Manitoba Real Estate Module 1 Practice Test

These questions are part of the practice quiz. Start practicing

• What is final reconciliation in appraisal?
• Define a joist.
• From a current mortgage statement, which item is typically shown?
• List the six land use districts.
• The term 'joist' as defined in the material describes:
• Which layer lies immediately inside the exterior siding in the wood frame wall build-up?
• Where does air leakage in buildings occur most?
• Which of the following is a category used to identify deficiencies in housing?
• What is the function of a Title in real estate records?
• Define a truss.
• Which two documents would indicate the legal description of a property?
• What is a salesmen?
• In the eight-step appraisal process, at which step is the direct comparison approach applied?
• Which statement correctly describes the first layer from inside in the wood frame exterior wall build-up?
• What is the purpose of a transfer regarding land?
• Which of the following is NOT a consideration when the appraiser is defining the problem?
• Define beam.
• Which statement about market value is true?
• What is the mandate of the Manitoba Securities Commission?
• Which of the following represents the six steps in the income approach to value in the correct order?
• What is the difference between a legal description and a civic address?
• In the cost method formula MV = S + RCN - D, what does D represent?
• The term 'column' is defined as:
• Unsubdivided lands in Manitoba are described using which system?
• Torrens System refers to:
• Which of the following is not a land use district?
• Which of the following is NOT one of the main steps in the appraisal process for preliminary inspection and planning the work?
• What is market value?
• If the value of a property is 1,200,000 and the gross monthly rent is 8,500, what is the Monthly Rent Factor (MRF)?
• What legislation governs the two systems of land registration in Manitoba?
• Which factor is listed as a force influencing the real estate market?
• Which statement is true about the Torrens System?
• To convert hectares to acres, multiply by which factor?
• The underside of elements such as staircases and roof overhangs is called what?
• Which term is the horizontal structural member that primarily supports a ceiling finish?
• In the income approach, after estimating total annual operating expenses, which step follows?
• Which of the following is NOT part of good site planning?
• What is the fourth step in applying the direct comparison approach?
• What is the basic valuation principle underlying the direct comparison approach?
• In the cost approach, what is the fifth step?
• In the cost method formula MV = S + RCN - D, what does S represent?
• In the formula MV = S + RCN - D, what does D stand for?
• Which term best describes land's physical permanence and resistance to movement?
• Which statement is a characteristic of the real estate market?
• Which finish member around the face of eaves and roof projections?
• Which expression correctly gives the area of a triangle with base b and height h?
• In the Torrens system, which concept determines the order of claims when multiple interests exist?
• Which term defines the underside of elements of a building, such as staircases, roof overhangs, beams, etc.?
• Which term defines the structural member that supports the ceiling finish?
• Profit a Prendre is the right to enter upon a property with a written agreement to the crops, minerals or timber. True or false?
• Which factor among the listed market forces relates to changes in household composition?
• What is objective value?
• How many areas of real estate specialization are listed for industry members to choose from?
• Who is an authorized official?
• What is the mandate of the Manitoba Builders Association?
• In the trapezoid area formula A = 1/2 (b1 + b2) h, what does h denote?
• Which of the following is a main component of a building?
• Which of the following is true about information learned from reviewing a Title?
• Which rights are included in a Fee Simple Estate?
• Which activity is a function of the Manitoba Securities Commission in real estate regulation?
• What is the main purpose of the Manitoba Building Code?
• Which step involves determining the approaches to be used?
• Which statement about the effect of a judgement on market value is most accurate?
• Which statement best defines a lintel?
• Which term is used for the plywood or dimensional lumber covering walls beneath the siding that provides a base for fastening?
• What does the term REALTOR refer to?
• Which of the following is NOT one of the three most common types of wires used in electrical systems?
• Which factor is included in a site analysis?
• Which entity is NOT one of the three major players in organized real estate?
• Which term describes the vertical framing member used to construct walls?
• What is the second step in applying the direct comparison approach?
• Which of the following is NOT among the five main factors considered in a site analysis?
• Which item is typically included in a Title to identify the parcel?
• Which of the following is a force influencing the real estate market?
• Which organization is responsible for administering The Real Estate Brokers Act?
• Which statement best defines an 'interest' in real estate?
• Yearly PIT tax payments due on June 30th are paid to what date?
• In differentiating short-lived and long-lived component parts of a structure, which statement is true?
• Which document primarily sets out the division of land into lots?
• Which document, together with the Title, indicates the legal description of a property?
• Accrued depreciation is defined as which of the following?
• What is the purpose of a building permit?
• Which item is NOT one of the eight steps in the appraisal process?
• Which statement best distinguishes market value from market price?
• In a joint tenancy, what happens upon a co-owner's death?
• In expropriation, who receives fair compensation?
• Which principle relates to the availability of substitutes in determining real property value?
• RCM stands for which term?
• What is a builders lien?
• A restrictive covenant is best described as?
• Which of the following is a major purpose for most appraisal assignments?
• What is the purpose of a civic address?
• Which step involves planning the work schedule?
• Which of the following is the correct first step in the eight-step appraisal process?
• Which statement about tax liens is correct in Manitoba real estate records?
• Which statement describes a disadvantage of the direct comparison approach?
• Which statute governs titles in Manitoba?
• In the triangle area formula A = 1/2 b h, what does b stand for?
• Which statement defines effective gross income?
• What does a non-conforming use refer to?
• To convert hectares to acres, multiply the number of hectares by which factor?
• Which statements correctly reflect the statutory framework for leases in Manitoba?
• Which statement correctly describes a lease in Manitoba?
• What is the most common type of electrical wiring seen in today's marketplace?
• Which statement best describes the difference between MREA and MSC?
• Which of the following is NOT a quality of a good comparable?
• What is subjective value?
• Which instrument is most commonly used to transfer Fee Simple ownership of a parcel of land to a new owner?
• What is included in statistical information provided by boards?
• Which of the following is NOT one of the seven areas of real estate specialization?
• Which component provides the horizontal support for the ceiling finish?
• According to the principle of conforming, how should land be used to maintain value?
• Which term is the layer that provides structural backing on exterior walls for cladding, not including the siding itself?
• What is the purpose of installing footing in the construction of a house?
• In the cost approach, what is the second step?
• In appraisal, the principle of anticipation refers to...
• What is the purpose of a Zoning Compliance Certificate?
• What is the purpose of the Personal Property Registry (PPR)?
• Which of the following best describes the information you would typically find on a mortgage statement?
• Which factors determine the type of heating system for a home?
• Which item is not typically obtained from a current mortgage statement?
• The principle of consistent use requires that when improved land is in a transaction for a higher and best use, the appraisal should use:
• Which term is a finish member around the face of eaves and roof projections?
• In the cost approach, what is the first step?
• Which term describes the layer that covers the walls under the siding to provide a nailing base?
• How do you convert feet to meters?
• In a wood-frame exterior wall build-up, which layer is the innermost, closest to the interior?
• The underside of elements such as staircases, roof overhangs, and beams is called what?
• Which are the three primary sources of local market information used by industry members?
• What is the correct square footage conversion from square feet to square meters?
• Which of the following is not a step in the income approach to value?
• Cedar shakes or shingles that have a greenish tint are green because of what?
• Which of the following is a main component of a building?
• Which option is a force influencing the real estate market related to employment conditions and wage levels?
• Adjustments to comparable site prices are measured by what?
• What is a caveat?
• Which term is the finish member around the face of eaves and roof projections?
• In the cost method context, what does RCN stand for?
• In the cost approach, what is the fourth step?
• Voltage refers to which of the following?
• What is a plate in wood frame construction?
• Which of the following is NOT one of the five services provided by plumbing systems?
• Edges cracking in the foundation being very sharp indicates what?
• Where can you obtain answers to zoning questions?
• Which of the following is the correct area formula for a trapezoid with bases b1 and b2 and height h?
• State the formula for calculating the number of mills attributed to a property.
• What is the most common type of insulation used in homes?
• Which statement correctly distinguishes general data from specific data?
• Which of the following is NOT the most common structural style in most provinces?
• Which of the following is listed as an element of value for a property?
• Which formula expresses Watts?
• Which sequence correctly lists the components of a wood frame exterior wall build-up from inside to outside?
• What does The Real Property Act govern in Manitoba?
• The four powers of government that limit ownership rights are which of the following?
• Wattage is a measure of what?
• What is a main purpose for most appraisal projects?
• Which of the following is NOT a consideration of good site planning?
• Which entity issues a building permit?
• What does a builders lien refer to?
• Which of the following is NOT listed as one of the four main forces affecting neighborhoods?
• Which of the following is an advantage of the direct comparison approach?
• Which term refers to the plywood or dimensional lumber that covers the walls under the siding?
• Which of the following is NOT a recommended method to improve energy efficiency of an exterior door?
• Which statement best describes the purpose of a building permit?
• What are the two most common types of ownership?
• Which statement defines an easement?
• Which of the following is NOT a characteristic of land?
• Which of the following is a main component of a building?
• The principle of competition states...
• Define a column.
• Which statement best describes how quickly supply and demand adjust in the real estate market?
• Which of the following is NOT listed as a principle of real property value?
• Which step involves determining data requirements and sources?
• Which option is NOT a Manitoba survey system?
• What is the direct comparison approach?
• Which of the following is NOT a probable cause of cracks in a foundation?
• What determines the impact of the registration judgement on the market value of a property?
• Which layer lies directly outside the insulation in the exterior wall build-up?
• The term 'truss' is defined as:
• A plan for subdivision entails what?
• What is the third step in applying the direct comparison approach?
• What are the three major purposes of the Torrens System?
• In the sequence of adjustment, what is the first item to be adjusted?
• Which term refers to the plywood or dimensional lumber that covers the walls under the siding?
• Which item is NOT listed as a recommended action when inspecting light fixtures?
• Which statement defines a neighborhood?
• In the cost approach, what is the third step?
• What is a broker?
• Under which material is polyethylene vapour barrier typically used?
• Which statement best describes a builder's lien?
• Which statement about sales data in the direct comparison approach is true?
• In the interior of the wall build-up, which component serves as the vapor barrier?
• Which statement is accurate about Zoning Compliance Certificates?
• What does the Monthly Rent Factor represent?
• Profit a Prendre refers to?
• What is the purpose of reconstructing the owner's annual operating expense statement?
• Which type of rent is considered when determining the effective gross income?
• Which of the following is NOT among the types of information you can learn from reviewing a Title?
• Which step involves outlining the Appraisal Report?
• A Building Location Certificate consists of which components?
• Which of the following is a service provided by plumbing systems?
• Which is NOT a unit of designation for subdivided lands?
• Under the principle of consistent use, the correct approach is to:
• Which of the following is a step in defining the problem?
• Which statement reflects a requirement under provincial real estate legislation?
• Define stud.
• Economic forces include elements such as:
• Which statement about the accuracy of the direct comparison approach is true?
• Briefly discuss easements and restrictive covenants.
• Which component is placed directly outside the plywood sheathing in the wood frame exterior wall build-up?
• Which statement is an advantage of the direct comparison approach?
• Which statement about leasehold interests is true?
• What is the most common method of site evaluation?
• What defines a trend in real estate analysis?
• Value in exchange is simply.
• Which term describes the structural member that supports the ceiling finish?
• In measuring accrued physical depreciation, what do curable and incurable signify?
• Which entity is described as evidencing title by registration?
• Which statement best describes title insurance?
• A tax certificate is used to verify tax information as part of property transactions.
• Under which act is a builder's lien created?
• The Manitoba Real Estate Association provides which program as a REALTOR benefit?
• Who appoints and employs the authorized official in a brokerage?
• Which of the following is an advantage of the direct comparison approach?
• What is a rafter?
• Which of the following is NOT a type of ownership?
• A salesperson specializing in the sale of new homes may hold one of two types of license. Which statement is true?
• Which document provides proof of ownership in Manitoba real estate?
• Which of the following is listed as a structural method?
• Define header.
• What does expropriate involve?
• Expand the abbreviated legal description SE 1/4-14-43-1 W 3rd.
• In the direct comparison approach, which factor among adjusted comparables is commonly used?
• Why should the appraisal always define the specific type of value?
• Which document would help determine whether the mortgage loan is currently outstanding and the payment schedule?
• Under the TIPP program, if possession occurs on July 1, how many months of taxes are typically pre-paid?
• Which of the following is NOT one of the six listed types of windows?
• What is the first step in applying the direct comparison approach?