Real Estate QUIZMASTER

1. Real Estate QUIZMASTER Definitions Analytical Acronyms Numerical Miscellaneous 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500 “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

2. Real Estate QUIZMASTER Definitions Analytical Acronyms Numerical Miscellaneous 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500 “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

3. Definitions for 100 • A 1031 exchange is one • way to delay ______ • consequences from a • sale “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

4. Definitions for 200 • The effective _______ • expresses the NPV of • the lease in an • equivalent annuity form “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

5. Definitions for 300 • In this type of lease, the • tenant pays for all • operating expenses “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

6. Definitions for 400 • “______ Time” is time which an agent spends answering phone calls “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

7. Definitions for 500 • An agreement that fixes the time period and the minimum selling price acceptable to the seller is called a _________ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

8. Analytical for 100 • There is an inherent conflict in the two seller objectives of minimizing the ____ to sell the home and maximizing the _____ obtained for it “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

9. Analytical for 200 • Agents sometime claim that such listings become stigmatized “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

10. DAILY DOUBLE “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

11. Daily Double Analytical for 300 • The Taxable Income multiplied by the income tax rate equals the Taxes _______, if the Taxable Income is negative “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

12. Analytical for 400 • An increase in economic life will cause the tax shelter to _______ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

13. Analytical for 500 Because agents in other countries where commission rates are lower sell a far greater number of homes that is typical in the US, economists believe that the American brokerage industry has considerable ________ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

14. Acronyms for 100 • L P V “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

15. Acronyms for 200 • F S B O “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

16. Acronyms for 300 • C M A “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

17. Acronyms for 400 • C A M “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

18. Acronyms for 500 • C C I M “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

19. Numerical for 100 If the purchase price of an office property is $200,000 and the first year depreciation is $4,000, then this is the basis at the end of the first year “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

20. Numerical for 200 With 25% allocated to land, this is the annual depreciation on a $180,000 purchase price with no capital improvements made on this office property “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

21. Numerical for 300 • If a 4-year commercial lease for 25,000 SF involved a base rent excluding CAM and other expenses of $25 PSF, this is the gross commission payable at a 5% rate “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

22. Numerical for 400 • Assuming a standard discount rate of 12.5%, this is the Effective Rent of a 7 year net lease at $30/SF per year with 2 years of free rent up front “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

23. If the purchase price of an office building is $1,000,000 with no capital improvements considered, then this would be the basis after 1 year if 25% of this price was allocated to land Numerical for 500 “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

24. Miscellaneous for 100 • Decreases in capital gains tax rates tend to ______ real estate values “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

25. Miscellaneous for 200 The Cap Rate is equal to the NOI divided by the ______ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

26. Miscellaneous for 300 • REALTIST and NAR are both ___________ organizations “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

27. Miscellaneous for 400 • NOI – Debt Service = • _______ before tax “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner

28. Miscellaneous for 500 • M L S “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner