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Aceable Practice NC Real Estate Questions With Correct Answers
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Aceable Practice NC Real Estate Questions With Correct Answers
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Aceable Practice NC Real Estate Questions WithCorrect Answers
when supply increases and demand decreases in a market, what happens
to the price? Correct Answer-It goes down
a property's highest and best use is achieved when the property is used:
Correct Answer-for the most appropriate purpose and yields its highest
possible returns
which term describes the economic significance of human-made changes
to land? Correct Answer-improvements
when supply decreases and demand increases in a market, what happens
to the price? Correct Answer-It goes up
which of the following terms refers to the permanence of land meaning
that it can't be moved? Correct Answer-immobility
which of the following best defines the doctrine of prior appropriation?
Correct Answer-grants a state the power to control and regulate all water
resources within its borders. property owners must apply for a permit to
use any available water source
a townhouse owner individually owns: Correct Answer-the building and
the land the townhouse sits on with a co-ownership of some common
elements
,unimproved lot refers to land that has been prepared to meet certain
basic required services needed to develop that lot such as electricity,
street access or water access. improved land usually refers to: Correct
Answer-land in which improvements such as buildings have been
constructed
what is the default ownership for married buyers in North Carolina at the
time of purchase? Correct Answer-tenancy by entirety
Raven's mother grants her ownership of an estate on the condition that
Raven maintains the enchanting. gothic architecture intends to the Rose
garden. what kind of a state does Raven have? Correct Answer-fee
simple defeasible
what kind of ownership do condo owners have? Correct Answer-fee
simple, absolute and Tennessee in common
In North Carolina, townhouses are subject to the provisions of what
piece of legislation? Correct Answer-North Carolina planned community
act
what are ownership rights to all that is found beneath the surface of the
tract of land owned extending downward to the center of the Earth?
Correct Answer-subsurface rights
,when Sharon removed the bookshelf, what is the name of the process
that will turn it from real property to personal property? Correct Answer-
severance
who owns the property in a trust? Correct Answer-the trustee
real property taxes are always due on what date according to the North
Carolina machinery act Correct Answer-September 1st of the tax year
Orlando is trying to figure out the tax bill for a property and a state that
uses partial assessment. they use a 75% assessment, the tax rate is 2.4%,
and the property is worth $550,000. how much will the tax bill on this
property be? Correct Answer-$9,900
Hamilton lives in a county with a tax rate of 33 mils. his home was
assessed at $586,400. how much will he pay in property taxes this year?
Correct Answer-$19,351.20
how long after a special assessment role is confirmed, does a
homeowner have to appeal the special assessment? Correct Answer-10
days
Tanis owns a home in a county with a tax rate of $0.972 per $100. her
homes assessed value is $497,600. how much would she pay annually in
property taxes? Correct Answer-$4,836.67
, Gustavo has four liens on his property: primary mortgage 2015, home
equity loan 2017, tax lien 2019, special assessment lien 2020. In what
position would the tax lien be in terms of lien priority? Correct Answer-
first
a city has decided it would be a public good and benefit the local
homeowners to add some more street lights. what is the most likely way
they would fund this initiative? Correct Answer-with a special
assessment
Cam is a North Carolina home buyer. they pay 62 cents per $100 to the
county, 23 cents per $100 to the city, 11.3 cents per $100 to the school
district, 05 cents per $100 to the fire department. what is Cam's total tax
rate? Correct Answer-$1.013 per $100
Bennett doesn't interest search to find out that the property has a tax rate
of 81 cents per $100 of value. where does the assessed value of the home
come from? Correct Answer-it's assigned by a tax assessor
Bennett is thinking about buying a home in North Carolina but before
she makes an offer she wants to know how much she is going to owe
every year in property taxes. what two values does she need to know to
figure it out? Correct Answer-assessed value and tax rate
township lines intersect with rangelines to create townships which are
how many square miles Correct Answer-36 square miles
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