Superior Real Estate School Exam Preparation
SUPERIOR REAL ESTATE SCHOOL EXAM PREPARATION NEWEST
2025/2026 COMPLETE 150 QUESTIONS AND CORRECT
ANSWERS (VERIFIED ANSWERS)|ALREADY GRADED A+
An intoxicated individual enters into a sales contract to purchase a home. The
contract would be considered:
A. valid
B. voidable
C. void
D. unenforceable
B. voidable
Smith and Baker executed a valid contract to buy and sell a home. The home
burns down. What is the status of the contract?
A. The seller may void the contract.
B. The buyer and seller are still under contract and must go through with the
terms as written.
C. The contract is voidable at the buyer's option.
D. The contract is void.
D. The contract is void.
Under North Carolina law and commission rules, which of the following is a
correct statement regarding designated agency?
I. The BIC cannot be a designated agent. II. An agent cannot be appointed as a
designated agent if the agent has prior confidential knowledge about the other
party in the transaction.
A. Both I and II
B. II only
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, Superior Real Estate School Exam Preparation
C. Neither I nor II
D. I only
B. II only
A buyer and seller enter into a contract. The seller backs out and the buyer sues
for specific performance. What is the buyer seeking in this lawsuit?
A. A new contract
B. Transfer of the property
C. Deficiency judgment
D. Money damages
B. Transfer of the property
The Statute of Frauds requires that certain agreements must be in writing in order
to be enforceable. Which of the following types of agreements is subject to the
Statute of Frauds?
A. Offers to purchase and contract
B. Buyer brokerage agreements
C. One year leases with tenants
D. Exclusive right to sell listing agreements
A. Offers to purchase and contract
Which of the following is TRUE regarding the assignment of contracts?
A. Assigned contracts make the assignee solely liable in the event of breach.
B. Contracts may not be assigned without the seller's permission.
C. An assignment transfers all rights and obligations of a contract to a third party.
D. Contracts are assignable, unless the contract specifically prohibits assignment.
D. Contracts are assignable, unless the contract specifically prohibits assignment.
Bill and Betty just received $25,000 profit from the sale of their home. They are in
the process of buying a new home for $185,500 with an 80% LTV ratio. The lender
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is charging the normal loan origination fee and is lending the money at 1.5
discount points. Bill and Betty pay an attorney $400 to handle the closing, and
they must also pay for the excise tax. How much money will the lender be paid in
fees?
A. $1,484
B. $4,2226
C. $3,710
D. $4,1581
C. $3,710
Under a contract for deed, the title to the property is held by the:
A. vendor
B. vendee
C. trustor
D. trustee
A. vendor
A mortgagor is the one who:
A. gives the mortgage
B. holds the mortgage
C. provides the mortgage funds
D. forecloses on the mortgage
A. gives the mortgage
The defeasance clause in a deed of trust requires the trustee in a specified
situation to execute:
A. an assignment of mortgage
B. a deed of reconveyance
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, Superior Real Estate School Exam Preparation
C. a satisfaction of mortgage
D. a partial release agreement
B. a deed of reconveyance
The borrower utilizing a trust deed is best referred to as the:
A. beneficiary
B. trustor
C. trustee
D. mortgagor
B. trustor
Which of the following is generally considered to be an incurable form of
depreciation?
A. physical deterioration
B. functional obsolescence
C. economic obsolescence
D. interior obsolescence
C. economic obsolescence
When appraising real estate, the appraiser would consider all of the following in
making a determination of value, EXCEPT:
A. contractual agreement between the seller and the buyer
B. highest and best use of the property
C. seller's original purchase price of the property
D. selling prices of similar properties
C. seller's original purchase price of the property
In the cost approach to value, the appraiser makes use of the:
A. owner's original cost of the building
4|Page
SUPERIOR REAL ESTATE SCHOOL EXAM PREPARATION NEWEST
2025/2026 COMPLETE 150 QUESTIONS AND CORRECT
ANSWERS (VERIFIED ANSWERS)|ALREADY GRADED A+
An intoxicated individual enters into a sales contract to purchase a home. The
contract would be considered:
A. valid
B. voidable
C. void
D. unenforceable
B. voidable
Smith and Baker executed a valid contract to buy and sell a home. The home
burns down. What is the status of the contract?
A. The seller may void the contract.
B. The buyer and seller are still under contract and must go through with the
terms as written.
C. The contract is voidable at the buyer's option.
D. The contract is void.
D. The contract is void.
Under North Carolina law and commission rules, which of the following is a
correct statement regarding designated agency?
I. The BIC cannot be a designated agent. II. An agent cannot be appointed as a
designated agent if the agent has prior confidential knowledge about the other
party in the transaction.
A. Both I and II
B. II only
1|Page
, Superior Real Estate School Exam Preparation
C. Neither I nor II
D. I only
B. II only
A buyer and seller enter into a contract. The seller backs out and the buyer sues
for specific performance. What is the buyer seeking in this lawsuit?
A. A new contract
B. Transfer of the property
C. Deficiency judgment
D. Money damages
B. Transfer of the property
The Statute of Frauds requires that certain agreements must be in writing in order
to be enforceable. Which of the following types of agreements is subject to the
Statute of Frauds?
A. Offers to purchase and contract
B. Buyer brokerage agreements
C. One year leases with tenants
D. Exclusive right to sell listing agreements
A. Offers to purchase and contract
Which of the following is TRUE regarding the assignment of contracts?
A. Assigned contracts make the assignee solely liable in the event of breach.
B. Contracts may not be assigned without the seller's permission.
C. An assignment transfers all rights and obligations of a contract to a third party.
D. Contracts are assignable, unless the contract specifically prohibits assignment.
D. Contracts are assignable, unless the contract specifically prohibits assignment.
Bill and Betty just received $25,000 profit from the sale of their home. They are in
the process of buying a new home for $185,500 with an 80% LTV ratio. The lender
2|Page
, Superior Real Estate School Exam Preparation
is charging the normal loan origination fee and is lending the money at 1.5
discount points. Bill and Betty pay an attorney $400 to handle the closing, and
they must also pay for the excise tax. How much money will the lender be paid in
fees?
A. $1,484
B. $4,2226
C. $3,710
D. $4,1581
C. $3,710
Under a contract for deed, the title to the property is held by the:
A. vendor
B. vendee
C. trustor
D. trustee
A. vendor
A mortgagor is the one who:
A. gives the mortgage
B. holds the mortgage
C. provides the mortgage funds
D. forecloses on the mortgage
A. gives the mortgage
The defeasance clause in a deed of trust requires the trustee in a specified
situation to execute:
A. an assignment of mortgage
B. a deed of reconveyance
3|Page
, Superior Real Estate School Exam Preparation
C. a satisfaction of mortgage
D. a partial release agreement
B. a deed of reconveyance
The borrower utilizing a trust deed is best referred to as the:
A. beneficiary
B. trustor
C. trustee
D. mortgagor
B. trustor
Which of the following is generally considered to be an incurable form of
depreciation?
A. physical deterioration
B. functional obsolescence
C. economic obsolescence
D. interior obsolescence
C. economic obsolescence
When appraising real estate, the appraiser would consider all of the following in
making a determination of value, EXCEPT:
A. contractual agreement between the seller and the buyer
B. highest and best use of the property
C. seller's original purchase price of the property
D. selling prices of similar properties
C. seller's original purchase price of the property
In the cost approach to value, the appraiser makes use of the:
A. owner's original cost of the building
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