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WorksheetsCh.1 North Carolina Real Estate Practices and Principles
Total questions: 20
Worksheet time: 10mins
All of the following are separable ownerships in land EXCEPT
Surface of the land
area below the surface
nonhomogeneity
air rights
The characteristic of land that causes the real estate market to be essentially a local market is the physical characteristic of:
indestructibility
immobility
availability
natural features
The nonhomogeneity of land:
is the basis for the legal remedy of specific performance
results from the uniqueness of every parcel of real estate
is a physical characteristic of land
all of the above
An increase in the economic supply of land has resulted from:
increased utilization of the physical supply of land
modification by improvements to the land
high-density development
all of the above
The quality of the location of land and, consequently, the value of the land can be changed by:
the principle of nonhomogeneity
relocation of the land
changes in the national scope of the real estate business
improvements to the land that result in accessibility not previously available
The employment of the concept of highest and best use:
includes consideration of the physical and economic factors affecting land use
results in the greatest present value of the land
must be a use feasible in the near future
all of the above
An example of public land use controls is:
restrictive covenants
zoning laws
deed restrictions
protective covenants
Real estate investment offers the opportunity to produce a profit in the following ways EXCEPT:
appreciation
positive cash flow
specific performance
tax advantages
The real estate market may be described in all the following ways EXCEPT
a free market
a local market
a movable market
a market that is slow to react to changes in supply and demands
The function of a real estate agent in dealings with buyers and sellers in the real estate market may best be described as which of the following?
financier
counselor or advisor
contractor
salesperson
The real estate agent must have specialized knowledge of a variety of subjects that include all of the following EXCEPT:
financing
contracts
legal advice
valuation of property
Economic characteristics of real property include which of the following?
location
immobility
indestructibility
nonhomogeneity
Which of the following has the greatest effect on real property values?
tax rates
location
availability
indestructibility
Which of the following is an example of the private control of land use?
zoning
restrictive covenants
building codes
environmental controls
The term REALTOR designates:
any real estate licensee
a real estate licensee who is a member of the national, state, and local association of REALTORS
only licensees who hold broker's licenses
all of the above
Physical characteristics of land include all of the following EXCEPT:
location
nonhomogeneity
permanence
immobility
The National Association of REALTORS is:
a government organization
a trade group
an organization for buyers and sellers of commercial real estate
all of the above
Factors affecting supply and demand in real estate include all of these items EXCEPT:
government regulations
interest rates
local economic conditions
real estate investment trusts
Scarcity and location are examples of
physical characteristics of the land
highest and best use
permanence of investment
economic characteristics of the land
All of the following are public land use restrictions EXCEPT:
building codes
protective covenants
zoning
regional planning
