Superior School of Real Estate Final | 110 Questions With 100% Correct Answers.
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Course
Superior School of Real Estate
Institution
Superior School Of Real Estate
Which of the following would create legally binding acceptance of a written offer? -The 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 proper...
Which of the following would create legally binding acceptance of a written offer? -✔✔ The 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... -✔✔ Add $22,500 to the sal es 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... -✔✔ Execute the option to purchase on the terms in the option agreem ent. 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 wit h this loan package? -✔✔ $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... -✔✔ Date the ear nest 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? -✔✔ A tree house constructed in a tree on the property that can be removed without damage to the tre e. 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? -✔✔ 3 bedrooms, 2 baths two -story hous e 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? -✔✔ Requiring 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? -
✔✔ In writing, before obtaining any personal information from the buyer. Excise tax on real property in North Carolina is... -✔✔ $1per$500 Which of the following scenarios best il lustrates first substantial contact? -✔✔ Seller states that she must relocate by the end of the year. Liens, restrictive covenants, easements, and encroachments are all examples of... -✔✔ Encumbrances. A detached workshop extends over the property line ont o the neighboring lot by six inches. This legally constitutes as a (an)... -✔✔ Encroachment. A North Carolina broker is required to deliver all executed contracts to his/her clients no later than... -
✔✔ Three days after receipt by the broker. A buyer who i s 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... -✔✔ Compliance 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? -✔✔ Within 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? -✔✔ $5,194 Which of the following situations would be considered a material fact in North Carolina? -✔✔ The seller has been served with a foreclosure notice. The fiduciary duties of an exclusive buyer's agent include... -✔✔ Concealing clients confidential information. A title insurance policy... -✔✔ Protects 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... -✔✔ Discl ose mortgage loan finance charges and interest rate to borrowers. Which of the following statements about deeds is true? -✔✔ A special warranty deed contains a promise that the grantor will convey title on the property without any encumbrances. Under the North Carolina Residential Rental Agreements Act, -
✔✔ Tentantcanusewithheldpaymentofrenttopayforrequiredrepairs According to the applicable provision in the standard Offer to Purchase and Contract form jointly approved by the North Carolina Association of Realtors and the North Carolina Bar Association, what happens if buyer is unable to secure the financing described in the contract? -✔✔ If this information is discovered during the due diligence period, buyer may terminate the contract and receive a refund of any earnest money deposit. The recordation of a deed to real property is required... -✔✔ To transfer the title from the seller to the buyer. In North Carolina, which of the following persons must have an active real estate broker license in order to ea rn compensation? -✔✔ A corporate builders salaried employee selling homes owned by the corporation. In a transaction featuring an installment land contract... -✔✔ A buyer who defaults on payments may lose all rights to the property as well as all previous p ayments made toward the purchase of the property.
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