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NC Post Exam 301 Unit 4 Latest Update Graded A+
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NC Post Exam 301 Unit 4 Latest Update Graded A+ What is an option contract in real estate? A contract that gives the buyer the right, but not the obligation, to purchase a property at a specified price within a certain period. What is the purpose of a property management agreement? To...

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  • September 6, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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NC Post Exam 301 Unit 4 Latest Update
Graded A+
What is an option contract in real estate?


✔✔ A contract that gives the buyer the right, but not the obligation, to purchase a property at a

specified price within a certain period.




What is the purpose of a property management agreement?


✔✔ To outline the responsibilities and compensation for managing a rental property.




What is a common method for calculating the gross rental yield of a property?


✔✔ Divide the annual rental income by the property’s purchase price and multiply by 100.




What is the term for the process of evaluating a property’s condition and determining its market

value?


✔✔ Property appraisal.




What is an easement in real estate?


✔✔ A legal right to use another person’s property for a specific purpose.


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, What must a seller disclose about the condition of the property before closing?


✔✔ Any known defects or issues that could affect the property's value or safety.




What is the typical duration of a commercial lease?


✔✔ It often ranges from 3 to 10 years, depending on the agreement.




What does “zoning” refer to in real estate?


✔✔ The regulation of land use by local governments to control the development of property.




What is a deed of trust?


✔✔ A document that secures a loan by transferring the title of the property to a trustee until the

loan is repaid.




What is a “walk-through” inspection in real estate?


✔✔ A final inspection of the property by the buyer before closing to ensure it is in the agreed-

upon condition.




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