LeShaun McKenzie
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Chapter 1 of the NCRE Training

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LeShaun McKenzie
Created by LeShaun McKenzie over 4 years ago
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Chapter 1 - NCRE

Question 1 of 20

1

All of the following are separable ownerships in land EXCEPT:

Select one of the following:

  • surface of the land.

  • area below the surface.

  • nonhomogeneity.

  • air rights.

Explanation

Question 2 of 20

1

The characteristic of land that causes the real estate market to be essentially a local market is the physical characteristic of:

Select one of the following:

  • indestructibility.

  • immobility.

  • availability.

  • natural features.

Explanation

Question 3 of 20

1

The nonhomogeneity of land:

Select one of the following:

  • 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.

Explanation

Question 4 of 20

1

An increase in the economic supply of land has resulted from:

Select one of the following:

  • increased utilization of the physical supply of land.

  • modification by improvements to the land.

  • high-density development.

  • all of the above.

Explanation

Question 5 of 20

1

The quality of the location of land and, consequently, the value of the land can be changed by:

Select one of the following:

  • 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.

Explanation

Question 6 of 20

1

The employment of the concept of highest and best use:

Select one of the following:

  • 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.

Explanation

Question 7 of 20

1

An example of public land use controls is:

Select one of the following:

  • restrictive covenants.

  • zoning laws.

  • deed restrictions.

  • protective covenants.

Explanation

Question 8 of 20

1

Real estate investment offers the opportunity to produce a profit in the following ways EXCEPT:

Select one of the following:

  • appreciation.

  • positive cash flow.

  • specific performance.

  • tax advantages.

Explanation

Question 9 of 20

1

The real estate market may be described in all the following ways EXCEPT:

Select one of the following:

  • a free market.

  • a local market.

  • a movable market.

  • a market that is slow to react to changes in supply and demand.

Explanation

Question 10 of 20

1

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?

Select one of the following:

  • financier

  • counselor or advisor

  • contractor

  • salesperson

Explanation

Question 11 of 20

1

The real estate agent must have specialized knowledge of a variety of subjects that include all of the following EXCEPT:

Select one of the following:

  • financing.

  • contracts.

  • legal advice.

  • valuation of property.

Explanation

Question 12 of 20

1

Economic characteristics of real property include which of the following?

Select one of the following:

  • location

  • immobility

  • indestructibility

  • nonhomogeneity

Explanation

Question 13 of 20

1

Which of the following has the greatest effect on real property value?

Select one of the following:

  • tax rates

  • location

  • availability

  • indestructibility

Explanation

Question 14 of 20

1

Which of the following is an example of the private control of land use?

Select one of the following:

  • zoning

  • restrictive covenants

  • building codes

  • environmental controls

Explanation

Question 15 of 20

1

The term REALTOR® designates:

Select one of the following:

  • 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.

Explanation

Question 16 of 20

1

Physical characteristics of land include all of the following EXCEPT:

Select one of the following:

  • location.

  • nonhomogeneity.

  • permanence.

  • immobility.

Explanation

Question 17 of 20

1

The National Association of REALTORS® is:

Select one of the following:

  • a government organization.

  • a trade group.

  • an organization for buyers and sellers of commercial real estate.

  • all of the above.

Explanation

Question 18 of 20

1

Factors affecting supply and demand in real estate include all of these items EXCEPT:

Select one of the following:

  • government regulations.

  • interest rates.

  • local economic conditions.

  • real estate investment trusts.

Explanation

Question 19 of 20

1

Scarcity and location are examples of:

Select one of the following:

  • physical characteristics of the land.

  • highest and best use.

  • permanence of investment.

  • economic characteristics of the land.

Explanation

Question 20 of 20

1

All of the following are public land use restrictions EXCEPT:

Select one of the following:

  • building codes.

  • protective covenants.

  • zoning.

  • regional planning.

Explanation

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