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 earn 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
payments made toward the purchase of the property.
If a North Carolina broker acting as an agent in a real estate transaction used a
pre-printed offer or sales contract form, it must... - ✔✔Be the standard form
,approved by the North Carolina Association of Realtors and the North Carolina
Bar Association.
Which of the following statements about townhouses in North Carolina is true? -
✔✔The homeowners association owns the common areas of a
townhouse complex.
The grantor promises to warrant and defend the title conveyed against any claims
and demands of all persons since the beginning of time with a... -
✔✔General warranty deed.
Which of the following statements best defines a real estate appraisal? - ✔✔
A typical property management agreement will specify the... - ✔✔Formula
used to calculate the management fee.
, The working with real estate agents brochure... - ✔✔Must be reviewed with
consumers in all real estate transactions.
Which of the following is an example of economic obsolescence for a residence? -
✔✔Located near a waste management facility.
A written listing agreement will be automatically terminated if the... -
✔✔Sole practitioner broker that signed the agency agreement dies.
A property management agreement typically authorizes a broker to... - ✔✔List
the property for sale on behalf of the property owner.
Which of the following environmental statements is true? - ✔✔The presence
of any mold in a residential property must be disclosed.
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