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Real Estate U Final Exam 2 Practice Questions and Answers 100% Pass $12.49
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Real Estate U Final Exam 2 Practice Questions and Answers 100% Pass
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Real Estate U Final Exam 2 Practice Questions and Answers 100% Pass Which of the following are tax-deductible expenses resulting from home ownership? - ANSWER-Mortgage interest and property taxes Which of the following is true regarding the $500,000 exemption, in the sale of a personal residen...

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  • November 19, 2024
  • 9
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • real estate u final exam 2 practice questions and

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  • Prep Tests 2025
  • Prep Tests 2025

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Real Estate U Final Exam 2 Practice
Questions and Answers 100% Pass

Which of the following are tax-deductible expenses resulting from home ownership? -

ANSWER✔✔-Mortgage interest and property taxes


Which of the following is true regarding the $500,000 exemption, in the sale of a

personal residence, for a married couple filing jointly? - ANSWER✔✔-A married couple

can use the $500,000 joint exemption if only one meets the ownership requirement,


but BOTH meet the occupancy requirement


A homeowner in NC had constructed a three-bedroom house with two full baths in a

rural area that necessitated the installation of an on-site septic system. It was properly

permitted at that time. A few years later the homeowner constructed a fourth bedroom,

but no extra bathroom, in the basement area. He did not obtain any permits at that time

as he was constructing the addition by himself. He now wants to list the property for

sale with a broker. What would be the maximum intended occupancy for this house

according to NC guidelines? - ANSWER✔✔-6


Chris is a real estate broker in NC. He lists a parcel of undeveloped land, which is

zoned for single-family residential use. Chris knows that this property is about to be

rezoned for multi-family residential use, which will greatly increase the value of the

Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 1/9

, property. Rather than informing the seller of this fact, Chris offers to buy the property

at the listed price, telling the seller that he wants to acquire the property as a long-term

investment. The deal closes. Several months later, after the rezoning had been

accomplished, Chris sold the property for a $80,000 profit. The seller soon finds out

about the profit Chris has made. What can the seller do in this case? - ANSWER✔✔-

Notify the NCREC to impose disciplinary action


Which of the following is an example of a blind ad? - ANSWER✔✔-Just listed! Home

for sale. $250,000. Call Mary at (919)555-5555 for more information.


A settlement meeting is usually conducted by a closing attorney. Who typically

recommends the closing attorney? - ANSWER✔✔-The buyer or the buyer's lender


A firm license is NOT required for which of the following? - ANSWER✔✔-a sole

proprietorship


James is a broker in NC and is also licensed as an attorney. He is buying a house and

wants to rewrite part of the sales contract. Is James permitted to do so? - ANSWER✔✔-

Yes. Since James is also an attorney and the buyer, he is permitted to rewrite parts of the

contract.


Samantha is a newly licensed provisional broker in NC who passed the licensing exam

on July 12, 2021. In order to have her license remain on "Active" status, when must she

complete 8 hours of continuing education? - ANSWER✔✔-By June 10 of 2023




Copyright ©SOPHIABENNETT 2025 ACADEMIC YEARALL RIGHTS RESERVED. Page 2/9

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