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Unit One NC Real Estate Flashcards | StudBud
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Unit One NC Real Estate
Unit One NC Real Estate
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1
Which of the following is NOT an economic characteristic of real estate?
Scarcity
Permanence of improvement
Indestructibility
Location
2
In North Carolina, the term
provisional broker
refers to
a REALTOR
a licensee who must operate under the supervision of a broker-in-charge
a licensee who must focus on a specialty of real estate
an individual who has invested in real estate
3
A professional estimate of a property's value, based on established methods is done by a :
home inspector
real estate appraiser
real estate broker
real estate counselor
4
Highest and best use of real estate will
always be the properts current use
maximize the propertys value
not be affected by local economic trends
stay constant throughout time
5
The demand for real estate is influenced by the
number of real estate brokers in the area
ethnic makeup of neighborhoods
wage levels and employment opportunities
price of new homes being built in the area vs the price of existing homes
6
Situs refers to
improvements made to the building site
view from the property
immobility of real estate
societal factors that are related to the location
7
All of the following factors tend to affect supply and demand EXCEPT
the labor force
demographics
construction costs
government controls
8
UNIT ONE
x
z
a
y
9
The real estate market is considered local in character for all the reasons except:
local controls can have a significant impact on the market
land is fixed and immobile
consumers generally invest in real estate that is near their home or work
most people eagerly visit and invest in real estate in distant areas
10
Which of the following best defines real estate?
land and the buildings permanently affixed to it
land and the air above it
land and all the things permanently affixed to it
land and the mineral rights in the land
11
In general terms, a market refers to which of the following?
place where goods are standardized for sale
place where the value of goods is established
quality of goods available to the public
amount of goods available at a given price
12
A buyer is interested in a house that fits most of her needs. Her concern about the house location is called
area preference
permanence of investment
physical deterioration
immobility
13
A theater or hotel would be classified under the real estate category of
agricultural
residential
industrial
commercial
14
Which factors would a developer take into consideration when determining the optimum use of land?
all of these
available natural resources
transportation
contour and elevation
15
The demand for real estate in a particular community is LEAST affected by
international trade
employment
population
wage levels
16
Which of the following statements is/are true of business cycles?
The real estate business is quicker to recover from depressed times
Business Cycles involve periods of expansion, recession, depression
Both
Neither
17
The designation REALTOR refers to
Both
an active member of the National Association of Realtors
any licensed real estate broker
Neither
18
In general, when the supply of a certain commodity increases, prices
tend to stabilize
can no longer be established
tend to rise
tend to drop
19
Which of the following is NOT a physical characteristic of land?
Uniqueness
Immobility
Scarcity
Indestructability
20
Real estate can be a poor investment if
land values are appreciating in the area
the investor plans to hold the investment for a long time
the inflation rate is high
the investor needs ready cash
