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Chapter 1 Review Flashcards | StudBud
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Chapter 1 Review
Chapter 1 Review
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Review of Chapter 1- vocab, questions etc.
Flashcards
52 cards
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Practice quiz
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Questions
52
Answers
1
Realty is land and everything not attached to the land
False
True
2
Which of the following is considered to have the greatest impact on the value of a property?
permanence of investment
scarcity
area preference
uniqueness
3
How are members of the NC Real Estate Commission chosen?
Four are appointed by the legislature and 3 are appointed by the governor.
Seven are appointed by the governor and 2 are appointed by the legislature
They are elected by the public at large.
They are appointed by the governor.
4
RELINC - Real Estate Licensing in North Carolina
False
True
5
Highest and best use yields a net income in the form of rent that forms, when capitalized at the proper rate of interest
True
False
6
Scarcity and location are examples of economic characteristics of the land
False
True
7
Hereditaments: any rights capable of being inherited
True
False
8
All of the following will result in a forfeiture of license application and examinations fees, EXCEPT:
Failing to produce a proper ID at the time of examination
Appearing more than 15 minutes late for an examination appointment
Failing to take the examination within 90 days of license application
Failing to appear for an examination appointment
9
Define Land
where the property is on
surface of earth, area above and below surface & all attached naturally
a tropical get away
surface of earth, and air rights
10
The national association of REALTORS is
A government organization
A trade group
A cult
11
Define Appurtenance
personal in nature
any right or privilege that is considered to run with the land
anything that is permanently attached to the land
restrictions by country
12
Immobility is a physical characteristic of land describing the possibility of relocating land from one place to another
True
False
13
an example of public land use controls is zoning laws
True
False
14
Situs is location of land
False
True
15
Bill of sale is an instrument transferring ownership of personal property?
False
True
16
Real estate agents are able to give legal advice
True
False
17
It is the job of the NC Real Estate Commission to perform all of the following, EXCEPT:
protect the public and consumers
provide information to licensees and the public
regulate and educate licensees
fine licensees who violate the rules or statutes
18
Factors affecting supply and demand in real estate include all except
Government regulations
Local economic conditions
Real estate investment trusts
Interest rates
19
Specific performance requires defaulting party to contract to buy/sell real property and carry out their obligations
True
False
20
These 2 terms also mean personal property
personalty, personal property
personalty, chattel
scarcity, land
location, land
21
Real estate, real property, realty and land all mean the same thing and are used interchangeably
False
True
22
Indestructibility is a physical characteristic of land meaning that land is permanent and can’t be destroyed
False
True
23
Immobility, permanence and uniqueness are all physical characteristics of land
False
True
24
Her edit amends can not be inherited
True
False
25
Real estate market may be described in all the following ways except
Moveable market
A free market
Local market
A market that is slow to react to changes in supply and demand
26
How important is vocabulary for this test
Somewhat, but there is other things I’d rather study
I’d rather go to karaoke
I’m good, I’ll just swing it
Very
27
All of the following are required of a candidate to obtain a NC Real Estate Brokers License, EXCEPT:
high school diploma
formal background check
minimum age of 18
good character
28
all of the following are separable ownerships in land Except:
nonhomogeneity
air rights
area below the surface
surface of the land
29
Nonhomogeneity is a physical characteristic of land describing that land is a unique commodity
True
False
30
An example of public land use control is
Restrictive covenants
Deed restrictions
Protective covenants
Zoning laws
31
All of the following factors would affect supply, EXCEPT
labor force
govt controls
population
construction costs
32
What is the length of the NC real estate licensing examination eligibility period?
180 days
90 days
30 days
75 hours
33
All of the following are physical characteristics of land, EXCEPT
immobility
scarcity
uniqueness
indestructibility
34
all of the following are public land use restrictions Except:
building codes
zoning
regional planning
protective convenants
35
All of the following are pubic land use restrictions except
Zoning
Building codes
Protective covenants
Regional planning
36
Realtor is a registered trademark and is available for anyone
False
True
37
Location had the greatest effect on real property value
False
True
38
Scarcity, permanence of investment and location are economic characteristics of real property
False
True
39
When the supply of a commodity decreases
prices tend to rise
demand tends to drop
demand tends to rise
prices tend to drop
40
Tenements: ownership interest in anything mobile and is considered part of the real property
False
True
41
The function of a real estate agent in dealings with buyers and sellers may be best described as
Dog walker
Financier
Counselor or advisor
Contractor
42
Improvements: anything used to better or improve the use of land
True
False
43
Which of the following is correct regarding the educational requirements of a provisional broker
must complete 90 hours of postlicensing in the first 18 months
must complete 90 hours of CE in the first 3 years
must complete 90 hours of postlicensing in the first 3 years, completing at
the renewal date for postlicensing and CE is June 10
44
Chattel is personal property
True
False
45
real property has the physical characteristics of immobility, permanence, and uniqueness.
False
True
46
Deed is a written instrument that transfers an interest in real property when signed by grantor and delivered to grantee
True
False
47
Scarcity a short supply in comparison with demand
True
False
48
All of the following are economic characteristics of real property, EXCEPT:
scarcity
location
immobility
permanence
49
The North Carolina Real Estate Commission has the authority to:
discipline a REALTOR for breach of the Code of Ethics
require licensees to obtain education
fine a licensee for violations of license law
regulate the commissions and fees charged by licensees
50
All are examples of improvements except
Structures
Roads
Walls
Motorcycle
51
The term realtor designates a real estate licensee who is a member of national state and local association of REALTORS
False
True
52
Physical characteristics of land include all the following except
Immobility
Performance
Location
