North Carolina Broker Reciprocal Practice Exam

These questions are part of the practice quiz. Start practicing

• Which party would use the remedy of "unlawful detainer"?
• When a buyer gives earnest money to a broker, where is this money typically held?
• What must the developer provide to a buyer before selling a lot in a subdivision according to the Subdivided Lands Law?
• Which type of foreclosure requires a court proceeding?
• What type of mortgage lets the homeowner convert equity into cash, to be repaid upon vacating the property?
• What type of loan is typically not sold on the secondary mortgage market?
• Under the Bulk Sales Law, what should buyers be aware of before completing a purchase?
• When Mr. Noro sold a property for cash, which document is likely NOT disclosed in public records?
• What does hazard insurance generally cover?
• How does a lien affect real estate?
• Which of the following describes a less-than-freehold estate?
• If a sister deeds half her interest in a property to her husband, what type of tenancy is created?
• What type of lien is an easement considered?
• Which of the following does not need to be accompanied by an employee of the county recorder’s office when inspecting public records?
• Which type of property interest provides the highest ownership rights?
• What is an example of an encumbrance?
• Which of these is associated with a deed?
• What would be considered a legitimate reason for a broker to present an offer?
• What does a lender assess to determine a borrower's creditworthiness during the loan qualification process?
• Which statement is inaccurate regarding the Residential Lead-Based Paint Hazard Reduction Act?
• A license applicant in North Carolina must be at least what age?
• Earthquake zones, flood hazard areas, and fire hazard areas are examples of:
• What does alienable title mean?
• For which situation would a specific performance remedy be sought?
• Which term is best associated with the lender-borrower relationship?
• Which of the following refers to a property owner’s right to sell or lease their property?
• What type of wood is considered the best to ward off termites?
• What is a common purpose of an appraisal in real estate?
• Which of the following best describes a lease?
• Which statement regarding recordation is NOT correct?
• What does "short rate" refer to?
• What term describes the action of a non-riparian owner taking water from a lake or river with permission from the state?
• Which of the following would NOT be considered a blanket encumbrance in a subdivision?
• Who places the restrictions in a deed to a condominium unit in a new subdivision?
• Which is an acceptable description of personal property?
• Most trust deeds in real estate transactions include which type of clauses?
• What are the two categories of closing costs?
• How is a "firm commitment" best defined in real estate lending?
• What is the term for a group that owns title to common areas in a planned unit development?
• Before presenting client-agency agreements in North Carolina, what document must clients receive?
• What type of legal status does North Carolina follow regarding property acquired during marriage?
• If a loan officer examines a borrower's current assets and current liabilities, they are assessing what aspect of the borrower?
• Which of the following statements best defines a footing in construction?
• What does the "back" or "bottom" ratio include when assessing a borrower's financial situation?
• What must a mechanic's lien do to be effective?
• What kind of deed does a buyer receive when purchasing property from the state at a tax sale due to unpaid property taxes?
• What type of mortgage allows the lender to call the entire loan amount due upon a certain event?
• What does a supplementary tax bill indicate?
• Who owns Fannie Mae?
• If Juan and Rosa buy a home for $240,000 and assume an existing assessment lien of $2,000, what is their total cost basis for the property?
• What is typically required before a homeowner can sell their property that is subject to a mortgage?
• What is a key characteristic of joint tenancy ownership?
• What is created when raw data is pulled from two or more major credit repositories?
• Unless specified otherwise, how do a husband and wife take title to property?
• What indicates that an item could be considered a permanent fixture in real estate?
• If Nancy owns the property that Heather crosses over to get to her own property, what term describes Nancy's ownership of the parcel?
• Which of the following is NOT a physical characteristic of real estate?
• In real estate, what does the term 'subordinate lien' refer to?
• A woman named as an executrix in a will is responsible for what?
• In real estate terms, what does a patent refer to?
• What term describes the legal process by which property is sold by the court and the proceeds are divided among owners?
• What is the primary purpose of a broker protection clause?
• What is the closest meaning to "value" in real estate terminology?
• What is the statute of limitations on any written contract in real estate?
• Which financing option prevents a person from securing a second trust deed using their home as collateral?
• What is the term for a credit arrangement that allows borrowing against a pre-approved line of credit?
• Who is responsible for managing the affairs of a deceased person if none is named in the will?
• Many legal authorities stipulate that a contract for the sale of land should include what additional item that may be supported by oral evidence?
• In joint tenancy, when one tenant defaults, what happens regarding the title to the property?
• A bilateral contract involves what type of agreement?
• Which of the following is NOT a requirement for a valid Declaration of Homestead?
• Which appraisal approach tends to establish the upper limits of property value?
• What right does the government have under eminent domain?
• A man bought unimproved property and executed a first trust deed for 10 years. What clause's absence may cause him concern?
• In which construction component would you find the highest member in a frame house?
• Personal property can be?
• Which of the following is NOT an economic characteristic of land?
• Percolation is commonly associated with which type of system?
• What is required for a deed to be considered valid?
• What is a fee simple estate best described as?
• If a licensed agent withdraws funds from a broker's trust account with permission but is not bonded, what is the nature of the transaction?
• Which statement regarding the statute of frauds is false?
• What is advantageous for the trustor to include in a trust deed?
• A deed that includes a promise that the owner will build a fence is an example of what?
• Which law does not limit applicable local, state, or federal restrictions regarding maximum occupancy in a dwelling?
• Which factor is NOT relevant when determining property appraisals?
• What happens to prepaid rents held in escrow during a property transaction?
• Which of the following creates a lien when recorded?
• What is a primary function of a deed?
• The term that refers to the original amortization term minus the number of payments that have been applied is called?
• What happens to a homestead exemption if the property is destroyed by fire?
• Which of the following would not be considered a blanket encumbrance in a subdivision?
• Which lien has the lowest priority for collection?
• What is the advantage of a merged credit report when applying for a loan?
• Which theory could be used to determine a capitalization rate in real estate appraisal?
• A tenant applicant confined to a wheelchair requests to have an access ramp constructed at a rental property. What must the landlord allow?
• What happens to the title in a case of joint tenancy if one party dies?
• What type of contract is referred to as a unilateral contract in real estate?
• According to Article 7 of the Real Estate Law, interest on a loan may not be charged under which condition?
• In a lease, if a tenant fails to make payments, which is a common next step for the landlord?
• If "A" receives a life estate for the life of "X" and "A" dies before "X," what happens to the estate?
• When a man sells his second trust deed for less than its value, what is this practice called?
• What must be instituted to an unlawful detainer action to proceed legally?
• What must occur for a purchase money second trust deed to allow a deficiency judgment?
• Which of the following is NOT an example of involuntary conveyance of title?
• An oral agreement between a property owner and a prospective tenant can establish what?
• For a valid agency relationship, what must the commission agreement be?
• What is a requirement to file for a homestead exemption?
• What term describes a real estate agent who has been given power of attorney for an unlimited range of legal matters?
• What is the impact of a bi-weekly mortgage payment schedule?
• How can an estate be best described?
• A court order to sell property after the final judgment in a lawsuit has been rendered is known as what?
• To remove a financing statement from public records, which document should be recorded?
• What legal action can be taken if someone claims ownership over a disputed property?
• For a lease lasting over a year, what is not a requirement?
• Which type of lease would typically involve the highest percentage payment?
• What action can invalidate an easement due to lack of use?
• What document is required when a borrower conveys legal title to a property to a disinterested party for safekeeping?
• What are the economic characteristics of land?
• If a 17-year-old married couple buys property, how is this transaction described?
• How did Harry and Mary Miller take title to the property willed to them?
• When did the Transfer Disclosure Statement law go into effect?
• What document states that a sign should not be placed on a property without the owner's consent?
• In the case of a man dying intestate, what happens to his separate property?
• What fundamental factor might lead to a property's value increase over time?
• A tenant in a strip mall pays a rental fee that includes all property maintenance charges, utilities, and cleaning services. What is this type of lease called?
• In real estate terminology, which term defines a legal claim against a property for a debt?
• Which of the following is an essential duty of the Real Estate Commissioner?
• What term describes the procedure that allows homeowners to access their equity through a reverse mortgage?
• In probate court matters concerning the sale of a deceased person's real property, who sets the commission for the sale?
• In the U.S. Government Survey method of land description, what are the rows of townships that run north and south called?
• What is a typical characteristic of a defeasible fee estate?
• Which party is more likely to initiate a lawsuit for specific performance in real estate transactions?
• In the event of death in a joint tenancy, what happens to the property?
• What type of insurance typically covers damages from a fire that partially destroys a property?
• Who typically pays for real estate taxes, hazard insurance, and mortgage insurance?
• What is a key characteristic of community property?
• Which term refers to the requirement that an advertisement for a secured loan must clearly explain?
• On a percentage lease, which of the following typically pays the highest percentage?
• What is the final step in the Statutory Dedication process?
• Lessee is to lease as Vendee is to what?
• When a homeowner takes out a second mortgage, what type of financial arrangement is it typically classified as?
• In whose name does a corporation hold title to real property?
• In North Carolina, who can fill in the blanks of standard forms for real estate transactions?
• Under a trustee's power of sale, how long does the right to foreclose a trust deed last?
• What distinguishes joint tenancy from tenancy in common?
• What is typically included in a purchase offer?
• What is a conduit in real estate terminology?
• What is the first step if a jurisdiction requires private property for public use?
• What is required to obtain a reciprocal real estate license in North Carolina?
• If Bob is conveying an interest in a ranch that he owns to Kevin, who is Bob in this transaction?
• What is the primary purpose of the statute of limitations on contracts?
• Which of these statements is false regarding the statute of frauds?
• Real property, as categorized broadly, includes?
• What is the liability of co-borrowers when one defaults on a promissory note and trust deed?
• Who records a Declaration of Restrictions in a condo project?
• A purchase money transaction refers to what?
• Graciela received a life estate from her father with the condition that it reverts to him upon her death. She may do all EXCEPT which of the following with the property?
• If a mortgage includes a clause allowing the lender to require full payment upon default, what type of clause is this?
• How is the cubic footage of an attic with a gable roof calculated?
• An article of personal property that is permanently attached and becomes part of the real estate is known as what?
• In real estate transactions, who is predominantly responsible for covering hazard insurance premiums?
• Which document is considered a negotiable instrument?
• If a church, school, or hospital wishes to relocate to an area zoned exclusively for residential use, what permit do they require?
• Who has the authority to revoke a broker's real estate license in North Carolina if they become mentally ill?
• What legal action occurs when a homeowner unwillingly surrenders their property to the lender due to loan default?
• Which of the following best describes an escrow disbursement in real estate?
• Which statement best describes a sublease?
• What recourse does a buyer have if a neighbor's fence encroaches on their property line?
• In a case involving an easement, what would a court likely rule if a deed created it and it had been non-used for 5 years?
• What does "John Jones and his wife Mary" owning property imply about their title?
• A non-conforming loan exceeds what amount?
• What action can the Real Estate Commissioner take if broker White does not return the deposit to buyer Farley?
• What is an agreement where a borrower promises to repay a lender at a future date?
• What legal term describes the government's right to take private property for public use?
• Easements are considered to be:
• When a real estate agent examines the title report or abstract of title from public records, what is this process called?
• What term best describes the relationship between a vendor and a vendee?
• When a seller tries to sell a property by implying it is in excellent condition using an "as-is" clause, what legal implication does it have?
• What is a key factor to be considered when developing a residential subdivision regarding topography?
• How long is the validity period of the Real Estate Commissioner's Subdivision Final Public Report?
• Which of the following is not required in a homestead declaration?
• Which of the following can be classified as negotiable instruments?
• What are the two main forms of title insurance?
• Under federal law, real estate licensees should not take which type of listings?
• Under what condition is an option to buy enforceable?
• Obtaining liability insurance as part of a homeowner's insurance policy will:
• When a property is sold, what financial aspect directly affects the buyer on the closing statement?
• A telephone company places poles and strings wire across privately owned land. What is this an example of?
• What type of ownership allows for transfer of an interest in property without creating a separate title?
• Express covenants that protect the grantee are typically found in which type of deed?
• What is the main purpose of a mortgage in real estate?
• Which type of property ownership implies joint ownership with rights of survivorship?
• What is considered 'sufficient description' in a real estate contract?
• Which term is most similar to an acceleration clause?
• A mortgage firm that originates and funds its own loans to sell on the secondary mortgage market is known as a?
• Which formula is used for estimating value using the cost approach?
• Which of the following is not a cause of depreciation?
• Which of the following is NOT an economic characteristic of land?
• What is a primary concern of a trustor in a trust deed arrangement?
• What does creating a cloud on the title mean when Ann sells the property?
• What does the expression "the highest and best use" refer to in appraisal terminology?
• Which type of foreclosure proceeding is handled as a civil lawsuit and conducted under the auspices of a court?
• Which act prohibits discriminatory access to multiple listing services?
• In an exclusive agency listing, if a seller finds another buyer after accepting an offer, what is true about the broker's commission?
• Which of the following would not be an example of a cloud on title?
• What type of agreement is crucial for a broker to manage a client’s property?
• Who is referred to as the mortgagor in a mortgage agreement?
• What principle allows the government to acquire private property for public use?
• Which professionals typically utilize "depth tables" in their work?
• In real estate terminology, what is the offer to perform on the terms agreed called?
• What is the application fee for initial licensure as a provisional real estate broker in North Carolina?
• What is the maximum penalty for a first violation of Federal Fair Housing Laws?
• What is a credit repository?
• What does a writ of attachment allow in the legal context?
• In a residential lease of over a year, what document is generally not necessary?
• How can a negotiable note be best defined?
• Which term refers to the individual who gives a trust deed in real estate transactions?
• According to IRS guidelines, an independent contractor must be covered by what?
• According to the Bulk Sales Law, what is the minimum time required to close the sale after publication of notice of sale?
• What does the term 'dominant estate' imply in a real estate context?
• The requirement for service agreements under the Subdivision Lands Law is aimed at?
• What term is used for an individual representing a firm that makes loans on real property?
• What is the court action used to evict a tenant who is in default?
• What does it mean if a contract is unenforceable even when fully executed and performed?
• Under the Uniform Commercial Code, what would happen if Sam tries to secure a real estate loan with furniture store inventory?
• What does fraudulent misrepresentation refer to in real estate?
• Which of the following is an example of a trade fixture?
• If a seller fails to disclose a special assessment before the sale, what legal issue has occurred?
• Which act prohibits brokers from selling a property only under the condition of obtaining future listings?
• What is the significance of a deposit that is not returned by the broker after a seller rejects an offer?
• An acceleration clause in a mortgage is most similar to which of the following?
• Which type of deed does not guarantee marketable title?
• Discrimination in housing based on familial status is a violation of:
• What does the term "liquidation" refer to in finance?
• A widow who owns a condominium unit holds which type of estate?
• What legal procedure involves terminating a trustor’s rights by selling encumbered property?
• An example of steering in real estate would involve what situation?
• What is the role of an unlicensed assistant in the context of real estate forms in North Carolina?
• What is a key feature of a valid mortgage contract?
• What is the role of a lessor in a lease agreement?
• What is one primary purpose of a conditional use permit in zoning regulations?
• In terms of an easement appurtenant, what must also exist?
• Which element of subdivision law must be managed by the Real Estate Commissioner?
• Which legal term applies to a property owner receiving a right to use a part of another's property for a specific purpose?
• On a buyer's closing statement, which of the following would appear as a debit?
• What legal process allows the government to take private property for public use?
• To appraise an amenity, an appraiser would most likely utilize which of the following?
• Which appraisal method establishes the upper limit of value for a property?
• When multiple borrowers sign a note, how is the obligation to pay typically structured?
• What is typically included in an agency disclosure statement?
• What is it called when an agent signs a buyer's name on a contract without the buyer's consent?
• Which form of title insurance provides a broader coverage with more exceptions?
• Effective age, in relation to a building's physical condition, is estimated by a:
• A bare lot would most likely be appraised based on which principle?
• What is the primary function of a universal agent?
• What legal concept ensures that property changes hands under specific conditions in a deed?
• What procedure will Agent Smith use to assist her sellers in setting their listing price?
• What is it called when an agent falsely advertises a property as a "for sale by owner" to attract buyers?
• The right to occupy a property for a specified time without interference is referred to as?
• What is meant by "revolving debt"?
• What process involves a lender using another party for mortgage origination and processing?
• What is the main purpose of the Transfer Disclosure Statement?
• Which of the following is not considered a leasehold estate?
• Which of the following describes the term "predial servitude"?
• What type of estate is characterized by the maximum interest obtainable in real property?
• What does an easement appurtenant create?
• What legal concept is violated when a seller knowingly hides important information from a buyer?
• What happens if a buyer defaults on a purchase money second trust deed?
• Which of the following would not create an estate in property?
• A borrower is required to advance $412.00 for an impound account. Who benefits from this action?
• If an "as-is" clause is included in a sales contract for a property that appears fine on the surface, what is the legal status of such a clause?
• In a grant deed, if the grantee is a fictitious person, how is the deed regarded?
• What is required for a licensee to continue acting as a broker-in-charge in North Carolina?
• In the context of real estate, what does ‘specific performance’ entail?
• What are earthquake zones, flood hazard areas, and fire hazard areas examples of?
• What is required for the existence of an easement appurtenant?
• Which of the following is NOT necessary to form a valid contract?
• What term describes property attached to the land that is owned by a tenant and not the landlord?
• What role do property disclosures play in real estate transactions?
• Effective age reflects what aspect of a building?
• Which element is not typically found in a contract for the sale of land?
• Who enforces compliance to the State Housing Act in a city?
• What is an appurtenance in real estate?
• Under what circumstance can a broker execute a contract on behalf of a principal?
• In real estate, what does the term ‘market comp’ refer to?
• Which of the following is true regarding homesteading in marriage?
• What must a licensee in North Carolina do to act as a broker-in-charge?
• Who is responsible for enforcing compliance with the State Housing Act in a city?
• Who benefits from an impound account set up for a loan?
• When a seller refuses to pay a broker's commission and the broker does not pursue legal action, what option does the sales agent have?
• What does the act of recording a deed presume?
• What term describes a loan that has been completely paid off?
• What is often the purpose of easements in real estate?
• What is the purpose of condemnation in the context of eminent domain?
• In real estate, who is the party receiving the benefits of the trust deed?
• What is the statute of limitations for filing an action regarding encroachment?
• In a sale with a land contract subject to a blanket encumbrance with a release clause, what is the purpose of depositing funds in an account approved by the Real Estate Commissioner?
• By what means do grantors affirm ownership and the right to convey property?
• Which of the following is NOT a significant provision of the Real Estate Settlement Procedures Act?
• What must occur for title to real property encumbered by a deed of trust to be transferred as a result of sale?
• What constitutes a first violation of Federal Fair Housing Laws?
• What is a mortgage company called that originates loans and then places them with other institutions?
• What term is used to describe liabilities, including long-term and short-term debt?
• Under what condition would a commission for a lease typically be negotiated, according to real estate practices?
• Which act prohibits discrimination in housing based on race, color, religion, sex, disability, familial status, and national origin?
• What type of deed conveys ownership from a seller to a buyer without warranty against encumbrances?
• What should an agent do if given a rigorous instruction manual by their broker but believes a different approach is better?
• A first trust deed refers to which of the following types of instruments?
• What is the role of a broker when providing operational instructions to agents?
• When determining if an item is a fixture, which statement is correct?
• When the value of real property increases due to population growth, this increase is classified as what?
• What is the term for a transfer of less than an entire leasehold?
• What is a primary purpose of real estate appraisal?
• What type of grant deed allows property use to be conditional on no alcohol being consumed on the property?
• What is NOT created if a note lacks the proper signature during a loan closing?
• Which of the following is NOT a characteristic of natural hazard areas?
• Which of the following would be considered the least desirable tenant for a shopping center?
• Which sections are contiguous to Section number 13?
• When might a mortgagee push for a foreclosure?
• What type of financing involves a lender releasing funds to a developer as each home is built?
• When a business is sold, sales tax must be paid on which of the following items?
• Which legal document commonly outlines the terms of an escrow arrangement?
• In what scenario would constructive notice apply?
• What effect does zoning typically have on property values?
• What fund is established for replacing common property in a condominium or cooperative project?
• If a deed is signed by the grantor but not by the grantee, what is the status of the deed?
• Which of the following can be considered as consideration in a transaction?
• What legal concept allows someone to acquire an interest in real property through long-term use?
• To determine the monthly gross rent multiplier for a property, what calculation would you perform?
• What is a transfer tax?
• If a buyer gives a personal check as a deposit but instructs the broker not to cash it until after a specified date, what is the broker's best course of action?
• What does "effective age" refer to?
• An arrangement made to repay delinquent installments or advances is referred to as what?
• What is a repayment plan used for?
• Which institution makes the largest number of home loans?
• How is a mobile home handled by a real estate licensee in North Carolina?
• What type of financial provision is typically offered by a commercial bank or financial institution for a set time and amount?
• Who is permitted to use the county recorder's office and public records without the presence of the recorder's officer?
• If a trust has more money in it than expected, what can be the outcome for the trust holder?
• How is constructive notice of the transfer of real property ownership typically provided?
• What happens to the lighting and tables upon a tenant vacating their retail business space?
• Which statement best describes a "lien"?
• If a buyer defaults on both a first and second trust deed, what can the bank achieve?
• In a mortgage, what action is typically required for foreclosure to occur?
• Which type of loan is typically secured by real property?
• Which of the following correctly describes the relationship between construction date and mechanic's lien priority?
• If a loan is in a subordinate lien position to the first loan on a property, what is it called?
• What happens to a property in a joint tenancy if one owner decides to sell their share?
• In a will, what type of interest does a grandson have if he can occupy property while caring for a pet?
• An executrix is appointed by whom?
• Which statement is correct about the cost method of appraisal?
• What effect does Ann's marriage have when she sells the property under her married name?
• What is the maximum civil penalty for a first violation of the Federal Fair Housing Laws when the Justice Department is involved?
• In a joint tenancy, which of the following methods is NOT allowed for disposing of an interest?
• What is a sublease?
• What term describes the horizontal member that supports vertical wall members?
• What aspect affects real estate value that is NOT considered an element?
• What is the national organization for black and other minority real estate brokers called?
• What type of agent acts on behalf of the principal in a limited capacity, focusing on specific tasks?
• If a tenant is still in possession after a lease expires, what must the landlord typically do to evict them?
• Which of the following states is North Carolina NOT considered to be?
• In what circumstance are trust deeds said to be outlawed?
• Which of the following best describes 'fixity' as an economic characteristic of land?
• Which of the following statements about zoning ordinances is incorrect?
• What does an agent typically need to carry out financial transactions on behalf of a broker?
• Before obtaining a real estate provisional broker's license in North Carolina, what must one complete?
• Government loans are typically insured by which organization?
• What type of water is referred to as percolating waters?
• What factor can lead to a legal dispute in real estate transactions?
• Who has primary regulatory authority over subdivision matters concerning financial arrangements for community facilities?
• In a nonjudicial foreclosure, how long must trustees wait after recording the notice of default before advertising the trustee's sale?
• What document legally requires the buyer to pay the broker's fee?
• Which document is crucial in proving ownership of property?
• In cases of eminent domain where land value is decreased, what type of damages might the owner receive?
• What is the term for when a lender guarantees a borrower a specific interest rate for a certain period?
• Which statement about VA loans is FALSE?
• What type of notice does recording a property give?
• Urban industrial property is typically sold by which method?
• After a lease expires, if a tenant retains possession without consent, what type of estate do they hold?
• What type of lien takes priority over other debts if a property is sold?
• Which of the following is NOT a category of real property in North Carolina?
• How is commission typically paid to an agent for a long-term lease?
• Which of the following is NOT a benefit of an impound account to the lender?
• Which instrument is effective against mechanic's liens?
• To legally sell real estate in North Carolina, which type of license is required?
• Which of the following is NOT considered a type of estate?
• When a lessee moves in and pays rent without signing a lease, what is the status of the lease?
• If an appraisal assesses a property's value to be lower than its purchase price, how is this situation best classified?
• What does a warranty deed guarantee to the grantee?
• Which type of value is typically closest to market value?
• How many square miles does a section contain?
• What is the duration of the right to foreclose a trust deed under a trustee's power of sale?
• What legal principle does "laches" refer to?
• What type of mortgage allows the borrower to make smaller payments initially and larger payments later on?
• In the context of a reverse mortgage insured by the FHA, what does "permanently leaves home" imply?
• What type of contract exists when one party agrees to provide a service without a promise of compensation from the other party?
• What does an ironclad merger clause in a contract state?
• Which entity must a subdivider file a service agreement with in case they cannot be located?
• During the escrow process, if an unresolved dispute arises between the seller and the buyer, the escrow holder may legally:
• What does a "fee" in real estate pertain to?
• What are riparian rights?
• Which type of legal entity can revoke a broker's license in North Carolina?
• What is the primary purpose of having a lock-in period for a loan?
• What is the main purpose of the appraisal during a loan application?
• Which of the following is NOT typically a condition for obtaining a loan?
• What is a time deposit held in a bank that pays interest called?
• When evaluating a real estate investment, what is a common consideration?
• What is the average economic life of a frame building?
• In the scenario where Brad sold his house to Jerry and then to George, who retains title to the property?
• What is a title plant used for?
• An estate of inheritance or perpetual estates are referred to as a(n):
• What document typically contains the loan amount, interest rate, term of the loan, and monthly payments?
• What distinction does zoning carry in relation to property use?
• Financing statements are required to be filed with which entity?
• Which term refers to the interest or ownership in a property?
• Which of the following is NOT considered a lien against real property?
• Depreciation on real property is an allowable deduction for income tax purposes if the real property is:
• What is the primary purpose of the recording system in real estate?
• Which principle is most likely used to appraise a bare lot?
• What does an unlawful detainer action imply in real estate?
• What is the term for the holding of real property?
• Which type of property state is North Carolina NOT considered to be?
• The Federal Fair Housing Act primarily addresses:
• When four individuals own a piece of real estate in joint tenancy, what do they collectively possess?
• What are two ways in which friends can hold title together?
• If Mr. Wright wants to proceed with an improvement not conforming to neighborhood deed restrictions, what might a neighbor seek?
• If an asset is experiencing a decrease in its monetary value, what is this phenomenon called?
• What is the term for gross rentals minus operating expenses minus principal and interest payments?
• Which term refers to a property interest that ends upon the occurrence of a specified event?
• Who prepares a report of an individual's credit history used in loan applications?
• If the net proceeds from the sale of collateral property do not clear the debt, what is the borrower likely to receive?
• Prior to the date of the note, personal property may be handled in which of the following ways?
• What is the term for someone who can secure funds for purchasing property?
• Which type of funds is NOT considered escrow monies?
• What is the minimum age required to obtain a real estate license in North Carolina?
• What is the term of licensure in North Carolina after passing the real estate exam?
• If seller Mr. Kite lists his property with broker Wayne but does not authorize Wayne to accept any deposits, what happens if a buyer submits a $21,000 deposit?
• Referral fees in real estate are legal when given to whom?
• Most junior loans available today are typically secured through which type of lender?
• What is the term used when a trust fund balance is greater than expected after reconciliation?
• What is the purpose of an impound account in a real estate transaction?
• What does the Fair Housing Act of 1988 mandate regarding new multi-family buildings?
• What must an advertisement for a secured loan disclose?
• What does a pre-payment on a loan do?
• What is a less-than-freehold estate commonly referred to as?
• During an extended period of "tight money," which action might the Federal Reserve Board take?
• What is the significance of an acknowledgment on a deed?
• What does a judgment represent in debt collection?
• An oral agreement between a lessor and lessee creates what type of tenancy?
• A quiet title action is meant to establish what regarding a property?
• In relation to other mechanic's lien holders, how are they recognized?
• If a non-riparian owner is given permission to take water from a lake or river, how does he take it?
• What is NOT considered a component of real property?
• In real estate transactions, what is the primary purpose of an appraisal?
• In real estate, what does it mean to "discount" a loan?
• What is the opposite of alienate in real estate terms?
• When did the Transfer Disclosure Statement law come into effect?
• How is loan origination best described?
• What legal action involves the seizure of property for debt before judgment is made?
• If consent is obtained through duress or fraud, it may be considered what?
• How can churches, schools, or hospitals relocate to residentially zoned areas?
• Which of the following is an essential component of a valid escrow?
• What is the most common title for someone who negotiates and transacts the sale of real estate?
• Which of the following best describes an affirmative covenant?
• What is the primary goal of the Real Estate Settlement Procedures Act?
• For a valid agency relationship, what must be included in the commission agreement?
• Martha James wants to advertise one side of her two-family house as non-smoking. Is she legally allowed to do so?
• Which of the following is a definition of an "alienation" clause in a loan agreement?
• In a group of real estate terms, which term does not closely associate with the others?
• When must the termite report be delivered during an open escrow?
• What is the term for a clause allowing a lender to demand loan repayment upon the sale of the property?
• Which of the following is a common contingency regarding financing in real estate?
• What is required for a deed to be recorded?
• If a married woman buys a grocery store that includes an off-sale beer and wine license, what must the couple do?
• What is the statute of limitations for any written contract in North Carolina?
• What is necessary when a buyer assumes an existing assessment lien during a property purchase?
• One of the most common contingencies in the home buying process is?
• Who does a copy of the property appraisal belong to in a loan application process?
• Which term refers to a property owner's agreement to mortgage their property?
• Which of the following would be least likely to include a legal description of a parcel of real estate?
• Which of the following actions could be a violation of the Sherman Anti-Trust Act?
• What is the most essential element to create an enforceable broker-principal relationship?
• What is the requirement for a mobile home to be sold by a real estate licensee in North Carolina?
• Which of the following can be considered an encumbrance on property?
• Bill and Sally Jones would likely hold title to property as?
• What is an example of a common situation where a mechanic's lien might be applied?
• What is the maximum duration after which a prepayment penalty is not allowed on a loan secured by a borrower's residence?
• Which type of deed transfers property without any warranty of title?
• If a property is in a homestead exemption and the homeowners divorce, what generally happens to the exemption?
• Who may NOT request specific performance when damages are inadequate?
• What type of ownership allows an individual to own the airspace of their unit while sharing ownership of buildings and common areas with others?
• What does a clear title mean in real estate?
• According to the FTC's Do-Not-Call rules, what must all sellers and telemarketers have for making pre-recorded calls?
• What is the best description of an individual's credit history?
• In what scenario would a lender invoke the acceleration clause?
• Which of the following is classified as an "encumbrance"?
• Which statement is true about the boundaries of a township?
• Which of the following actions is LEAST likely to be undertaken by the Federal Reserve to encourage borrowing?
• What is often difficult to estimate in the cost approach to appraisal?
• What is the primary focus of a quitclaim deed?
• What clause should a real estate broker include in a listing agreement to secure a commission if the property sells after the listing expires?
• What document do Jenny and Max create when they sign an agreement regarding the price and terms of a property they wish to buy?
• What term describes a clause that allows a lender to demand full payment upon the sale of a property?
• When do the priority rights of a mechanic's lien date from?
• Which of the following is NOT typically considered when determining the market value of a property?
• A satisfactory home inspection is essential in what part of the real estate process?
• Which of the following statements best describes an easement?
• What limits the amount the interest rate can increase or decrease over the life of a mortgage?
• What type of loan is obtained when a homeowner accesses their home's equity?
• What are Scarcity, Demand, Utility, and Transferability collectively known as?
• What does "unearned increment" refer to in real estate?
• What typically influences the decision to approve a subdivision?
• What does a standard policy of title insurance NOT insure against?
• What type of mortgage allows for the lender to make payments to the borrower using built-up equity, repayable upon vacating the property?
• Under which scenario can an appraiser define the effective age of a property as lower than its actual age?
• If a complex of dwelling units is at least 80% occupied by persons aged 55 years or older, what does the Federal Fair Housing Act not prohibit?
• What is another term for a "no cash-out refinance"?
• What is a detailed map showing the boundaries of individual parcels, streets, easements, and other associated data called?
• In North Carolina, what is the application fee for initial licensure as a provisional real estate broker?
• What term describes an agent who has been granted power of attorney to act on behalf of a principal for unlimited legal matters?
• Which of these are considered a protected class under the Fair Housing Amendments Act of 1988?
• In North Carolina, if a married couple wishes to own property together, which type of ownership is required?
• Under Article 7 of the Real Estate Law, when is interest on a loan not permitted to be charged?