Free NC State Exam Final 2023 #1 Actual Questions With Correct Detailed Answers Guaranteed Pass.
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Course
NC.
Institution
NC.
Which of the following is a correct statement regarding the North Carolina Residential Square Footage Guidelines? - correct answer If a broker is going to use square footage in marketing or advertising, the amount of square footage must be verified.
Real est...
Which of the following is a correct statement regarding the North Carolina Residential Square Footage
Guidelines? - correct answer If a broker is going to use square footage in marketing
or advertising, the amount of square footage must be verified.
Real estate licensees must only verify square footage if they are going to use that number in marketing
and advertising. When measuring sloped ceilings the appropriate part of the room to exclude is that
which is under 5 feet. Licensees may not rely on public databases such as tax records for verification of
the square footage.
A buyer discovered at settlement that the water heater will not belong to her after closing. If she wants
the water heater to stay, she must make payments to the company which installed it about 6 months
ago. Why might this be? - correct answer Correct Answer
The water heater is subject to the Uniform Commercial Code
Explanation
Typically water heaters are fixtures that satisfy the Total Circumstance Test (intent, relationship,
method, and adaptation) and will convey with property. However, if a water heater is severed
(removed) it would belong to the seller. Trade fixtures are the personal property of the tenant who
needs the item to perform their business, such as a pizza parlor that needs a pizza oven. The UCC covers
items which are financed. The vendor who installs a water heater or similar item files with the register of
deeds stating the water heater is financed and not paid in full yet. Upon final payment to the vendor,
the lien is released, and the property owner will own the water heater.
In North Carolina, the Machinery Act provides for which of the following regarding real property
taxation in the state? - correct answer Correct Answer
Real property will be individually assessed according to its market value on a schedule that calls for the
process to be repeated once every 8 years.
Explanation
The Machinery Act states that Real Property in North Carolina will be taxed according to its market value
as established once every 8 years in an Octennial Reappraisal. The assessed value is individual to the
property. The taxation rates are set separately on an annual basis by local elected officials. Once each 4
years, the county may elect to do a flat across the board change of the value of all properties within the
county. This process is known as a horizontal adjustment.
, A church was built in an area that was designated for single family residential. This was likely allowed by
virtue of which of the following? - correct answer Correct Answer
Special Use Permit
Explanation
Special Use Permits are often sought to grant uses that seem incompatible with current zoning but are
allowed as a benefit to the zoned area. Nonconforming uses are essentially uses that are
"grandfathered." A variance is a request for a slight deviation in the zoned area to accommodate an
unusual circumstance (for example, a set back on an odd shaped lot). Spot zoning is an area that is
zoned differently from the surrounding area. It is illegal if it is done for the benefit or detriment of a
particular landowner.
Which of the following would terminate an agency relationship between a client and the firm? - correct
answer Correct Answer
Closing
Explanation
Closing on a property terminates the agency relationship. Constructive eviction terminates the lease
agreement, not the property management agreement. A provisional broker must be supervised by a BIC.
The firm owns the listing agreement. When the PB dies the BIC will appoint another agent to fulfill the
firm's duties to the client. A 14-day delay in settlement makes a contract voidable on behalf of the non-
delaying party when the NCAR/NCBA Offer to Purchase and Contract is used. NOTE: When a buyer or
seller. dies, the purchase contract is binding upon the heirs.
A broker-owner lists his property for sale with the firm with which he is affiliated. Another broker in the
same firm has a buyer-client interested in this listing. Is designated dual agency allowed in this situation?
- correct answer Correct Answer
Yes. If the ownership interest is disclosed to the buyer and the designated buyer's agent does not have
an ownership interest, then designated agency is allowed with disclosure and consent.
Explanation
Commission rule 104(o) states a broker-owner as a listing agent cannot be a dual agent representing a
buyer, however, the firm is allowed to practice designated dual agency in this case. A firm listing a
property owned by a broker affiliated with the firm may represent a buyer of that property so long as
any individual broker representing the buyer on behalf of the firm does not have an ownership interest
in the property, and the buyer consents to the representation after full written disclosure of the broker's
ownership interest.
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