Superior School of Real Estate Final Flashcards

Superior School of Real Estate Final Flashcards $15,658.A house has a finished bonus room above the garage that is only accessible through an unheated garage. The room is heated by a portable space heater and cooled by a window air conditioner unit. Which of the following statements is true?The Broker or landlord must account for the tentant security deposit in writing within 30 days..An exclusive buyer's agency agreement with a firm will be automatically terminated if the The bonus room does not meet the criteria for living area, because it is not adequately heated.A dual agent may disclose which of the following information to one of the agent's principals without thepermission of the other client?varianceA listing agreement generally includes property owners of most housing built before 1978 to disclose any known presence of any lead-based paint in the properties prior to selling or The real estate contract remedy of specific performance The presence of any mold in a residential property must be disclosed.Which of the following statements about a listing agreement is true?The recordation of a deed to real property is required...To transfer the title from the seller to the buyer.A detached workshop extends over the property line onto the neighboring lot by six inches. This legally constitutes as a (an)...Encroachment.Which of the following statements about townhouses in North Carolina is true?The homeowners association owns the common areas of a townhouse complex.List the property for sale on behalf of the property owner.Which of the following environmental statements is true?a large parcel with permanent structures that has been inherited.The seller of a property insists on receiving $55,000 profit from the sale of his home. The existing mortgagebalance of $120,000 must be paid off at closing. The brokerage fee is 6% and there will be $2,475 inmiscellaneous closing costs for the seller. For what price must the house sell, rounded to the nearest dollar, inorder to meet the seller's goal?A non-provisional broker may be the designated agent for the seller-client and a provisional broker in the same firm may be the designated agent for the buyer- client.In North Carolina, an oral buyer agency agreement A market analysis of neighboring, competitive propertiesWhich of the following statements about VA mortgage loans is TRUE?The buyer's offer is terminated, because the seller did not sign the offer.Which of the following statements in a broker's advertisement for real property would be compliant withRegulation Z requirements?Which of the following is an example of personal property that could typically be removed by the seller of a residential property?A tree house constructed in a tree on the property that can be removed without damage to the tree.

$1901.90In North Carolina, a husband and wife own a home as tenants by the entirety. Both of their wills specify that allproperty and possessions will pass to their 3 children equally upon their respective deaths. The wife diessuddenly. Explain ownership of the house after the wife's death.Which of the following is a legal property management practice under the Federal Fair Housing Act as amended in 1998?Requiring a credit report and a criminal background check for all applicants.How and when must a broker notify an unrepresented buyer that the broker represents the seller?In writing, before obtaining any personal information from the buyer.21,726In the Market Data Approach to value, the principal factors used to select comparable properties are Which of the following would create legally binding acceptance of a written offer?The seller's agent emails the buyer's agent that the seller signed the offer as written.Located near a waste management facility. A written listing agreement will be automatically terminated if the...Which of the following statements best defines a real estate appraisal?A typical property management agreement will specify the...The fiduciary duties of an exclusive buyer's agent include...Concealing clients confidential information.Statue of Frauds.Which of the following statements about a provisional broker (PB) is true?destruction of the property.Three friends (A, B, and C) own a property as joint tenants.Each has a spouse and children. Friend A dies andwills his interest in the property to his children. Which of the following BEST describes the ownership of theproperty after Friend A's estate has been settled?present both offers to the seller and coach the seller on possible responses.A buyer's agent hand-delivers a signed offer to the listing agent with a different real estate firm. When thelisting agent presents the offer to the seller in person, the seller strikes through the proposed purchase priceand enters a higher number, initials the change, signs the offer, and hands the offer back to the listing agent.The listing agent delivers the signed offer to the buyer agent's firm. The buyer's agent scans and emails thedocument to the buyer, pointing out the price change. The buyer initials the change and emails the documentback to the buyer's agent. The buyer's agent calls to inform the listing agent that the buyer has initialed theprice change. The listing agent notifies the seller later that day of the buyer's acceptance. A binding contractwas created when instituting legal actions against tenants. A broker obtains an exclusive right to sell listing for her real estate company. What is the agency relationshipbetween the owner of the listed property and all the brokers that work for the listing company?

59,837A commercial lot in the city is located in the middle of an area zoned for office use only. City zoningrequirements limit construction to one story in height and dictate a minimum number of parking spaces basedon the square footage of an office building. The property owner wishes to build an office building on the lot.Due to the irregular shape of the lot and the presence of a city utility easement across the owner's property,less than half of the required parking spaces will fit on the property. The property owner realizes that therequired parking spaces could be created by constructing offices over a one-story parking garage. The propertyowner should petition the city for a The unlicensed assistant of a broker shows one of the broker's many listings to a prospective buyer.Ms. Jones, owner of Parcel A, grants a written easement across her land to Ms. McCoy, owner of Parcel B. The easement is recorded. Ms. Jones sells Parcel A to Mr.Hatflald. Can Mr. Hatfield legally prevent Ms. McCoy from using the easement?Which of the following statements about deeds is true?A special warranty deed contains a promise that the grantor will convey title on the property without any encumbrances.The husband will have 100% ownership of the house.broker advertises his listing as waterfront property. The property has a great view of the lake, but there isanother lot located between the listed property and the lakeshore. The listing agent may be guilty of $194,500The sellers wish to include several conditions in their counteroffer. There are no standard addenda that meetthe sellers' wishes. The listing agent blockbusting.According to the North Carolina Real Estate Commission's Residential Square Footage Guidelines, which of thefollowing statements regarding "living area" is TRUE?Under the North Carolina Residential Rental Agreements Act, Tentantcanusewithheldpaymentofrenttopayforrequiredrepai rs Compensation to a broker from a settlement service provider in the transaction is probably in violation of

RESPA.

A North Carolina broker specializing in property management may employ an unlicensed assistant to legallyperform which of the following services?It creates a fiduciary relationship between the seller and the listing firm.A state law that requires contracts conveying interest in real property to be in writing in order to be enforceable is called the...requires the consumer to sign the Working with Real Estate Agents brochure panel before entering into any agreement.The city has recently improved a residential subdivision by installing sidewalks across the front of theneighborhood lots. To recover the expense of the sidewalk installation, the city will collect the money from theimproved lot owners by imposing a(n) The grantor promises to warrant and defend the title conveyed against any claims and demands of all persons

since the beginning of time with a...General warranty deed.