3/2/26, 5:07 PM Superior NC Real Estate Important Final Exam Questions and Answers (Verified Answers) Updated (Actual Exam) 2025\2026 LATE…
Superior NC Real Estate Important Final Exam
Questions and Answers (Verified Answers)
Updated (Actual Exam) 2025\2026 LATEST
VERSION!!
Save
Terms in this set (28)
RESPA -Real Estate Settlement Procedures Act: applies
ONLY to 1-4 family residential transactions,
transactions involving a "federally related"
mortgage (conventional, FHA, VA)
Which party's signature is required C. the trustor(s)
on a deed of trust? The trustor is the borrower in a lending situation
using a trust deed. The borrower is giving the
A. the trustee lender security or collateral interests in the
B. the beneficiary property. Because those rights and interests
C. the trustor(s) belong to the borrower and they are surrendering
D. the grantee(s) them, only the trustor (or borrower) must sign the
trust deed.
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, 3/2/26, 5:07 PM Superior NC Real Estate Important Final Exam Questions and Answers (Verified Answers) Updated (Actual Exam) 2025\2026 LATE…
Under which of the following types A. VA Guaranteed Loan
of mortgage loans would a buyer The certificate of reasonable value or CRV is the
have to produce a certificate of name for the appraisal in a VA loan. VA loans are
reasonable value? guaranteed, FHA loans are insured. The appraisal in
A. VA Guaranteed Loan an FHA loan is called a Conditional Committment.
B.VA Insured Loan
C.FHA Insured Loan
D.Conventional Loan
Encapsulation refers to: The sealing away of friable asbestos
Radon becomes a material fact in D. When the level of radon is 4.0 picocuries or
North Carolina: higher.
A. Only in regard to properties
located in the western part of the
state
B. In all residential real estate
transactions
C. Only when the presence of radon
can be sensed by smell
D. When the level of radon is 4.0
picocuries or higher
The major difference between an A purchase money mortgage, seller financing or a
installment land contract and a seller carryback occurs when the seller is
purchase money mortgage is: transferring title to a buyer at closing and the seller
A.Seller financing only exists in is acting as the lender. Typically the buyer would
purchase money mortgages. execute a promissory note and deed of trust for
B.The buyer receives legal title and the seller. An installment land contract or a
the seller receives equitable title. contract for deed is a situation where the seller
C.The time in which delivery of the remains in title to the property and the borrower is
deed is made. in the process of acquiring it by making payments
D.Installment carryback is also to the seller and title transfers with final payment.
known as seller carryback financing.
https://quizlet.com/1150496943/superior-nc-real-estate-important-final-exam-questions-and-answers-verified-answers-updated-actual-exam-20252026… 2/9
Superior NC Real Estate Important Final Exam
Questions and Answers (Verified Answers)
Updated (Actual Exam) 2025\2026 LATEST
VERSION!!
Save
Terms in this set (28)
RESPA -Real Estate Settlement Procedures Act: applies
ONLY to 1-4 family residential transactions,
transactions involving a "federally related"
mortgage (conventional, FHA, VA)
Which party's signature is required C. the trustor(s)
on a deed of trust? The trustor is the borrower in a lending situation
using a trust deed. The borrower is giving the
A. the trustee lender security or collateral interests in the
B. the beneficiary property. Because those rights and interests
C. the trustor(s) belong to the borrower and they are surrendering
D. the grantee(s) them, only the trustor (or borrower) must sign the
trust deed.
https://quizlet.com/1150496943/superior-nc-real-estate-important-final-exam-questions-and-answers-verified-answers-updated-actual-exam-20252026… 1/9
, 3/2/26, 5:07 PM Superior NC Real Estate Important Final Exam Questions and Answers (Verified Answers) Updated (Actual Exam) 2025\2026 LATE…
Under which of the following types A. VA Guaranteed Loan
of mortgage loans would a buyer The certificate of reasonable value or CRV is the
have to produce a certificate of name for the appraisal in a VA loan. VA loans are
reasonable value? guaranteed, FHA loans are insured. The appraisal in
A. VA Guaranteed Loan an FHA loan is called a Conditional Committment.
B.VA Insured Loan
C.FHA Insured Loan
D.Conventional Loan
Encapsulation refers to: The sealing away of friable asbestos
Radon becomes a material fact in D. When the level of radon is 4.0 picocuries or
North Carolina: higher.
A. Only in regard to properties
located in the western part of the
state
B. In all residential real estate
transactions
C. Only when the presence of radon
can be sensed by smell
D. When the level of radon is 4.0
picocuries or higher
The major difference between an A purchase money mortgage, seller financing or a
installment land contract and a seller carryback occurs when the seller is
purchase money mortgage is: transferring title to a buyer at closing and the seller
A.Seller financing only exists in is acting as the lender. Typically the buyer would
purchase money mortgages. execute a promissory note and deed of trust for
B.The buyer receives legal title and the seller. An installment land contract or a
the seller receives equitable title. contract for deed is a situation where the seller
C.The time in which delivery of the remains in title to the property and the borrower is
deed is made. in the process of acquiring it by making payments
D.Installment carryback is also to the seller and title transfers with final payment.
known as seller carryback financing.
https://quizlet.com/1150496943/superior-nc-real-estate-important-final-exam-questions-and-answers-verified-answers-updated-actual-exam-20252026… 2/9
