REAL ESTATE U FINAL EXAM AND FINAL
PRACTICE EXAM LATEST 2023-2024 ACTUAL
EXAM 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS|ALREADY GRADED A+
David just purchased a home that was listed by Mark of ABC Realty. Mark's
MLS listing mentions that the property is serviced by city water and sewer
even though Mark has discussed with the seller that there is a well on the
property which provides drinking water. This is an example of...? -
ANSWER--Willful Misrepresentation
If a contract was written upon the standard form NCBA/NCAR 2-T Offer to
Purchase contract, the excise tax would show on a closing statement as a?
- ANSWER--debit to the seller
Mr. Jones, a Realtor with XYZ Realty showed Mr. Smith's listing. Mr. Smith
is with ABC Realty. Mr. Jones asked Mr. Smith to deliver a Residential
Property and Owners' Association Disclosure. Mr. Smith told Mr. Jones that
the seller refused to fill out the form. Two days later, the buyer notified Mr.
Jones and Mr. Smith that he was backing out on the deal. He demanded a
refund of his earnest money deposit and his due diligence fee. Which of the
following is true? - ANSWER--All money must be returned.
John, a South Carolina real estate broker, was showing some clients some
rental units in Landrum, South Carolina. They expressed an interest in a
motel that was just across the state line in Tryon, North Carolina. The
South Carolina broker called his friend, a Realtor in Tryon, North Carolina.
They agreed to meet at the liquor store on the South Carolina side of the
state line. They met. John introduced his clients to the North Carolina
Realtor. John and the North Carolina Realtor agreed to split any
commission earned fifty-fifty. The North Carolina Realtor did not sell the
motel to the new clients. He took them over to the other side of town and
sold them a twelve unit rental property. When they got back to the liquor
store, John was sitting on the front porch smoking a cigar. Which of the
, REAL ESTATE U FINAL EXAM AND FINAL
PRACTICE EXAM LATEST 2023-2024 ACTUAL
EXAM 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS|ALREADY GRADED A+
following is true? - ANSWER--John is entitled to half the commission on the
twelve-unit building.
Susan, a real estate broker, accepted a cash deposit for earnest money
with an offer from a buyer. When must this money be deposited in the
bank? - ANSWER--within three banking days of receipt of the cash
Andrew, a Realtor working at ABC Realty, is working with a very picky
buyer, the Jones, This buyer has signed the agency agreement and given
ABC Realty the option to act as a dual agent. Andrew has shown the Jones
54 houses. They are all too expensive or too small or too chopped up or
too open or too old or too far away. Finally, Andrew finds the perfect house
for the Jones. It is listed with ABC Realty. The seller has given ABC
permission to act as a dual agent. Andrew shows the house to his clients,
the Jones. Robert, also a broker at ABC Realty, works with the sellers.
Which of the following is correct? - ANSWER--ABC Realty is a dual agent
Which of the following is an example of willful misrepresentation? -
ANSWER--All of the above are classic examples of willful
misrepresentation.
A "Working with Real Estate Agents" brochure must be explained to a
buyer or seller...? - ANSWER--at first substantial contact with the buyer or
seller
John is a real estate broker in North Carolina. John spends three months
every year in Florida. Last year on New Year's Eve, John was arrested for
Driving While Intoxicated. Is it necessary for John to report this incident to
, REAL ESTATE U FINAL EXAM AND FINAL
PRACTICE EXAM LATEST 2023-2024 ACTUAL
EXAM 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS|ALREADY GRADED A+
the North Carolina Real Estate Commission? - ANSWER--Yes, John is
required to report his conviction within sixty days of his conviction.
XYZ Home Builders notified the local association of Realtors that if any one
Realtor sold three homes in XYZ Estates, that Realtor would receive a
$4000 bonus on their third sale in XYZ estates. Which of the following is
true? - ANSWER--That Realtor must disclose this bonus to the potential
third buyer before the property is shown.
When performing a CMA or BPO a real estate broker...? - ANSWER--can
report the suggested price as a range.
A North Carolina real estate broker can share a commission with an out of
state real estate broker if....? - ANSWER--that out of state broker does not
physically come to North Carolina
John and Mary Davis married in 1983. They bought a home for $42,000
later that same year. They lived in that home until 2017. They sold that
home for $542,000. Compute the taxes due to the IRS if the Davis' are in a
25% tax bracket. - ANSWER--Zero
Which of the following is true about members of the North Carolina Real
Estate Commission? - ANSWER--All of the above statements are true.
Which of the following firm licenses is NOT required to have a Broker in
Charge? - ANSWER--S Corporation
, REAL ESTATE U FINAL EXAM AND FINAL
PRACTICE EXAM LATEST 2023-2024 ACTUAL
EXAM 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS|ALREADY GRADED A+
Which of the following only has one story? - ANSWER--Ranch style home
The lowest horizontal member of the house frame which rests atop the
foundation wall and forms a base for the studs is the - ANSWER--Sill
Provisional brokers can be paid by ...? - ANSWER--their broker in charge
Tax rates in North Carolina get adjusted every...? - ANSWER--One year
A Broker in Charge can be disciplined by the NCREC for...? - ANSWER--
her own actions or the actions of a provisional broker that she is
responsible for
On Friday night, Mr. Realtor received a $10,000 cash escrow deposit from
a buyer. Mr. Realtor was reluctant to keep that much cash in the house
over the weekend. He deposited the cash into his personal checking
account on Saturday morning. On Monday morning, he wrote a $10,000
check to the company escrow account and deposited the money into the
bank. - ANSWER--This is commingling.
The closing date for a transaction is set as July 15th. The seller is not able
to close until July 18th. Is the seller in breach of the sales contract? -
ANSWER--No. A 7-day period is allowed between the initial closing date
and the delayed closing date.
Jon is a licensed non-provisional broker who is not affiliated with a Broker
in Charge nor has he declared himself a sole proprietor Broker in Charge.
PRACTICE EXAM LATEST 2023-2024 ACTUAL
EXAM 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS|ALREADY GRADED A+
David just purchased a home that was listed by Mark of ABC Realty. Mark's
MLS listing mentions that the property is serviced by city water and sewer
even though Mark has discussed with the seller that there is a well on the
property which provides drinking water. This is an example of...? -
ANSWER--Willful Misrepresentation
If a contract was written upon the standard form NCBA/NCAR 2-T Offer to
Purchase contract, the excise tax would show on a closing statement as a?
- ANSWER--debit to the seller
Mr. Jones, a Realtor with XYZ Realty showed Mr. Smith's listing. Mr. Smith
is with ABC Realty. Mr. Jones asked Mr. Smith to deliver a Residential
Property and Owners' Association Disclosure. Mr. Smith told Mr. Jones that
the seller refused to fill out the form. Two days later, the buyer notified Mr.
Jones and Mr. Smith that he was backing out on the deal. He demanded a
refund of his earnest money deposit and his due diligence fee. Which of the
following is true? - ANSWER--All money must be returned.
John, a South Carolina real estate broker, was showing some clients some
rental units in Landrum, South Carolina. They expressed an interest in a
motel that was just across the state line in Tryon, North Carolina. The
South Carolina broker called his friend, a Realtor in Tryon, North Carolina.
They agreed to meet at the liquor store on the South Carolina side of the
state line. They met. John introduced his clients to the North Carolina
Realtor. John and the North Carolina Realtor agreed to split any
commission earned fifty-fifty. The North Carolina Realtor did not sell the
motel to the new clients. He took them over to the other side of town and
sold them a twelve unit rental property. When they got back to the liquor
store, John was sitting on the front porch smoking a cigar. Which of the
, REAL ESTATE U FINAL EXAM AND FINAL
PRACTICE EXAM LATEST 2023-2024 ACTUAL
EXAM 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS|ALREADY GRADED A+
following is true? - ANSWER--John is entitled to half the commission on the
twelve-unit building.
Susan, a real estate broker, accepted a cash deposit for earnest money
with an offer from a buyer. When must this money be deposited in the
bank? - ANSWER--within three banking days of receipt of the cash
Andrew, a Realtor working at ABC Realty, is working with a very picky
buyer, the Jones, This buyer has signed the agency agreement and given
ABC Realty the option to act as a dual agent. Andrew has shown the Jones
54 houses. They are all too expensive or too small or too chopped up or
too open or too old or too far away. Finally, Andrew finds the perfect house
for the Jones. It is listed with ABC Realty. The seller has given ABC
permission to act as a dual agent. Andrew shows the house to his clients,
the Jones. Robert, also a broker at ABC Realty, works with the sellers.
Which of the following is correct? - ANSWER--ABC Realty is a dual agent
Which of the following is an example of willful misrepresentation? -
ANSWER--All of the above are classic examples of willful
misrepresentation.
A "Working with Real Estate Agents" brochure must be explained to a
buyer or seller...? - ANSWER--at first substantial contact with the buyer or
seller
John is a real estate broker in North Carolina. John spends three months
every year in Florida. Last year on New Year's Eve, John was arrested for
Driving While Intoxicated. Is it necessary for John to report this incident to
, REAL ESTATE U FINAL EXAM AND FINAL
PRACTICE EXAM LATEST 2023-2024 ACTUAL
EXAM 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS|ALREADY GRADED A+
the North Carolina Real Estate Commission? - ANSWER--Yes, John is
required to report his conviction within sixty days of his conviction.
XYZ Home Builders notified the local association of Realtors that if any one
Realtor sold three homes in XYZ Estates, that Realtor would receive a
$4000 bonus on their third sale in XYZ estates. Which of the following is
true? - ANSWER--That Realtor must disclose this bonus to the potential
third buyer before the property is shown.
When performing a CMA or BPO a real estate broker...? - ANSWER--can
report the suggested price as a range.
A North Carolina real estate broker can share a commission with an out of
state real estate broker if....? - ANSWER--that out of state broker does not
physically come to North Carolina
John and Mary Davis married in 1983. They bought a home for $42,000
later that same year. They lived in that home until 2017. They sold that
home for $542,000. Compute the taxes due to the IRS if the Davis' are in a
25% tax bracket. - ANSWER--Zero
Which of the following is true about members of the North Carolina Real
Estate Commission? - ANSWER--All of the above statements are true.
Which of the following firm licenses is NOT required to have a Broker in
Charge? - ANSWER--S Corporation
, REAL ESTATE U FINAL EXAM AND FINAL
PRACTICE EXAM LATEST 2023-2024 ACTUAL
EXAM 450+ QUESTIONS AND CORRECT
DETAILED ANSWERS|ALREADY GRADED A+
Which of the following only has one story? - ANSWER--Ranch style home
The lowest horizontal member of the house frame which rests atop the
foundation wall and forms a base for the studs is the - ANSWER--Sill
Provisional brokers can be paid by ...? - ANSWER--their broker in charge
Tax rates in North Carolina get adjusted every...? - ANSWER--One year
A Broker in Charge can be disciplined by the NCREC for...? - ANSWER--
her own actions or the actions of a provisional broker that she is
responsible for
On Friday night, Mr. Realtor received a $10,000 cash escrow deposit from
a buyer. Mr. Realtor was reluctant to keep that much cash in the house
over the weekend. He deposited the cash into his personal checking
account on Saturday morning. On Monday morning, he wrote a $10,000
check to the company escrow account and deposited the money into the
bank. - ANSWER--This is commingling.
The closing date for a transaction is set as July 15th. The seller is not able
to close until July 18th. Is the seller in breach of the sales contract? -
ANSWER--No. A 7-day period is allowed between the initial closing date
and the delayed closing date.
Jon is a licensed non-provisional broker who is not affiliated with a Broker
in Charge nor has he declared himself a sole proprietor Broker in Charge.
