Superior School of Real Estate Q&A Exam Bundle

Addendum An exhibit that may be attached to and made part of a contract to cover provisions that are not in the standard contract. Practice of Law The provision of legal services for any other person or entity with or without compensation. Sales Contract An agreement in which a seller promises...

Chapter 15 Vocabulary: Real Estate (Property) Management - Note: This is Chapter 16 in the Adventure Guide Chapter 15 Vocabulary: Real Estate Management - Note: This is Chapter 16 in the Adventure Guide Management Plan A long-range program prepared by a property manager for the management of a pr...

Substitution of Entitlement The process by which one veteran pledges entitlement for a VA loan he or she is assuming in order to free up the entitlement of the original veteran/borrower Conforming Loans Those processed on uniform loan forms and according to FNMA/FHLMC guidelines Alienation Cla...

What are the three types of descriptions nationally? Metes & Bounds Government Survey Lot & BLock What is metes & bounds? Uses markers, stakes & monuments Written by surveyors Most acceptable in NC Are metes distance or direction? Distance Are bounds distance or direction? Direction ...

The Bundle of rights The rights of an owner to DEEPC Disposition Exclude Enjoy Posses Control A piece of real estate appurtenance A right, interest, or pro ledge that goes with the land Tenements All of the rights and interests that go with the land Hereditament Land and all of the ...

Agent A person authorized by another to act on his or her behalf Subagents of a firm (in which listing agreement goes through) Apparent Authority A fact situation that crates the appearance of an agent's authority. Breach of Duty The failure to fulfill an agent's duty to his or her princi...

Amendment A change or modification of a zoning ordinance by the local legislative authority Building Codes Public controls regulating conduction that establish minimum construction standards. Most structures require building permit Building inspectors certified by NCDI (department of insura...

Tenements all of the rights and interests that go with the land hereditaments land and all of the tenements that can be inherited appurtenance a right interest of privilege that goes with the land (item in the bundle) accretion a gradual process in which the boundary of riparian land is ext...

if you get compensation you need ______ a license Forms of compensation - gift card - money - free rent -ipad -concert tickets -etc. What are activies that require you to have a license (LLBEANS) List Lease Buy Exchange Auction Negotiate Sell What activies exempt you from ne...

Designated agency in North Carolina is considered: I. A form of dual agency II. Mandatory if you practice dual agency A. I only B. II only C. Both I and II D. Neither I nor II A. I only Designated agency can be practiced: I. Between two firms II. Between a broker-in-charge and a provision...

Bill of Sale Investment used to transfer the ownership of personal property to real property Chattel Another name for personal property (Movables, which are not annexed to or part of, the land; also referred to as chattels.) Closing The event at which the real estate contract is finally perfor...

Which of the following would create legally binding acceptance of a written offer? The seller's agent emails the buyer's agent that the seller signed the offer as written. A broker is preparing a comparative market analysis (CMA) for a subject property with 3200 square feet. A comparable proper...