Practice Exam - Bad Ash Flashcards

Practice Exam - Bad Ash Flashcards What is the name of the document that entitles a veteran to VA loan financing?*Certificate of EntitlementCertificate of EligibilityCertificate of Reasonable ValueDD-214 document certificate of eligibility According to NC License Law and Commission Rules, which of the following statements is correct?*Licensees may include in a sales contract a disclaimer statement regarding that the broker is not liable for any representations regarding the property.Licensees are to confirm their agency status in the offer to purchase and contract.Licensees must disclose in the sales contract any additional compensation the firm will receive from a third party, which includes, but is not limited to, a selling bonus from a builder, so long as all parties are told.Date of initial agency disclosure is required to be stated in the sales contract.Licensees are to confirm their agency status in the offer to purchase and contract.Mary Sue is a broker in charge of Mathis Realty, which has several affiliated agents. Mary Sue is actively involved in listing and selling properties. John Smith, a provisional broker with Mathis Realty, has a buyer client who has expressed interest in one of Mary Sue's listings. Which of the following agency arrangements is permissible in this particular transaction?*Mary Sue and John may act as dual agents.Mary Sue may not represent her seller and John may represent his buyer.Mary Sue and John may act as designated agents.Mary Sue in a single agency relationship with the seller and John in a single agency relationship with the buyer.Mary Sue and John may act as dual agents.Which of the following is true about townhouses in NC?*The common areas are owned by the HOA as tenants in common.The deed is for the enclosed air space of the unitThe HOA owns the common areas in severalty.Land is not included when a townhouse if purchased.the HOA owns the common areas in severalty A licensee receives their initial license on inactive status and must do which of the following to activate it?*Pay $45 to NCRECAffiliate with a BICComplete 30 hours of Post License within 18 monthsJoin a REALTOR organization affiliate with a BIC A couple that is being relocated by their employer told a friend, who is a real estate licensee, that it would be a relief to sell their house before they left town. One week later, the licensee brings a prospective buyer to view the property.The buyer then began negotiating with the couple for the

house. Assuming the negotiations lead to a sale, which is the BEST description of the licensee's position in this transaction?The licensee has an express agency relationship with the seller that will hold up in court if challengedThe licensee is entitled to compensation for bringing a willing, ready, and able buyerThe sellers are free to sell the home without compensating the licenseeThe fact that the seller began negotiating with the buyer creates an agency by ratification the sellers are free to sell the home without compensating the licensee Which statement is true about ad valorem taxes?*They must be reassessed when a property is sold to a new ownerThey are assessed according to the property's

valueThey are based on the total square footage of the propertyThey determine how much the tax rate can be They are assessed according to the property's value A squatter has been living on and farming a small, remote section of a very large property. The property owner

receives notice that the squatter wants to claim title to the cultivated section. Which of the following is CORRECT?Squatters are entitled to bring claims for continued use under a prescriptive easement but not claim for titleThe claim will be valid if the land has been farmed for more than three growing seasonsSquatters are entitled only to the crops they have planted and con not lay claim to the propertyThe claim may transfer ownership if all the conditions of adverse possession are met The claim may transfer ownership if all the conditions of adverse possession are met