SUPERIOR NC REAL ESTATE IMPORTANT FINAL
EXAM/ SUPERIOR NC REAL ESTATE IMPORTANT
FINAL EXAM QUESTIONS AND ANSWERS LATEST
2025-2026 REVISED UPDATE
Is the commission amount shown on the purchase contract? - Answer-
No, it's on the listing agreement and purchasing agreements....not the
purchase contract
What's an example of "option to purchase" - Answer-Like lease to own.
You can buy if you want, but don't have to.
Water rights: River - Answer-Riparian
Water rights: Lake/ocean - Answer-Littoral
Boundaries on Riparian for non-navigable waters (like a stream or
creek) - Answer-The boundary is exact center of the water
Boundaries on Riparian for navigable waters (like a wide river or lake) -
Answer-Fixed boundary. The mean water level (average water level)
Your property doesn't expand or change when the water level changes
, Boundaries on Littoral (lake or ocean) - Answer-public area in-between
your property and the water
A fixture is... - Answer-Something that used to be personal property,
but then became fixed to the land and is now real property (ceiling fan,
once installed)
Best way to determine what is a personal property vs. fixture - Answer-
What is the intent?
Fixtures are never determined by - Answer-Cost
Value
Size
Trade fixtures - Answer-Fixtures that have to do with a profession
Most important thing to remember when trying to determine what is a
fixture? - Answer-is it movable?
When you have the rights to go back and collect the crops you planted
even after selling the property, what is this called? - Answer-
Emblements
Freehold - Answer-To own
,non-freehold (or "leasehold") - Answer-to rent
Freehold (to own) Three types: - Answer-Fee Simple (or fee simple
absolute)
Fee Defeasible
Life Estate
Freehold (to own) Three types: Fee Simple - Answer-Everything in the
bundle rights forever unconditionally
Freehold (to own) Three types: Fee simple defeasable - Answer-Has to
be used for the purpose intended. If not it goes back to prior ownership
Two types of fee defeasable - Answer-Condition Subsequent
Determinable
Two types of fee defeasible: 1. Condition subsequent - Answer-
Example: You can build anything you want EXCEPT for a junk yard
Two types of fee defeasible: 2. Determinable - Answer-Example: You
can ONLY use this for student housing
Tenancy in common (TIC) - Answer-Default for most unmarried
people. Each person owns the property, but doesn't have to be equal
shares. Shares pass to heirs at death, not to each other. Court order
needed to break it up.
, 4 characteristics of Joint tenancy - Answer-1. all must buy it at the same
time
2. all must be on title
3. all must have interest in the property
4. all must own it (shares are spread equally between all). (right of
survivorship, when one dies it goes to the other owners....EXCEPT IN
NC...you must specify right of survivorship)
Does getting married ever change any form of ownership? - Answer-No
Tenancy by the entirety is terminated by - Answer-Death Divorce
Agreement
Encumbrances - Answer-The right or interest in a property by someone
other than the owner (liens, easements, etc)
Liens (order of importance) - Answer-1. Property Taxes
2. Special assessments
3. mechanics lien
4. Foreclosure (this becomes #1 if there's one)"
EXAM/ SUPERIOR NC REAL ESTATE IMPORTANT
FINAL EXAM QUESTIONS AND ANSWERS LATEST
2025-2026 REVISED UPDATE
Is the commission amount shown on the purchase contract? - Answer-
No, it's on the listing agreement and purchasing agreements....not the
purchase contract
What's an example of "option to purchase" - Answer-Like lease to own.
You can buy if you want, but don't have to.
Water rights: River - Answer-Riparian
Water rights: Lake/ocean - Answer-Littoral
Boundaries on Riparian for non-navigable waters (like a stream or
creek) - Answer-The boundary is exact center of the water
Boundaries on Riparian for navigable waters (like a wide river or lake) -
Answer-Fixed boundary. The mean water level (average water level)
Your property doesn't expand or change when the water level changes
, Boundaries on Littoral (lake or ocean) - Answer-public area in-between
your property and the water
A fixture is... - Answer-Something that used to be personal property,
but then became fixed to the land and is now real property (ceiling fan,
once installed)
Best way to determine what is a personal property vs. fixture - Answer-
What is the intent?
Fixtures are never determined by - Answer-Cost
Value
Size
Trade fixtures - Answer-Fixtures that have to do with a profession
Most important thing to remember when trying to determine what is a
fixture? - Answer-is it movable?
When you have the rights to go back and collect the crops you planted
even after selling the property, what is this called? - Answer-
Emblements
Freehold - Answer-To own
,non-freehold (or "leasehold") - Answer-to rent
Freehold (to own) Three types: - Answer-Fee Simple (or fee simple
absolute)
Fee Defeasible
Life Estate
Freehold (to own) Three types: Fee Simple - Answer-Everything in the
bundle rights forever unconditionally
Freehold (to own) Three types: Fee simple defeasable - Answer-Has to
be used for the purpose intended. If not it goes back to prior ownership
Two types of fee defeasable - Answer-Condition Subsequent
Determinable
Two types of fee defeasible: 1. Condition subsequent - Answer-
Example: You can build anything you want EXCEPT for a junk yard
Two types of fee defeasible: 2. Determinable - Answer-Example: You
can ONLY use this for student housing
Tenancy in common (TIC) - Answer-Default for most unmarried
people. Each person owns the property, but doesn't have to be equal
shares. Shares pass to heirs at death, not to each other. Court order
needed to break it up.
, 4 characteristics of Joint tenancy - Answer-1. all must buy it at the same
time
2. all must be on title
3. all must have interest in the property
4. all must own it (shares are spread equally between all). (right of
survivorship, when one dies it goes to the other owners....EXCEPT IN
NC...you must specify right of survivorship)
Does getting married ever change any form of ownership? - Answer-No
Tenancy by the entirety is terminated by - Answer-Death Divorce
Agreement
Encumbrances - Answer-The right or interest in a property by someone
other than the owner (liens, easements, etc)
Liens (order of importance) - Answer-1. Property Taxes
2. Special assessments
3. mechanics lien
4. Foreclosure (this becomes #1 if there's one)"
