FREE AND STUDY GAMES ABOUT REAL ESTATE CHP 1-2

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FREE AND STUDY GAMES ABOUT REAL ESTATE CHP 1-2

EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -95 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: Define: Appurtenance

Answer:

A right, a privilege, or an improvement belonging to, and passing with the land.Question 2: Define: Avulsion

Answer:

Sudden tearing away of land, as by earthquake, flood, volcanic action, or the sudden change in the course of a stream.

• or - changes to property actions

Question 3: How many members MUST be licensed real estate brokers?

Answer:

• members

Question 4: Define: Riparian Rights

Answer:

An owner's right in land that borders on or includes a stream, river or lake. These rights include access to and use of the water. Ownership is to the exact center of that stream, river or lake.

Question 5: The rights of ownership include:

Answer:

Right of disposition, right of enjoyment, right of exclusion, right of possession and right of control

Question 6: The job of the commission is to

Answer:

protect the public from real estate brokers

Question 7: Real Estate commission CAN NOT

Answer:

fine you and does not get involved in fee disputes Question 8: Define: Reliction

Answer:

Water receding (as lake is drying us)

• changes to property actions

Question 9: Which of the following is considered to have the greatest impact on the value of a property?

Answer:

area preference

Question 10: What are the Economic characteristics of real property?

Answer:

Scarcity, location, improvements and permance of investment

Question 11: In a fee simple condition subsequent, it's about the

Answer:

PERSON....not the property.

Question 12: Improvements on a property are _____ improvements?

Answer:

Private

Question 13: Doctrine of Prior Appropriation

Answer:

1st come, 1st serve. Used in states with scarce water supply Question 14: In regard to real estate's role in economic cycles, which of the following statements is correct?

Answer:

real estate is a lagging indicator and contains periods of expansion, recession, depression and revival Question 15: How many members of the commission are appointed by the legislation?

Answer:

• members

Question 16: What is another term for severalty?

Answer:

Sole Owner Question 17: All of the following are required of a candidate to obtain a NC Real Estate Brokers

License, EXCEPT:

minimum age of 18 high school diploma good character formal background check

Answer:

high school diploma

Question 18: How many members of the commission are appointed by the Governor?

Answer:

• members

Question 19: Define: Compensation

Answer:

anything of value in exchange for a service

Question 20: What are characteristics of joint tenancy?

Answer:

• Has right of survivorship
• Had to acquire all together
• NOT favored in North Carolina
• PITT (Possession, time and title)

Question 21: Define: Proprietary Lease

Answer:

A lease given by the corporation that owns a cooperative apartment building to the shareholder for the shareholder's right as a tenant to an individual apartment.

Question 22: How many member CAN NOT be licensed real estate brokers?

Answer:

• members

Question 23: What are key phrases in fee simple determinable?

Answer:

"so long as", "while" and "during" Question 24: Define: Life Estate

Answer:

An interest in real or personal property that is limited in duration to the lifetime of its owner or some designated person or persons.

Question 25: What happens if you don't take your continuing classes in time?

Answer:

You license becomes inactive as of July 1st and you must then take the past years CEU class and the current years in order to return back to active.Question 26: Define: Alluvium

Answer:

Silty type of soil formed by sediment that was deposited by the flow of water