100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
NC Post Licensing 301 Practice Exam 1 Questions and Answers Already Passed CA$17.23   Add to cart
Quickly navigate to
Preview
  2.  
  3. NC Post Licensing 301 Practice
  4.  
  5. NC Post Licensing 301 Practice

Exam (elaborations)

NC Post Licensing 301 Practice Exam 1 Questions and Answers Already Passed
 6 views  0 purchase
  • Course
  • NC Post Licensing 301 Practice
  • Institution
  • NC Post Licensing 301 Practice

Post Licensing 301 Practice Exam 1 Questions and Answers Already Passed What is the primary purpose of a real estate listing agreement? A) To establish the terms of the sale B) To define the property boundaries C) To grant an exclusive right to sell the property D) To assess the value of th...

[Show more]

Preview 4 out of 47  pages

Document information

  • September 6, 2024
  • 47
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • nc post licensing 301 practice exam 1 questions an

Written for

  • NC Post Licensing 301 Practice
  • NC Post Licensing 301 Practice

Seller

avatar-seller
BrilliantScores

Reviews received

Content preview

NC Post Licensing 301 Practice Exam 1
Questions and Answers Already Passed

What is the primary purpose of a real estate listing agreement?

A) To establish the terms of the sale

B) To define the property boundaries

C) To grant an exclusive right to sell the property

D) To assess the value of the property


✔✔ C) To grant an exclusive right to sell the property




Which document is used to disclose property conditions to potential buyers?

A) Sales Contract

B) Buyer’s Agent Agreement

C) Property Disclosure Statement

D) Listing Agreement


✔✔ C) Property Disclosure Statement




In North Carolina, what is the maximum time a listing agreement can be in effect?

A) 30 days
1

,B) 90 days

C) 6 months

D) 12 months


✔✔ D) 12 months




What is the primary function of an escrow account in real estate transactions?

A) To pay the real estate agent's commission

B) To hold the buyer’s earnest money until closing

C) To assess property taxes

D) To record the sale with the county


✔✔ B) To hold the buyer’s earnest money until closing




Which form is used to make an offer on a property?

A) Listing Agreement

B) Purchase Agreement

C) Lease Agreement

D) Property Management Agreement


✔✔ B) Purchase Agreement


2

,What is a contingency in a real estate contract?

A) A condition that must be met for the contract to be valid

B) A clause that waives all inspections

C) A document required by the lender

D) A fee paid to the seller


✔✔ A) A condition that must be met for the contract to be valid




What is the purpose of a comparative market analysis (CMA)?

A) To establish the seller’s legal rights

B) To determine the market value of the property

C) To evaluate the buyer’s creditworthiness

D) To finalize the sale agreement


✔✔ B) To determine the market value of the property




Who typically pays for the title search in a real estate transaction?

A) The seller

B) The buyer


3

, C) The real estate agent

D) The lender


✔✔ B) The buyer




What is a seller’s disclosure statement?

A) A statement from the seller about the property’s condition

B) A document that details the buyer’s financial information

C) A report on the property’s appraisal value

D) An agreement between the buyer and seller on price


✔✔ A) A statement from the seller about the property’s condition




What does the term "closing costs" refer to in a real estate transaction?

A) The cost of hiring a real estate agent

B) Expenses related to finalizing the sale, such as fees and taxes

C) The cost of advertising the property

D) The cost of repairs needed before selling


✔✔ B) Expenses related to finalizing the sale, such as fees and taxes




4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller BrilliantScores. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$17.23. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

81113 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$17.23
  • (0)
  Add to cart