Superior Real Estate School Exam Flashcards

Superior Real Estate School Exam Flashcards Which of the following adds land due to natural changes along non-navigable streams?A. AccretionB. AvulsionC.ErosionD. Reliction

• Accretion

Under the general principles of agency, when a licensee is acting on behalf of a client and acts improperly who is liable for the acts of the licensee?A. only the clientB. only the licensee and the broker-in-chargeC. only the client and the licenseeD. the client, the licensee, the firm and or the broker-in-charge

• the client, the licensee, the firm and or the

broker-in-charge Jack is a licensed real estate professional in Illinois. He has been a broker for many years, but is not licensed in NC.Jack has a friend who wants to purchase a home in Charlotte, NC. In regard to the representation of this buyer

all of the following are TRUE, EXCEPT:A. Jack may refer

the buyer to a licensed NC broker and receive a referral fee even though he is not licensed in NC.B. Jack may meet with the buyer in Illinois and explain the purchase process and answer questions about the NC transaction.C. So long as Jack affiliates with a NC broker he may accompany the buyer to North Carolina and assist in showing the buyer propertyD. The NC real estate commission does not have jurisdiction over Jack unless Jack conducts illegal brokerage activities in NC

• So long as Jack affiliates with a NC broker he may

accompany the buyer to North Carolina and assist in showing the buyer property A deed conveyed ownership to a grantee "so long as the existing building on the property is not destroyed." Following the transfer, the original grantor has what type of interest?A. Life EstateB. ongoing ownership in the property that lasts as long as the conditionC. Fee Simple EstateD.Reversionary Estate

• Reversionary Estate

All of the following are requirements of licensure for a NC

Real Estate license, EXCEPT:A. Possess a social security

numberB. Be a United States citizenC. File a complete application and feeD. Be a resident of North Carolina

• Be a resident of North Carolina

The recording of a deed:A. is required in order to fully

transfer the title of the real estateB. makes the deed enforceableC. ensures the grantee's interest in a parcel of real estateD. warrants the grantee's title to real property

• makes the deed enforceable

An executory contract is one in which:A. all of the terms

and conditions have been performedB. there are still essential elements to be performedC. one or more of the parties is in breach of the agreementD. the contract has

expired

• there are still essential elements to be performed

When must a licensee get an Exclusive Right to Sell Listing Agreement signed?A. before the seller receives an offerB.at first substantial contactC. prior to closingD. at the time of

employment or the start of the relationship

• at the time of employment or the start of the relationship

Barney Buyer made an offer to a seller which was accepted. Three days prior to closing, Barney dies. What is

the status of the agreement between the buyer and the seller?A. The contract was automatically voided at the time of Barney's death.B. The seller will have to enforce the contract through a court order for specific performance.C.Barney's heirs have the option of making the contract voidable.D. The contract is still valid and enforceable. The contract is now an obligation of the estate and the probate court will direct the proper way to proceed with the agreement.

• The contract is still valid and enforceable. The contract

is now an obligation of the estate and the probate court will