NC Real Estate Practice Exam Questions and Answers (100% Pass)

NC Real Estate Practice Exam Questions and Answers (100% Pass) A cloud on title to a property may be cured by - Answer-obtaining quitclaim deeds from the party or parties with possible interests in the property. Which of the following is true regarding liens in NC? - Answer-A specific lien is a lien against a particular parcel of real estate, while a general lien may apply to all of the debtors property. Someone seeking to be excused from the dictates of a zoning ordinance because of hardship should request a - Answer-Variance Under the concept of riparian rights, North Carolina owners of property adjacent to navigable rivers and streams have the right to use the water and - Answer-Are considered to own the land to the edge of the water. A leasehold estate that automatically renews itself at each expiration is a - Answer-periodic tenancy In the real estate transaction in NC, the buyer is responsible for the cost of: - Answer-Title insurance Which of the following does NOT terminate an offer? - Answer-An offer from a third party What DOES Terminate an Offer? - Answer-*Revocation of the offer before its acceptance *The death of the offeror before acceptance *A counteroffer by the offeree A buyer is under contract to purchase a vacation lot for $50,000. Shortly after going under contract, the buyer changes her mind. A friend of the buyer would like to buy the lot on the same terms as the original buyer. The lot owner agrees and enters into a new contract with the friend. The lot owner and the original buyer tear up the original contract. This is known as - Answer-Novation An offer to purchase real estate is a binding contract after it has been signed, communicated, and accepted by whom? - Answer-Both the Buyer & Seller A broker enters into a listing agreement with the seller wherein the seller will receive $120,000 from the sale of a vacant lot and the broker will receive any sales proceeds exceeding that amount as commission. This type of agreement is called a - Answer-Net listing