The term REALTOR designates:

a real estate license who is a member of national, state, and local chamber

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

improvements to the land that result in accessibility non previously ready

Scarcity and location are examples of:

Economic characteristics of the land

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NC Real Estate Exam Chapter 1

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Questions 19

Answers

1
The employment of the concept of highest and best use:
includes consideration of the physical and economic factors affecting land
All of the above
must be a use feasible in the near future
results in the greatest present value of the land
2
The real estate agent must have specialized knowledge of a variety of subjects that include all of the following EXCEPT:
Legal Advice
Contracts
Financing
Valuation of property
3
The nonhomogeneity of land:
is a physical characteristic of land
All of the above
results from the uniqueness of every parcel of real estate
is the basis for the legal remedy of specific performance
4
All of the following are separable ownership in land EXCEPT:
Surface of the land
Nonhomogeneity
Area below the surface
Air Rights
5
real estate investment offers the opportunity to produce a profit in the following ways EXCEPT:
Appreciation
Positive Cash Flow
Tax Advantages
Specific Performance
6
Which of the following is an example of the private control land use:
Restrictive Covenants
Building Codes
Environmental Controls
Zoning
7
The term REALTOR designates:
any real estate licensee
only licensees who hold broker's licenses
All of the above
a real estate license who is a member of national, state, and local chamber
8
The function of a real estate agent in dealings with buyers and sellers in the real estate market is known as
Fianancier
counselor or advisor
Contractor
Salesperson
9
The quality of the location of land and the value of the land can be changed by:
improvements to the land that result in accessibility non previously ready
changes in the national scope of the real estate business
relocation fo the land
The principle of nonhomogeneity
10
Factors affecting supply and demand in real estate include all of these items EXCEPT:
Interest Rates
Local Economic Conditions
Government Regulations
Real Estate Investment Trusts
11
An example of public land use controls is:
zoning laws
restrictive covenants
protective covenants
deed restrictions
12
Economic characteristics of real property include which of the following:
location
nonhomogeneity
immobility
indestructibility
13
An increase in the economic supply of land has resulted from:
modification of improvements to the land
Increased utilization of the physical supply of land
All of the above
high-density development
14
The real estate market may be described in all of the following ways EXCEPT:
A moveable market
A market that is slow to react to changes in supply and demand
A free market
A local market
15
Scarcity and location are examples of:
Highest and best use
Permanence of investment
Economic characteristics of the land
Physical characteristics of the land
16
Physical characteristics of land include all of the following EXCEPT:
location
Nonhomogeneity
immobility
permanence
17
The national association of REALTORS is:
A trade group
A government organization
All of the above
An organization for buyers and sellers of commercial real estate
18
All of the following are public land use restrictions EXCEPT:
Building Codes
Regional Planning
Zoning
Protective Covenants
19
Which of the following has the greatest effect on real property value:
industructability
location
availablility
tax rates

NC Real Estate Exam Chapter 1 Flashcards | StudBud