Exam (elaborations)
ACEABLE REAL ESTATE PRACTICE QUESTION2.
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ACEABLE REAL ESTATE PRACTICE QUESTION2.
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ACEABLE REAL ESTATE PRACTICEQUESTIONS (NC) PART 3 Questions with Correct
Answers
In North Carolina, what final action or event takes place after settlement
but prior to closing before the transaction is considered complete?
Correct Answer-recordation of the deed and deed of trust
the entity or person who conducts the closing of a real estate transaction.
Correct Answer-settlement agent
Why are settlement agents in North Carolina almost always licensed
attorneys as well? Correct Answer-because many of their required
activities constitute the practice of law
Marci is a licensed real estate attorney in North Carolina who is acting
as a settlement agent in a residential transaction. She has delegated many
of her responsibilities to Patti, her unlicensed assistant, including
conducting the settlement meeting.
Which of the following activities can Patti handle without Marci's
involvement? Correct Answer--getting signatures on the closing
documents
-scheduling the settlement meeting
-disbursing proceeds
Your buyer-client is about to sign a purchase agreement and needs to
select a settlement agent. They ask you if you had anyone you might
want to refer them to.
,Which of the following would you include as part of your settlement
agent recommendation plan? Correct Answer--Educate your client
regarding the nature of the responsibilities of a settlement agent
.
-Assure your client that you will NOT earn referral fees from the
settlement agent selected.
-Make clear that there is no obligation to use any attorney suggested.
-Provide your client with multiple viable recommendations.
An agent wanting to guide a buyer-client through a lender's financial
evaluation needs to help the client prepare for the experience. What
topics should be part of the education/planning discussion? Correct
Answer--submission of tax returns
-bank account information
-credit history check
-income verification
Which of the following are things that appraisals and surveys have in
common? Correct Answer--They take place during the pre-closing phase
of a transaction.
-The buyer usually pays for them.
, Which is the most likely outcome if a survey reveals that the property
resides in a flood plain? Correct Answer-The lender will require flood
insurance.
What are the first two tasks an appointed settlement agent should
undertake? Correct Answer--get a signed copy of the purchase contract
-schedule closing on or before the date listed in the contract
The settlement agent's responsibilities that most often require a license
to practice law involve: Correct Answer-the title
According to North Carolina Real Estate Commission rules, what is the
earliest that a broker can turn over earnest money to the settlement agent
before the settlement date? Correct Answer-10 days
Which of the following will be part of the many documents that make up
a loan package? Correct Answer--promissory note
-deed of trust
How many days past the settlement date does the NCBA/NCAR 2-T
Offer to Purchase and Contract give the delaying party, as long as that
party has been operating in good faith and communicates with the other
party? Correct Answer-7
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