REAL ESTATE U FINAL EXAM 2 QUESTIONS
AND ANSWERS 100% CORRECT!
, Which of the following are tax-deductible expenses resulting from home ownership? -
ANSWER Mortgage interest and property taxes
Which of the following is true regarding the $500,000 exemption, in the sale of a
personal residence, for a married couple filing jointly? - ANSWER A married couple can
use the $500,000 joint exemption if only one meets the ownership requirement,
but BOTH meet the occupancy requirement
A homeowner in NC had constructed a three-bedroom house with two full baths in a
rural area that necessitated the installation of an on-site septic system. It was properly
permitted at that time. A few years later the homeowner constructed a fourth bedroom,
but no extra bathroom, in the basement area. He did not obtain any permits at that time
as he was constructing the addition by himself. He now wants to list the property for
sale with a broker. What would be the maximum intended occupancy for this house
according to NC guidelines? - ANSWER 6
Chris is a real estate broker in NC. He lists a parcel of undeveloped land, which is
zoned for single-family residential use. Chris knows that this property is about to be
rezoned for multi-family residential use, which will greatly increase the value of the
property. Rather than informing the seller of this fact, Chris offers to buy the property at
the listed price, telling the seller that he wants to acquire the property as a long-term
investment. The deal closes. Several months later, after the rezoning had been
accomplished, Chris sold the property for a $80,000 profit. The seller soon finds out
about the profit Chris has made. What can the seller do in this case? - ANSWER Notify
the NCREC to impose disciplinary action
Which of the following is an example of a blind ad? - ANSWER Just listed! Home for
sale. $250,000. Call Mary at (919)555-5555 for more information.
A settlement meeting is usually conducted by a closing attorney. Who typically
recommends the closing attorney? - ANSWER The buyer or the buyer's lender
A firm license is NOT required for which of the following? - ANSWER a sole
proprietorship
James is a broker in NC and is also licensed as an attorney. He is buying a house and
wants to rewrite part of the sales contract. Is James permitted to do so? - ANSWER
Yes. Since James is also an attorney and the buyer, he is permitted to rewrite parts of
the contract.
AND ANSWERS 100% CORRECT!
, Which of the following are tax-deductible expenses resulting from home ownership? -
ANSWER Mortgage interest and property taxes
Which of the following is true regarding the $500,000 exemption, in the sale of a
personal residence, for a married couple filing jointly? - ANSWER A married couple can
use the $500,000 joint exemption if only one meets the ownership requirement,
but BOTH meet the occupancy requirement
A homeowner in NC had constructed a three-bedroom house with two full baths in a
rural area that necessitated the installation of an on-site septic system. It was properly
permitted at that time. A few years later the homeowner constructed a fourth bedroom,
but no extra bathroom, in the basement area. He did not obtain any permits at that time
as he was constructing the addition by himself. He now wants to list the property for
sale with a broker. What would be the maximum intended occupancy for this house
according to NC guidelines? - ANSWER 6
Chris is a real estate broker in NC. He lists a parcel of undeveloped land, which is
zoned for single-family residential use. Chris knows that this property is about to be
rezoned for multi-family residential use, which will greatly increase the value of the
property. Rather than informing the seller of this fact, Chris offers to buy the property at
the listed price, telling the seller that he wants to acquire the property as a long-term
investment. The deal closes. Several months later, after the rezoning had been
accomplished, Chris sold the property for a $80,000 profit. The seller soon finds out
about the profit Chris has made. What can the seller do in this case? - ANSWER Notify
the NCREC to impose disciplinary action
Which of the following is an example of a blind ad? - ANSWER Just listed! Home for
sale. $250,000. Call Mary at (919)555-5555 for more information.
A settlement meeting is usually conducted by a closing attorney. Who typically
recommends the closing attorney? - ANSWER The buyer or the buyer's lender
A firm license is NOT required for which of the following? - ANSWER a sole
proprietorship
James is a broker in NC and is also licensed as an attorney. He is buying a house and
wants to rewrite part of the sales contract. Is James permitted to do so? - ANSWER
Yes. Since James is also an attorney and the buyer, he is permitted to rewrite parts of
the contract.
