Superior Final Exam Questions and Answers

Superior Final Exam Questions and Answers All of the following factors would affect supply, EXCEPT: -Answer-population When the supply of a commodity decreases: -Answer-prices tend to rise All of the following are physical characteristics of land, EXCEPT: -Answer-scarcity All of the following are required of a candidate to obtain a NC Real Estate Brokers License, EXCEPT: -Answer-high school diploma Which of the following is correct regarding the educational requirements of a provisional broker? -Answer-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 How are members of the NC Real Estate Commission chosen? -Answer-Seven are appointed by the governor and 2 are appointed by the legislature. All of the following are required of a candidate to obtain a NC Real Estate Brokers License, EXCEPT: -Answer-high school diploma Which of the following is correct regarding the educational requirements of a provisional broker? -Answer-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 How are members of the NC Real Estate Commission chosen? -Answer-Seven are appointed by the governor and 2 are appointed by the legislature. It is the job of the NC Real Estate Commission to perform all of the following, EXCEPT: - Answer-fine licensees who violate the rules or statutes All of the following are economic characteristics of real property, EXCEPT: -Answer- immobility 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-because individual state regulatory agencies create rules that govern their licensees Highest and best use would best be defined as: -Answer-the one use that provides the greatest return and maximizes the value of the real estate In regard to real estate's role in economic cycles, which of the following statements is correct? - Answer-Real estate is a lagging indicator and contains periods of expansion, recession, depression and revival. In regard to the composition of the NC Real Estate Commission, which of the following statements is correct? -Answer-At least 3 of the members must be licensees and 2 must be laypeople. The North Carolina Real Estate Commission has the authority to: -Answer-require licensees to obtain education 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? -Answer-uniqueness Which of the following is considered to have the greatest impact on the value of a property? - Answer-area preference 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: - Answer-the economic base What is the length of the NC real estate licensing examination eligibility period? -Answer-180 days All of the following will result in a forfeiture of license application and examinations fees, EXCEPT: -Answer-Failing to take the examination within 90 days of license application What is the name of the publication that contains information for candidates taking the North Carolina real estate licensing examination? -Answer-RELINC - Real Estate Licensing in North Carolina 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? -Answer-60 days The concept by which land would increase automatically along a river or stream is known as: - Answer-accretion Which of the following is generally considered real property? -Answer-a perennial shrub planted in the backyard The phrase "bundle of legal rights": -Answer-is part of the definition of real property A trade fixture is considered: -Answer-person