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Simulated Exam Prep

Simulated Exam Prep
An unlicensed property manager can do all of the following except:
A broker's trust or escrow account must be held in which of the following?
Timeshares in North Carolina are considered a/an:
An agent's duties to his/her principal include all of the following except:
A property management account:
Reproducing a structure best describes:
In a settlement statement required by RESPA, the sales price is shown as a/an:
The owner of a small strip mall refuses to lease to a tenant of Greek ancestry. Which law has been violated?
How many square feet are in an acre?
What is the maximum amount a landlord can require a tenant to provide as a security deposit if the tenant were to sign a six month lease:
A real estate firm who appoints an affiliated agent to represent the seller of a property at 567 Oak Alley, and appoints another affiliated agent to represent a buyer who wishes to make an offer on that same property is engaging in:
The period of time in which a building produces income attributable to the structure itself is its:
Which of the following may not be included in real estate offers and sales contracts in North Carolina?
An agent was informed that the heat exchanger in the furnace was cracked. The agent did not inform the seller. The agent showed the house to a customer and said nothing about the furnace. Three weeks after the buyer moved in, 3 out of the 4 family members died of carbon monoxide poisoning. What could happen to the salesperson?
At a weekly business meeting, two agents from two different firms discover that they are both trying to list the same house. The argument that followed stemmed from one agent scolding the other for offering to take the listing at 6%. Their broker's policies are to take 7% listings. Which law, if any, have the agents violated?
Your bundle of rights includes all of the following except:
Which of the following would not be depreciated?
Section 8 contains 640 acres. The NW 1/4 of the SW 1/4 of Section 8 contains how many acres?
The leasehold estate that has a specified termination date is a/an:
Genuine assent means:
The offeror is the person who:
A broker who receives an offer to purchase a property owned by his or her principal must deliver that offer:
A mortgagor had a $43,000 loan at 7%. What would the new principal be after the third payment, if the monthly payment was $287?
You are showing a potential renter an apartment. The renter lets you know that he/she is currently in drug rehabilitation therapy for cocaine addiction. You should:
The Lead Based Paint Hazard Reduction Act requires that which of the following have disclosure obligations?
Patent defects are
How many classroom hours of post licensing education must a provisional broker complete?
The closing for the sale of an investor-owned 2-unit apartment building is set for June 10. Each unit is rented for $500, collected in advance. Using the Statutory Month Method, the proration on the closing disclosure will read:
Provisional broker Nancy of XYZ Realty successfully negotiates acceptable terms for the purchase of a home on behalf of her buyer clients. The offer to purchase and contract calls for XYZ Realty to hold a $1,000 earnest money deposit in the firm's trust account. Nancy's buyer clients write the earnest money deposit check to XYZ Realty and give it to her. Based on these facts Nancy may do which of the following:
The rule that says a buyer will not pay more for a property than a comparable substitute best describes:
The agreement whereby a broker is entitled to be paid a commission by a buyer is a/an:
A retail building contains 10,000 sf of gross building area (GBA). The property is worth $125/sf of GBA. The owner sells the property for its market value, and pays a 4% commission. The total commission is
Transferring one's rights or obligations under a contract to another and being relieved of liability best describes:
A non-provisional broker is aware that a neighbor wishes to sell a vacant lot located in his neighborhood. The broker calls the lot owner and asks if he would he be willing to sell his vacant property if the broker were to generate an acceptable offer. The owner affirms that he would be willing to sell his lot if the broker found a buyer. No agency relationship was created nor did either party have a written agreement. The broker places his firm's "for sale" sign on the vacant lot so that he can attract potential buyers. Based on this scenario the broker has:
After their first license renewal brokers who wish to remain on active status must take a 4 hour elective course:
What regulation under the Truth-in-Lending Act requires a lender to disclose credit costs?
Which of these is not a contract?
Which of the following is not part of the secondary market?
In order for a buyer to be certain that a property he is purchasing has no encroachments, he should obtain:
Which of the following is not true of the Federal Housing Administration?
Which of the following is not a material fact:
The first instrument a buyer usually signs in a real estate transaction is a/an:
The full legal ownership of property plus the bundle of rights as they apply to it is called having:
When the principal terminates the agency relationship before it expires, it is called:
Which of the following classes is protected under the Equal Credit Opportunity Act but is not protected under the Federal Fair Housing Act?
In a contract for Deed which is true regarding the "Power of Sale" clause ?
A real estate investment business organized as a trust best describes a/an:
Tim is a licensee with ABC Realty. Georgina approaches Tim and states "Your listing at 123 Main St is BEAUTIFUL! I have to buy it. When can I fill out an offer?" Tim discloses that he now has an agency relationship with Georgina, and receives informed, written consent from Georgina and Tim's seller for a dual agency relationship. Tim tells the seller how much Georgina loves the house. Is this a violation?
When working with someone other than a client, a licensee may:
Which of these is not considered when determining whether an item is a fixture or personal property?
What power does the government exercise when it takes private property for public use?
Fixtures and showcases attached in a store that occupies rented space are considered:
Which lien attaches to a property to prevent the transfer of title when there is a pending lawsuit that would affect the title to land?
Broker Maryann is serving as a dual agent in the sale of 123 Main Street. She verbally negotiates an offer between the parties ultimately reaching an oral agreement. Broker Maryann types up the offer including the terms to which the parties orally agreed and e-mails one copy to the sellers and an identical copy to the buyers. The sellers send a signed copy of the offer, featuring only their signatures, to Broker Maryann by fax transmission. The buyers return an identical copy, featuring only their signatures by e-mail to Broker Maryann. Based on this fact situation Broker Maryann:
A house sells for $300,000. There is a 5% commission. The seller's closing costs amount to $8,500. The seller's mortgage of $250,000 must also be paid off. How much will the seller net?
What law creates an automatic lien on a commercial property, subject to the listing agreement?
A broker informs a homeowner that a member of a minority group may be moving into the neighborhood. The broker sees that the homeowner is very upset, and offers to buy his house at a low price. The broker is guilty of:
An agent representing both buyer and seller in the same transaction would be considered a:
Section 8 contains 640 acres. The NW 1/4 and the SW 1/4 of Section 8 contains how many acres?
When buyers ask for help understanding the various ways of taking ownership (title), the agent should:
A real estate broker is required to observe all of the following rules concerning proof of licensure except:
If a property were sold with a restriction that all uses are acceptable except the operation of a convenience store on the premises, what type of estate is in effect?
When a buyer changes his mind and withdraws his offer to a purchase before it has been accepted by the seller, what should that broker do with the earnest money?
Of the following, which is not an encumbrance?
The federal Junk Fax Prevention Act of 2005 allows the sender to transmit a fax if
When the owner of a fee simple estate grants another a life estate he/she often retains:
A listing agreement is an agreement between:
Which of the following is an essential element of a valid deed in North Carolina:
A grantor conveyed a vacant 1-acre track of land to a grantee. The grantee receives:
Which of the following would enhance the value of real property?
What would be considered evidence of the agency relationship between broker and seller?
An instrument which protects the insured party against losses resulting from undiscovered defects and encumbrances (such as forgery in the record) is a/an:
The leasehold estate that can be terminated by either party and cannot be assigned is a/an:
The closing statement should be signed by:
Investment Banking is:
A section of land legally described as the north one-half of the northwest quarter of the southeast quarter of a section of land, contains:
What type of agency relationship exists when a broker manages real property for the owner?
A dual agent cannot:
An agent serving as the seller's sole representative of a property listed for sale has entered in to:
The North Carolina Real Estate Commission requires brokers convicted of a misdemeanor to do which of the following:
Licensee Sam tells Seller Sue that "certain types of people" are moving into Sue's neighborhood. Sam is inducing panic in Sue. This is called
A title examiner tries to establish who is the present owner of a certain property by reviewing all the previous deeds of the previous owners he can find. The title examiner is trying to establish:
The process wherethe government takes private property for public use best describes:
A new house is completed January 28, but landscaping, cement walks and some painting are not completed. To insure that all items will be completed by April 15th the following year, the buyer should insist on:
In title theory states, what clause is unique to the mortgage?
The seller instructs the listing agent not to reveal the multiple offers that have been made on the seller's property. Another agent at the same brokerage, while on floor, takes a fax offthe fax machine . The floor agent recognizes the fax as an offer on the seller's listing. The agent on floor duty calls a buyer and advises the buyer to make an offer on the listing, because it may not be available if the seller accepts this offer. Can the managing broker be held liable for the actions of the floor agent?
A lot measures 1,000 ft x 3,000 ft in a market where land is valued at $25,000/acre. The commissison to be paid is 10%. How much will the seller net after he pays the commission?
A licensed North Carolina Real Estate Broker may do which of the following without violating law or Commission rule:
George, a homeowner, lists his house with Agent Barney. When Barney brings a prospective buyer in a wheelchair over to George's house, George states "I know my rights! I want to exercise my rights to a federal exemption from Fair Housing!Don't show my house to anyone in a wheelchair!" Is George in the right?
Which of the following may lawfully receive a commission related to a real estate transaction in North Carolina without having a real estate license?
The selling agent with ABC Realty was paid a commission of $10,000 for the sale of 123 Main Street, a brick and frame bungalow with a full, unfinished basement. The commission rate was 5%. The cooperative commission with XYZ Realty was 50%. The selling agent's split with their sponsoring broker was 60-40, with 60% going to the selling agent. Rounded to the nearest dollar, how much did the house sell for?
Specific performance is:
Which of the following is true?
Which of the following is not a protected class under the Federal Fair Housing Act and its amendments?
Riparian rights of rivers and streams includes ownership of navigable waters to:
What is the maximum amount a provisional broker may charge when preparing a comparative market analysis (CMA) or broker price opinion (BPO) for a customer or client?
Encumbrance and public interest are examples of what kind of interest?
When broker Barbara receives two offers to purchase her listing at 789 Capital Court on the same afternoon she should:
Gross income best describes:
According to N.C.G.S. 93A-3(a) the North Carolina Real Estate Commission shall consist of: