Real Estate U Final Exam Question Bank
(2026) | Real Exam Practice | A+
• Which of the following is true regarding the $500,000 exemption, in
the sale of a personal residence, for a married couple filing jointly? -
✓✓A married couple can use the $500,000 joint exemption if only one
meets the ownership requirement,
but BOTH meet the occupancy requirement
• A homeowner in NC had constructed a three-bedroom house with two
full baths in a rural area that necessitated the installation of an on-site
septic system. It was properly permitted at that time. A few years later
the homeowner constructed a fourth bedroom, but no extra bathroom, in
the basement area. He did not obtain any permits at that time as he was
constructing the addition by himself. He now wants to list the property
for sale with a broker. What would be the maximum intended occupancy
for this house according to NC guidelines? -✓✓6
• Chris is a real estate broker in NC. He lists a parcel of undeveloped
land, which is zoned for single-family residential use. Chris knows that
this property is about to be rezoned for multi-family residential use,
which will greatly increase the value of the property. Rather than
informing the seller of this fact, Chris offers to buy the property at the
listed price, telling the seller that he wants to acquire the property as a
long-term investment. The deal closes. Several months later, after the
rezoning had been accomplished, Chris sold the property for a $80,000
profit. The seller soon finds out about the profit Chris has made. What
can the seller do in this case? -✓✓Notify the NCREC to impose
disciplinary action
, • Which of the following is an example of a blind ad? -✓✓Just listed!
Home for sale. $250,000. Call Mary at (919)555-5555 for more
information.
• A settlement meeting is usually conducted by a closing attorney. Who
typically recommends the closing attorney? -✓✓The buyer or the
buyer's lender
• A firm license is NOT required for which of the following? -✓✓a sole
proprietorship
• James is a broker in NC and is also licensed as an attorney. He is
buying a house and wants to rewrite part of the sales contract. Is James
permitted to do so? -✓✓Yes. Since James is also an attorney and the
buyer, he is permitted to rewrite parts of the contract.
• Samantha is a newly licensed provisional broker in NC who passed the
licensing exam on July 12, 2021. In order to have her license remain on
"Active" status, when must she complete 8 hours of continuing
education? -✓✓By June 10 of 2023
• Sam is a non-provisional broker whose license is on "Active" status
though he is not affiliated with a Broker in Charge (including himself).
He is ONLY paid referral fees as he refers all real estate activities to
other brokers. He maintains a public website where people can ask for
information about the value of their home and Sam refers all of these
(2026) | Real Exam Practice | A+
• Which of the following is true regarding the $500,000 exemption, in
the sale of a personal residence, for a married couple filing jointly? -
✓✓A married couple can use the $500,000 joint exemption if only one
meets the ownership requirement,
but BOTH meet the occupancy requirement
• A homeowner in NC had constructed a three-bedroom house with two
full baths in a rural area that necessitated the installation of an on-site
septic system. It was properly permitted at that time. A few years later
the homeowner constructed a fourth bedroom, but no extra bathroom, in
the basement area. He did not obtain any permits at that time as he was
constructing the addition by himself. He now wants to list the property
for sale with a broker. What would be the maximum intended occupancy
for this house according to NC guidelines? -✓✓6
• Chris is a real estate broker in NC. He lists a parcel of undeveloped
land, which is zoned for single-family residential use. Chris knows that
this property is about to be rezoned for multi-family residential use,
which will greatly increase the value of the property. Rather than
informing the seller of this fact, Chris offers to buy the property at the
listed price, telling the seller that he wants to acquire the property as a
long-term investment. The deal closes. Several months later, after the
rezoning had been accomplished, Chris sold the property for a $80,000
profit. The seller soon finds out about the profit Chris has made. What
can the seller do in this case? -✓✓Notify the NCREC to impose
disciplinary action
, • Which of the following is an example of a blind ad? -✓✓Just listed!
Home for sale. $250,000. Call Mary at (919)555-5555 for more
information.
• A settlement meeting is usually conducted by a closing attorney. Who
typically recommends the closing attorney? -✓✓The buyer or the
buyer's lender
• A firm license is NOT required for which of the following? -✓✓a sole
proprietorship
• James is a broker in NC and is also licensed as an attorney. He is
buying a house and wants to rewrite part of the sales contract. Is James
permitted to do so? -✓✓Yes. Since James is also an attorney and the
buyer, he is permitted to rewrite parts of the contract.
• Samantha is a newly licensed provisional broker in NC who passed the
licensing exam on July 12, 2021. In order to have her license remain on
"Active" status, when must she complete 8 hours of continuing
education? -✓✓By June 10 of 2023
• Sam is a non-provisional broker whose license is on "Active" status
though he is not affiliated with a Broker in Charge (including himself).
He is ONLY paid referral fees as he refers all real estate activities to
other brokers. He maintains a public website where people can ask for
information about the value of their home and Sam refers all of these
