Other North Carolina Laws and Practices Exam Prep

MANTLE REALTY

A 1.50 acre lot is priced at $75 per square foot. It is 230' deep. What will it sell for?
- $65,340.00
- $21,306.52
- $21,780.00
- $43,560.00
A lender uses a 28% qualifying ratio. A married couple have a combined annual income of $132,000, which includes a monthly passive income to the woman of $1,600. How much can the couple pay monthly for their mortgage payment?
- $3,528.00
- $3,080.00
- $3,696.00
- $11,448.00
A legal life estate is created by:
- Acquired before marriage
- Operation of a state law as opposed to a property owner agreement
- survivorship
- Owners hold single title jointly
In 2014, taxes totaling $2,397.60 were paid in full on a home that closed on Sept. 9. Using a 360 day year, what were the prorated taxes paid on the day of closing and who received the debit and who received the credit?
- Credit seller $1,658.34, debit buyer $1,658.34
- Debit buyer $739.26, credit seller $739.26
- Debit seller, $1,658.34, credit buyer $1,658.34r
- Credit buyer $739.26, debit seller $739.26
A seller paid a 6% commission at closing, a loan payoff of $201,000 and $42,000 in closing costs. His net check at closing was $188,000. What was the sales price of the seller's home?
- $337,633.33
- $456,860.00
- $431,000.00
- $458,510.63
A legal life estate includes all of the following except:
- Protects family survivors
- Created by operation of state law
- Homestead
- Community property
Laws protecting a primary residence from creditors are called:
- Estate at will
- Joint tenancy
- Community Property
- Homestead laws
The previous owner receiving the estate is:
- Remainder
- Reversion
- Absolute
- Pur autre rie
A provision in the NC Residential Rental Agreements Act states the tenant cannot be evicted because the tenant has asserted a legal right against the landlord. This is called:
- The doctrine of summary eviction
- The doctrine of self-help eviction
- The doctrine of retaliatory eviction
- The doctrine of summary ejectment
The bundle of legal rights include all of the following EXCEPT:
- Right of disposition
- Right of possession
- Right to enjoyment
- Right of taxes

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High Point

2212 Eastchester Dr
High Point, NC 27265

336.939.6683

Kernersville

202 W Mountain St
Kernersville, NC 27284

336.850.1555

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7224 Old U.S. Hwy 52
Lexington, NC 27295

336.600.1052

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