Superior School of Real Estate Final|110
Questions With Correct Answers,.
Which of the following would create legally binding acceptance of a written offer? -
Correct 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... - Correct 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... - Correct
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? - Correct 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... - Correct 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? - Correct 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? - Correct 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? - Correct 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? - Correct answerIn writing, before obtaining any personal information
from the buyer.
, Excise tax on real property in North Carolina is... - Correct answer$1per$500
Which of the following scenarios best illustrates first substantial contact? - Correct
answerSeller states that she must relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are all examples of... -
Correct answerEncumbrances.
A detached workshop extends over the property line onto the neighboring lot by six
inches. This legally constitutes as a (an)... - Correct answerEncroachment.
A North Carolina broker is required to deliver all executed contracts to his/her clients no
later than... - Correct 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... - Correct 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? - Correct 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? - Correct answer$5,194
Which of the following situations would be considered a material fact in North Carolina?
- Correct answerThe seller has been served with a foreclosure notice.
The fiduciary duties of an exclusive buyer's agent include... - Correct
answerConcealing clients confidential information.
A title insurance policy... - Correct 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... - Correct
answerDisclose mortgage loan finance charges and interest rate to borrowers.
Questions With Correct Answers,.
Which of the following would create legally binding acceptance of a written offer? -
Correct 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... - Correct 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... - Correct
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? - Correct 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... - Correct 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? - Correct 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? - Correct 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? - Correct 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? - Correct answerIn writing, before obtaining any personal information
from the buyer.
, Excise tax on real property in North Carolina is... - Correct answer$1per$500
Which of the following scenarios best illustrates first substantial contact? - Correct
answerSeller states that she must relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are all examples of... -
Correct answerEncumbrances.
A detached workshop extends over the property line onto the neighboring lot by six
inches. This legally constitutes as a (an)... - Correct answerEncroachment.
A North Carolina broker is required to deliver all executed contracts to his/her clients no
later than... - Correct 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... - Correct 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? - Correct 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? - Correct answer$5,194
Which of the following situations would be considered a material fact in North Carolina?
- Correct answerThe seller has been served with a foreclosure notice.
The fiduciary duties of an exclusive buyer's agent include... - Correct
answerConcealing clients confidential information.
A title insurance policy... - Correct 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... - Correct
answerDisclose mortgage loan finance charges and interest rate to borrowers.
