ENGRADE Chapter 1

Question 1

Supply is affected by

Answer 1

Population

Question 2

When the supply of a commodity decreases

Answer 2

Prices tend to rise

Question 3

Indestructibility
Uniqueness
Immobility

Answer 3

Physical Characteristics of Land

Question 4

Requirements to get a NC Real Estate Brokers License

Answer 4

Age of 18
good Character
Formal Background Check

Question 5

Educational requirements of a broker

Answer 5

Must complete 90 hours of post licensing in the first 3 years, and complete 8 hours of CE every year beginning with the 2nd renewal of their real estate license.

Question 6

Members of the real estate Commission

Answer 6

7 appointed by Governor

2 appointed by the legislature

Question 7

It is the job of the NC Real Estate Commission to perform all of the following

Answer 7

*provide information to licsensees and the public
8regulate and educate licensees
*Protect the public and consumers

Question 8

Economic Characteristics of real property

Answer 8

SLIP

Scarcity
Location
Indestructibility
Permanence

Question 9

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

Answer 9

because individual state regulatory agencies create rules that govern their licensees

Question 10

Highest and best use is defined by

Answer 10

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

Question 11

In regard to real estates role in economic cycles, which of the following statements is correct?

Answer 11

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

Question 12

In regard to the composition of the NC real estate commission, which of the following statements is correct regarding the NCREC?

Answer 12

at least 3 of the members must be licensees and 2 must be lay people

Question 13

The NCREC has the authority to

Answer 13

Require licensees to obtain education

Question 14

Under the doctrine of specific performance, the party harmed by a 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?

Answer 14

UNIQUENESS

Question 15

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

Answer 15

Area Preference