Chapter 1. Basic real estate concepts

All of the following factors would affect supply, EXCEPT:

• construction costs

• population

• government controls

• the labor force

All of the following are required of a candidate to obtain a NC real estate brokers license, EXCEPT:

• minimum age of 18

• high school diploma

• good character

• formal background check

How are member of the NC real estate commission chosen?

• they are elected by the public at large

• they are appointed by the governor

• seven are appointed by the governor and 2 are appointed by the legislature

• 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:

• fine licensees who violate the rules or statutes

• provide information to licensees and the public

• regulate and educate licensees

• protect the public and consumers

All of the following are economic characteristics of real property, EXCEPT:

• scarcity

• immobility

• location

• permanence

The NC real estate commission has the authority to:

• regulate the commissions and fees charged by licensees

• discipline a REALTOR for breach of the code of ethics

• fine a licensee for violations of license law

• require licensees to obtain education

Which of the following is considered to have he greatest impact on the value of a property?

• area preference

• permanence of investment

• scarcity

• 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:

• the zoning overlays

• the areas marker value

• life cycle of the community

• the economic base

What is the length of the NC real estate licensing examination eligibility period?

• 75 hours

• 30 days

• 90 days

• 180 days

All of the following will result in a forfeiture of license application and examination fees, EXCEPT:

• failing to take the examination within 90 days of license application

• failure to appear for an examination appointment

• appearing more than 15 minutes late for an examination appointment

• failure to produce a proper ID at the time of examination