Real Estate U Final Exam 2 Practice Questions and Answers 100% Pass

Real Estate U Final Exam 2 Practice Questions and Answers 100% Pass Which of the following are tax-deductible expenses resulting from home ownership? - ANSWER-Mortgage interest and property taxes Which of the following is true regarding the $500,000 exemption, in the sale of a personal residence, for a married couple filing jointly? - ANSWER-A married couple can use the $500,000 joint exemption if only one meets the ownership requirement, but BOTH meet the occupancy requirement A homeowner in NC had constructed a three-bedroom house with two full baths in a rural area that necessitated the installation of an on-site septic system. It was properly permitted at that time. A few years later the homeowner constructed a fourth bedroom, but no extra bathroom, in the basement area. He did not obtain any permits at that time as he was constructing the addition by himself. He now wants to list the property for sale with a broker. What would be the maximum intended occupancy for this house according to NC guidelines? - ANSWER-6 Chris is a real estate broker in NC. He lists a parcel of undeveloped land, which is zoned for single-family residential use. Chris knows that this property is about to be rezoned for multi-family residential use, which will greatly increase the value of the Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 2/9 property. Rather than informing the seller of this fact, Chris offers to buy the property at the listed price, telling the seller that he wants to acquire the property as a long-term investment. The deal closes. Several months later, after the rezoning had been accomplished, Chris sold the property for a $80,000 profit. The seller soon finds out about the profit Chris has made. What can the seller do in this case? - ANSWER- Notify the NCREC to impose disciplinary action Which of the following is an example of a blind ad? - ANSWER-Just listed! Home for sale. $250,000. Call Mary at for more information. A settlement meeting is usually conducted by a closing attorney. Who typically recommends the closing attorney? - ANSWER-The buyer or the buyer's lender A firm license is NOT required for which of the following? - ANSWER-a sole proprietorship James is a broker in NC and is also licensed as an attorney. He is buying a house and wants to rewrite part of the sales contract. Is James permitted to do so? - ANSWER- Yes. Since James is also an attorney and the buyer, he is permitted to rewrite parts of the contract. Samantha is a newly licensed provisional broker in NC who passed the licensing exam on July 12, 2021. In order to have her license remain on "Active" status, when must she complete 8 hours of continuing education? - ANSWER-By June 10 of 2023 Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 3/9 Sam is a non-provisional broker whose license is on "Active" status though he is not affiliated with a Broker in Charge (including himself). He is ONLY paid referral fees as he refers all real estate activities to other brokers. He maintains a public website where people can ask for information about the value of their home and Sam refers all of these questions to other "Active" brokers. Is Sam's website within the rules of the NCREC? - ANSWER-No Mark is a licensed broker in NC who owns several investment properties, which he rents out. He also provides property management services f