Extreme points (maxima, minima) occur at places where the instantaneous rate of change is zero, as well as where the instantaneous rate of change does not exist. This is because at these points, the slope of the function is either flat (zero rate of change) or undefined (non-existent rate of change), indicating a potential extreme point. Additionally, extreme points can also occur at the endpoints of the interval of interest, as these are the boundaries of the function's behavior. The function value being zero does not necessarily indicate an extreme point, as it could be a point of intersection or a regular point on the graph.