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Chapter 1 - NCRE

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Chapter 1 of the NCRE Training
LeShaun McKenzie
Quiz by LeShaun McKenzie, updated more than 1 year ago
LeShaun McKenzie
Created by LeShaun McKenzie almost 4 years ago
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Resource summary

Question 1

Question
All of the following are separable ownerships in land EXCEPT:
Answer
  • surface of the land.
  • area below the surface.
  • nonhomogeneity.
  • air rights.

Question 2

Question
The characteristic of land that causes the real estate market to be essentially a local market is the physical characteristic of:
Answer
  • indestructibility.
  • immobility.
  • availability.
  • natural features.

Question 3

Question
The nonhomogeneity of land:
Answer
  • 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.

Question 4

Question
An increase in the economic supply of land has resulted from:
Answer
  • increased utilization of the physical supply of land.
  • modification by improvements to the land.
  • high-density development.
  • all of the above.

Question 5

Question
The quality of the location of land and, consequently, the value of the land can be changed by:
Answer
  • 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.

Question 6

Question
The employment of the concept of highest and best use:
Answer
  • 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.

Question 7

Question
An example of public land use controls is:
Answer
  • restrictive covenants.
  • zoning laws.
  • deed restrictions.
  • protective covenants.

Question 8

Question
Real estate investment offers the opportunity to produce a profit in the following ways EXCEPT:
Answer
  • appreciation.
  • positive cash flow.
  • specific performance.
  • tax advantages.

Question 9

Question
The real estate market may be described in all the following ways EXCEPT:
Answer
  • a free market.
  • a local market.
  • a movable market.
  • a market that is slow to react to changes in supply and demand.

Question 10

Question
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?
Answer
  • financier
  • counselor or advisor
  • contractor
  • salesperson

Question 11

Question
The real estate agent must have specialized knowledge of a variety of subjects that include all of the following EXCEPT:
Answer
  • financing.
  • contracts.
  • legal advice.
  • valuation of property.

Question 12

Question
Economic characteristics of real property include which of the following?
Answer
  • location
  • immobility
  • indestructibility
  • nonhomogeneity

Question 13

Question
Which of the following has the greatest effect on real property value?
Answer
  • tax rates
  • location
  • availability
  • indestructibility

Question 14

Question
Which of the following is an example of the private control of land use?
Answer
  • zoning
  • restrictive covenants
  • building codes
  • environmental controls

Question 15

Question
The term REALTOR® designates:
Answer
  • 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.

Question 16

Question
Physical characteristics of land include all of the following EXCEPT:
Answer
  • location.
  • nonhomogeneity.
  • permanence.
  • immobility.

Question 17

Question
The National Association of REALTORS® is:
Answer
  • a government organization.
  • a trade group.
  • an organization for buyers and sellers of commercial real estate.
  • all of the above.

Question 18

Question
Factors affecting supply and demand in real estate include all of these items EXCEPT:
Answer
  • government regulations.
  • interest rates.
  • local economic conditions.
  • real estate investment trusts.

Question 19

Question
Scarcity and location are examples of:
Answer
  • physical characteristics of the land.
  • highest and best use.
  • permanence of investment.
  • economic characteristics of the land.

Question 20

Question
All of the following are public land use restrictions EXCEPT:
Answer
  • building codes.
  • protective covenants.
  • zoning.
  • regional planning.
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