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