Superior NC Real Estate Important Final
Exam Questions and Correct Answers
Updated
Question 1
What type of homeowner's insurance policy is typically required on a condominium?
A. HO-1
B. HO-3
C. HO-5
D. HO-6
Correct Answer
D. Ho-6
An HO-6 policy is the condominium policy. It mainly covers the contents and the
interior of the unit as well.
Question 2
A dedication refers to
A. A instrument used in place of a mortgage
B. Additional fee charged by the lender
C. Transfer of real property from private owner to public agency
D. Right of owner to use adjacent land of another
Correct Answer
C. Transfer of real property from private owner to public agency
Page 1 of 10
, Question 3
Under the federal fair housing act of 1968, it is permissible to
A. Alter terms of a loan for a minority
B. Refuse to give a loan because he has poor credit
C. Advertise property for sale to only a special group
D. Tell an individual an apartment has been rented when it has not
Correct Answer
B. Refuse to give a loan because he has poor credit
FHA FRESHCORN
Familial status, Race, Equal, Sex, Handicapped, C, Opportunity, Religion, Nationality
Question 4
The difference between fraud and misrepresentation is
A. buyer can accept compensatory damages for fraud
B. Fraud is unintentional, misrepresentation is intentional
C. No difference
D. Fraud is intentional, misrepresentation is unintentional
Correct Answer
D. Fraud is intentional, misrepresentation is unintentional
Question 5
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.
Page 2 of 10
Exam Questions and Correct Answers
Updated
Question 1
What type of homeowner's insurance policy is typically required on a condominium?
A. HO-1
B. HO-3
C. HO-5
D. HO-6
Correct Answer
D. Ho-6
An HO-6 policy is the condominium policy. It mainly covers the contents and the
interior of the unit as well.
Question 2
A dedication refers to
A. A instrument used in place of a mortgage
B. Additional fee charged by the lender
C. Transfer of real property from private owner to public agency
D. Right of owner to use adjacent land of another
Correct Answer
C. Transfer of real property from private owner to public agency
Page 1 of 10
, Question 3
Under the federal fair housing act of 1968, it is permissible to
A. Alter terms of a loan for a minority
B. Refuse to give a loan because he has poor credit
C. Advertise property for sale to only a special group
D. Tell an individual an apartment has been rented when it has not
Correct Answer
B. Refuse to give a loan because he has poor credit
FHA FRESHCORN
Familial status, Race, Equal, Sex, Handicapped, C, Opportunity, Religion, Nationality
Question 4
The difference between fraud and misrepresentation is
A. buyer can accept compensatory damages for fraud
B. Fraud is unintentional, misrepresentation is intentional
C. No difference
D. Fraud is intentional, misrepresentation is unintentional
Correct Answer
D. Fraud is intentional, misrepresentation is unintentional
Question 5
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.
Page 2 of 10
