301 NC POST LICENSING EXAM, PRACTICE EXAM AND
STUDY GUIDE NEWEST 2024 ACTUAL EXAM 400
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A
What is an example of vicarious liability? - ANSWER: David's broker is fined because
David was found guilty of misconduct.
Whose responsibility is it to review the preliminary title report? - ANSWER: The
buyer and the buyer's agent.
The buyer and buyer's agent must review and approve the preliminary title report
after the closing or the escrow agent orders it.
Many market conditions impact housing prices. Which of the following is a true
statement? - ANSWER: Reduced consumer confidence makes new buyers wary of
purchasing and homeowners hesitant to trade up.
Licensee Hector manages a rental property that requires major renovations. He's
aware that the work will disturb lead-based paint hazards in the building. To comply
with the law, which of the following is true regarding the renovation work? -
ANSWER: Certified renovators who have received EPA-approved training are the only
ones who may do the work.
Which of these can mean the difference between winning or losing a lawsuit? -
ANSWER: Standard of Care requirements
Which of the following is a potential consequence of overpricing a property? -
ANSWER: The property won't appraise high enough and you could lose the contract
if you do get an offer.
The real estate industry was founded on the concept of ______. - ANSWER: Agency
The FHA loan program is designed for borrowers who ______. - ANSWER: Have a
minimal down payment and less-than stellar credit
A buyer prospect asks you, "What's in it for me to sign a buyer representation
agreement?" What should you tell her? - ANSWER: Without a buyer representation
agreement, you don't have representation when purchasing a home
Improvements to old houses ________. - ANSWER: Are often worth less than the
same feature on a new house
What's a property issue that would negatively impact the property's value or pose an
unreasonable risk to anyone residing there? - ANSWER: Material adverse fact
, The four main categories of property defects include all of the following EXCEPT
________.
1. Carpet deterioration
2. Insect infestation
3. Structural problems
4. Water damage - ANSWER: Carpet Deterioration
Mitchell is buying a Fannie Mae property to use as his primary residence. He is
hoping to secure a HomePath loan with a down payment as low as ______. -
ANSWER: 3%
Which of the following is a drawback to applying the cost approach to residential
property? - ANSWER: Builders' costs vary widely in a specific area.
When an appraisal report will be more than four months old on the date of the note
and mortgage, what is the appraiser required to do? - ANSWER: Inspect the exterior
of the property and review current market data.
Who has an obligation to be knowledgeable about the real estate market conditions
and property pricing for the seller client? - ANSWER: Seller's Agent
Lana, a real estate professional, included an inaccurate property description in her
client's contract. This mistake can make a contract ______. - ANSWER: Voidable
Linda is preparing a listing presentation. She likely will include all of the following
EXCEPT ________.
Active listings
A mortgage statement showing the outstanding loan balance
Current market data
Expired comparable - ANSWER: A mortgage statement showing the outstanding loan
balance.
Individuals acting as dual agents may face unique ______. - ANSWER: Conflict of
interest inssues
Ray thinks he knows which neighborhoods his new clients belong in, so he tries to
guide them away from the neighborhood they like. What's this action considered? -
ANSWER: Steering
Which of the following is one of the four main categories of property defects?
Insect infestation
Old windows
STUDY GUIDE NEWEST 2024 ACTUAL EXAM 400
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A
What is an example of vicarious liability? - ANSWER: David's broker is fined because
David was found guilty of misconduct.
Whose responsibility is it to review the preliminary title report? - ANSWER: The
buyer and the buyer's agent.
The buyer and buyer's agent must review and approve the preliminary title report
after the closing or the escrow agent orders it.
Many market conditions impact housing prices. Which of the following is a true
statement? - ANSWER: Reduced consumer confidence makes new buyers wary of
purchasing and homeowners hesitant to trade up.
Licensee Hector manages a rental property that requires major renovations. He's
aware that the work will disturb lead-based paint hazards in the building. To comply
with the law, which of the following is true regarding the renovation work? -
ANSWER: Certified renovators who have received EPA-approved training are the only
ones who may do the work.
Which of these can mean the difference between winning or losing a lawsuit? -
ANSWER: Standard of Care requirements
Which of the following is a potential consequence of overpricing a property? -
ANSWER: The property won't appraise high enough and you could lose the contract
if you do get an offer.
The real estate industry was founded on the concept of ______. - ANSWER: Agency
The FHA loan program is designed for borrowers who ______. - ANSWER: Have a
minimal down payment and less-than stellar credit
A buyer prospect asks you, "What's in it for me to sign a buyer representation
agreement?" What should you tell her? - ANSWER: Without a buyer representation
agreement, you don't have representation when purchasing a home
Improvements to old houses ________. - ANSWER: Are often worth less than the
same feature on a new house
What's a property issue that would negatively impact the property's value or pose an
unreasonable risk to anyone residing there? - ANSWER: Material adverse fact
, The four main categories of property defects include all of the following EXCEPT
________.
1. Carpet deterioration
2. Insect infestation
3. Structural problems
4. Water damage - ANSWER: Carpet Deterioration
Mitchell is buying a Fannie Mae property to use as his primary residence. He is
hoping to secure a HomePath loan with a down payment as low as ______. -
ANSWER: 3%
Which of the following is a drawback to applying the cost approach to residential
property? - ANSWER: Builders' costs vary widely in a specific area.
When an appraisal report will be more than four months old on the date of the note
and mortgage, what is the appraiser required to do? - ANSWER: Inspect the exterior
of the property and review current market data.
Who has an obligation to be knowledgeable about the real estate market conditions
and property pricing for the seller client? - ANSWER: Seller's Agent
Lana, a real estate professional, included an inaccurate property description in her
client's contract. This mistake can make a contract ______. - ANSWER: Voidable
Linda is preparing a listing presentation. She likely will include all of the following
EXCEPT ________.
Active listings
A mortgage statement showing the outstanding loan balance
Current market data
Expired comparable - ANSWER: A mortgage statement showing the outstanding loan
balance.
Individuals acting as dual agents may face unique ______. - ANSWER: Conflict of
interest inssues
Ray thinks he knows which neighborhoods his new clients belong in, so he tries to
guide them away from the neighborhood they like. What's this action considered? -
ANSWER: Steering
Which of the following is one of the four main categories of property defects?
Insect infestation
Old windows
