Superior Real Estate Exam Questions and Correct Answers Latest Update 2025 (Rated A+)

Superior Real Estate Exam Questions and Correct Answers Latest Update 2025 (Rated A+) How are member of the NC Real Estate Commission chosen? - Answers 7 are appointed by the governor and 2 by the legislature The NCREC is not empowered to fine a licensee - Answers NCREC breakdown - Answers 3 members must be licensees and 2 must be laypeople The NCREC has the authority to require licensees to obtain education - Answers A candidate has 60 days to request a hearing if denied from background check - Answers Annexation example - Answers installing a fence in your backyard which converts it to real property Defeasible Fee - Answers When a property is transferred subject to a condition Estate in Remainder - Answers When someone is told they can have the property after someone dies When multiple people are joint tenants and one sells his rights to someone else: - Answers they remain joint tenants circumstances test to determine whether an item is a fixture: - Answers intent, relationship, method, and attachment littoral rights - Answers Non flowing water rights (lake) riparian rights - Answers flowing water rights (river) littoral rights along large bodies of water that have tides extends ownership to: - Answers the mean high water mark the recission period for the purchase of a condo: - Answers 7 calendar days the recission period for the purchase of a timeshare: - Answers 5 calendar days when 2 people who own a property sign a formal separation agreement: - Answers there is no change in the form of ownership at the time title to real estate passes when a valid deed is: - Answers signed, delivered, and accepted title to real estate inherited from a person who died testate (with a will) is: - Answers devise an essential element of a valid NC deed: - Answers words of conveyance actual notice - Answers things we see, witness, or observe constructive notice - Answers placing documents in a database the recording of a deed: - Answers makes the deed enforceable a purchase contract doesn't need to be recorded to be enforceable against 3rd parties - Answers deed restrictions can't be created from statutes - Answers the primary intent of a zoning ordinance - Answers ensure the health, safety, and welfare of the community a comprehensive municipal master plan doesn't address restrictive covenants - Answers in regulations regarding lead based paints, HUD requires that - Answers known paint hazards must be disclosed the entity in NC that is responsible for environmental and natural resources is - Answers NCDEWR asbestos is most dangerous to consumers and homeowners when - Answers it is moved or relocated the best way to correct problems with radon is - Answers ventilation the mandatory inspection period for lead is - Answers 10 days the process of covering a dump site with soil is known as - Answers capping radon is produced by uranium deposits found underground - Answers designated agency in NC is considered a form of dual agency - Answers the amount of compensation due to a licensee from the brokerage firm is determined by - Answers in house employment contracts example of dual agency - Answers a broker having a buyer client for a property the broker personally listed procuring cause - Answers when a licensee is entitled to a commission when they are involved in a chain of events that resulted in the sale upon discovering a defect in the property, the listing agent should discuss the problem with the seller and then - Answers inform any prospective buyers of the defect expiration of the individual listing agent's license doesn't terminate a listing agreement (the agreement is between client and firm) - Answers net listing - Answers when a property owner picks an amount they want from a sale and the broker gets the rest in commission commission rule - Answers requires that NC listing agreement and buyer agency agreement must be in writing anti trust laws prohibit price fixing - Answers price fixing - Answers multiple firms charging the same commission earnest money deposits must be deposited in an escrow account no later than 3 banking days after the acceptance of contract - Answers earnest money deposit isn't essential for a contract - Answers liquidated damages - Answers an agreed upon amount stated in a contract that is paid in the event of a breach (earnest money is typically the amount paid) statute of frauds only requires contracts that contain a right or INTEREST in real property to be in writing (not employment contracts) - Answers unilateral contract - Answers when only one party is bound to perform rescission - Answers termination of a contract which returns the parties to their original positions executory contract - Answers when there are still essential elements to be performed a NC broker received an offer for a property listed with his firm and a check for earnest money. the provisional broker should - Answers immediately turn the check over to his BIC offers become contracts when - Answers the offer is signed, initialed, and that acceptance is communicated back to the offeror and their agent uniform electronic transaction act - Answers states that faxed signatures are as binding as inked signatures in dual agency, speaking to the buyer counts as speaking to the seller too - Answers the closing date has an automatic extension of 7 days - Answers the seller is liable for debt if a buyer defaults on a loan - Answers the borrower is the mortgagor and the lender is the mortgagee - Answers contract for deed - Answers a buyer pays a seller for a property in installments over time, while the seller retains the title until the buyer has paid in full