Superior real estate school- study for retake pre-licensing course exam Questions And Answers Rated A+ New Update Assured Satisfaction

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-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 areal 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 deed conveyed ownership to a grantee "so long as the existing building on the property is not destroyed." Following the transfer, the original grantor has what type of interest? A. life estate B. ongoing ownership in the property that lasts as long as the condition C. fee simple estate D. reversionary estate - Answer-D. reversionary estate A disclosure of agency status should be made by a buyer's agent to the seller: l. With a written confirmation in the offer to purchase and contract ll. At the initial contact with the seller's agent, orally or in writing A. l only B. ll only C. Both l and ll D. Neither l nor ll - Answer-C. Both l and ll A licensee has just discovered a major roofing leak in one of his current listings even though the seller has indicated "no representation" on the Residential Property Disclosure Statement. The listing agent does not inform the selling agent of the defect and since the defect, is hidden, the selling agent does not discover or disclose the problem to the buyer. According to the North Carolina Real Estate Commission, who is held responsible for this nondisclosure?A. the listing agent B. the listing broker and the selling broker C. the seller and the listing agent D. the seller - Answer-A. the listing agent A licensee is an actively licensed real estate broker who has a written contract with his firm that specifies that he will not be treated like an employee. The licensee's entire income is from sales commissions rather than an hourly wage. Based on these facts, the licensee will be treated by the IRS as: A. a real estate assistant B. an employee C. a subagent D. an independent contractor - Answer-D. an independent contractor A man has posted a $100 reward for anyone who returns his missing dog. This is an example of: A. a unilateral contract B. a bilateral contract C. an implied contract D. an executed contract - Answer-A. a unilateral contract A mortgagor is the one who: A. gives the mortgage B. holds the mortgage C. provides the mortgage funds D. forecloses on the mortgage - Answer-A. gives the mortgage