REE 3043 Exam 1 Questions With Revised
Answers
Chapter 1: Real Estate Perspectives
Scarcity - answerEconomists suggest that the value of something results from its utility and?
a. usefulness
b. demand
c. price
d. scarcity
Urban economics - answerA branch of economics that extends the basic ...
Scarcity - answer✔✔Economists suggest that the value of something results from its utility and?
a. usefulness
b. demand
c. price
d. scarcity
Urban economics - answer✔✔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?
a. spatial economics
b. city economics
c. urban economics
d. building economics
Institutions - answer✔✔Formal arrangements and associations that members of society make to
support fundamental economic and social activities are referred to, in the text, as...
a. contracts
b. institutions
c. covenants
d. firms
Equal to its price - answer✔✔Marshall contended that in a perfect market, the value of a good..?
A. was equal to it's price
B. should be more than the costs of production
c. should be less than its prce, otherwise it is not profitable to manufacturer
d. none of the above
unsecuritized commercial mortgages - answer✔✔Commercial mortgages held in the portfolios
of lenders are generally referred to as:
a. securitized commercial property
b. unsecuritized commercial property
c. securitized commercial mortgages
d. unsecuritized commercial mortgages
Financial assets - answer✔✔Stocks, bonds and cash are generally referred to as:
a. real assets
b. financial assets
c. monetary assets
d. securities
15% - answer✔✔Real estate in the United states represents approximately what portion of the
worlds wealth?
a. 15%
b. 35%
c. 50%
d. 75%
75% - answer✔✔Approximately __________ of the wealth of real estate in the U.S. accrues to
residential property.
a. 15%
b. 35%
c. 50%
d. 75%
15% - answer✔✔According to the text, business real estate (excluding farmland) accounts for
approximately ____percent of the total value of real estate in the U.S?
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