1. The key physical characteristic of real estate is its association with: a. fungibles b. land c. personal property d. transferability 2. The 5th Amendment to the U.S. Constitution says that private property may be taken under the power of eminent domain by the government if just compensation is paid. Just compensation is interpreted to mean: a. assessed value b. "fair" market value C. Investment value d. value in use 3. Real estate is defined as the rights to land and: a. fixtures b. intangible property C. personal property d. unclaimed property 4. Suppose you are a tenant in a shopping center with a triple-net lease. This means that you are paying reimbursables (in addition to rent) to cover the following operating expenses paid by the owner of the shopping center: a. common area maintenance b. hazard insurance c. local property taxes d. all of the above