Modern Real Estate Practice in NC 10th
edition Quizzes Questions with Answers
(100% Correct Answers)
Which of the following loans exposes the lender to the greatest degree of risk?
A. FHA
B. Conventional, with 95% LTV
C. Construction
D. VA, with no down payment Answer: C. Construction
A real estate sales contract becomes valid when
A. the written offer has been signed by both the offeror and the offeree
B. communication of acceptance is given to the offeror or offeror's agent
C. communication of acceptance is given to the offeree or offeree's agent
D. earnest money has been deposited into the escrow agent's trust account
Answer: B. communication of acceptance is given to the offeror or offeror's
agent
An active NC non-provisional broker who is affiliated with a real estate firm
may perform which of the following services as a sole proprietor without
declaring himself or herself as broker-in-charge?
A. List properties for sale
B. Establish and advertise a buyer referral service
C. Market and manage rental properties owned by other persons
D. Represent buyers as long as the broker does not solicit the business Answer:
D. Represent buyers as long as the broker does not solicit the business
,2
Which of the following BEST defines real estate?
A. Land and the air above it
B. Land and the buildings permanently affixed to it
C. Land and all things permanently affixed to it
D. Land and the mineral rights in the land Answer: C. Land and all things
permanently affixed to it
Which of the following is NOT a physical characteristic of land?
A. Indestructibility
B. Scarcity
C. Immobility
D. Uniqueness Answer: B. Scarcity
In NC, the term provisional broker refers to
A. A REALTOR
B. a licensee who must operate under the supervision of a broker-in-charge
C. a licensee who must focus on a specialty area of real estate
D. an individual who has invested in real estate Answer: B. a licensee who
must operate under the supervision of a broker-in-charge
Situs refers to
A. view from the property
B. improvements made to the building site
C. societal factors that are related to the location
,3
D. immobility of real estate Answer: C. societal factors that are related to the
location
Which of the following is NOT an economic characteristic of real estate?
A. Indestructibility
B. Scarcity
C. Permanence of improvement
D. Location Answer: A. Indestructibility
Which of the following physical and economic factors would a land developer
take into consideration when determining the optimum use of a parcel of land?
A. Transportation
B. Available natural resources
C. Contour and elevation
D. All of these Answer: D. All of these
A theater or hotel would be classified under the real estate category of
A. Residential
B. Commercial
C. Agricultural
D. Industrial Answer: B. Commercial
The demand for real estate is influenced by the
A. number of real estate brokers in the area
B. ethnic makeup of neighborhoods
C. wage levels and employment opportunities in the area
, 4
D. price of new homes being built in the area versus the price of existing
homes. Answer: C. wage levels and employment opportunities in the area
All of the following factors tend to affect supply EXCEPT
A. the labor force
B. construction costs
C. government controls
D. demographics Answer: D. demographics
Real property is often referred to as a bundle of legal rights. Which of the
following is NOT among these rights?
A. Right of exclusion
B. Right to override local zoning
C. Right of enjoyment
D. Right to sell or otherwise convey the property Answer: B. Right to override
local zoning
A property is bordered by a small stream. The property ends
A. At the edge of the stream
B. at the center of the stream
C. five feet before the stream edge
D. at the mean high-water mark of the stream Answer: B. at the center of the
stream
Oceanfront property ends at the
A. Waters edge
edition Quizzes Questions with Answers
(100% Correct Answers)
Which of the following loans exposes the lender to the greatest degree of risk?
A. FHA
B. Conventional, with 95% LTV
C. Construction
D. VA, with no down payment Answer: C. Construction
A real estate sales contract becomes valid when
A. the written offer has been signed by both the offeror and the offeree
B. communication of acceptance is given to the offeror or offeror's agent
C. communication of acceptance is given to the offeree or offeree's agent
D. earnest money has been deposited into the escrow agent's trust account
Answer: B. communication of acceptance is given to the offeror or offeror's
agent
An active NC non-provisional broker who is affiliated with a real estate firm
may perform which of the following services as a sole proprietor without
declaring himself or herself as broker-in-charge?
A. List properties for sale
B. Establish and advertise a buyer referral service
C. Market and manage rental properties owned by other persons
D. Represent buyers as long as the broker does not solicit the business Answer:
D. Represent buyers as long as the broker does not solicit the business
,2
Which of the following BEST defines real estate?
A. Land and the air above it
B. Land and the buildings permanently affixed to it
C. Land and all things permanently affixed to it
D. Land and the mineral rights in the land Answer: C. Land and all things
permanently affixed to it
Which of the following is NOT a physical characteristic of land?
A. Indestructibility
B. Scarcity
C. Immobility
D. Uniqueness Answer: B. Scarcity
In NC, the term provisional broker refers to
A. A REALTOR
B. a licensee who must operate under the supervision of a broker-in-charge
C. a licensee who must focus on a specialty area of real estate
D. an individual who has invested in real estate Answer: B. a licensee who
must operate under the supervision of a broker-in-charge
Situs refers to
A. view from the property
B. improvements made to the building site
C. societal factors that are related to the location
,3
D. immobility of real estate Answer: C. societal factors that are related to the
location
Which of the following is NOT an economic characteristic of real estate?
A. Indestructibility
B. Scarcity
C. Permanence of improvement
D. Location Answer: A. Indestructibility
Which of the following physical and economic factors would a land developer
take into consideration when determining the optimum use of a parcel of land?
A. Transportation
B. Available natural resources
C. Contour and elevation
D. All of these Answer: D. All of these
A theater or hotel would be classified under the real estate category of
A. Residential
B. Commercial
C. Agricultural
D. Industrial Answer: B. Commercial
The demand for real estate is influenced by the
A. number of real estate brokers in the area
B. ethnic makeup of neighborhoods
C. wage levels and employment opportunities in the area
, 4
D. price of new homes being built in the area versus the price of existing
homes. Answer: C. wage levels and employment opportunities in the area
All of the following factors tend to affect supply EXCEPT
A. the labor force
B. construction costs
C. government controls
D. demographics Answer: D. demographics
Real property is often referred to as a bundle of legal rights. Which of the
following is NOT among these rights?
A. Right of exclusion
B. Right to override local zoning
C. Right of enjoyment
D. Right to sell or otherwise convey the property Answer: B. Right to override
local zoning
A property is bordered by a small stream. The property ends
A. At the edge of the stream
B. at the center of the stream
C. five feet before the stream edge
D. at the mean high-water mark of the stream Answer: B. at the center of the
stream
Oceanfront property ends at the
A. Waters edge
