NC real estate broker pre-licensing exam Questions & Answers!!PACKAGE DEAL

Real property - ANSWER Land & everything that is permanetly attached to the land & everything that is appurtenant to the land Personal property (personalty) - ANSWER All propery that doesn't fit the definition of real property. CHATTLES are moveable Land - ANSWER The earth's surface extendin...

Syndication - ANSWER Two or more forms joining together as an entity to own real estate Estate in severalty - ANSWER Ownership by one individual Concurrent ownership - ANSWER Two or more persons share ownership with undivided interests Tenancy in common - ANSWER Co-ownership without right o...

Why might a buyer want to ASSUME a LOAN? The buyer doesn't want to follow a lender qualification process. The existing loan has a lower interest rate than current market rates. The principal remaining on the existing loan is low. The transfer of the property won't need to be approved by the ...

Economic Characteristics of Land - ANSWER Scarcity, Location, Improvements, Permanence of Investment (SLIP) Physical Characteristics of Land - ANSWER Immobility, Indestructibility, Uniqueness Highest and Best Use - ANSWER The possible use of a property that would produce the greatest net incom...

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 valuati...

Which of the following BEST defines real estate? -Land and the air above it -land and the buildings permanently affixed to it -land and all things permanently affixed to it -land and the mineral rights in the land - ANSWER land and all things permanently affixed to it Which of the followi...

Abstract of Title - `ANSWER The condensed history of a title to a particular parcel of real estate, consisting of a summary of the original grant and all subsequent conveyances and encumbrances affecting the property and a certification by the abstractor that the history is complete and accurate. ...

RISK - ANSWER uncertain prospect of a financial risks SPECULATIVE RISKS - ANSWER uncertain prospect of a financial gain or loss and are uninsurable. Example: gambling PURE RISK - ANSWER chance of loss or no loss, but no gain, and are insurable RISK AVOIDANCE - ANSWER does not get involved i...

An unlicensed salaried assistant of a real estate broker is soliciting listings for her broker. A - This is a legal action so long as the broker does the actual listing presentation and contracting. B - This is legal as long as the assistant is not paid any portion of the commission C - It is not...

encumbrance - ANSWER anything that affects title to real estate. Tax liens and deed restrictions are examples. Specific liens include - ANSWER property tax and special assessment, mortgage, vendor, and construction liens. General liens include: - ANSWER affect all the property of a debtor., bo...

P is a producer who notices 5 questions on a life application were not answered. What actions should P take? - ANSWER Set up a meeting with the applicant to answer the remaining questions Which of the following does Social Security NOT provide benefits for? - ANSWER Dismemberment An Accident/H...

Riparian rights - ANSWER Property owner owns land that borders a navigational river. Fixture - ANSWER Once personal property, but now affixed to land or property permanently. IRMA test. Ex. Blinds, fan, cabinets, heating plants, plumbing, light fixtures. Trade fixture - ANSWER Owned by a tenan...

manufactured home - ANSWER aka mobile home or trailer. personal property that becomes real property when hitch and axles are removed, home is permanently attached and DMV title is canceled. Built to federal HUD building codes. Y3 modular home - ANSWER never movable by itself; always real property...

An agent who sells an individual life insurance policy in NC MUST deliver to the policyowner - ANSWER A policy summary and buyer's guide All of the following actions are considered rebating EXCEPT - ANSWER Sharing commissions with other licensed and appointed agents What benefit does the Payo...