REAL ESTATE U FINAL EXAM AND FINAL PRACTICE EXAM LATEST ACTUAL EXAM 450 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+
REAL ESTATE U FINAL EXAM AND FINAL PRACTICE
EXAM LATEST 2023-2024 ACTUAL EXAM 450
QUESTIONS AND CORRECT DETAILED ANSWERS
(VERIFIED ANSWERS) |ALREADY GRADED A+
REAL ESTATE U FINAL EXAM
David just purchased a home that was listed by Mark of ABC Realty.
Mark’s MLS listing mentions that the property is serviced by city water
and sewer even though Mark has discussed with the seller that there is a
well on the property which provides drinking water. This is an example
of…? – ANSWER- Willful Misrepresentation
If a contract was written upon the standard form NCBA/NCAR 2-T
Offer to Purchase contract, the excise tax would show on a closing
statement as a? – ANSWER- debit to the seller
Mr. Jones, a Realtor with XYZ Realty showed Mr. Smith’s listing. Mr.
Smith is with ABC Realty. Mr. Jones asked Mr. Smith to deliver a
Residential Property and Owners’ Association Disclosure. Mr. Smith
told Mr. Jones that the seller refused to fill out the form. Two days later,
the buyer notified Mr. Jones and Mr. Smith that he was backing out on
the deal. He demanded a refund of his earnest money deposit and his due
diligence fee. Which of the following is true? – ANSWER- All money
must be returned.
John, a South Carolina real estate broker, was showing some clients
some rental units in Landrum, South Carolina. They expressed an
interest in a motel that was just across the state line in Tryon, North
Carolina. The South Carolina broker called his friend, a Realtor in
Tryon, North Carolina. They agreed to meet at the liquor store on the
South Carolina side of the state line. They met. John introduced his
clients to the North Carolina Realtor. John and the North Carolina
Realtor agreed to split any commission earned fifty-fifty. The North
Carolina Realtor did not sell the motel to the new clients. He took them
over to the other side of town and sold them a twelve unit rental
property. When they got back to the liquor store, John was sitting on the
front porch smoking a cigar. Which of the following is true? –
ANSWER- John is entitled to half the commission on the twelve-unit
building.
Susan, a real estate broker, accepted a cash deposit for earnest money
with an offer from a buyer. When must this money be deposited in the
bank? – ANSWER- within three banking days of receipt of the cash
Andrew, a Realtor working at ABC Realty, is working with a very picky
buyer, the Jones, This buyer has signed the agency agreement and given
ABC Realty the option to act as a dual agent. Andrew has shown the
Jones 54 houses. They are all too expensive or too small or too chopped
up or too open or too old or too far away. Finally, Andrew finds the
perfect house for the Jones. It is listed with ABC Realty. The seller has
given ABC permission to act as a dual agent. Andrew shows the house
to his clients, the Jones. Robert, also a broker at ABC Realty, works with
the sellers. Which of the following is correct? – ANSWER- ABC Realty
is a dual agent
Which of the following is an example of willful misrepresentation? –
ANSWER- All of the above are classic examples of willful
misrepresentation.
A “Working with Real Estate Agents” brochure must be explained to a
buyer or seller…? – ANSWER- at first substantial contact with the buyer
or seller
John is a real estate broker in North Carolina. John spends three months
every year in Florida. Last year on New Year’s Eve, John was arrested
for Driving While Intoxicated. Is it necessary for John to report this
incident to the North Carolina Real Estate Commission? – ANSWERYes, John is required to report his conviction within sixty days of his
conviction.
XYZ Home Builders notified the local association of Realtors that if any
one Realtor sold three homes in XYZ Estates, that Realtor would receive
a $4000 bonus on their third sale in XYZ estates. Which of the following
is true? – ANSWER- That Realtor must disclose this bonus to the
potential third buyer before the property is shown.
When performing a CMA or BPO a real estate broker…? – ANSWERcan report the suggested price as a range.
A North Carolina real estate broker can share a commission with an out
of state real estate broker if….? – ANSWER- that out of state broker does
not physically come to North Carolina
John and Mary Davis married in 1983. They bought a home for $42,000
later that same year. They lived in that home until 2017. They sold that
home for $542,000. Compute the taxes due to the IRS if the Davis’ are in
a 25% tax bracket. – ANSWER- Zero
Which of the following is true about members of the North Carolina
Real Estate Commission? – ANSWER- All of the above statements are
true.
Which of the following firm licenses is NOT required to have a Broker
in Charge? – ANSWER- S Corporation
Which of the following only has one story? – ANSWER- Ranch style
home
The lowest horizontal member of the house frame which rests atop the
foundation wall and forms a base for the studs is the – ANSWER- Sill
Provisional brokers can be paid by …? – ANSWER- their broker in
charge
Tax rates in North Carolina get adjusted every…? – ANSWER- One year
A Broker in Charge can be disciplined by the NCREC for…? –
ANSWER- her own actions or the actions of a provisional broker that
she is responsible for
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