NC Real Estate Chapter 1 Review Question Flashcards

NC Real Estate Chapter 1 Review Question Flashcards Physical characteristics of land include all of the following

EXCEPT:A. situsB. nonhomogeneityC. permanenceD.

immobility situs The real estate agent must have specialized knowledge of

a variety of subjects that include the following EXCEPT:A.

financingB. contractsC. legal adviceD. valuation of property legal advice Which of the following has the greatest effect on real property value?A. tax ratesB. locations/situsC. availabilityD.indestructibility location/situs

The non-homogeneity of land:A. is the basis for the legal

remedy of specific performanceB. results from the uniqueness of every parcel of real estateC. is a physical characteristic of landD. all of the above all of the above

Scarcity and situs are examples of:A. physical

characteristics of the landB. highest and best useC.permanence of investmentD. economic characteristics of the land economic characteristics of the land

The National Association of REALTORS is:A. a

government organizationB. a trade groupC. an organization for buyers and sellers of commercial real estateD. all of the above trade group Which of the following statements regarding the real estate business is correct?I. Real estate transactions can be traced to biblical timesII. The business of real estate brokerage is a product of the twentieth century.A. I onlyB. II onlyC. both I and IID. neither I nor II both I and II

The term REALTOR designates:A. any real estate

licenseeB. a real estate licensee who is a member of the national, state, and local association of REALTORSC. only licensees who hold broker's licensesD. all of the above a real estate licensee who is a member of the national, state, and local association of REALTORS An increase in the economic supply of land has resulted

from:A. increase utilization of the physical supply of landB.

modification by improvements to the landC. high-density developmentD. all of the above all of the above All of the following are separable ownerships in land

EXCEPT:A. surface of the landB. area below the surfaceC.

nonhmogeneityD. air rights non-homogeneity

The real estate market is:I. an example of the free market

conceptsII. local in characterA. I onlyB. II onlyC. both I and IID. neither I nor II both I and II

A REALTOR must be:I. a licenseeII. a brokerA. I onlyB. II

onlyC. both I and IID. neither I nor II I only The real estate market may be described in all the following

ways EXCEPT:A. free marketB. local marketC. movable

marketD. market that is slow to react to changes in supply and demand moveable market Economic characteristics of real property include which of the following?A. situsB. immobilityC. indestructibilityD.nonhomogeneity Situs All of the following are public land use restrictions

EXCEPT:A. building codesB. protective covenantsC.

zoningD. regional planning protective covenants Factors affecting supply and demand in real estate include

all of these items EXCEPT:A. government regulationsB.

interest ratesC. local economic conditionsD. real estate investment trusts real estate investment trusts The characteristic of land that causes the real estate market to be essentially a local market is the physical

characteristic of:A. indestructibilityB. immobilityC.

availabilityD. natural features immobility The function of a real estate agent in dealings with buyers and sellers in the real estate market any best be described as which of the followingA. financierB. counselor or advisorC. contractorD. salesperson counselor or advisor The physical characteristics of land create a real estate market that has special features not inherent in other

markets, including:I. the characteristic that the real estate

market is slow to react to changes in the supply and demand for real estateII. the characteristic of the necessity for local specialists to adequately serve the buying and selling publicA. I onlyB. II onlyC. both I and IID. neither I nor II both I and II The quality of the location of the land and consequently the

value of the land can be changed by:A. the principle of

nonhomogeneityB. relocation of the landC. changes in the national scope of the real estate businessD. improvements to the land that result in accessibility not previously available improvements to the land that result in accessibility not previously available

The employment of the concept of highest and best use:A.

includes consideration of the physical and economic factors affecting land useB. results in the greatest present value of landC. must be a use feasible in the near futureD. all of the above all of the above Which of the following is (are) accurate regarding a successful career in real estate?I. A successful career in

real estate is based on ethical conduct and service to others.II. A successful career in real estate is based on knowledge of a great variety of subjects.A. I onlyB. II onlyC.both I and IID. neither I nor II both I and II

Which of the following is an example of the private control of land use?A. zoningB. restrictive covenantsC. building codesD. environmental controls restrictive covenants Real estate investment offers the opportunity to produce a

profit in the following ways EXCEPT:A. appreciationB.

positive cash flowC. specific performanceD. tax advantages specific performance An example of public land use controls isA. restrictive covenantsB. zoning lawsC. deed restrictionsD. protective covenants zoning laws

The real estate market is subject to :I. the cyclic changes in

the national economyII. the law of supply and demandA. I onlyB. II onlyC. both I and IID. neither I nor II both I and II