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Engrade Ch 1
| Question | Answer |
|---|---|
| All of the following factors would affect supply, EXCEPT: | A.population B.construction costs C.government controls D.the labor force |
| When the supply of a commodity decreases: | A. prices tend to rise B. prices tend to drop C. demand tends to rise D. demand tends to drop |
| All of the following are physical characteristics of land, EXCEPT: | A. indestructibility B. uniqueness C. immobility D. scarcity |
| All of the following are required of a candidate to obtain a NC Real Estate Brokers License, EXCEPT: | A. minimum age of 18 B. high school diploma C. good character D. formal background check |
| Which of the following is correct regarding the educational requirements of a provisional broker? | A. 90 hours CE in the first 3 years B. 90 hours postlicensing in first 3 years, complete at least 30 hours/yr by June 10 C. 90 hours post in first 3 years & 8 hrs of CE ea year prior to 2nd renewal of license. D. Renewal date for post & CE is Jun 10 |
| How are members of the NC Real Estate Commission chosen? | A.They are elected by the public at large. B. They are appointed by the governor. C.Seven are appointed by the governor and 2 are appointed by the legislature. D.Four are appointed by the legislature and 3 are appointed by the governor. |
| It is the job of the NC Real Estate Commission to perform all of the following, EXCEPT: | A. fine licensees who violate the rules or statutes B.provide information to licensees and the public C.regulate and educate licensees D. protect the public and consumers |
| All of the following are economic characteristics of real property, EXCEPT: | A.scarcity B.immobility C. location D.permanence |
| The fact that real estate licensees must be licensed in the state where the real estate is located and not where the client is located occurs: | A. because individual state regulatory agencies create rules that govern their licensees B.because they are subject to requirements in the national and state constitutions C.only in NC D.because of the concept of highest and best use |
| Highest and best use would best be defined as: | A.the use that produces highest sales price for the property B the one use that provides greatest return & maximizes value of the real estate C.categorization of the multiple ways a property may be utilized D.the existing & current use of the property |
| In regard to real estate's role in economic cycles, which of the following statements is correct? | A. RE is a stable market that does not fluctuate. B.RE is a lagging indicator & contains periods of expansion, recession, depression & revival. C. RE is a leading indicator of economic cycles. D.RE cycles are easily predictable. |
| In regard to the composition of the NC Real Estate Commission, which of the following statements is correct? | A.It must be composed of at least 5 people who are real estate licensees. B. 3 of the people on the commission must be laypeople. C.At least 3 of the members must be licensees & 2 laypeople. D. At least 3 of the members must be laypeople & 2 licensees. |
| The North Carolina Real Estate Commission has the authority to: | A.regulate the commissions and fees charged by licensees B. discipline a REALTOR for breach of the Code of Ethics C. fine a licensee for violations of license law D. require licensees to obtain education |
| In specific performance the party harmed by breach of contract can ask judge to force breaching party to carry out terms of contract rather than order breaching party to pay monetary damages. Which physical characteristic of land is the basis for sp? | A. indestructibility B. uniqueness C.immobility D.permanence of investment |
| Which of the following is considered to have the greatest impact on the value of a property? | A.area preference B.permanence of investment C.scarcity D.uniqueness |
| In determining the value of a property the location is important. Factors in the community which cause businesses to relocate there and the ability to attract new businesses is known as the: | A.life cycle of the community B.the area's market value C.the zoning overlays D.the economic base |
| Economic characteristics of real property are: | 1. Scarcity 2. Location 3. Improvements 4. Permanence |
| Another word for location | situs |
| Physical characteristics of real property are: | 1. Immobile 2. Permanence or indestructibility 3. Unique |
| Types of land use controls: | 1. Public 2. Private 3. Government |
| Factors affecting supply | 1. Labor 2. Costs 3. Govt controls |
| Factors affecting demand | 1. Wages 2. Employment 3. Population 4. Economy |
Created by:
laurenk1996