ACEABLE PRACTICE NC REAL ESTATE
QUESTIONS WITH 100% ACCURATE
ANSWERS
when supply increases and demand decreases in a market, what happens to the price?
- Accurate answers It goes down
a property's highest and best use is achieved when the property is used: - Accurate
answers for the most appropriate purpose and yields its highest possible returns
which term describes the economic significance of human-made changes to land? -
Accurate answers improvements
when supply decreases and demand increases in a market, what happens to the price?
- Accurate answers It goes up
which of the following terms refers to the permanence of land meaning that it can't be
moved? - Accurate answers immobility
which of the following best defines the doctrine of prior appropriation? - Accurate
answers grants a state the power to control and regulate all water resources within
its borders. property owners must apply for a permit to use any available water source
a townhouse owner individually owns: - Accurate answers the building and the
land the townhouse sits on with a co-ownership of some common elements
unimproved lot refers to land that has been prepared to meet certain basic required
services needed to develop that lot such as electricity, street access or water access.
improved land usually refers to: - Accurate answers land in which improvements
such as buildings have been constructed
what is the default ownership for married buyers in North Carolina at the time of
purchase? - Accurate answers tenancy by entirety
Raven's mother grants her ownership of an estate on the condition that Raven
maintains the enchanting. gothic architecture intends to the Rose garden. what kind of a
state does Raven have? - Accurate answers fee simple defeasible
what kind of ownership do condo owners have? - Accurate answers fee simple,
absolute and Tennessee in common
In North Carolina, townhouses are subject to the provisions of what piece of legislation?
- Accurate answers North Carolina planned community act
,what are ownership rights to all that is found beneath the surface of the tract of land
owned extending downward to the center of the Earth? - Accurate answers
subsurface rights
when Sharon removed the bookshelf, what is the name of the process that will turn it
from real property to personal property? - Accurate answers severance
who owns the property in a trust? - Accurate answers the trustee
real property taxes are always due on what date according to the North Carolina
machinery act - Accurate answers September 1st of the tax year
Orlando is trying to figure out the tax bill for a property and a state that uses partial
assessment. they use a 75% assessment, the tax rate is 2.4%, and the property is
worth $550,000. how much will the tax bill on this property be? - Accurate answers
$9,900
Hamilton lives in a county with a tax rate of 33 mils. his home was assessed at
$586,400. how much will he pay in property taxes this year? - Accurate answers
$19,351.20
how long after a special assessment role is confirmed, does a homeowner have to
appeal the special assessment? - Accurate answers 10 days
Tanis owns a home in a county with a tax rate of $0.972 per $100. her homes assessed
value is $497,600. how much would she pay annually in property taxes? - Accurate
answers $4,836.67
Gustavo has four liens on his property: primary mortgage 2015, home equity loan 2017,
tax lien 2019, special assessment lien 2020. In what position would the tax lien be in
terms of lien priority? - Accurate answers first
a city has decided it would be a public good and benefit the local homeowners to add
some more street lights. what is the most likely way they would fund this initiative? -
Accurate answers with a special assessment
Cam is a North Carolina home buyer. they pay 62 cents per $100 to the county, 23
cents per $100 to the city, 11.3 cents per $100 to the school district, 05 cents per $100
to the fire department. what is Cam's total tax rate? - Accurate answers $1.013
per $100
Bennett doesn't interest search to find out that the property has a tax rate of 81 cents
per $100 of value. where does the assessed value of the home come from? -
Accurate answers it's assigned by a tax assessor
, Bennett is thinking about buying a home in North Carolina but before she makes an
offer she wants to know how much she is going to owe every year in property taxes.
what two values does she need to know to figure it out? - Accurate answers
assessed value and tax rate
township lines intersect with rangelines to create townships which are how many square
miles - Accurate answers 36 square miles
when calculating excise tax on a home within Asheville city limits with a purchase price
of $198,750 that includes a $2,500 seller concession which would be the correct
amount of tax paid? - Accurate answers $398. round the purchase price up to the
nearest $500 and then divide by 500. The seller concession does not affect the amount
of excise tax paid.
which of the following is an example of a legal property description created using the
recorded plot method of surveying? - Accurate answers lot c block 8 of Cliff estate
subdivision Sparrow County, Georgia
a title insurance policy protects owners from - Accurate answers boards
documents
which of the following would be covered by a title insurance policy? - Accurate
answers another person claiming ownership to the land
which of these actions could be accomplished by the language in the granting clause of
a deed? - Accurate answers create a co-ownership situation with the right of
survivorship . The right of survivorship can be desirable over the right of inheritance
because you don't have to go through probate which prevents the property from escheat
eet even without a valid will
Grandpa Bobby conveys his property to his granddaughter. Pamela, The deed contains
Pamela's name, an accurate and precise description of the property to be conveyed and
Grandpa Bobby sign name identify and order these elements of the deed - Accurate
answers grantee's name legal description grantors signature
which of the following events could occur if a home buyer in North Carolina chooses not
to record their deed? - Accurate answers if someone records the deed before the
buyer, that person will own the property
a title search: - Accurate answers determines who has the rights to the property
and is a thorough examination of available public records. It must be done by an
attorney or paralegal, not a title company in North Carolina
a marketable title is one that is - Accurate answers Free from significant
encumbrances or defects
QUESTIONS WITH 100% ACCURATE
ANSWERS
when supply increases and demand decreases in a market, what happens to the price?
- Accurate answers It goes down
a property's highest and best use is achieved when the property is used: - Accurate
answers for the most appropriate purpose and yields its highest possible returns
which term describes the economic significance of human-made changes to land? -
Accurate answers improvements
when supply decreases and demand increases in a market, what happens to the price?
- Accurate answers It goes up
which of the following terms refers to the permanence of land meaning that it can't be
moved? - Accurate answers immobility
which of the following best defines the doctrine of prior appropriation? - Accurate
answers grants a state the power to control and regulate all water resources within
its borders. property owners must apply for a permit to use any available water source
a townhouse owner individually owns: - Accurate answers the building and the
land the townhouse sits on with a co-ownership of some common elements
unimproved lot refers to land that has been prepared to meet certain basic required
services needed to develop that lot such as electricity, street access or water access.
improved land usually refers to: - Accurate answers land in which improvements
such as buildings have been constructed
what is the default ownership for married buyers in North Carolina at the time of
purchase? - Accurate answers tenancy by entirety
Raven's mother grants her ownership of an estate on the condition that Raven
maintains the enchanting. gothic architecture intends to the Rose garden. what kind of a
state does Raven have? - Accurate answers fee simple defeasible
what kind of ownership do condo owners have? - Accurate answers fee simple,
absolute and Tennessee in common
In North Carolina, townhouses are subject to the provisions of what piece of legislation?
- Accurate answers North Carolina planned community act
,what are ownership rights to all that is found beneath the surface of the tract of land
owned extending downward to the center of the Earth? - Accurate answers
subsurface rights
when Sharon removed the bookshelf, what is the name of the process that will turn it
from real property to personal property? - Accurate answers severance
who owns the property in a trust? - Accurate answers the trustee
real property taxes are always due on what date according to the North Carolina
machinery act - Accurate answers September 1st of the tax year
Orlando is trying to figure out the tax bill for a property and a state that uses partial
assessment. they use a 75% assessment, the tax rate is 2.4%, and the property is
worth $550,000. how much will the tax bill on this property be? - Accurate answers
$9,900
Hamilton lives in a county with a tax rate of 33 mils. his home was assessed at
$586,400. how much will he pay in property taxes this year? - Accurate answers
$19,351.20
how long after a special assessment role is confirmed, does a homeowner have to
appeal the special assessment? - Accurate answers 10 days
Tanis owns a home in a county with a tax rate of $0.972 per $100. her homes assessed
value is $497,600. how much would she pay annually in property taxes? - Accurate
answers $4,836.67
Gustavo has four liens on his property: primary mortgage 2015, home equity loan 2017,
tax lien 2019, special assessment lien 2020. In what position would the tax lien be in
terms of lien priority? - Accurate answers first
a city has decided it would be a public good and benefit the local homeowners to add
some more street lights. what is the most likely way they would fund this initiative? -
Accurate answers with a special assessment
Cam is a North Carolina home buyer. they pay 62 cents per $100 to the county, 23
cents per $100 to the city, 11.3 cents per $100 to the school district, 05 cents per $100
to the fire department. what is Cam's total tax rate? - Accurate answers $1.013
per $100
Bennett doesn't interest search to find out that the property has a tax rate of 81 cents
per $100 of value. where does the assessed value of the home come from? -
Accurate answers it's assigned by a tax assessor
, Bennett is thinking about buying a home in North Carolina but before she makes an
offer she wants to know how much she is going to owe every year in property taxes.
what two values does she need to know to figure it out? - Accurate answers
assessed value and tax rate
township lines intersect with rangelines to create townships which are how many square
miles - Accurate answers 36 square miles
when calculating excise tax on a home within Asheville city limits with a purchase price
of $198,750 that includes a $2,500 seller concession which would be the correct
amount of tax paid? - Accurate answers $398. round the purchase price up to the
nearest $500 and then divide by 500. The seller concession does not affect the amount
of excise tax paid.
which of the following is an example of a legal property description created using the
recorded plot method of surveying? - Accurate answers lot c block 8 of Cliff estate
subdivision Sparrow County, Georgia
a title insurance policy protects owners from - Accurate answers boards
documents
which of the following would be covered by a title insurance policy? - Accurate
answers another person claiming ownership to the land
which of these actions could be accomplished by the language in the granting clause of
a deed? - Accurate answers create a co-ownership situation with the right of
survivorship . The right of survivorship can be desirable over the right of inheritance
because you don't have to go through probate which prevents the property from escheat
eet even without a valid will
Grandpa Bobby conveys his property to his granddaughter. Pamela, The deed contains
Pamela's name, an accurate and precise description of the property to be conveyed and
Grandpa Bobby sign name identify and order these elements of the deed - Accurate
answers grantee's name legal description grantors signature
which of the following events could occur if a home buyer in North Carolina chooses not
to record their deed? - Accurate answers if someone records the deed before the
buyer, that person will own the property
a title search: - Accurate answers determines who has the rights to the property
and is a thorough examination of available public records. It must be done by an
attorney or paralegal, not a title company in North Carolina
a marketable title is one that is - Accurate answers Free from significant
encumbrances or defects
