NC Real Estate Exam; Questions with Complete
Solutions
Which statute governs the ad valorem taxation of property?
A. Machinery Act
B. General Statute
C. The Ad Valorem Act
D. Real Estate Taxation Act ✔✔A. Machinery Act
This act provides a framework for listing, appraising, and assessing real and
personal property
Which type of valuation technique applies a standard percentage increase or
decrease to all
property in a specified location?
A. Valuation
B. County appraisal
C. Mass appraisal
D. There is no such appraisal ✔✔C. Mass Appraisal
,NC Real Estate Exam; Questions with Complete
Solutions
This is a valuation technique that is sometimes used for tax assessment
purposes. It is also
referred to as a horizontal adjustment.
What is am octennial reappraisal?
A. Grouping reappraisals by square footage and year built
B. The statutory reappraisal of all real property in North Carolina for tax
purposes
C. Reappraisals done in groups of eight
D. None of the above ✔✔B. The statutory reappraisal of all real property in
North Carolina for
tax purposes.
This is an octennial reappraisal and requires all counties to reappraise property
within in a
specified time period.
The ______ is responsible for real estate licensing.
A. Federal Real Estate Commission
, NC Real Estate Exam; Questions with Complete
Solutions
B. Housing and Urban Development
C. North Carolina Real Estate Commission (NCREC)
D. County Clerks Office ✔✔C. North Carolina Real Estate Commission (NCREC)
This commission is responsible for real estate licensees, education, and other
resources regarding
real estate in the state of North Carolina.
Which type of lien provides security to persons that work on real property
owned by others?
A. Mortgage lien
B. Mechanic's lien
C. Real estate tax lien
D. State income tax lien ✔✔B) Mechanic's lien
This type of lien is typically used to guarantee of payment to builders,
contractors, and
construction firms
Solutions
Which statute governs the ad valorem taxation of property?
A. Machinery Act
B. General Statute
C. The Ad Valorem Act
D. Real Estate Taxation Act ✔✔A. Machinery Act
This act provides a framework for listing, appraising, and assessing real and
personal property
Which type of valuation technique applies a standard percentage increase or
decrease to all
property in a specified location?
A. Valuation
B. County appraisal
C. Mass appraisal
D. There is no such appraisal ✔✔C. Mass Appraisal
,NC Real Estate Exam; Questions with Complete
Solutions
This is a valuation technique that is sometimes used for tax assessment
purposes. It is also
referred to as a horizontal adjustment.
What is am octennial reappraisal?
A. Grouping reappraisals by square footage and year built
B. The statutory reappraisal of all real property in North Carolina for tax
purposes
C. Reappraisals done in groups of eight
D. None of the above ✔✔B. The statutory reappraisal of all real property in
North Carolina for
tax purposes.
This is an octennial reappraisal and requires all counties to reappraise property
within in a
specified time period.
The ______ is responsible for real estate licensing.
A. Federal Real Estate Commission
, NC Real Estate Exam; Questions with Complete
Solutions
B. Housing and Urban Development
C. North Carolina Real Estate Commission (NCREC)
D. County Clerks Office ✔✔C. North Carolina Real Estate Commission (NCREC)
This commission is responsible for real estate licensees, education, and other
resources regarding
real estate in the state of North Carolina.
Which type of lien provides security to persons that work on real property
owned by others?
A. Mortgage lien
B. Mechanic's lien
C. Real estate tax lien
D. State income tax lien ✔✔B) Mechanic's lien
This type of lien is typically used to guarantee of payment to builders,
contractors, and
construction firms
