Superior School of Real Estate Final UPDATED Exam Questions and CORRECT Answers
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Course
Superior School of Real Estate
Institution
Superior School Of Real Estate
Superior School of Real Estate Final
UPDATED Exam Questions and
CORRECT Answers
Which of the following would create legally binding acceptance of a written offer? -
CORRECT ANSWER- The seller's agent emails the buyer's agent that the seller signed the
offer as written.
A broker is preparing...
Superior School of Real Estate Final
UPDATED Exam Questions and
CORRECT Answers
Which of the following would create legally binding acceptance of a written offer? -
CORRECT ANSWER- 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 property has 2750 square feet. The estimated value of 450
additional square feet is $22,500. The broker should... - CORRECT ANSWER- Add $22,500
to the sales price of the comparable property.
An option to purchase has been created for a one hundred acre parcel of farmland. During the
one-year option period, the option he has the right to... - CORRECT ANSWER- Execute the
option to purchase on the terms in the option agreement.
A buyer is under contract to purchase a home for $370,000 and has qualified for an 80% loan-
to-value mortgage loan at an annual interest rate of 45%. How much will the buyer owe for
the 1% loan origination fee and 1 1/2 discount points associated with this loan package? -
CORRECT ANSWER- $7,400
The buyer and the seller in a failed transaction cannot agree on how to disburse the earnest
money deposit being held in the listing firm's trust account. The listing firm must retain the
records of this transaction for 3 years after the... - CORRECT ANSWER- Date the earnest
money is disbursed.
Which of the following is an example of personal property that could typically be removed
by the seller of a residential property? - CORRECT ANSWER- A tree house constructed in a
tree on the property that can be removed without damage to the tree.
Which of the following properties would be the best comparable for an appraiser to use for an
appraisal of a two-story subject property with 3 bedrooms and 2 baths in a subdivision near
the downtown area of a city? - CORRECT ANSWER- 3 bedrooms, 2 baths two-story house
in a nearby similar subdivision.
,Which of the following is a legal property management practice under the Federal Fair
Housing Act as amended in 1998? - CORRECT ANSWER- Requiring a credit report and a
criminal background check for all applicants.
How and when must a broker notify an unrepresented buyer that the broker represents the
seller? - CORRECT ANSWER- In writing, before obtaining any personal information from
the buyer.
Excise tax on real property in North Carolina is... - CORRECT ANSWER- $1per$500
Which of the following scenarios best illustrates first substantial contact? - CORRECT
ANSWER- Seller states that she must relocate by the end of the year.
Liens, restrictive covenants, easements, and encroachments are all examples of... -
CORRECT ANSWER- Encumbrances.
A detached workshop extends over the property line onto the neighboring lot by six inches.
This legally constitutes as a (an)... - CORRECT ANSWER- Encroachment.
A North Carolina broker is required to deliver all executed contracts to his/her clients no later
than... - CORRECT ANSWER- Three days after receipt by the broker.
A buyer who is Muslim instructs the broker to show the buyer properties that are located in
neighborhoods that have a higher number of Muslim residents. If the broker complies with
this client's instructions the broker will be in... - CORRECT ANSWER- Compliance with the
Civil Rights Act of 1866, but in violation of the Federal Fair Housing Act.
Which of the following statements regarding the TILA-RESPA Integrated Disclosure (TRID)
requirements is true? - CORRECT ANSWER- Within three days of receiving a loan
application, the lender must provide the applicant with a loan estimate.
A house located within the city limits has a current market value of $485,000 according to a
recent appraisal. The assessed value from the last county-wide tax valuation is $412,250. The
tax rate is $.92 per hundred for the county and $.34 per hundred for the city. What is the total
, annual property tax liability on the property, rounded to the nearest dollar? - CORRECT
ANSWER- $5,194
Which of the following situations would be considered a material fact in North Carolina? -
CORRECT ANSWER- The seller has been served with a foreclosure notice.
The fiduciary duties of an exclusive buyer's agent include... - CORRECT ANSWER-
Concealing clients confidential information.
A title insurance policy... - CORRECT ANSWER- Protects the purchaser and/or the lender
against loss due to an existing covered title defect that was undiscovered when the policy
became effective.
Regulation Z on the Truth-In-Lending Act requires that lenders... - CORRECT ANSWER-
Disclose mortgage loan finance charges and interest rate to borrowers.
Which of the following statements about deeds is true? - CORRECT ANSWER- A special
warranty deed contains a promise that the grantor will convey title on the property without
any encumbrances.
Under the North Carolina Residential Rental Agreements Act, - CORRECT ANSWER-
Tentantcanusewithheldpaymentofrenttopayforrequiredrepairs
According to the applicable provision in the standard Offer to Purchase and Contract form
jointly approved by the North Carolina Association of Realtors and the North Carolina Bar
Association, what happens if buyer is unable to secure the financing described in the
contract? - CORRECT ANSWER- If this information is discovered during the due diligence
period, buyer may terminate the contract and receive a refund of any earnest money deposit.
The recordation of a deed to real property is required... - CORRECT ANSWER- To transfer
the title from the seller to the buyer.
In North Carolina, which of the following persons must have an active real estate broker
license in order to earn compensation? - CORRECT ANSWER- A corporate builders salaried
employee selling homes owned by the corporation.
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