NC REAL ESTATE FINAL EXAM 1 QUESTIONS
WITH 100% ACCURATE ANSWERS
Which of the following statements are TRUE regarding agency? I. Oral buyer agency is
allowed in NC; however, the written buyer agency agreement must be in writing no later
than when a binding purchase contract is created. II. Oral buyer agency is binding and
exclusive.
A. Oral buyer agency is allowed in North Carolina, however, the buyer agency
agreement must be in writing before the buyer submits an offer
B. Oral buyer agency is binding and exclusive
C. There is no such thing as oral agency in NC
D. All agency employment agreements must be in writing at first substantial contact -
Accurate answers Oral buyer agency is allowed in North Carolina, however, the
buyer agency agreement must be in writing before the buyer submits an offer
What type of homeowner's insurance policy is typically required on a condominium?
term-7
A. HO-1
B. HO-3
C. HO-5
D. HO-6 - Accurate answers HO-6
The initial maximum deposit in a NC trust account by a broker who is depositing their
own funds is:
A. $50, or whatever the financial institution requires
B. $100, or whatever the financial institution requires
C. $500, or whatever the financial institution requires
D. $1,000, or whatever the financial institution requires - Accurate answers $100,
or whatever the financial institution requires
A key principle of an estate for years is that it will:
A. be in writing, no matter what the term
B. expire automatically without notice at the end of the period designated
C. exist when a leasehold interest expires or terminates without the tenant vacating the
property
D. be renewable from year to year - Accurate answers expire automatically
without notice at the end of the period designated
If a person obtains property through a ground lease, which of the following rights does
he/she typically receive?
, A. The right to build structures on the property
B. The right to transfer ownership of the property to a 3rd party during term of the
ground lease
C. The rights to the minerals beneath the ground
D. The rights to oil and gas deposits beneath the ground - Accurate answers The
right to build structures on the property
A provisional broker owes all of the following fiduciary duties, EXCEPT:
A. to obey all legitimate instructions from the broker concerning the transaction
B. to be loyal to the interests of the principal
C. to prepare the deed for the transfer of title
D. to disclose material facts concerning the sale - Accurate answers to prepare
the deed for the transfer of title
Which of the following is not required for a contract to be valid and enforceable?
A. legal purpose
B. consideration
C. mutual consent
D. signature - Accurate answers signature
When is the developer of a timeshare project required to deliver the public offering
statement to the purchaser?
A. prior to the day of closing
B. upon initial contact with the buyer
C. within a reasonable time
D. prior to the buyer's submission of an offer - Accurate answers prior to the
buyer's submission of an offer
If an owner of a building sold it, the present tenant's lease would:
A. terminate automatically
B. terminate in 30 days
C. be renegotiated with the new owner
D. be honored by the new owner until expiration - Accurate answers be honored
by the new owner until expiration
Which of the following is NOT an essential element of a promissory note?
A. a promise to pay
B. lender's signature
C. terms of payment
D. amount of the debt - Accurate answers lender's signature
WITH 100% ACCURATE ANSWERS
Which of the following statements are TRUE regarding agency? I. Oral buyer agency is
allowed in NC; however, the written buyer agency agreement must be in writing no later
than when a binding purchase contract is created. II. Oral buyer agency is binding and
exclusive.
A. Oral buyer agency is allowed in North Carolina, however, the buyer agency
agreement must be in writing before the buyer submits an offer
B. Oral buyer agency is binding and exclusive
C. There is no such thing as oral agency in NC
D. All agency employment agreements must be in writing at first substantial contact -
Accurate answers Oral buyer agency is allowed in North Carolina, however, the
buyer agency agreement must be in writing before the buyer submits an offer
What type of homeowner's insurance policy is typically required on a condominium?
term-7
A. HO-1
B. HO-3
C. HO-5
D. HO-6 - Accurate answers HO-6
The initial maximum deposit in a NC trust account by a broker who is depositing their
own funds is:
A. $50, or whatever the financial institution requires
B. $100, or whatever the financial institution requires
C. $500, or whatever the financial institution requires
D. $1,000, or whatever the financial institution requires - Accurate answers $100,
or whatever the financial institution requires
A key principle of an estate for years is that it will:
A. be in writing, no matter what the term
B. expire automatically without notice at the end of the period designated
C. exist when a leasehold interest expires or terminates without the tenant vacating the
property
D. be renewable from year to year - Accurate answers expire automatically
without notice at the end of the period designated
If a person obtains property through a ground lease, which of the following rights does
he/she typically receive?
, A. The right to build structures on the property
B. The right to transfer ownership of the property to a 3rd party during term of the
ground lease
C. The rights to the minerals beneath the ground
D. The rights to oil and gas deposits beneath the ground - Accurate answers The
right to build structures on the property
A provisional broker owes all of the following fiduciary duties, EXCEPT:
A. to obey all legitimate instructions from the broker concerning the transaction
B. to be loyal to the interests of the principal
C. to prepare the deed for the transfer of title
D. to disclose material facts concerning the sale - Accurate answers to prepare
the deed for the transfer of title
Which of the following is not required for a contract to be valid and enforceable?
A. legal purpose
B. consideration
C. mutual consent
D. signature - Accurate answers signature
When is the developer of a timeshare project required to deliver the public offering
statement to the purchaser?
A. prior to the day of closing
B. upon initial contact with the buyer
C. within a reasonable time
D. prior to the buyer's submission of an offer - Accurate answers prior to the
buyer's submission of an offer
If an owner of a building sold it, the present tenant's lease would:
A. terminate automatically
B. terminate in 30 days
C. be renegotiated with the new owner
D. be honored by the new owner until expiration - Accurate answers be honored
by the new owner until expiration
Which of the following is NOT an essential element of a promissory note?
A. a promise to pay
B. lender's signature
C. terms of payment
D. amount of the debt - Accurate answers lender's signature
