SUPERIOR REAL ESTATE SCHOOL EXAM BANK 2025/2026
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Under North Carolina law and commission rules, which of the
following is a correct statement regarding designated agency?
I. The BIC cannot be a designated agent. II. An agent cannot be
appointed as a designated agent if the agent has prior
confidential knowledge about the other party in the transaction.
A. Both I
and II
B. II
only
C. Neither I
nor II
D. I only - ANSWER-B. II
only
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
The Statute of Frauds requires that certain agreements must be
in writing in order to be enforceable. Which of the following
types of agreements is subject to the Statute of Frauds?
A. Offers to purchase and contract
B. Buyer brokerage agreements
C. One year leases with tenants
D. Exclusive right to sell listing agreements - ANSWER-A.
Offers to purchase and contract
Which of the following is TRUE regarding the assignment of
contracts?
A. Assigned contracts make the assignee solely liable in the
event of breach.
,B. Contracts may not be assigned without the seller's
permission.
C. An assignment transfers all rights and obligations of a
contract to a third party.
D. Contracts are assignable, unless the contract specifically
prohibits assignment. - ANSWER-D. Contracts are
assignable, unless the contract specifically prohibits
assignment.
Bill and Betty just received $25,000 profit from the sale of their
home. They are in the process of buying a new home for
$185,500 with an 80% LTV ratio. The lender is charging the
normal loan origination fee and is lending the money at 1.5
discount points. Bill and Betty pay an attorney $400 to handle
the closing,
and they must also pay for the excise tax. How much money
will the lender be
paid in
fees?
A. $1,484
B. $4,2226
C. $3,710
D. $4,1581 - ANSWER-C. $3,710
, Under a contract for deed, the title to the property is held by
the:
A. vendor
B. vendee
C. trustor
D. trustee - ANSWER-A. vendor
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
The defeasance clause in a deed of trust requires the trustee
in a specified
situation to
execute:
A. an assignment of mortgage
NEWEST | ALL CURRENTLY TESTING AND FREQUENTLY
TESTED QUESTIONS AND ANSWERS WITH A STUDY GUIDE
| EXPERT VERIFIED FOR GUARANTEED PASS | ALREADY
GRADED A+ / NEWEST EXAM / JUST RELEASED!!
Under North Carolina law and commission rules, which of the
following is a correct statement regarding designated agency?
I. The BIC cannot be a designated agent. II. An agent cannot be
appointed as a designated agent if the agent has prior
confidential knowledge about the other party in the transaction.
A. Both I
and II
B. II
only
C. Neither I
nor II
D. I only - ANSWER-B. II
only
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
The Statute of Frauds requires that certain agreements must be
in writing in order to be enforceable. Which of the following
types of agreements is subject to the Statute of Frauds?
A. Offers to purchase and contract
B. Buyer brokerage agreements
C. One year leases with tenants
D. Exclusive right to sell listing agreements - ANSWER-A.
Offers to purchase and contract
Which of the following is TRUE regarding the assignment of
contracts?
A. Assigned contracts make the assignee solely liable in the
event of breach.
,B. Contracts may not be assigned without the seller's
permission.
C. An assignment transfers all rights and obligations of a
contract to a third party.
D. Contracts are assignable, unless the contract specifically
prohibits assignment. - ANSWER-D. Contracts are
assignable, unless the contract specifically prohibits
assignment.
Bill and Betty just received $25,000 profit from the sale of their
home. They are in the process of buying a new home for
$185,500 with an 80% LTV ratio. The lender is charging the
normal loan origination fee and is lending the money at 1.5
discount points. Bill and Betty pay an attorney $400 to handle
the closing,
and they must also pay for the excise tax. How much money
will the lender be
paid in
fees?
A. $1,484
B. $4,2226
C. $3,710
D. $4,1581 - ANSWER-C. $3,710
, Under a contract for deed, the title to the property is held by
the:
A. vendor
B. vendee
C. trustor
D. trustee - ANSWER-A. vendor
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
The defeasance clause in a deed of trust requires the trustee
in a specified
situation to
execute:
A. an assignment of mortgage
