Superior School of Real Estate Exam (Latest 2024/ 2025
Updates STUDY BUNDLE PACKAGE WITH SOLUTIONS)
Questions and Verified Answers| 100% Correct| Grade
A
Which of the following would create legally binding acceptance of a written offer? -
ANSWERThe 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... - ANSWERAdd
$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... -
ANSWERExecute 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? - 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... - ANSWERDate 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? - ANSWERA 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? - ANSWER3 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? - ANSWERRequiring 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? - ANSWERIn writing, before obtaining any personal
information from the buyer.
, Excise tax on real property in North Carolina is... - ANSWER$1per$500
Which of the following scenarios best illustrates first substantial contact? -
ANSWERSeller states that she must relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are all examples of... -
ANSWEREncumbrances.
A detached workshop extends over the property line onto the neighboring lot by six
inches. This legally constitutes as a (an)... - ANSWEREncroachment.
A North Carolina broker is required to deliver all executed contracts to his/her clients
no later than... - ANSWERThree 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... -
ANSWERCompliance 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? - ANSWERWithin 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? - ANSWER$5,194
Which of the following situations would be considered a material fact in North
Carolina? - ANSWERThe seller has been served with a foreclosure notice.
The fiduciary duties of an exclusive buyer's agent include... - ANSWERConcealing
clients confidential information.
A title insurance policy... - ANSWERProtects the purchaser and/or the lender against
loss due to an existing covered title defect that was undiscovered when the policy
became effective.
Regulation Z on the Truth-In-Lending Act requires that lenders... - ANSWERDisclose
mortgage loan finance charges and interest rate to borrowers.
Which of the following statements about deeds is true? - ANSWERA special warranty
deed contains a promise that the grantor will convey title on the property without
any encumbrances.
Updates STUDY BUNDLE PACKAGE WITH SOLUTIONS)
Questions and Verified Answers| 100% Correct| Grade
A
Which of the following would create legally binding acceptance of a written offer? -
ANSWERThe 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... - ANSWERAdd
$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... -
ANSWERExecute 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? - 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... - ANSWERDate 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? - ANSWERA 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? - ANSWER3 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? - ANSWERRequiring 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? - ANSWERIn writing, before obtaining any personal
information from the buyer.
, Excise tax on real property in North Carolina is... - ANSWER$1per$500
Which of the following scenarios best illustrates first substantial contact? -
ANSWERSeller states that she must relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are all examples of... -
ANSWEREncumbrances.
A detached workshop extends over the property line onto the neighboring lot by six
inches. This legally constitutes as a (an)... - ANSWEREncroachment.
A North Carolina broker is required to deliver all executed contracts to his/her clients
no later than... - ANSWERThree 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... -
ANSWERCompliance 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? - ANSWERWithin 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? - ANSWER$5,194
Which of the following situations would be considered a material fact in North
Carolina? - ANSWERThe seller has been served with a foreclosure notice.
The fiduciary duties of an exclusive buyer's agent include... - ANSWERConcealing
clients confidential information.
A title insurance policy... - ANSWERProtects the purchaser and/or the lender against
loss due to an existing covered title defect that was undiscovered when the policy
became effective.
Regulation Z on the Truth-In-Lending Act requires that lenders... - ANSWERDisclose
mortgage loan finance charges and interest rate to borrowers.
Which of the following statements about deeds is true? - ANSWERA special warranty
deed contains a promise that the grantor will convey title on the property without
any encumbrances.
