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Crash Course > CH1: NC Real Estate Exam Practice Questions | Basic Concepts > Flashcards

CH1: NC Real Estate Exam Practice Questions | Basic Concepts Flashcards

1
Q

The quality of the location of land, and consequently, the value of the land can be changed by:

A. the principle of nonhomogenetity

B. Relocation of the land

C. Changes in the national scope of the real estate business

D. Improvements to the land that result in accessibility not previously available

A

D. Improvements to the land that result in accessibility not previously available

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2
Q

The term REALTOR designates:

A. Any real estate licensee

B. A real estate licensee who is a member of the national, state, and local association of REALTORS

C. Only licensees who hold broker’s licenses

D. All of the Above

A

B. A real estate licensee who is a member of the national, state, and local association of REALTORS

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3
Q

The characteristic of land that causes the real estate market to be essentially a local market is the physical characteristic of:

A. indestructibility

B. immobility

C. availability

D. Natural features

A

B. immobility

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4
Q

All of the following are separate ownerships in land EXCEPT:

A. Surface of the land

B. Area below the Surface

C. Nonhomogeneity

D. Air rights

A

C. Nonhomogeneity (means no two properties are alike)

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5
Q

An increase in the economic supply of land has resulted from:

A. Increased utilization of the physical supply of land

B. Modification by improvement to the land

C. High-density development

D. All of the Above

A

D. All of the Above

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6
Q

The nonhomogeneity of land:

A. Is the basis for the legal remedy of specific performance

B. Results from the uniqueness of every parcel of real estate

C. Is a physical characteristic of land

D. All of the Above

A

D. All of the Above

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7
Q

The employment of the concept of highest and best use:

A. Includes consideration of the physical and economic factors affecting land use

B. Results in the greatest present value of the land

C. Must be a use feasible in the near future

D. All of the above

A

D. All of the above

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8
Q

Economic characteristics of real property include which of the following?

A. Location

B. Immobility

C. Indestructibility

D. nonhomogeneity

A

A. Location

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9
Q

An example of public land-use control is:

A. Restrictive covenants

B. Zoning Laws

C. Deed restrictions

D. Protective covenants

A

B. Zoning Laws

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10
Q

The real estate market may be described in all of the following ways EXCEPT:

A. a free market

B. a local market

C. a movable market

D. a market that is slow to react to changes in supply and demand

A

C. a movable market

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11
Q

The function of a real estate agent in dealings with buyers and sellers in the real estate market may best be described as which of the following?

A. Financier

B. Counselor or advisor

C. Contractor

D. Salesperson

A

B. Counselor or advisor

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12
Q

Which of the following is an example of the private control of land use?

A. Zoning

B. Restrictive codes

C. Building Codes

D. Environmental codes

A

B. Restrictive codes

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13
Q

Factors affecting supply and demand in real estate include all of these items EXCEPT:

A. Government regulations

B. Interest rates

C. Local economic conditions

D. Real estate investment trusts

A

D. Real estate investment trusts

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14
Q

Real estate investment offers the opportunity to produce a profit in the following ways EXCEPT:

A. Appreciation

B. Positive cash flow

C. Specific performance

D. Tax advantages

A

C. Specific performance

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15
Q

Which of the following has the greatest effect on real property value?

A. Tax rates

B. Location

C. Availability

D. Indestructibility

A

B. Location

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16
Q

The real estate agent must have specialized knowledge of a variety of subjects that include all of the following EXCEPT:

A. Financing

B. Contracts

C. Legal Advice

D. Valuation of Property

A

C. Legal Advice

17
Q

The National Association of REALTORS is:

A. A government organization

B. A trade group

C. An organization for buyers and sellers of commercial real estate

D. All of the above

A

B. A trade group

18
Q

Physical characteristics of land include all of the following EXCEPT:

A. Location

B. Nonhomogenity

C. Permanence

D. Immobility

A

A. Location

19
Q

All of the following are public land-use restrictions except:

A. Building Costs

B. Protective covenants

C. Zoning

D. Regional Planning

A

B. Protective covenants

20
Q

Scarcity and location are examples of:

A. Physical characteristics of the land

B. Highest and best use

C. Permanence of investment

D. Economic characteristic of the land

A

D. Economic characteristic of the land

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