Superior School of Real Estate Final
Exam Questions and answers latest
update
Which of the following would create legally binding acceptance of a written offer?
- CORRECT ANSWER-The seller's agent emails the buyer's agent that the seller
signed the offer as written.
A broker is preparing a comparative market analysis (CMA) for a subject property
with 3200 square feet. A comparable property has 2750 square feet. The
estimated value of 450 additional square feet is $22,500. The broker should... -
CORRECT ANSWER-Add $22,500 to the sales price of the comparable property.
An option to purchase has been created for a one hundred acre parcel of
farmland. During the one-year option period, the option he has the right to... -
CORRECT ANSWER-Execute the option to purchase on the terms in the option
agreement.
A buyer is under contract to purchase a home for $370,000 and has qualified for
an 80% loan-to-value mortgage loan at an annual interest rate of 45%. How much
will the buyer owe for the 1% loan origination fee and 1 1/2 discount points
associated with this loan package? - CORRECT ANSWER-$7,400
The buyer and the seller in a failed transaction cannot agree on how to disburse
the earnest money deposit being held in the listing firm's trust account. The
listing firm must retain the records of this transaction for 3 years after the... -
CORRECT ANSWER-Date the earnest money is disbursed.
Which of the following is an example of personal property that could typically be
removed by the seller of a residential property? - CORRECT ANSWER-A tree
house constructed in a tree on the property that can be removed without damage
to the tree.
Which of the following properties would be the best comparable for an appraiser
to use for an appraisal of a two-story subject property with 3 bedrooms and 2
baths in a subdivision near the downtown area of a city? - CORRECT ANSWER-3
bedrooms, 2 baths two-story house in a nearby similar subdivision.
Which of the following is a legal property management practice under the Federal
Fair Housing Act as amended in 1998? - CORRECT ANSWER-Requiring a credit
report and a criminal background check for all applicants.
, How and when must a broker notify an unrepresented buyer that the broker
represents the seller? - CORRECT ANSWER-In writing, before obtaining any
personal information from the buyer.
Excise tax on real property in North Carolina is... - CORRECT ANSWER-$1per$500
Which of the following scenarios best illustrates first substantial contact? -
CORRECT ANSWER-Seller states that she must relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are all examples of...
- CORRECT ANSWER-Encumbrances.
A detached workshop extends over the property line onto the neighboring lot by
six inches. This legally constitutes as a (an)... - CORRECT ANSWER-
Encroachment.
A North Carolina broker is required to deliver all executed contracts to his/her
clients no later than... - CORRECT ANSWER-Three days after receipt by the
broker.
A buyer who is Muslim instructs the broker to show the buyer properties that are
located in neighborhoods that have a higher number of Muslim residents. If the
broker complies with this client's instructions the broker will be in... - CORRECT
ANSWER-Compliance with the Civil Rights Act of 1866, but in violation of the
Federal Fair Housing Act.
Which of the following statements regarding the TILA-RESPA Integrated
Disclosure (TRID) requirements is true? - CORRECT ANSWER-Within three days
of receiving a loan application, the lender must provide the applicant with a loan
estimate.
A house located within the city limits has a current market value of $485,000
according to a recent appraisal. The assessed value from the last county-wide tax
valuation is $412,250. The tax rate is $.92 per hundred for the county and $.34 per
hundred for the city. What is the total annual property tax liability on the property,
rounded to the nearest dollar? - CORRECT ANSWER-$5,194
Which of the following situations would be considered a material fact in North
Carolina? - CORRECT ANSWER-The seller has been served with a foreclosure
notice.
The fiduciary duties of an exclusive buyer's agent include... - CORRECT
ANSWER-Concealing clients confidential information.
Exam Questions and answers latest
update
Which of the following would create legally binding acceptance of a written offer?
- CORRECT ANSWER-The seller's agent emails the buyer's agent that the seller
signed the offer as written.
A broker is preparing a comparative market analysis (CMA) for a subject property
with 3200 square feet. A comparable property has 2750 square feet. The
estimated value of 450 additional square feet is $22,500. The broker should... -
CORRECT ANSWER-Add $22,500 to the sales price of the comparable property.
An option to purchase has been created for a one hundred acre parcel of
farmland. During the one-year option period, the option he has the right to... -
CORRECT ANSWER-Execute the option to purchase on the terms in the option
agreement.
A buyer is under contract to purchase a home for $370,000 and has qualified for
an 80% loan-to-value mortgage loan at an annual interest rate of 45%. How much
will the buyer owe for the 1% loan origination fee and 1 1/2 discount points
associated with this loan package? - CORRECT ANSWER-$7,400
The buyer and the seller in a failed transaction cannot agree on how to disburse
the earnest money deposit being held in the listing firm's trust account. The
listing firm must retain the records of this transaction for 3 years after the... -
CORRECT ANSWER-Date the earnest money is disbursed.
Which of the following is an example of personal property that could typically be
removed by the seller of a residential property? - CORRECT ANSWER-A tree
house constructed in a tree on the property that can be removed without damage
to the tree.
Which of the following properties would be the best comparable for an appraiser
to use for an appraisal of a two-story subject property with 3 bedrooms and 2
baths in a subdivision near the downtown area of a city? - CORRECT ANSWER-3
bedrooms, 2 baths two-story house in a nearby similar subdivision.
Which of the following is a legal property management practice under the Federal
Fair Housing Act as amended in 1998? - CORRECT ANSWER-Requiring a credit
report and a criminal background check for all applicants.
, How and when must a broker notify an unrepresented buyer that the broker
represents the seller? - CORRECT ANSWER-In writing, before obtaining any
personal information from the buyer.
Excise tax on real property in North Carolina is... - CORRECT ANSWER-$1per$500
Which of the following scenarios best illustrates first substantial contact? -
CORRECT ANSWER-Seller states that she must relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are all examples of...
- CORRECT ANSWER-Encumbrances.
A detached workshop extends over the property line onto the neighboring lot by
six inches. This legally constitutes as a (an)... - CORRECT ANSWER-
Encroachment.
A North Carolina broker is required to deliver all executed contracts to his/her
clients no later than... - CORRECT ANSWER-Three days after receipt by the
broker.
A buyer who is Muslim instructs the broker to show the buyer properties that are
located in neighborhoods that have a higher number of Muslim residents. If the
broker complies with this client's instructions the broker will be in... - CORRECT
ANSWER-Compliance with the Civil Rights Act of 1866, but in violation of the
Federal Fair Housing Act.
Which of the following statements regarding the TILA-RESPA Integrated
Disclosure (TRID) requirements is true? - CORRECT ANSWER-Within three days
of receiving a loan application, the lender must provide the applicant with a loan
estimate.
A house located within the city limits has a current market value of $485,000
according to a recent appraisal. The assessed value from the last county-wide tax
valuation is $412,250. The tax rate is $.92 per hundred for the county and $.34 per
hundred for the city. What is the total annual property tax liability on the property,
rounded to the nearest dollar? - CORRECT ANSWER-$5,194
Which of the following situations would be considered a material fact in North
Carolina? - CORRECT ANSWER-The seller has been served with a foreclosure
notice.
The fiduciary duties of an exclusive buyer's agent include... - CORRECT
ANSWER-Concealing clients confidential information.
