REE 3043 Exam 1 Questions With Revised
Answers
The "gravity" that draws economic activity into clusters is: - answerdemand for access or
proximity.
The best example of a base economic activity would be a: - answerregional sales office.
Which of these are true about agglomeration economies? - a...
The "gravity" that draws economic activity into clusters is: - answer✔✔demand for access or
proximity.
The best example of a base economic activity would be a: - answer✔✔regional sales office.
Which of these are true about agglomeration economies? - answer✔✔All of these answers are
correct. (They create a readily available supply of highly specialized goods and labor. They tend
to reduce risks in real estate. They occur in larger cities. They result from demand created by
multiple industries.)
Orlando, Florida is home to Disney World. As such, Orlando has become one of the leading
destinations in the world. People traveling there stay for days, weeks or longer with their families
and friends. These people spend money on hotels, food, recreation and many other things,
locally. Disney World is an example of: - answer✔✔an economic base multiplier.
In the past, each of the following has been a reason why cities developed Except : -
answer✔✔the availability of top entertainers.
The set of activities that a city provides for the world beyond its boundaries is called: -
answer✔✔economic base.
Which is NOT an example of industry economies of scale drawing a cluster of complementary
activities? - answer✔✔A warehouse.
Calculate the location quotient for the heavy manufacturing industry of a certain city given the
following facts:
Total % of city population working in heavy manufacturing is: 20%
Total % of U.S. population working in heavy manufacturing is: 4% - answer✔✔5
What is the main determinant of the hierarchy of central place patterns? - answer✔✔Population
required for market.
The most important change in urban form and urban real estate markets has been changes in: -
answer✔✔transportation.
Ten different car dealerships have opened their businesses along eight consecutive blocks on
Camelback Road in Phoenix, Arizona. This is an example of: - answer✔✔clustering.
Jose works downtown and pays $700 per month in rent for an apartment 30 miles from his
office. He has calculated that he spends 50 minutes per day driving each way to the office and it
costs him $8 per day in gas and lost productivity. Based on a 20 workday month, how much
would he be willing to pay for an apartment downtown? - answer✔✔$860
Locating similar businesses in close proximity (such as clothing stores within a regional mall) is
a pattern used in ___________________ activities. - answer✔✔comparison
Cities with industry economies tend: - answer✔✔to be more resistant to economic downturns
due to cost advantages.
Which is NOT a method the federal government uses to influence the real estate market? -
answer✔✔through zoning regulations.
Real estate markets differ from other asset classes by having all of the following characteristics
except: - answer✔✔Homogeneous product.
All of the following statements define the role of Real Estate in our economy except: -
answer✔✔Real Estate generates only 20% of local government revenue (property tax).
Land without any improvements is sometimes called: - answer✔✔raw land.
Approximately what portion of U.S. households owns their own home? -
answer✔✔Approximately two-thirds
The total value of owner-occupied housing in the United States today is estimated to be
approximately: - answer✔✔19 Trillion
Judgment liens against an owner of real estate may be nullified or limited by: - answer✔✔state
laws governing homesteads.
Designating a principal residence as a homestead: - answer✔✔usually creates automatic
protection of the residence from general liens up to some limit.
Liens which arise from construction and other improvements to real estate are called: -
answer✔✔mechanics' liens
Rules used by the courts to determine whether something is a fixture include all EXCEPT : -
answer✔✔Law of Capture.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Brightstars. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
