CHP 1 QUIZ

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 the zoning overlays B the area's market value C life cycle of the community D the economic base

the economic base

All of the following will result in a forfeiture of license application and examinations fees, EXCEPT: A Failing to take the examination within 90 days of license application B Failing to appear for an examination appointment C Appearing more than 15 minutes late for an examination appointment D Failing to produce a proper ID at the time of examination

A Failing to take the examination within 90 days of license application

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

A area preference The value of real estate is primarily dictated by location.

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

A because individual state regulatory agencies create rules that govern their licensees

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

A fine licensees who violate the rules or statutes

All of the following factors would affect supply, EXCEPT: A population B construction costs C government controls D the labor force

A population

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

A prices tend to rise

In regard to real estate's role in economic cycles, which of the following statements is correct? A Real estate is a stable market that does not fluctuate. B Real estate is a lagging indicator and contains periods of expansion, recession, depression and revival. C Real estate is a leading indicator of economic cycles. D Real estate cycles are easily predictable.

B Real estate is a lagging indicator and contains periods of expansion, recession, depression and revival.

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

B high school diploma

If a candidate is denied a license due to information obtained in the mandatory criminal background check, how long do they have to request a hearing with NCREC? A 30 days B 60 days C 90 days D 180 days

B 60 days

What is the name of the publication that contains information for candidates taking the North Carolina real estate licensing examination? A NC Real Estate Commission Bulletin B RELINC - Real Estate Licensing in North Carolina C North Carolina Administrative Rules D North Carolina General Statutes

B RELINC - Real Estate Licensing in North Carolina

All of the following are economic characteristics of real property, EXCEPT: A scarcity B immobility C location D permanence

B immobility

Highest and best use would best be defined as: A the use that produces the highest sales price for the property B the one use that provides the greatest return and maximizes the value of the real estate C the categorization of the multiple ways in which a property may be utilized D the existing and current use of the property

B the one use that provides the greatest return and maximizes the value of the real estate

Under the doctrine of specific performance, the party harmed by breach of a real estate contract can ask a judge to force the breaching party to carry out the terms of the contract rather than order the breaching party to pay monetary damages. Which physical characteristic of land is the basis for the doctrine of specific performance? A indestructibility B uniqueness C immobility D permanence of investment

B uniqueness

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 Three of the people on the commission must be laypeople. C At least 3 of the members must be licensees and 2 must be laypeople. D At least 3 of the members must be laypeople and 2 must be licensees.

C At least 3 of the members must be licensees and 2 must be laypeople.

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.

C Seven are appointed by the governor and 2 are appointed by the legislature.

All of the following are physical characteristics of land, EXCEPT: A indestructibility B uniqueness C immobility D scarcity

C immobility

Which of the following is correct regarding the educational requirements of a provisional broker? A must complete 90 hours of CE in the first 3 years B must complete 90 hours of postlicensing in the first 3 years, completing at least 30 hours every year by June 10 C must complete 90 hours of postlicensing in the first 18 months of being licensed and complete 8 hours of CE every year prior to the second renewal of their real estate license D the renewal date for postlicensing and CE is June 10

C must complete 90 hours of postlicensing in the first 18 months of being licensed and complete 8 hours of CE every year prior to the second renewal of their real estate license

What is the length of the NC real estate licensing examination eligibility period? A 75 hours B 30 days C 90 days D 180 days

D 180 days

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

D require licensees to obtain education NCREC imposes initial course requirements, postlicensing course requirements and CE requirements on licensees, all relating to their education.