be sold in the market. A. b. range B. a. government survey system You apply for a mortgage. A. They sold for: $178,500; $166,000; $172,750; $182,000; $168,000; $174,000; $176,000; $184,000; $170,000; $175,000; $172,000; $181,500. Image by Sabrina Jiang Investopedia2020, Absorption Costing Explained, With Pros and Cons and Example, What Is an Amortization Schedule? The land that is least conducive to agriculture is sandy soil. What is most likely their main motivation for investing? On this page you can find all our data, visualizations and writing relating to crop yields. She sold the property and several months later the buyer sued Pam for not disclosing the problem. 40- Which of the following phrases should Salesperson Brenda avoid when writing an advertisement for one of her listings? Last year, about 25% of his income came from sales commissions. 105- Agent Alice has received an offer that she believes is not in the sellers best interest. 45- Kirk wants to get an FHA loan. Because of their low clay content, sandy soils are often referred to as "light soils.". A. I will complete the GRI certification in the next four years. D. Write advertisements and promotional materials with the approval of the licensee and supervising broker. has an increased likelihood of obesity, diabetes, and heart disease. Whoever brings the buyer will get the commission. A personal vehicle used to transport family is not considered a capital good, but a commercial vehicle used expressly for official purposes is. B. Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land. Absolute advantage allows an entity to produce a greater quantity of the same good or service with the same constraints than another entity. depletion of fossil fuels a. narrow-spectrum pesticide because it focuses on killing specific organisms. A. 1.7107M/s. tomatoes contain a soybean's gene for disease resistance. The retail coffee chain needs land (prime real estate in big cities for its coffee chain), capital (large machinery to produce and dispense coffee), and labor (employees at its retail outposts for service). It is determined by who pays the compensation. What is the area of the ranch? Which of the following uses of pesticide can lead to ecological imbalance? What is sandy soil? d. it is used to describe lots in a subdivision, b. the description is imperfect if it does not end at the point of beginning, 24. B. How many owners are there? However, as business continued to grow, Meta built its own office space and data centers. Agricultural land is typically land devoted to agriculture the systematic and controlled use of other forms of lifeparticularly the rearing of livestock and production of cropsto produce food for humans. A surveyor's chain is: C. Refuse to accept the offer and check. How many acres is that? 37- When dealing with the sale of a business, which is not a true statement? How much cropland has the world spared due to increases in crop yields? It sold for $80,000. c. us government survey, PO box, and metes and bounds c. 400 ft b. metes and bounds Production workers are paid for their time and effort in wages that depend on their skill and training. What kind of agreement is this? If there is a discrepancy between an original survey and a new survey or between a survey and the legal description which party must pay the cost of the survey and the cost to remedy the discrepancy? The cost of land typically includes all, except a. Grading, filling, draining and cleaning cost b. A Bill of Sale gives title to the business equipment. Some common land or natural resources are water, oil, copper, natural gas, coal, and forests. A. C. They can make payments directly to the original lender. A. I will complete the GRI certification in the next four years. It can be considered an employment contract. Because of their low clay content, sandy soils are often referred to as " light soils." 100 acres A. For example, the construction worker at a hotel site is part of labor, as is the waiter who serves guests or the receptionist who enrolls them into the hotel. Sustainable agriculture encourages the use of antibiotics to prevent disease. 49- Agent Dan tells his buyers that the seller will leave the washer and dryer if the buyers make an offer now. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. What should Tom do? a. to protect the buyer by showing the size of the lot How many months inventory does this represent? The European state model includes all of the following except: A. a clearly and legally defined territory B. a population governed from a capital city C. a representative government D. a high level of urbanization 2. Each of their payments is for the same amount. The Solow residual, also known as "total factor productivity (TFP)," measures the residual output that remains unaccounted for from the four factors of production and typically increases when technological processes or equipment are applied to production. These include white papers, government data, original reporting, and interviews with industry experts. It would be misleading if the appraiser did not disclose the existence of this structure in the report. Land refers to physical land, such as the acres used for a farm or the city block on which a building is constructed. The main cause of undernutrition and food insecurity globally is lack of available food. Prices have been increasing at the rate of 8% per year. Which of the following types of investments has historically generated the highest return on investment? In a typical cash rent lease, the tenant is obligated to pay a set price per acre or a set rate for the leased land. "IFR Presents World Robotics Report 2020. B. Why Are the Factors of Production Important to Economic Growth? For example, a technology company can easily begin operations with zero investment in land. 52- Which statement is true about a listing contract?