Exam (elaborations) NC Real Estate Pre-License Unit 1 Quiz Questions with Verified Answers Exam (elaborations) NC Real Estate Practice Exam Questions with Correct Answers Exam (elaborations) NC Real Estate Midterm Review Exam Questions with Complete Solutions 2024 Exam (elaborations) NC Real...
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Metes and bounds - Answer-A method of land description which involves identifying distances and directions and makes use of both the physical boundaries and measurements of the land. Starts with POB. POB - Answer-Point of beginning. Rectangular (government) Survey System - Answer-Based on meas...
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Add to cartMetes and bounds - Answer-A method of land description which involves identifying distances and directions and makes use of both the physical boundaries and measurements of the land. Starts with POB. POB - Answer-Point of beginning. Rectangular (government) Survey System - Answer-Based on meas...
There are a total of 9 members on the NC Real Estate Commission - Answer-True All 9 members serve a 3 year term - Answer-True All commissioners except 2 must have some active relationship to the real estate business.. Two members can have no active relationship to real estate - Answer-True ...
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Add to cartThere are a total of 9 members on the NC Real Estate Commission - Answer-True All 9 members serve a 3 year term - Answer-True All commissioners except 2 must have some active relationship to the real estate business.. Two members can have no active relationship to real estate - Answer-True ...
TITLE - Answer-The right to or Ownership of Real Property Freehold Estates (ownership of undetermined length) 2 main categories - Answer-1. Estates of Inheritance 2. Estates NOT of inheritance Fee - Answer-Fee - a right to the use of land Simple - not constrained Estates of Inheritan...
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Add to cartTITLE - Answer-The right to or Ownership of Real Property Freehold Estates (ownership of undetermined length) 2 main categories - Answer-1. Estates of Inheritance 2. Estates NOT of inheritance Fee - Answer-Fee - a right to the use of land Simple - not constrained Estates of Inheritan...
Which of the following statements is true regarding Ad Valorem taxation in North Carolina? 1. Real property is taxed according to its most recent sale price. 2. The Machinery Act requires reassessment tax purposes every 4 years. 3. Real property taxes and special assessments constitute an invo...
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Add to cartWhich of the following statements is true regarding Ad Valorem taxation in North Carolina? 1. Real property is taxed according to its most recent sale price. 2. The Machinery Act requires reassessment tax purposes every 4 years. 3. Real property taxes and special assessments constitute an invo...
Within how many days does an agent have to return to the buyer a copy of their offer that is approved and signed by seller. - Answer-Immediately but no later than 3 calendar days What does Standard 2-T Offer to Purchase and Contract contemplate what the buyer and seller can negotiate after contra...
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Add to cartWithin how many days does an agent have to return to the buyer a copy of their offer that is approved and signed by seller. - Answer-Immediately but no later than 3 calendar days What does Standard 2-T Offer to Purchase and Contract contemplate what the buyer and seller can negotiate after contra...
accretion - Answer-growth in size or increase in amount agricultural fixture - Answer-In North Carolina, a fixture attached to leased property by a tenant farmer is considered the landowner's real property rather than the tenant's personal property. Air Rights - Answer-The right to use the o...
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Add to cartaccretion - Answer-growth in size or increase in amount agricultural fixture - Answer-In North Carolina, a fixture attached to leased property by a tenant farmer is considered the landowner's real property rather than the tenant's personal property. Air Rights - Answer-The right to use the o...
broker - Answer-1. one who acts as an intermediary on behalf of others for fee or commission 2. one who is licensed to list, lease, buy, exchange, auction, negotiate, or sell interest in real estate to others for a fee business cycles - Answer-the upward and downward fluctuations in business acti...
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Add to cartbroker - Answer-1. one who acts as an intermediary on behalf of others for fee or commission 2. one who is licensed to list, lease, buy, exchange, auction, negotiate, or sell interest in real estate to others for a fee business cycles - Answer-the upward and downward fluctuations in business acti...
Requirements for Licensure (provisional broker) - Answer-1) Complete 75 hour Pre-Licensing Class & pass the FM Final & States Board's 2) To maintain your PB license you must take 8 hours of continued education by June 10th of every year 3) Within 18 months after getting your PB license, you must...
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Add to cartRequirements for Licensure (provisional broker) - Answer-1) Complete 75 hour Pre-Licensing Class & pass the FM Final & States Board's 2) To maintain your PB license you must take 8 hours of continued education by June 10th of every year 3) Within 18 months after getting your PB license, you must...
A principal to act on their behlf - Answer-Who is an agent hired by? Agency - Answer-is the fiduciary relationship in which the agent is held in a position of special trust and confidence by the principal. Client - Answer-is the principal A customer - Answer-is a non represented party for h...
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Add to cartA principal to act on their behlf - Answer-Who is an agent hired by? Agency - Answer-is the fiduciary relationship in which the agent is held in a position of special trust and confidence by the principal. Client - Answer-is the principal A customer - Answer-is a non represented party for h...
Real property - Answer-Land & everything that is permanently attached to the land & everything that is appurtenant to the land. Personal property (personally) - Answer-All property that doesn't fit the definition of real property. CHATTLES are moveable. Land - Answer-The earth's surface exte...
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Add to cartReal property - Answer-Land & everything that is permanently attached to the land & everything that is appurtenant to the land. Personal property (personally) - Answer-All property that doesn't fit the definition of real property. CHATTLES are moveable. Land - Answer-The earth's surface exte...
Any provisional broker who fails to complete the post-licensing education requirement within the prescribed period of time A. will have his or her license cancelled B. will have his or her license converted to inactive status C. must apply for a time extension to complete the requirement D. wi...
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Add to cartAny provisional broker who fails to complete the post-licensing education requirement within the prescribed period of time A. will have his or her license cancelled B. will have his or her license converted to inactive status C. must apply for a time extension to complete the requirement D. wi...
Which of these activities requires a real estate license in North Carolina? - Answer-Offering to help another person sell their real estate in exchange for compensation. Which of these tasks may the unlicensed employees at ABC Brokerage perform? - Answer-Call a client to schedule an appointment w...
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Add to cartWhich of these activities requires a real estate license in North Carolina? - Answer-Offering to help another person sell their real estate in exchange for compensation. Which of these tasks may the unlicensed employees at ABC Brokerage perform? - Answer-Call a client to schedule an appointment w...
1 Acre = - Answer-43560 Square Feet 1 Section = - Answer-640 Acres 1 Mile = How many Feet? - Answer-5280 Grantor - Answer-Owner Grantee - Answer-Buyer Deeds do not have to be - Answer-Witnessed, Dated, Recorded, Acknowledged, Show Consideration, as of 1999 Sealed Deeds do have to b...
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Add to cart1 Acre = - Answer-43560 Square Feet 1 Section = - Answer-640 Acres 1 Mile = How many Feet? - Answer-5280 Grantor - Answer-Owner Grantee - Answer-Buyer Deeds do not have to be - Answer-Witnessed, Dated, Recorded, Acknowledged, Show Consideration, as of 1999 Sealed Deeds do have to b...
Syndication - Answer-Two or more forms joining together as an entity to own real estate Estate in severalty - Answer-Ownership by one individual Concurrent ownership - Answer-Two or more persons share ownership with undivided interests Tenancy in common - Answer-Co-ownership without right o...
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Add to cartSyndication - Answer-Two or more forms joining together as an entity to own real estate Estate in severalty - Answer-Ownership by one individual Concurrent ownership - Answer-Two or more persons share ownership with undivided interests Tenancy in common - Answer-Co-ownership without right o...
Bundle of Legal Rights - Answer-Real Property that is a legal relationship between the owner and the property. Right of Disposition - Answer-to sell, will, transfer, or otherwise dispose of or encumber the property Right of Enjoyment - Answer-to uninterrupted use of the property without interf...
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Add to cartBundle of Legal Rights - Answer-Real Property that is a legal relationship between the owner and the property. Right of Disposition - Answer-to sell, will, transfer, or otherwise dispose of or encumber the property Right of Enjoyment - Answer-to uninterrupted use of the property without interf...
Judgement - Answer-A decree issued by a court. Encumbrance - Answer-A claim, charge, or liability that is binding on real estate. Lien - Answer-A nonpossessory judgement against property to reclaim a monetary debt. Specific Lien - Answer-A judgment that affects one specific piece of propert...
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Add to cartJudgement - Answer-A decree issued by a court. Encumbrance - Answer-A claim, charge, or liability that is binding on real estate. Lien - Answer-A nonpossessory judgement against property to reclaim a monetary debt. Specific Lien - Answer-A judgment that affects one specific piece of propert...
Eminent Domain - Answer-Power of certain agencies to take private property for public use through a suit for condemnation. Grantee - Answer-The one who receives title Will - Answer-Instrument made by a property owner to convey title to real and personal property on the owner's death Chain ...
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Add to cartEminent Domain - Answer-Power of certain agencies to take private property for public use through a suit for condemnation. Grantee - Answer-The one who receives title Will - Answer-Instrument made by a property owner to convey title to real and personal property on the owner's death Chain ...
Contract - Answer-A legally enforceable promise between competent parties, by legal consideration, to perform a legal act. Express Contract - Answer-A written contract between parties that expresses the terms and intentions of the parties. Implied Contract - Answer-An agreement between parties...
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Add to cartContract - Answer-A legally enforceable promise between competent parties, by legal consideration, to perform a legal act. Express Contract - Answer-A written contract between parties that expresses the terms and intentions of the parties. Implied Contract - Answer-An agreement between parties...
What kind of state is North Carolina as far as legal theories of mortgaging? - Answer-Title Theory In NC we use a 3 party system who are the 3 parties? - Answer-Grantor (buyer), the beneficiary (lender), and the trustee who works on behalf of the lender What is a defeasance clause? - Answer-Us...
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Add to cartWhat kind of state is North Carolina as far as legal theories of mortgaging? - Answer-Title Theory In NC we use a 3 party system who are the 3 parties? - Answer-Grantor (buyer), the beneficiary (lender), and the trustee who works on behalf of the lender What is a defeasance clause? - Answer-Us...
broker - Answer-acts as an agent who negotiates the sale, purchase, or rental of property on behalf of others for a fee or commission chattel - Answer-items of personal property (and are therefore movable) real property - Answer-the land, everything that is permanenty attached to the land, and...
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Add to cartbroker - Answer-acts as an agent who negotiates the sale, purchase, or rental of property on behalf of others for a fee or commission chattel - Answer-items of personal property (and are therefore movable) real property - Answer-the land, everything that is permanenty attached to the land, and...
bundle of legal rights - Answer-right of disposition, enjoyment, exclusion, possession and control appurtenance - Answer-a right or privilege that goes with teh ownership of land surface rights - Answer-rights to use the surface of the earth subsurface rights - Answer-rights to use the spac...
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Add to cartbundle of legal rights - Answer-right of disposition, enjoyment, exclusion, possession and control appurtenance - Answer-a right or privilege that goes with teh ownership of land surface rights - Answer-rights to use the surface of the earth subsurface rights - Answer-rights to use the spac...
A homeowner would like to install a new HVAC. The home is 50ft by 70ft and has 10ft ceilings. The home also has a 20ft by 20ft detached garage. What is the total cubic footage of air in this home? A. 24,500 cubic feet B. 2,450,000 cubic feet C. 245,000 cubic feet D. 35,000 cubic feet - Answer-D ...
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Add to cartA homeowner would like to install a new HVAC. The home is 50ft by 70ft and has 10ft ceilings. The home also has a 20ft by 20ft detached garage. What is the total cubic footage of air in this home? A. 24,500 cubic feet B. 2,450,000 cubic feet C. 245,000 cubic feet D. 35,000 cubic feet - Answer-D ...
Which of these is NOT an action that requires a real estate license in North Carolina when performed for another and for compensation? - Answer-Constructs improvements on real estate. Which of these individuals is NOT required to hold a real estate license in North Carolina? - Answer-Brenda, an a...
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Add to cartWhich of these is NOT an action that requires a real estate license in North Carolina when performed for another and for compensation? - Answer-Constructs improvements on real estate. Which of these individuals is NOT required to hold a real estate license in North Carolina? - Answer-Brenda, an a...
What 2 types of parcels are not considered subdivisions in NC? - Answer-1) a division of land if each parcel has more than 10 acres with no street right-of-way dedication 2) a division of land no larger than 2 acres into no more than 3 lots with no street right-of-way dedication, when the parcel is...
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Add to cartWhat 2 types of parcels are not considered subdivisions in NC? - Answer-1) a division of land if each parcel has more than 10 acres with no street right-of-way dedication 2) a division of land no larger than 2 acres into no more than 3 lots with no street right-of-way dedication, when the parcel is...
Building Permit - Answer-Written governmental permission for the construction, alteration, or demolition of an improvement, showing compliance with building codes and zoning ordinances. Police Power - Answer-The state's inherent authority to create and adopt regulations necessary to protect the ...
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Add to cartBuilding Permit - Answer-Written governmental permission for the construction, alteration, or demolition of an improvement, showing compliance with building codes and zoning ordinances. Police Power - Answer-The state's inherent authority to create and adopt regulations necessary to protect the ...
Highest and Best Use - Answer-The use that will give the owners the greatest actual return on their investment. Can only have ONE highest and best use. Advantages of Real Estate Investment - Answer-Well located and fairly priced real estate investments have shown good rate of return. If purchasin...
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Add to cartHighest and Best Use - Answer-The use that will give the owners the greatest actual return on their investment. Can only have ONE highest and best use. Advantages of Real Estate Investment - Answer-Well located and fairly priced real estate investments have shown good rate of return. If purchasin...
Which statute governs the ad valorem taxation of property? A. Machinery Act B. General Statute C. The Ad Valorem Act D. Real Estate Taxation Act - Answer-A. Machinery Act This act provides a framework for listing, appraising, and assessing real and personal property Which type of valuati...
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Add to cartWhich statute governs the ad valorem taxation of property? A. Machinery Act B. General Statute C. The Ad Valorem Act D. Real Estate Taxation Act - Answer-A. Machinery Act This act provides a framework for listing, appraising, and assessing real and personal property Which type of valuati...
General Lien - Answer-claim against all property of the owner, both real and personal property Valid Contract - Answer-contract is binding AND enforceable With Reserve - Answer-seller holds the right to stop bidding and retain the property Without Reserve - Answer-seller waives the right to...
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Add to cartGeneral Lien - Answer-claim against all property of the owner, both real and personal property Valid Contract - Answer-contract is binding AND enforceable With Reserve - Answer-seller holds the right to stop bidding and retain the property Without Reserve - Answer-seller waives the right to...
When must a firm practicing "designated agency" disclose to the seller the name of the agent representing the buyer. A: at first substantial contact with the seller B: at initial contact with the seller C: at the time the buyer's agent shows the seller's property D: at the time the offer is ...
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Add to cartWhen must a firm practicing "designated agency" disclose to the seller the name of the agent representing the buyer. A: at first substantial contact with the seller B: at initial contact with the seller C: at the time the buyer's agent shows the seller's property D: at the time the offer is ...
Activities Requiring a License - Answer-Persons AND business entities, who for CONSIDERATION or the promise thereof perform BROKERAGE ACTIVITIES as an agent FOR OTHERS are considered to be performing brokerage activities and must have a license. Referrals for compensation - Answer-Requires an act...
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Add to cartActivities Requiring a License - Answer-Persons AND business entities, who for CONSIDERATION or the promise thereof perform BROKERAGE ACTIVITIES as an agent FOR OTHERS are considered to be performing brokerage activities and must have a license. Referrals for compensation - Answer-Requires an act...
When did it become mandatory to have a license to do real estate? - Answer-July 1, 1957 Who issues licenses? - Answer-NC real estate commission Do you have to be licensed to get paid for referrals? - Answer-Yes, you must have an active license Brokerage activities requiring a license - Answ...
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Add to cartWhen did it become mandatory to have a license to do real estate? - Answer-July 1, 1957 Who issues licenses? - Answer-NC real estate commission Do you have to be licensed to get paid for referrals? - Answer-Yes, you must have an active license Brokerage activities requiring a license - Answ...
Who is required to have a real estate license? - Answer-Any person or business entity who directly or indirectly engages in the business of a real estate broker FOR COMPENSATION (or promise thereof) while physically in NC, must have a NC real estate broker license. What is a real estate Broker? -...
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Add to cartWho is required to have a real estate license? - Answer-Any person or business entity who directly or indirectly engages in the business of a real estate broker FOR COMPENSATION (or promise thereof) while physically in NC, must have a NC real estate broker license. What is a real estate Broker? -...
homestead estate - Answer-A legal life estate, family home, protected from creditors, not ad valorem/mortgage. littoral rights - Answer-unrestricted use of navigable waters, own land adjacent to and up to mean high water mark of tides. foreshore - Answer-strip of land between high and low wate...
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Add to carthomestead estate - Answer-A legal life estate, family home, protected from creditors, not ad valorem/mortgage. littoral rights - Answer-unrestricted use of navigable waters, own land adjacent to and up to mean high water mark of tides. foreshore - Answer-strip of land between high and low wate...
Method of describing land which is NOT used in North Carolina? - Answer-Government rectangular survey In NC, the last day that real estate taxes for the current year may be paid without penalty is? - Answer-By January 5th of the next year A description of property that reads "Beginning at the...
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Add to cartMethod of describing land which is NOT used in North Carolina? - Answer-Government rectangular survey In NC, the last day that real estate taxes for the current year may be paid without penalty is? - Answer-By January 5th of the next year A description of property that reads "Beginning at the...
Which of the following BEST defines real estate? -Land and the air above it -land and the buildings permanently affixed to it -land and all things permanently affixed to it -land and the mineral rights in the land - Answer-land and all things permanently affixed to it Which of the followi...
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Add to cartWhich of the following BEST defines real estate? -Land and the air above it -land and the buildings permanently affixed to it -land and all things permanently affixed to it -land and the mineral rights in the land - Answer-land and all things permanently affixed to it Which of the followi...
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