Superior Real Estate School Exam Questions & Answers Solved 100% Correct!!

A broker has received an offer from a prospective buyer on a property that the broker has listed for sale. How long does the broker have to deliver the offer to their seller/client? A. Immediately, but never later than 5 banking days B. Immediately, but never later than 5 calendar days C. Immediately, but never later than 3 banking days D. Immediately, but never later than 3 calendar days - Answer-D. Immediately, but never later than 3 calendar days A brother and sister bought a commercial building and took title as joint tenants with right of survivorship. The brother died. The sister now owns the building: A. as a joint tenant with right of survivorship with her brother's heirs B. in severalty C. as a tenant in common with her brother's heirs D. as a life tenant with her brother's heirs having remainder interests - Answer-B. in severalty A building is valued at $215,000 and contains four apartments that rent for $470 each per month. The owner estimates that the net operating income is 65% of the gross rental receipts. What is the capitalization rate? A. 3.7% B. 6.8% C. 10.5% D. 14.2% - Answer-B. 6.8% A businessman agrees to lease a barber shop from a landlord. The party responsible for the expense of making repairs to the interior of the building would most likely be:A. shared equally by the landlord and the tenant B. determined by negotiation of the parties per the lease agreement C. the landlord under the NC Residential Rental Agreements Act D. the tenant - Answer-B. determined by negotiation of the parties per the lease agreement A buyer and seller enter into a contract. The seller backs out and the buyer sues for specific performance. What is the buyer seeking in this lawsuit? A. A new contract B. Transfer of the property C. Deficiency judgment D. Money damages - Answer-B. Transfer of the property A buyer-client has instructed the agent to show only properties where the seller is willing to pay the buyer agent's commission. The agent contacts an owner selling a property without the assistance of a real estate agent with the hope that the seller would be willing to pay her commission if the buyer decided to purchase the seller's property. In order to comply with North Carolina Real Estate Commission Rules, the agent must do all of the following, EXCEPT: A. obtain permission from her buyer-client in order to obtain compensation from the seller B. disclose her agency status to the seller at initial contact C. convince the seller to list with her and authorize dual agency D. provide the Working with Real Estate Agents brochure to the seller - Answer-C. convince the seller to list with her and authorize dual agency A buyer's representative is required to reveal their agency status to the seller or listing agent: A. no later than time of offer B. at "initial contact" C. no later than contract D. at "first substantial contact" - Answer-B. at "initial contact"