NC Post Licensing 301 Practice Exam 1 Questions and Answers Already Passed
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Course
NC Post Licensing 301 Practice
Institution
NC Post Licensing 301 Practice
Post Licensing 301 Practice Exam 1
Questions and Answers Already Passed
What is the primary purpose of a real estate listing agreement?
A) To establish the terms of the sale
B) To define the property boundaries
C) To grant an exclusive right to sell the property
D) To assess the value of th...
NC Post Licensing 301 Practice Exam 1
Questions and Answers Already Passed
What is the primary purpose of a real estate listing agreement?
A) To establish the terms of the sale
B) To define the property boundaries
C) To grant an exclusive right to sell the property
D) To assess the value of the property
✔✔ C) To grant an exclusive right to sell the property
Which document is used to disclose property conditions to potential buyers?
A) Sales Contract
B) Buyer’s Agent Agreement
C) Property Disclosure Statement
D) Listing Agreement
✔✔ C) Property Disclosure Statement
In North Carolina, what is the maximum time a listing agreement can be in effect?
A) 30 days
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,B) 90 days
C) 6 months
D) 12 months
✔✔ D) 12 months
What is the primary function of an escrow account in real estate transactions?
A) To pay the real estate agent's commission
B) To hold the buyer’s earnest money until closing
C) To assess property taxes
D) To record the sale with the county
✔✔ B) To hold the buyer’s earnest money until closing
Which form is used to make an offer on a property?
A) Listing Agreement
B) Purchase Agreement
C) Lease Agreement
D) Property Management Agreement
✔✔ B) Purchase Agreement
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,What is a contingency in a real estate contract?
A) A condition that must be met for the contract to be valid
B) A clause that waives all inspections
C) A document required by the lender
D) A fee paid to the seller
✔✔ A) A condition that must be met for the contract to be valid
What is the purpose of a comparative market analysis (CMA)?
A) To establish the seller’s legal rights
B) To determine the market value of the property
C) To evaluate the buyer’s creditworthiness
D) To finalize the sale agreement
✔✔ B) To determine the market value of the property
Who typically pays for the title search in a real estate transaction?
A) The seller
B) The buyer
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, C) The real estate agent
D) The lender
✔✔ B) The buyer
What is a seller’s disclosure statement?
A) A statement from the seller about the property’s condition
B) A document that details the buyer’s financial information
C) A report on the property’s appraisal value
D) An agreement between the buyer and seller on price
✔✔ A) A statement from the seller about the property’s condition
What does the term "closing costs" refer to in a real estate transaction?
A) The cost of hiring a real estate agent
B) Expenses related to finalizing the sale, such as fees and taxes
C) The cost of advertising the property
D) The cost of repairs needed before selling
✔✔ B) Expenses related to finalizing the sale, such as fees and taxes
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