Superior School of Real Estate Final
Exam Questions With Correct Answers
Which of the following would create legally binding acceptance
of a written offer? - CORRECT ANSWER✔✔-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... - CORRECT
ANSWER✔✔-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... - CORRECT ANSWER✔✔-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? - CORRECT ANSWER✔✔-$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... - CORRECT
ANSWER✔✔-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? - CORRECT ANSWER✔✔-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? - CORRECT
, ANSWER✔✔-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? -
CORRECT ANSWER✔✔-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? - CORRECT ANSWER✔✔-
In writing, before obtaining any personal information from the
buyer.
Excise tax on real property in North Carolina is... - CORRECT
ANSWER✔✔-$1per$500
Which of the following scenarios best illustrates first substantial
contact? - CORRECT ANSWER✔✔-Seller states that she must
relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are
all examples of... - CORRECT ANSWER✔✔-Encumbrances.
Exam Questions With Correct Answers
Which of the following would create legally binding acceptance
of a written offer? - CORRECT ANSWER✔✔-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... - CORRECT
ANSWER✔✔-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... - CORRECT ANSWER✔✔-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? - CORRECT ANSWER✔✔-$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... - CORRECT
ANSWER✔✔-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? - CORRECT ANSWER✔✔-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? - CORRECT
, ANSWER✔✔-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? -
CORRECT ANSWER✔✔-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? - CORRECT ANSWER✔✔-
In writing, before obtaining any personal information from the
buyer.
Excise tax on real property in North Carolina is... - CORRECT
ANSWER✔✔-$1per$500
Which of the following scenarios best illustrates first substantial
contact? - CORRECT ANSWER✔✔-Seller states that she must
relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are
all examples of... - CORRECT ANSWER✔✔-Encumbrances.
