Superior School Of Real Estate Final
Exam Questions And Correct Answers
Which of the following would create legally binding acceptance of a written
offer?
The seller's agent emails the buyer's agent that the seller signed the offer as
written.
A broker is preparing a comparative market analysis (CMA) for a subject property
with 3200 square feet. A comparable property has 2750 square feet. The
estimated value of 450 additional square feet is $22,500. The broker should...
Add $22,500 to the sales price of the comparable property.
An option to purchase has been created for a one hundred acre parcel of
farmland. During the one-year option period, the option he has the right to...
Execute the option to purchase on the terms in the option agreement.
A buyer is under contract to purchase a home for $370,000 and has qualified for
an 80% loan-to-value mortgage loan at an annual interest rate of 45%. How much
will the buyer owe for the 1% loan origination fee and 1 1/2 discount points
associated with this loan package?
$7,400
,The buyer and the seller in a failed transaction cannot agree on how to disburse
the earnest money deposit being held in the listing firm's trust account. The
listing firm must retain the records of this transaction for 3 years after the...
Date the earnest money is disbursed.
Which of the following is an example of personal property that could typically be
removed by the seller of a residential property?
A tree house constructed in a tree on the property that can be removed without
damage to the tree.
Which of the following properties would be the best comparable for an appraiser
to use for an appraisal of a two-story subject property with 3 bedrooms and 2
baths in a subdivision near the downtown area of a city?
3 bedrooms, 2 baths two-story house in a nearby similar subdivision.
Which of the following is a legal property management practice under the
Federal Fair Housing Act as amended in 1998?
Requiring a credit report and a criminal background check for all applicants.
, How and when must a broker notify an unrepresented buyer that the broker
represents the seller?
In writing, before obtaining any personal information from the buyer.
Excise tax on real property in North Carolina is...
$1per$500
Which of the following scenarios best illustrates first substantial contact?
Seller states that she must relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are all examples of...
Encumbrances.
A detached workshop extends over the property line onto the neighboring lot by
six inches. This legally constitutes as a (an)...
Encroachment.
A North Carolina broker is required to deliver all executed contracts to his/her
clients no later than...
Exam Questions And Correct Answers
Which of the following would create legally binding acceptance of a written
offer?
The seller's agent emails the buyer's agent that the seller signed the offer as
written.
A broker is preparing a comparative market analysis (CMA) for a subject property
with 3200 square feet. A comparable property has 2750 square feet. The
estimated value of 450 additional square feet is $22,500. The broker should...
Add $22,500 to the sales price of the comparable property.
An option to purchase has been created for a one hundred acre parcel of
farmland. During the one-year option period, the option he has the right to...
Execute the option to purchase on the terms in the option agreement.
A buyer is under contract to purchase a home for $370,000 and has qualified for
an 80% loan-to-value mortgage loan at an annual interest rate of 45%. How much
will the buyer owe for the 1% loan origination fee and 1 1/2 discount points
associated with this loan package?
$7,400
,The buyer and the seller in a failed transaction cannot agree on how to disburse
the earnest money deposit being held in the listing firm's trust account. The
listing firm must retain the records of this transaction for 3 years after the...
Date the earnest money is disbursed.
Which of the following is an example of personal property that could typically be
removed by the seller of a residential property?
A tree house constructed in a tree on the property that can be removed without
damage to the tree.
Which of the following properties would be the best comparable for an appraiser
to use for an appraisal of a two-story subject property with 3 bedrooms and 2
baths in a subdivision near the downtown area of a city?
3 bedrooms, 2 baths two-story house in a nearby similar subdivision.
Which of the following is a legal property management practice under the
Federal Fair Housing Act as amended in 1998?
Requiring a credit report and a criminal background check for all applicants.
, How and when must a broker notify an unrepresented buyer that the broker
represents the seller?
In writing, before obtaining any personal information from the buyer.
Excise tax on real property in North Carolina is...
$1per$500
Which of the following scenarios best illustrates first substantial contact?
Seller states that she must relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are all examples of...
Encumbrances.
A detached workshop extends over the property line onto the neighboring lot by
six inches. This legally constitutes as a (an)...
Encroachment.
A North Carolina broker is required to deliver all executed contracts to his/her
clients no later than...
