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NC Real Estate Exam Questions with Correct Answers 100% Pass 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 a...

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  • November 13, 2024
  • 24
  • 2024/2025
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NC Real Estate Exam Questions with
Correct Answers 100% Pass

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 valuation technique applies a standard percentage increase or decrease to

all property in a specified location?




A. Valuation


B. County appraisal
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,C. Mass appraisal


D. There is no such appraisal - ANSWER✔✔-C. Mass Appraisal




This is a valuation technique that is sometimes used for tax assessment purposes. It is

also referred to as a horizontal adjustment.


What is am octennial reappraisal?




A. Grouping reappraisals by square footage and year built


B. The statutory reappraisal of all real property in North Carolina for tax purposes


C. Reappraisals done in groups of eight


D. None of the above - ANSWER✔✔-B. The statutory reappraisal of all real property in

North Carolina for tax purposes.




This is an octennial reappraisal and requires all counties to reappraise property within

in a specified time period.


The ______ is responsible for real estate licensing.




A. Federal Real Estate Commission
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, B. Housing and Urban Development


C. North Carolina Real Estate Commission (NCREC)


D. County Clerks Office - ANSWER✔✔-C. North Carolina Real Estate Commission

(NCREC)




This commission is responsible for real estate licensees, education, and other resources

regarding real estate in the state of North Carolina.


Which type of lien provides security to persons that work on real property owned by

others?




A. Mortgage lien


B. Mechanic's lien


C. Real estate tax lien


D. State income tax lien - ANSWER✔✔-B) Mechanic's lien




This type of lien is typically used to guarantee of payment to builders, contractors, and

construction firms




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