REE 3043 exam 1 Questions and Solutions | Grade A+
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Course
Real estate REE3043
Institution
Real Estate REE3043
Economists suggest that the value of something results from its utility and:
️: D. Scarcity
A branch of economics that extends the basic ideas of the early classical and neoclassical
economists to better understand and predict how humans use space is termed:
️: C. Urban economics
Formal a...
REE 3043 exam 1 Questions and
Solutions | Grade A+
Economists suggest that the value of something results from its utility and:
✔️: D. Scarcity
A branch of economics that extends the basic ideas of the early classical and neoclassical
economists to better understand and predict how humans use space is termed:
✔️: C. Urban economics
Formal arrangements and associations that members of society make to support fundamental
economic and social activities are referred to, in the text, as:
✔️: B. institutions
Marshall contended that in a perfect market, the value of a good
✔️: A. was equal to its price
Commercial mortgages held in the portfolios of lenders are generally referred to as:
✔️: D. Unsecuritized commercial mortgages
,Stocks, bonds, and cash are generally classified as:
✔️: B. Financial assets
Real estate in the United States represents approximately what portion of the world's wealth?
✔️: A. 15 percent
Approximately _______ of the wealth of real estate in the U.S. accrues to residential
property.
✔️: D. 75%
According to the text, business real estate (excluding farmland) accounts for approximately
____ percent of the total value of real estate in the U.S?
✔️: A. 15%
The text organized to describe the following five perspectives of real estate:
✔️: A. investment, market, mortgage finance, and legal
T/F Early economists concluded that land, labor, and credit were the resources of society that
were combined by entrepreneurs to form useful products
, ✔️: False
T/F Alfred Marshall, an economist, argued that value results from the intersection of supply
(cost) and demand (utility).
✔️: True
T/F Urban economics constituted a branch of economics that focuses on urban problems,
especially housing issues.
✔️: True
T/F The fundamentals of supply and demand explain all aspects about individual and market
behavior in valuing space.
✔️: False
T/F In addition to affecting market operations, lease contracts serve to formally identify a
property's rent and the intersection of supply and demand
✔️: True
T/F Real estate can be classified as both a financial asset and a real asset.
✔️: True
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