The National Association of Realtors Estimates That 23% of All

question 20

Multiple Choice

The National Association of Realtors estimates that 23% of all homes purchased in 2004 were consideredinvestment properties. If a sample of 800 homes sold in 2004 is obtained what is the probability that at most
200 homes are going to be used as investment property?

• A) 0.9099
• B) 0.4066
• C) 0.0934
• D) 0.5935

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Definitions:

Statute Of Frauds

A legal concept requiring certain types of contracts to be written and signed to be legally enforceable.

Contract Law

Contract law is the body of law that governs the creation, enforcement, and interpretation of agreements between parties, defining obligations mutually agreed upon.

Repealed

Describes a law or regulation that has been officially revoked, cancelled, or annulled by legislative action.

Restraint Of Trade

Legal term referring to contractual obligations that limit a person’s freedom to engage in business activities with others, often scrutinized for its impact on free trade.