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Modern Real Estate Practice in NC 10th Edition Updated Book Unit 1 Questions And Answers Which of the following BEST defines real estate? A. Land and the air above it B. Land and the buildings permanently affixed to it C. Land and all things permanently affixed to it D. Land and the mineral rights in the land - -C. Land and all things permanently affixed to it Which of the following is NOT a physical characteristic of land? A. Indestructibility B. Scarcity C. Immobility D. Uniqueness...

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Modern Real Estate Practice in NC (10th Edition) Exam Study Guide Questions and CORRECT Answers What is included in a agency agreement? - CORRECT ANSWER all parties - include the broker's real estate number - have a definite termination date - contain the prescribed non-discrimination provision Listing Agreement - CORRECT ANSWER - must be signed by A legal contract between a property owner (seller) and a real estate broker or agent that gives the agent the right to market...

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Modern Real Estate Practice in NC 10th edition Exam Actual Questions and CORRECT Answers Which of the following loans exposes the lender to the greatest degree of risk? A. FHA B. Conventional, with 95% LTV C. Construction D. VA, with no down payment - CORRECT ANSWER A real estate sales contract becomes valid when C. Construction A. the written offer has been signed by both the offeror and the offeree B. communication of acceptance is given to the offeror or offeror's...

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Modern Real Estate Practices in NC 10th Edition Exam Questions and CORRECT Answers Broker - CORRECT ANSWER One who acts as an intermediary on behalf of others for a fee or commission. One who is licensed to list, lease, buy, exchange, auction, negotiate or sell intrest in real estate for others for a fee. Business cycle - CORRECT ANSWER The upward and downward fluctuations in business activities generally characterized by four stages: expansion, recession, depression, a...

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Modern Real Estate Practice in NC (10th Edition) Questions with Answers (100% Correct Answers)Modern Real Estate Practice in NC (10th Edition) Questions with Answers (100% Correct Answers)

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Modern Real Estate Practices in NC 10th Edition Questions with Answers (100% Correct Answers)Modern Real Estate Practices in NC 10th Edition Questions with Answers (100% Correct Answers)

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Modern Real Estate Practice in NC 10th edition Quizzes Questions with Answers (100% Correct Answers) Modern Real Estate Practice in NC 10th edition Quizzes Questions with Answers (100% Correct Answers)

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a.) trade fixtures - Answer Counters, Stools, and other restaurant equipment attached to real property are considered a.) trade fixtures b.) encumbrances c.) real property d.) realty a.) metes-and-bounds method - Answer A method of property description using monuments, distances, and compass directions is the a.) metes-and-bounds method b.) plat map c.) lot-and-block method d.) rectangular survey method b.) lien - Answer A claim against real property to secure repaymen...

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A broker brings his seller an offer from a potential buyer if the seller asked about the buyers race, the broker: - Answer May not disclose this information because to do so would violate the Rumford act A broker received an offer with a deposit for one of his listings. The seller excepted the offer. But before the transaction closed, the buyer and seller mutually agreed to cancel it. The buyer request the return of the deposit, and the seller has no objection. The broker: - Answer Must...

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Listing agreement - Answer broker's employment contract with a seller. Seller must be given a copy within 24 hours. Includes: A definite expiration date Identification of the property Price and terms Fee or commission Signature(s) of the owner(s) Buyer brokerage agreement - Answer A buyer brokerage agreement is an employment contract with a buyer Agreements include: The parties to and term of the agreement (beginning and ending dates) General characteristics of the prope...

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A seller signed an exclusive agency contract with a brokerage firm. If the seller finds a suitable buyer with no assistance, the firm is entitled to - Answer no compensation from the seller. A buyer who wants to know whether the title for a property is in good standing would order a(n) - Answer abstract. An estate in severalty is associated with which of the following? - Answer Sole and separate ownership A lease contract that specifies an end date for tenancy and does NOT requ...

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An estate in land is defined by the _______ of an owner's interest in real property. - Answer - Degree - Quantity - Nature - Extent To be an estate in land, an interest must allow ______. - Answer Possession, meaning the holding and enjoyment of the property either now or in the future. A freehold estate lasts for a(n) ________. - Answer An indeterminable length of time, such as a lifetime or forever. A freehold estate can be either a ________, which lasts an indefinite a...

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Reconciliation - Answer The final step in the appraisal process, in which the appraiser considers the estimates of value received from the sales comparison, cost, and income approaches to arrive at a final opinion of market value for the subject property. Reproduction Cost - Answer The construction cost at current prices of an exact duplicate Functional obsolescence - Answer A loss of value to an improvement to real estate arising from problems of design or utility. Economic l...

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TREC - Answer Texas Real Estate Commission ESAC - Answer Education Standards Advisory Committee What does the Education Standards Advisory Committee do? - Answer Established by the commission, they review and revise curriculum standards, course content, and instructor certification requirements for both Qualifying and Continuing Education (CE) courses. Who are Education Standards Advisory Committee (ESAC) members? How long do they serve? - Answer - 7 license holders, engaged...

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In reference to Property Taxes, "basis" or "cost" is - Answer Purchase price of prop plus cost of improvements. How is a condominium unit owned? - Answer Separate interest How are common interests in a condo owned? - Answer Equally in undivided interest Subdivided Land Laws refer to - Answer Subdivisions of 5+ parcels on 160 acres, regulated marketing & financing, and requires disclosures in public report. How long is a disclosure in public report for Subdivid...

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Modern Real Estate practice COMPLETE QUESTIONS AND ANSWERS | 2025 LATEST UPDATED | ALREADY GRADED A+

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Brokerage correct answers The business of bringing together people who are interested in making a real estate transaction Broker correct answers Typically acts as an agent of the buyer or seller (or both) in negotiating the sale, purchase, or rental of a property Sales agent correct answers A license holder employed by or associated with a broker who conducts brokerage activities on behalf of the broker for a fee or commission Uses of real property correct answers (1) Residential, (2) C...

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Real Estate BUNDLED EXAMS-Questions with Correct Answers/ Verified/ 100% Pass

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The client must make an express or implied agreement to pay a commission to the broker. - ️️Explain this sentence. "To recover a commission for brokerage services, a broker must be employed as the agent of the client." Independent Contractors -️️Sales associates who are paid in a lump sum and who are personally responsible for paying their own taxes are probably treated for tax purposes as An Employee -️️A sales associate's contract with her b Work Set Hours -️️When acti...

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Real Estate Math-13 Test Quiz Verified and 100% Correct Q & A, Complete Document for Exam

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