Superior NC Real Estate Important Final Exam Newest
2026 Questions and Correct Detailed Answers Already
Graded A+
A typical residential property management agreement would impose all of the
following duties upon a property manager, EXCEPT:
A. cleaning and maintaining the common areas
B.collecting rents due
C.maintaining records and reporting to the owner
D.establishing a depreciation schedule - CORRECT ANSWER-D. establishing a
depreciation schedule.
Cleaning and maintenance of common areas will be included in the property
management agreement.
Which of the following is NOT an essential element of a promissory note?
A. promise to pay
B. lender's signature
C. terms of payment
D. amount of the debt - CORRECT ANSWER-B. Lender's signature.
, A good rule of thumb is that usually only the party "giving something up" is
required to sign the document. A promissory note only requires the borrower's
signature. A deed only requires the grantor's signature.
RESPA - CORRECT ANSWER--Real Estate Settlement Procedures Act: applies
ONLY to 1-4 family residential transactions, transactions involving a "federally
related" mortgage (conventional, FHA, VA)
Which party's signature is required on a deed of trust?
A. the trustee
B. the beneficiary
C. the trustor(s)
D. the grantee(s) - CORRECT ANSWER-C. the trustor(s)
The trustor is the borrower in a lending situation using a trust deed. The borrower
is giving the lender security or collateral interests in the property. Because those
rights and interests belong to the borrower and they are surrendering them, only
the trustor (or borrower) must sign the trust deed.
Under which of the following types of mortgage loans would a buyer have to
produce a certificate of reasonable value?
2026 Questions and Correct Detailed Answers Already
Graded A+
A typical residential property management agreement would impose all of the
following duties upon a property manager, EXCEPT:
A. cleaning and maintaining the common areas
B.collecting rents due
C.maintaining records and reporting to the owner
D.establishing a depreciation schedule - CORRECT ANSWER-D. establishing a
depreciation schedule.
Cleaning and maintenance of common areas will be included in the property
management agreement.
Which of the following is NOT an essential element of a promissory note?
A. promise to pay
B. lender's signature
C. terms of payment
D. amount of the debt - CORRECT ANSWER-B. Lender's signature.
, A good rule of thumb is that usually only the party "giving something up" is
required to sign the document. A promissory note only requires the borrower's
signature. A deed only requires the grantor's signature.
RESPA - CORRECT ANSWER--Real Estate Settlement Procedures Act: applies
ONLY to 1-4 family residential transactions, transactions involving a "federally
related" mortgage (conventional, FHA, VA)
Which party's signature is required on a deed of trust?
A. the trustee
B. the beneficiary
C. the trustor(s)
D. the grantee(s) - CORRECT ANSWER-C. the trustor(s)
The trustor is the borrower in a lending situation using a trust deed. The borrower
is giving the lender security or collateral interests in the property. Because those
rights and interests belong to the borrower and they are surrendering them, only
the trustor (or borrower) must sign the trust deed.
Under which of the following types of mortgage loans would a buyer have to
produce a certificate of reasonable value?
