NC REAL ESTATE FINAL EXAM PRACTICE TEST
QUESTIONS WITH 100% ACCURATE ANSWERS
A property manager
A)
generally serves as the general agent of the owner.
B)
works on a commission rather than salaried basis.
C)
serves in a nonfiduciary capacity to the landlord.
D)
must have a North Carolina real estate license. - Accurate answers A)
generally serves as the general agent of the owner.
Under the North Carolina statute of frauds, an oral lease for longer than three years is
A)
renewable.
B)
unenforceable.
C)
not assignable.
D)
illegal. - Accurate answers B)
unenforceable.
To be valid in North Carolina, a deed must include
A)
words of conveyance.
B)
the grantee's signature.
C)
total consideration amount.
D)
the grantor's seal. - Accurate answers A)
words of conveyance.
A Chinese buyer-client has instructed his buyer agent to show him properties that are in predominantly
Chinese neighborhoods. If the agent were to comply with this client's instructions, the agent would
A)
be in compliance with the North Carolina Real Estate License Law because he must obey his client.
B)
be in compliance with the North Carolina Fair Housing Act.
C)
violate the Civil Rights Act of 1866.
D)
,violate the Federal Fair Housing Act of 1968. - Accurate answers D)
violate the Federal Fair Housing Act of 1968.
An offer to purchase real estate is a binding contract after it has been signed, communicated, and
accepted by whom?
A)
Seller
B)
Buyer
C)
Lender
D)
Both buyer and seller - Accurate answers D)
Both buyer and seller
All the following are elements of value EXCEPT
A)
utility.
B)
demand.
C)
uniqueness.
D)
scarcity. - Accurate answers C)
uniqueness.
The market value of a parcel of land is
A)
an estimate of the present worth of future benefits.
B)
equal to assessed value.
C)
a measure of past expenditures.
D)
the price the seller wants for the property. - Accurate answers A)
an estimate of the present worth of future benefits.
Someone seeking to be excused from the dictates of a zoning ordinance because of hardship should
request a
A)
certificate of nonconforming use.
B)
certificate of alternative usage.
C)
variance.
D)
building permit - Accurate answers A)
certificate of nonconforming use.
, A house cost $330,000 four years ago and just sold at a 5% profit. What was the sales price?
A)
$346,500
B)
$342,500
C)
$396,000
D)
$355,300 - Accurate answers A)
$346,500
330,000 x .05 = 16,500
330,000 + 16,500 = 346,500
The effect of discount points is
A)
a decrease in the borrower's interest rate.
B)
both an increase in the lender's yield and a decrease in the borrower's interest rate.
C)
neither an increase in the lender's yield nor a decrease in the borrower's interest rate.
D)
an increase in the lender's yield. - Accurate answers A)
a decrease in the borrower's interest rate.
The North Carolina Real Estate Commission has the power to
A)
interpret the legality of a real estate contract between consumers.
B)
regulate the brokerage activities of licensees.
C)
fine licensees that do not comply with licensing law and/or Commission Rules.
D)
determine the maximum commission a broker may charge on any one transaction. - Accurate answers
B)
regulate the brokerage activities of licensees.
The legal practice of oral buyer agency in North Carolina requires
A)
the relationship be put in writing before presenting an offer.
B)
a definite time period for the agency relationship.
C)
that the consumer go under contract to buy a property within 30 days.
D)
the buyer to agree to oral dual agency as well. - Accurate answers A)
the relationship be put in writing before presenting an offer.
QUESTIONS WITH 100% ACCURATE ANSWERS
A property manager
A)
generally serves as the general agent of the owner.
B)
works on a commission rather than salaried basis.
C)
serves in a nonfiduciary capacity to the landlord.
D)
must have a North Carolina real estate license. - Accurate answers A)
generally serves as the general agent of the owner.
Under the North Carolina statute of frauds, an oral lease for longer than three years is
A)
renewable.
B)
unenforceable.
C)
not assignable.
D)
illegal. - Accurate answers B)
unenforceable.
To be valid in North Carolina, a deed must include
A)
words of conveyance.
B)
the grantee's signature.
C)
total consideration amount.
D)
the grantor's seal. - Accurate answers A)
words of conveyance.
A Chinese buyer-client has instructed his buyer agent to show him properties that are in predominantly
Chinese neighborhoods. If the agent were to comply with this client's instructions, the agent would
A)
be in compliance with the North Carolina Real Estate License Law because he must obey his client.
B)
be in compliance with the North Carolina Fair Housing Act.
C)
violate the Civil Rights Act of 1866.
D)
,violate the Federal Fair Housing Act of 1968. - Accurate answers D)
violate the Federal Fair Housing Act of 1968.
An offer to purchase real estate is a binding contract after it has been signed, communicated, and
accepted by whom?
A)
Seller
B)
Buyer
C)
Lender
D)
Both buyer and seller - Accurate answers D)
Both buyer and seller
All the following are elements of value EXCEPT
A)
utility.
B)
demand.
C)
uniqueness.
D)
scarcity. - Accurate answers C)
uniqueness.
The market value of a parcel of land is
A)
an estimate of the present worth of future benefits.
B)
equal to assessed value.
C)
a measure of past expenditures.
D)
the price the seller wants for the property. - Accurate answers A)
an estimate of the present worth of future benefits.
Someone seeking to be excused from the dictates of a zoning ordinance because of hardship should
request a
A)
certificate of nonconforming use.
B)
certificate of alternative usage.
C)
variance.
D)
building permit - Accurate answers A)
certificate of nonconforming use.
, A house cost $330,000 four years ago and just sold at a 5% profit. What was the sales price?
A)
$346,500
B)
$342,500
C)
$396,000
D)
$355,300 - Accurate answers A)
$346,500
330,000 x .05 = 16,500
330,000 + 16,500 = 346,500
The effect of discount points is
A)
a decrease in the borrower's interest rate.
B)
both an increase in the lender's yield and a decrease in the borrower's interest rate.
C)
neither an increase in the lender's yield nor a decrease in the borrower's interest rate.
D)
an increase in the lender's yield. - Accurate answers A)
a decrease in the borrower's interest rate.
The North Carolina Real Estate Commission has the power to
A)
interpret the legality of a real estate contract between consumers.
B)
regulate the brokerage activities of licensees.
C)
fine licensees that do not comply with licensing law and/or Commission Rules.
D)
determine the maximum commission a broker may charge on any one transaction. - Accurate answers
B)
regulate the brokerage activities of licensees.
The legal practice of oral buyer agency in North Carolina requires
A)
the relationship be put in writing before presenting an offer.
B)
a definite time period for the agency relationship.
C)
that the consumer go under contract to buy a property within 30 days.
D)
the buyer to agree to oral dual agency as well. - Accurate answers A)
the relationship be put in writing before presenting an offer.
