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Superior School of Real Estate Exam| Questions and Verified Answers| 100% Correct| Grade A (Latest 2024/ 2025 Update)

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Superior School of Real Estate Exam| Questions and Verified Answers| 100% Correct| Grade A (Latest 2024/ 2025 Update) Q: Which of the following scenarios best illustrates first substantial contact? Answer: Seller states that she must relocate by the end of the year. Q: Liens, restrictive covenants, easements, and encroachments are all examples of... Answer: Encumbrances. Q: A detached workshop extends over the property line onto the neighboring lot by six inches. This legally constitutes as a (an)... Answer: Encroachment. Q: A North Carolina broker is required to deliver all executed contracts to his/her clients no later than... Answer: Three days after receipt by the broker. Q: 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... Answer: Compliance with the Civil Rights Act of 1866, but in violation of the Federal Fair Housing Act. Q: Which of the following statements regarding the TILA-RESPA Integrated Disclosure (TRID) requirements is true? Answer: Within three days of receiving a loan application, the lender must provide the applicant with a loan estimate. Q: 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? Answer: $5,194 Q: Which of the following situations would be considered a material fact in North Carolina? Answer: The seller has been served with a foreclosure notice. Q: The fiduciary duties of an exclusive buyer's agent include... Answer: Concealing clients confidential information. Q: A title insurance policy... 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. Q: Regulation Z on the Truth-In-Lending Act requires that lenders... Answer: Disclose mortgage loan finance charges and interest rate to borrowers. Q: Which of the following statements about deeds is true? Answer: A special warranty deed contains a promise that the grantor will convey title on the property without any encumbrances. Q: Under the North Carolina Residential Rental Agreements Act, Answer: Tentantcanusewithheldpaymentofrenttopayforrequiredrepairs

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Institution

Superior School Of Real Estate

Course

Superior School of Real Estate

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SuperiorlSchoolloflReallEstatelExam|l
QuestionslandlVerifiedlAnswers|l100%l
Correct|lGradelAl(LatestlUpdate)

Q:lWhichloflthelfollowinglscenarioslbestlillustrateslfirstlsubstantiallcontact?

Answer:
Sellerlstateslthatlshelmustlrelocatelbylthelendloflthelyear.

Q:lLiens,lrestrictivelcovenants,leasements,landlencroachmentslarelalllexampleslof...

Answer:
Encumbrances.

Q:lAldetachedlworkshoplextendsloverlthelpropertyllinelontolthelneighboringllotlbylsixlinches.
lThisllegallylconstituteslaslal(an)...

Answer:
Encroachment.

Q:lAlNorthlCarolinalbrokerlislrequiredltoldeliverlalllexecutedlcontractsltolhis/herlclientslnolla
terlthan...

Answer:
Threeldayslafterlreceiptlbylthelbroker.

,Q:lAlbuyerlwholislMuslimlinstructslthelbrokerltolshowlthelbuyerlpropertieslthatlarellocatedlin
lneighborhoodslthatlhavelalhigherlnumberloflMuslimlresidents.lIflthelbrokerlcomplieslwithlthisl
client'slinstructionslthelbrokerlwilllbelin...

Answer:
CompliancelwithlthelCivillRightslActlofl1866,lbutlinlviolationloflthelFederallFairlHousinglAct.

Q:lWhichloflthelfollowinglstatementslregardinglthelTILA-
RESPAlIntegratedlDisclosurel(TRID)lrequirementslisltrue?

Answer:
Withinlthreeldaysloflreceivinglalloanlapplication,lthellenderlmustlprovidelthelapplicantlwithlall
oanlestimate.

Q:lAlhousellocatedlwithinlthelcityllimitslhaslalcurrentlmarketlvaluelofl$485,000laccordingltol
alrecentlappraisal.lThelassessedlvaluelfromlthellastlcounty-
wideltaxlvaluationlisl$412,250.lTheltaxlratelisl$.92lperlhundredlforlthelcountylandl$.34lperlhun
dredlforlthelcity.lWhatlisltheltotallannuallpropertyltaxlliabilitylonlthelproperty,lroundedltoltheln
earestldollar?

Answer:
$5,194

Q:lWhichloflthelfollowinglsituationslwouldlbelconsideredlalmateriallfactlinlNorthlCarolina?

Answer:
Thelsellerlhaslbeenlservedlwithlalforeclosurelnotice.

, Q:lThelfiduciaryldutiesloflanlexclusivelbuyer'slagentlinclude...

Answer:
Concealinglclientslconfidentiallinformation.

Q:lAltitlelinsurancelpolicy...

Answer:
Protectslthelpurchaserland/orlthellenderlagainstllossldueltolanlexistinglcoveredltitleldefectlthatl
waslundiscoveredlwhenlthelpolicylbecameleffective.

Q:lRegulationlZlonlthelTruth-In-LendinglActlrequireslthatllenders...

Answer:
Discloselmortgagelloanlfinancelchargeslandlinterestlrateltolborrowers.

Q:lWhichloflthelfollowinglstatementslaboutldeedslisltrue?

Answer:
Alspeciallwarrantyldeedlcontainslalpromiselthatlthelgrantorlwilllconveyltitlelonlthelpropertylwit
houtlanylencumbrances.

Q:lUnderlthelNorthlCarolinalResidentiallRentallAgreementslAct,

Answer:
Tentantcanusewithheldpaymentofrenttopayforrequiredrepairs

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Institution: Superior School of Real Estate
Course: Superior School of Real Estate

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