REAL ESTATE U FINAL EXAM LATEST 2025 WITH
ACTUAL QUESTIONS AND CORRECT VERIFIED
ANSWERS ALREADY GRADED A+ 100% GUARANTEED
PASS!
Amy is looking to obtain a loan to purchase a new house. Her monthly
mortgage payment (PITI) will be $3,650 per month. Amy's gross monthly
income (her salary) is $12,000 per month. The lender requires a front-end ratio
of no more than 32%. Will Amy qualify for a loan? - CORRECT ANSWER-The
answer is Yes because Amy's front-end ratio equals $3,650 / $12,000 = 0.304 or
30%.In other words, Amy's total monthly housing expense equals 30% of her
gross monthly income, which is less than the lender's requirement of 32%.
Lenders typically look for a borrower to have a maximum front-end ratio of 28-
32%.
John is applying for a new mortgage. After submitting all of his financials to the
lender, the lender calculates that John's total monthly debt obligations
(mortgage, car loan, and student loans) will equal $5,640 per month. John's
gross monthly income (his salary) equals $13,000 per month. Assuming the
lender requires a maximum debt-to-income ratio of 42%, will John qualify for
the mortgage? - CORRECT ANSWER-The answer is No because John's debt-
to-income ratio equals $5,640 / $13,000 = 0.439 or 43.9%. Since his debt-to-
income ratio exceeds the lender's requirement of 42% John cannot qualify for
the loan. Lenders typically look for a borrower to have a maximum back-end-
ratio of 36-43%.
CMA: The subject property has three bedrooms. Comp #2 has two
bedrooms.Based on the broker's analysis, a bedroom in this neighborhood is
worth $6,000. The subject property also has an attached garage, while Comp
#2 has a detached garage.The attached garage adds $2,000 in value. Comp #2
,has a pool, while the subject property does not. A pool is worth around $4,000.
If Comp #2 sold for $280,000, what should be the value of the subject
property? - CORRECT ANSWER-To find the answer, we need to adjust the
sales price of Comp #2 based on the superior and inferior features of the
subject property. You have to adjust the sales price of the comparable property
up or down based on superior and/or inferior features of the subject property.
If the subject property is superior, then add value to the sales price of the
comp.
If the subject property is inferior, then subtract value from the sales price of
the comp.
The subject property is more valuable than Comp #2 by $6,000 for the extra
bedroom and $2,000 for the attached garage. However, the subject property is
less valuable than Comp #2 by $4,000 for the pool.
Therefore, the value of the subject property equals $280,000 + $6,000 + $2,000
- $4,000 = $284,000
A buyer makes a written offer to purchase a property and includes a $2,500
earnest money deposit. The seller makes a counteroffer for more money. The
buyer verbally accepts. The listing agent deposits the money in the trust
account at this point in time. When the buyer receives the seller's counteroffer,
he refuses to sign even though he had verbally agreed earlier. The seller is
angry and tells the buyer that he will not return the earnest deposit since the
buyer has reneged on his word. In fact, the seller demands that the listing
agent give him the deposit. What must the real estate agent do regarding the
earnest money in this situation? - CORRECT ANSWER-He must retain the
deposit in the trust account until he obtains written permission from the buyer
and seller or await a court order.
While a broker was inspecting a property for listing, the property owner told
the broker the house contained 2,400 square feet of heated living area. Relying
on this information, the broker listed the property and represented it to
prospective buyers as containing 2,400 square feet. After purchasing the
property, the buyer accurately determined that there were only 1,850 square
,feet and sued for damages for the difference in value between 2,400 square
feet and 1,850 square feet. Which of the following is correct? - CORRECT
ANSWER-Both the broker and the seller are liable.
A provisional broker licensee on active status has just taken continuing
education classes for the first time. These classes were taken before the
deadline for completion. He took the BICUP course and one elective. What will
be his license status as of July 1? - CORRECT ANSWER-Inactive
A broker licensee may be disciplined by the NC Real Estate Commission for
which of the following actions? - CORRECT ANSWER-Drafting a financing
contingency addendum at the buyer's request
In North Carolina, unpaid property taxes lawfully constitute a lien against the
property as of what date? - CORRECT ANSWER-January 1 of the current tax
year
Which of the following is true regarding closing statements in North Carolina? -
CORRECT ANSWER-The broker does not have to personally prepare the
closing statement.
According to the Statute of Frauds, which of the following leases must be in
writing in order to be enforceable? - CORRECT ANSWER-A lease for more
than three years
Betsy Buyer is in the market to purchase a new house. She has decided that she
will not be represented by a licensed buyer's agent but wishes instead to be
paid the buyer's agent commission on the house she is buying from Seller Sam.
Does this require Betsy to be licensed? - CORRECT ANSWER-No
, The lowest concrete part of a house is the: - CORRECT ANSWER-Footing
Samantha is a newly licensed provisional broker in NC who passed the licensing
exam on July 12, 2021. In order to have her license remain on "Active" status,
when must she complete 8 hours of continuing education? - CORRECT
ANSWER-By June 10 of 2023
Mary is a salaried assistant of Broker Bob. She makes $500 per week. Mary
schedules and shows apartment units for rent to potential tenants in a building
that Bob manages. Is Mary required to have a license? - CORRECT ANSWER-
No
Buyer Joe recently purchased a condominium unit. According to the Residential
Square Footage Guidelines, how is the square footage of Buyer Joe's unit
calculated? - CORRECT ANSWER-All measurements should be taken from the
interior of the walls.
James has measured his new listing as containing a total of 3,200 square feet of
area that matches the description of living area in NC. This contains 400 square
feet of space in the 3 rd floor attic area that was finished by the sellers after
they purchased without the proper permits obtained. What living area should
James use to market the property? - CORRECT ANSWER-3,200 square feet
If a buyer does not receive the mandatory Mineral, Oil and Gas Mandatory
Disclosure Statement before signing a 2-T Offer to Purchase and Contract ...? -
CORRECT ANSWER-This contract is voidable at the whim of the buyer for
three calendar days
Tommy is a listing broker and states to a potential buyer that one of his listings
has "no problems with the roofing". Later, the buyer finds out that the roof is
actually leaking. What is Tommy guilty of? - CORRECT ANSWER-
