sample exam
A property was listed at $250,000. The final sale price was $235,300. The buyer was able to take over the seller's existing mortgage for $166,997 and obtained another mortgage for $54,400. Excise tax will likely be reflected on the Closing Disclosure as A) $500.00 debit to buyer. B) $109.00 debit to seller. C) $471.00 debit to seller. D) $333.99 credit to buyer.
$235,300 ÷ 500 = $470.60 C) $471.00 debit to seller.
A minor inherited a large old mansion from his uncle. A cousin offered to purchase the house, and the minor agreed and sold the house. In this situation, was a valid contract formed? A) Yes, the minor is allowed to sell property to relatives but cannot purchase property until reaching legal age. B) No, the contract to sell was voidable by the minor, who can rescind the sale. C) No, the minor may not enter into a contract but may legally convey title and sign the deed. D) Yes, the contract was voidable by the cousin who did not rescind, so the sale became legal when the deed was passed.
B) No, the contract to sell was voidable by the minor, who can rescind the sale.
Which of the following statements is NOT true regarding taxation on the sale of a qualified personal residence? A) A married couple (filing joint tax return) will pay no tax on the first $500,000 of profit. B) Profits in excess of the tax-exempt profit will be taxed at short-term capital gain rates. C) The owner must live in the residence for at least two of the past five years to qualify for special tax treatment under the law. D) A single person will pay no tax on the first $250,000 of profit.
B) Profits in excess of the tax-exempt profit will be taxed at short-term capital gain rates.
Unlicensed assistants or secretaries working in a real estate office may perform which of the following duties? A) Answer questions from callers asking if the seller of one of the firm's listings will accept an offer below the list price B) Schedule a showing appointment for the firm's listings C) Sign a listing contract for a broker with the broker's permission D) Help negotiate a sales contract as long as she explains that she is unlicensed
B) Schedule a showing appointment for the firm's listings
Which statement is TRUE? A) Transactional records must be retained for at least three years after the last date of activity. B) An executed contract must be delivered to both parties within seven days of execution. C) Earned interest on funds in a trust account that the broker will retain must be removed from the trust account within three business days of its payment into the account. D) A closing statement must be provided to both parties no later than three days after the closing date.
A) Transactional records must be retained for at least three years after the last date of activity.
The broker has distributed a flyer in an open house that states a down payment of $5,000, a payment of $750, and an interest rate of 4%. Is the broker required to make any disclosures regarding the loan? A) Yes, the broker must disclose under the Truth in Lending Act. B) No, only lenders are required to disclose under the Truth in Lending Act. C) Yes, the broker must disclose the name of the lender who supplied the figures because the lender will need to provide a truth-in-lending statement. D) No, the broker does not have to make any disclosure.
A) Yes, the broker must disclose under the Truth in Lending Act.
When tenant in common is used as the form of ownership, all of the following are true EXCEPT A) a married couple would not be allowed to take title in this manner. B) there is no limit to the number of owners who can share the interest in property. C) there is no right of survivorship among the owners. D) all owners have an undivided fractional interest in the entire property.
A) a married couple would not be allowed to take title in this manner.
Independent contractors in a brokerage firm must have A) a written employment agreement. B) withholding taxes deducted from their commission checks. C) an employer-provided withholding schedule. D) a flexible schedule.
A) a written employment agreement.
To determine the adjusted tax basis of a principal residence, A) add the purchase price and the cost of improvements and special assessments. B) add the purchase price, the cost of improvements, and depreciation. C) add money received for a casualty loss and depreciation. D) subtract the costs of the survey, the appraisal, and repairs.
A) add the purchase price and the cost of improvements and special assessments.
Concerning the Residential Property Disclosure Statement, a listing broker should A) assist the seller by answering questions and giving guidance. B) assure the seller disclosed all material facts. C) complete the form for the seller. D) encourage all sellers to check no representation.
A) assist the seller by answering questions and giving guidance.
The executor of a property listed for sale has requested that a special warranty deed be used. The executor MOST likely chose this deed because it will offer protection for the grantee against A) claims from the years that the grantor owned the property. B) all claims against the property for the past 30 years. C) all claims by rightful owners over the past 99 years. D) all claims forever against the property.
A) claims from the years that the grantor owned the property.
At the closing of the loan, when the borrower signs the promissory note and a deed of trust or mortgage, the promissory note does all of the following EXCEPT A) create the lien against the property. B) be a personal promise to repay the loan. C) be signed by the borrower. D) give evidence of the debt.
A) create the lien against the property.
According to the statute of frauds, a contract for the sale of real estate, a long-term option, and a four-year commercial lease A) must be in writing to be enforceable. B) should be executed within a certain time or it will automatically expire. C) must be in writing to be legally binding. D) needs to be written and signed within appropriate time frames to be legal and enforceable.
A) must be in writing to be enforceable.
A full broker whose license has been expired for less than six months must A) pay a $90 reinstatement fee on or before December 31. B) complete one postlicensing course and file an application for reinstatement. C) file a request for reinstatement. D) show proof of supervision by a broker-in-charge.
A) pay a $90 reinstatement fee on or before December 31.
A property manager on a routine basis would be expected to do all the following EXCEPT A) recommend a sales price, list, and sell the property. B) train all management employees to be in compliance with fair housing laws. C) recommend rental pricing to the owner and negotiate leases with tenants. D) go to court for the owner as part of an eviction process.
A) recommend a sales price, list, and sell the property.
A form of legal description that uses meridians, sections, and ranges is A) rectangular survey. B) metes and bounds. C) lot, block, and subdivision. D) assessor's parcel number.
A) rectangular survey.
To remove provisional status, a licensee must A) successfully complete three 30-hour post-licensing courses. B) have two years full-time experience. C) continue to have a broker-in-charge. D) be on active status for three years.
A) successfully complete three 30-hour post-licensing courses.
The principle of value used to explain why the rental rates are increasing in an area is A) supply and demand. B) contribution. C) highest and best use. D) substitution.
A) supply and demand.
A real estate broker advertising property for sale to the public would need to consider all the following EXCEPT A) the Equal Credit Opportunity Act. B) the junk fax and spam acts. C) the National Do Not Call Registry. D) the Truth in Lending Act.
A) the Equal Credit Opportunity Act.
Amounts to be prorated and other settlement items are determined by A) the Offer to Purchase and Contract (NCAR/NCBA). B) the title commitment or abstract. C) the Closing Disclosure. D) the attorney and brokers organizing the closing.
A) the Offer to Purchase and Contract (NCAR/NCBA).
When filing a federal tax return, capital improvements adjust A) the basis. B) the market value. C) the assessed value. D) the price.
A) the basis.
Loan to value is determined by A) the loan amount divided by the lower of the sales or the appraised value. B) the floating rate a lender will loan, depending on interest rates. C) the higher of the sales or the appraised value times 80%. D) dividing the total amount the buyer can qualify for by an allowable ratio.
A) the loan amount divided by the lower of the sales or the appraised value.
A broker listing property would be obligated to disclose all of the following as material facts EXCEPT A) the past owner had HIV and died in the property. B) the seller finished the basement without a permit. C) improper drainage on the hillside lot. D) water intrusion in the basement when spring rains occur.
A) the past owner had HIV and died in the property.
Under the North Carolina Tenant Security Deposit Act, A) the tenant must receive a final accounting and/or refund of the deposit within 60 days after the tenancy ends. B) the maximum tenant security deposit that can legally be charged is equal to one month's rent. C) a landlord may only use the deposit to repair damage to the unit by the tenant. D) a landlord must collect a tenant security deposit to make the lease enforceable.
A) the tenant must receive a final accounting and/or refund of the deposit within 60 days after the tenancy ends.
Real estate brokers and salespeople, acting as an agent for buyers or sellers, owe the client all the following fiduciary obligations EXCEPT A) verifying that the zoning will meet the buyers' needs when acting as a listing broker. B) reasonable skill and care in all transactions. C) disclosure of benefits and risks in a transaction. D) loyalty to the principal and putting the principal's interest above others.
A) verifying that the zoning will meet the buyers' needs when acting as a listing broker.
A listing agent is aware of severe plumbing problems in a home that he has recently listed for sale. He receives an offer from a buyer. He does not mention the plumbing problems to the buyers or their agent. The listing agent is probably guilty of A) willful omission. B) negligent omission. C) negligent misrepresentation. D) willful misrepresentation.
A) willful omission.
A house with a market value of $100,000 is located in a city where the assessed value is 50% of market value. The tax rate last year was $1.60 per hundred in the city and $1.40 per hundred in the county. The tax rate has increased by 10% this year. What is this year's property tax? A) $1,500 B) $3,300 C) $1,650 D) $1,350
C) $1,650 $100,000 × 0.50 = $50,000 assessed value 1.60 + 1.40 = $3.00 × 0.10 = 0.30 increase 3.00 + 0.30 = $3.30 3.30 ÷ 100 = 0.033 tax rate $50,000 × 0.033 = $1,650
A broker received a commission of $45,925 on the sale of a small retail store that sold for $835,000. What was her commission rate? A) 6.5% B) 7.0% C) 5.5% D) 6.0%
C) 5.5% 45,925 ÷ 835,000 = 5.5%
Under North Carolina real estate license law, which of the following would require a real estate license? A) A trustee in a bankruptcy proceeding or foreclosure sale B) An owner of real estate who is selling or leasing his own property C) An attorney who regularly lists and sells real estate for others for a fee D) A property manager's salaried employee who exhibits rentals
C) An attorney who regularly lists and sells real estate for others for a fee
When advertising a listing, a broker would be required to have which of the following as part of the advertisement? A) Complete disclosure of all known material facts B) The broker's picture, email, and phone number C) Clear indication that the ad was placed by a broker and brokerage firm D) The complete legal description and listing price for the property
C) Clear indication that the ad was placed by a broker and brokerage firm
Which appraisal method depends on an accurate estimate of the value of the accrued depreciation? A) Income approach B) Market data approach C) Cost approach D) Reproduction approach
C) Cost approach
A broker begins marketing her new listing, puts it in MLS, and does an open house. The seller sells the property directly to her cousin and does not pay the broker any commission. What type of listing agreement was signed? A) Open listing with seller-may-sell clause B) Exclusive right to sell C) Exclusive agency D) Net listing
C) Exclusive agency
Before showing properties to potential renters, a property manager should have done which of the following? A) Done a property inspection and listed all items to be repaired B) Established an operations budget and the correct rental fees based on local values C) Negotiated compensation and signed a management agreement with the landlord D) Signed an exclusive right-to-lease contract with the landlord before contacting any renters
C) Negotiated compensation and signed a management agreement with the landlord
A house located in the city recently sold for $435,000. The assessed value is $420,900 with a city tax of 1.67 per hundred and a county tax of 1.13 per hundred. The annual ad valorem tax is A) $4,756.17. B) $11,785.20. C) $12,180.00. D) $7,029.03.
B) $11,785.20. $420,900 × 0.028 = $11,785.20
The subject property has two baths and one fireplace. The property across the street sold for $180,000 and had two baths and no fireplace. The property behind the subject sold for $175,000 and had one bath and no fireplace. In the area, baths are worth $5,000 and fireplaces are worth $3,000. What is the subject property worth? A) $180,000 B) $183,000 C) $175,000 D) $177,000
B) $183,000 Comp 1: 180,000 + 3,000 (fireplace) = 183,000; Comp 2: 175,000 + 5,000 (bath) + 3,000 (fireplace) = $183,000
A buyer receives a loan on a new home for $272,450 at 5½% for 20 years; the monthly principal and interest payment is based on an amortization factor of 6.88. Calculate the principal balance of the loan after the first payment is made. A) $271,842.36 B) $271,824.27 C) $272,405.89 D) $276,890.99
B) $271,824.27 $272,450 loan amount ÷ 1,000 = $272.45 × 6.88 amortization factor = $1,874.46 PI I = 272,450 × 0.055 = 14,984.75 ÷ 12= $1,248.73 $1,874.46 PI − $1,248.73 I = $625.73 P $272,450 - 625.73 = $271,824.27
Sara is scheduled to close on her new home on September 22. The contract calls for a purchase price of $145,000 with $2,500 in earnest money, a loan of 95% LTV at a 4.5% rate with a 1% origination, 1/2 discount point, and other closing costs of $1,500, plus interim interest. How much will Sara have to bring to closing? A) $8,454.00 B) $8,471.22 C) $10,971.22 D) $6,971.22
B) $8,471.22 $145,000 × 0.95 = $137,750 loan amount $137,750 × 0.01 = $1,377.50 origination fee $137,750 × 0.005 = $688.75 points $137,750 × 0.045 = $6,198.75 annual interest ÷ 360 = 17.219 × 9 days = $154.97 interim interest $145,000 sales price − $137,750 loan amount = $7,250 down payment $1,377.50 origination fee + $688.75 points + $7,250 down payment + $1,500 closing costs + $154.97 interim interest − $2,500 earnest money deposit = $8,471.22
A buyer purchased a home for $96,875. He agreed to pay $3,000 in closing costs plus two discount points. He obtained an FHA loan and was required to pay a 4% down payment. Compute the buyer's total cash payment at closing. A) $5,813 B) $8,735 C) $1,860 D) $3,875
B) $8,735 $96,875 × 0.04 = $3,875 (down payment) $96,875 - 3,875 = $93,000 (loan) × 0.02 = 1,860 (points) $3,000 + 3,875 + 1,860 = $8,735 cash payment at closing
An investment company has an apartment complex on the market for sale. Given that the potential gross income is $500,000, with vacancy and losses of 4% and expenses of $240,000, depreciation of $88,000, and debt service of $150,000, calculate the capitalization rate based on the $1,500,000 list price. A) 10% B) 16% C) 0.13% D) 6%
B) 16% $500,000 × 0.04 = $20,000 vacancy and rent loss $500,000 PGI − $20,000 vacancy and rent loss = $480,000 EGI - 240,000 operating expenses = $240,000 NOI AR = B × R 240,000 = 1,500,000 × R 240,000 ÷ 1,500,000 = 0.16 = 16% (Depreciation and debt service are not included in NOI.)
Which of the following statements about real estate education is TRUE? A) A broker's continuing education requirement must be completed by midnight on June 30. B) All real estate licensees must, after their first renewal, take eight hours of continuing education annually to remain active. C) The license of a provisional broker who has not completed all post-licensing courses by the third license anniversary date will expire. D) Post-licensing courses can count toward satisfaction of the continuing education requirement.
B) All real estate licensees must, after their first renewal, take eight hours of continuing education annually to remain active.
If A grants a life estate to B and specifies that the property will transfer to C upon the death of B, then A) A is the remainderman. B) C is the remainderman. C) A has reversionary rights. D) B has reversionary rights.
B) C is the remainderman.
Which of the following is NOT a factor to be considered when determining the amount of the monthly housing expense? A) PMI payment B) Cost of utilities C) HOA dues D) PITI payment
B) Cost of utilities
Which component of a house is NOT part of the roof? A) Soffit B) Header C) Ridgeboard D) Eave
B) Header
A buyer and a seller enter into a real estate sales contract. Under the contract's terms, the buyer will pay the seller $500 a month for 10 years. The seller will continue to hold legal title, while the buyer will have possession of the home and pay all real estate taxes, insurance premiums, and regular upkeep costs. What kind of contract do the buyer and the seller have? A) A 10-year option contract B) Installment land contract with seller as lender C) Contract for mortgage or deed D) Unilateral contract binding on the seller
B) Installment land contract with seller as lender
Sam Jones owns 48 acres in the country. Sam has been unable to visit the property for the past 22 years, and over that time some of the neighbors have been using Sam's property. During years of plentiful spring rain, John has planted corn on two of Sam's acres adjoining his land; John has had 10 crops of corn off of Sam's land. For the past 25 years, Sally has received permission to use an acre of Sam's land to board her horses. For 20 years, Joe and Paula have planted and improved two of Sam's acres adjoining their property. For 30 years, all the schoolchildren in the area have crossed a corner of Sam's property as a shortcut to school. Which parties, if they meet the statutory requirements, might be able to obtain court-ordered rights to continue their use, even if the property owner protests? A) All the parties B) Joe, Paula, and the children C) John and Sally D) Sally, Joe, and the children
B) Joe, Paula, and the children
Which of the following is TRUE regarding a corporation that owns real property and has an employee negotiate the sale of the property? A) Corporations are not required to be licensed. B) Neither the corporation nor the employee needs a license. C) The employee must hold a real estate broker license. D) The corporation must hold a firm license.
B) Neither the corporation nor the employee needs a license.
According to the North Carolina Time Share Act, A) a time-share developer must be registered as the broker-in-charge of the development. B) the buyer should receive all disclosure documents before a closing date is set. C) a time-share is not considered real property, so the buyer will not receive a deed. D) a time-share developer may be fined $500 for each violation of the Act.
D) a time-share developer may be fined $500 for each violation of the Act.
The two primary forms of eviction are A) self-help and constructive. B) actual and self-help. C) summary ejectment and lock out. D) actual and constructive.
D) actual and constructive.
The renter of an apartment building has recently become wheelchair bound. The tenant has asked the owner to create a handicapped parking space near the door to the unit and reserve the space for the tenant. In this case, the owner should A) suggest that the lease be terminated and that the tenant look for more appropriate housing. B) tell the tenant that the policy is first come, first served for all parking. C) tell the tenant that she may put up her own sign. D) as a reasonable accommodation, give the tenant the reserved parking space.
D) as a reasonable accommodation, give the tenant the reserved parking space.
All of the following are essential to the validity of a purchase contract EXCEPT A) consideration in money, promises, or something of value. B) lawful objective. C) communication of acceptance to the offeror. D) earnest money in good funds.
D) earnest money in good funds.
A broker is preparing a CMA for a seller. The subject property has 3 bedrooms, 2 bathrooms, a two-car garage, and a deck. Comp 1 has 4 bedrooms, 3 baths, a two-car garage and a deck. Comp 2 has 3 bedrooms, 1.5 baths, a two-car garage, and no deck. Comp 3 has 3 bedrooms, 2 baths, a one-car garage, and a deck. What adjustments must the broker make to determine a probable selling price? A) Add the value of a deck to Comp 2 B) Add the value of a bedroom to Comp 2 C) Subtract the value of a one-car garage and add the value of a two-car garage to Comp 3 D) Subtract the value of a bedroom from Comp 1
C) Subtract the value of a one-car garage and add the value of a two-car garage to Comp 3
The buyer has told his broker that he wishes to keep all the appliances currently on the property even though the seller has listed them as excluded. In order for the appliances to convey, what must occur? A) If the seller agrees to include them, the appliances will be considered an appurtenance and transfer with the deed. B) They must be listed in the listing, offer, and contract as included. C) The broker should list the request in the offer, and if the seller accepts, the personal property will be conveyed at settlement in a bill of sale. D) Once the seller agrees to include them, the items will be listed on the bill of sale and attached to the offer.
C) The broker should list the request in the offer, and if the seller accepts, the personal property will be conveyed at settlement in a bill of sale.
Under the law of designated agency in North Carolina, which of the following statements is NOT true? A) One agent at the firm represents only the buyer in a particular transaction. B) One agent at the firm represents only the seller in a particular transaction. C) The broker-in-charge can never be one of the designated agents. D) The firm is practicing dual agency.
C) The broker-in-charge can never be one of the designated agents.
Which of the following would NOT make a contract voidable? A) The broker and the seller failed to disclose a property defect known to both. B) A minor inherited a property and sold it to an adult. C) The buyer has been adjudicated as incompetent. D) The buyer has only three days to purchase a property and is feeling under duress.
C) The buyer has been adjudicated as incompetent.
An apartment complex has 60 units, which rent for $450 each per month. An investor buys the apartment complex, and closing is set for March 22, with the seller having the day of closing. The prorated March rent will show on the settlement statement as the buyer getting A) a credit for $19,800, and the seller getting a debit for $19,800. B) a debit for $19,800, and the seller getting a credit for $19,800. C) a credit for $7,200, and the seller getting a debit for $7,200. D) a debit for $7,200, and the seller getting a credit for $7,200.
C) a credit for $7,200, and the seller getting a debit for $7,200. Rent = always a seller owes buyer, solve the right side
The listing broker is holding an open house on a listing in which the sellers have told him they are very motivated. Buyers tour the home and are interested in making an offer. The listing broker tells the buyers that if they will write an offer with the listing broker within the week, the broker will get the seller to drop the price by $5,000. In this case, the broker is acting as A) a designated agent for the sellers and the buyers. B) a dual agent. C) an undisclosed dual agent. D) a sellers' agent with an oral buyer representation agreement.
C) an undisclosed dual agent.
Agency agreements in North Carolina must include all the following requirements EXCEPT A) a nondiscrimination clause. B) a definite ending date. C) the list price with an automatic renewal clause. D) the listing licensee's real estate license number on the form.
C) the list price with an automatic renewal clause.
All the following are true about the beneficiary's rights in a deed of trust EXCEPT A) the trustee is charged with completing the foreclosure process. B) they can take possession of the collateral property in a default. C) they can change the terms of the note with ample notice. D) they can foreclose on the grantor if there is a default.
C) they can change the terms of the note with ample notice.
The North Carolina Fair Housing Act differs from the federal Fair Housing Act with regard to exemptions in that in North Carolina A) an owner of a 1‒5 unit property may discriminate if the owner or a family member lives in one of the units. B) complaints are filed with the North Carolina Human Relations Commission. C) universities may discriminate in the rental of rooms in a co-ed dormitory. D) sellers may discriminate against protected classes if they are not using a real estate broker.
C) universities may discriminate in the rental of rooms in a co-ed dormitory.
A certified commercial appraiser is determining the value of an apartment building. There are a total of 64 units in the apartment building: 32 three-bedroom apartments rent for $1,100 a month, 20 two-bedroom apartments rent for $850 a month, and 12 one-bedroom apartments rent for $675. Losses from vacancies and collections average 3% of gross income. Operating expenses run $197,500 a year and the capitalization rate is 9%. What is the estimate of value for the property? A) $8,040,000 B) $5,845,556 C) $7,798,800 D) $5,604,356
D) $5,604,356
A home had a sales price of $80,000. The seller realized a profit of 25%. What did the home originally sell for? A) $60,000 B) $65,000 C) $56,000 D) $64,000
D) $64,000 100% + 25% = 125% AR = B × R 80,000 = B × 1.25 80,000 ÷ 1.25 = $64,000
A legal description states, "Starting at the corner of Apple Way, go 300 feet east to Cedar Street, then 150 feet south to Stillwater Ave., then 300 feet west to Birch Street, and then 150 feet to the point of beginning." The legal description has how many square feet? A) 4,560 B) 30,000 C) 15,000 D) 45,000
D) 45,000 300 feet × 150 feet = 45,000 square feet
Which of the following is exempt from federal fair housing laws? A) An owner of a 4-unit building who lives next door and advertises "no Caucasians" B) A broker renting her own property who refuses to rent to a person of a different race C) An owner of a 12-unit who lives in one of the units and will not rent to tenants with children D) An owner selling his own property who will not sell to buyers with children
D) An owner selling his own property who will not sell to buyers with children
A broker lists a property and begins marketing it. The seller sells the property directly to a neighbor and pays the broker a full commission. What type of listing agreement was signed? A) Exclusive agency B) Open listing C) Net listing D) Exclusive right to sell
D) Exclusive right to sell
Of the federal agencies involved with money, which has the MOST impact on owner-occupied loan interest rates? A) Department of the Treasury B) Department of Housing and Urban Development C) The Federal Housing Administration D) Federal Reserve Board
D) Federal Reserve Board
An individual who holds a remainder or reversionary interest in real property will have what type of interest upon the death of the life tenant? A) Life estate B) None C) Qualified fee estate D) Fee simple absolute estate
D) Fee simple absolute estate
Among the pairs of financing terms, which is MOST similar in meaning? A) Mortgagee and borrower B) Trustor and beneficiary C) Trustee and lender D) Mortgagor and borrower
D) Mortgagor and borrower
Which of the following statements concerning an adjustable-rate mortgage is NOT true? A) The initial payment is typically smaller than a payment on a fully amortized loan. B) This loan might be a good choice for a borrower who wants a smaller payment and who will own the home for a short time. C) The rates may increase or decrease at set times throughout the life of the loan. D) The full amount of interest paid over the life of the loan can be listed on the good-faith estimate.
D) The full amount of interest paid over the life of the loan can be listed on the good-faith estimate.
An active real estate broker in North Carolina is obligated under license law to meet which of the following requirements? A) Any change in a licensee's address must be reported to the North Carolina Real Estate Commission within 30 days. B) Only active licensees must pay the annual real estate license renewal fee. C) The annual real estate license renewal fee must be received by the Commission no later than June 10. D) The licensee must be able to produce a license pocket card anytime when conducting brokerage activity.
D) The licensee must be able to produce a license pocket card anytime when conducting brokerage activity.
A licensee sells a property to the personnel manager for a company relocating to the area. The licensee tells the personnel manager that if the manager will send potential relocations to the licensee, the licensee will pay the personnel manager referral fees. Which of the following is TRUE? A) The licensee can only pay the personnel manager if the manager does not enter North Carolina during the transaction. B) The licensee should always pay referral fees as good business practice. C) The referral fee may only be paid by the licensee's broker-in-charge. D) The personnel manager may not legally be paid.
D) The personnel manager may not legally be paid.
A buyer and a seller enter into a purchase contract for a vacant lot by writing the terms of the purchase on notebook paper. They both sign the paper. The paper is A) an illegal contract because it is not an approved form. B) an illegal but binding contract if both parties close and the deed is passed. C) an option to purchase that becomes a bilateral contract at the time it is transferred to a proper contract form. D) a binding executory purchase contract.
D) a binding executory purchase contract.
The tenant holds a leasehold estate, which has an indefinite duration. This leasehold estate is known as A) a freehold estate. B) an estate for years. C) a qualified fee estate. D) a periodic tenancy.
D) a periodic tenancy.
A broker acting as a property manager may do all of the following EXCEPT A) keep some of the brokerage firm's money in the property management trust account without commingling. B) spend the owner's money on repairs and maintenance as authorized by the property management agreement. C) negotiate leases, evict tenants, and raise rents as established in the management agreement. D) give tenants who send new tenant referrals to the broker a nonmonetary finder's fee.
D) give tenants who send new tenant referrals to the broker a nonmonetary finder's fee.
A metes-and-bounds legal description states, "Commencing at the corner of Ridge Street and Maple Street, then east 40 degrees to Elm Ave, then 60 degrees south to Main St., then 40 degrees west to Ash Ave." This description is A) incorrect because it is not listed in rods. B) perfect and correct as listed. C) not correct because the monument has not been noted. D) imperfect because no closure has been given.
D) imperfect because no closure has been given.
A city neighborhood has started to become more diverse as ethnic populations have moved in. ABC Realty has created an advertising campaign offering reduced fees to homeowners who list and move from the changing neighborhood. In this instance, ABC Realty A) is guilty of steering and profiteering. B) has broken no law and is following standard practices. C) has done a service for those who need to move before the neighborhood completely changes. D) is guilty of blockbusting.
D) is guilty of blockbusting.
When a listing broker finds a buyer for a property and agrees to represent the buyer in this transaction, the broker A) can legally represent only one of the two parties as a designated agent with informed consent. B) will owe fiduciary obligations to the seller and the buyer will be a customer. C) owes total allegiance and fiduciary duties to the seller because the listing contract was signed first. D) is practicing dual agency and must obtain written consent from both parties in advance of providing any service.
D) is practicing dual agency and must obtain written consent from both parties in advance of providing any service.
A consumer, when comparing a partially amortized loan and an interest-only term loan, might choose the partially amortized loan because it would result in A) smaller payments and a larger balloon payment. B) larger payments and a larger balloon payment. C) smaller payments and a smaller balloon payment. D) larger payments and a smaller balloon payment.
D) larger payments and a smaller balloon payment.
The federal Fair Housing Amendments Act of 1988 made it illegal to discriminate on the basis of all of the following EXCEPT A) HIV or AIDs. B) children under 18. C) a disability that requires property modification. D) marital status.
D) marital status.
Under North Carolina Real Estate Commission rules, an oral buyer agency agreement A) must be in writing before preparation of the first offer. B) must be reduced to writing before acceptance of an offer. C) should be put in writing immediately after the buyer receives proper disclosure and signs the Working with Real Agents brochure as required by state law. D) must be reduced to writing before presentation of the first offer.
D) must be reduced to writing before presentation of the first offer.
A buyer wishing to assign the standard Offer to Purchase and Contract (NCAR/NCBA) in North Carolina will be allowed to complete the assignment if the contract has A) been properly notarized. B) been acknowledged and assigned within 72 hours of closing. C) been accepted and recorded. D) no clause prohibiting assignment.
D) no clause prohibiting assignment.
A conventional loan is BEST defined as a loan that A) has limited government insurance. B) is neither guaranteed nor insured by the government. C) offers the highest loan-to-value ratios. D) must meet the same standards as FHA and VA loans.
B) is neither guaranteed nor insured by the government.
A buyer's agent presents an offer to a listing agent of a cooperating firm. The seller accepts and signs the offer in the presence of the listing agent. Before the listing agent communicates the acceptance to the buyer agent, the seller receives a better offer. The seller immediately withdraws his acceptance to the first buyer and signs the second in the presence of the listing agent. Which of the following is TRUE? A) The seller may withdraw his acceptance to the first buyer. B) The seller is under contract with the second buyer. C) The seller may not withdraw acceptance to the first buyer. D) The seller is now under contract with two different buyers for one property.
A) The seller may withdraw his acceptance to the first buyer.
A seller received $21,000.00 for his lot after paying a commission of $1,340.40. What is the rate of commission on this sale? A) 6% B) 4% C) 5% D) 7%
A) 6% AR = B × R 21,000 + 1,340.40 = 22,340.40 1,340.40 = 22,340.40 × R 1,340.40 ÷ 22,340.40 = 0.0599 = 6%
The borrower has failed to maintain the property, and it now has a market value less than the loan value. The lender has called the note and mortgage due and payable. What provision of the acceleration clause did the lender use? A) Borrower may not commit waste. B) Borrower has completed alienation without consent of the lender. C) Borrower must pay all payments owed in a timely manner. D) Borrower may not remove improvements.
A) Borrower may not commit waste.
During the term of a contract for deed, the seller holds which of the following? A) Legal title B) Equitable title C) Purchase money mortgage D) Purchase money deed of trust
A) Legal title
The home loan-qualifying process considers a borrower's housing expenses, including which of the following? A) Monthly PITI and PMI B) Annual taxes and insurance C) Monthly grocery bills D) Annual medical expenses
A) Monthly PITI and PMI
A flat-rate brokerage firm has opened and is doing very well. The full-service brokers do not like the fact that the new firm offers a lower cooperative commission on listings and, after a meeting, decide to show the flat-rate brokerage firm's properties only if nothing else would work for a client. Is this acceptable for the full-rate brokers? A) No, the brokers are boycotting and should show the buyers all properties they want to see, regardless of the commission. B) Yes, because they will still show the properties of the flat-rate broker. C) No, the brokers must show the buyers all properties on the market that meet their requirements. D) Yes, the brokers are within the law.
A) No, the brokers are boycotting and should show the buyers all properties they want to see, regardless of the commission.
The types of real estate licenses available in North Carolina include all of the following EXCEPT A) North Carolina residential. B) firm. C) broker. D) limited nonresident commercial.
A) North Carolina residential.
Which of the following is NOT a bilateral contract? A) Option to purchase agreement B) Purchase contract with contingencies C) Residential lease for less than six months D) Exclusive agency listing agreement
A) Option to purchase agreement
Which of the following statements about the Working with Real Estate Agents brochure is TRUE? A) The brochure is required in all commercial sales transactions. B) The consumer creates an agency relationship by signing the brochure's panel. C) The brochure is required in all real estate transactions, including leasing. D) The consumer must sign the acknowledgment panel that the agent keeps for three years.
A) The brochure is required in all commercial sales transactions.
Which of the following is NOT a requirement of the lead-based paint law? A) The buyer must complete an inspection to determine whether the property has lead-based paint. B) Brokers are obligated to make sure all parties to the offer or contract are in compliance with the law. C) It is the seller's obligation to make sure the buyer receives the EPA book and disclosure, even if selling without a broker. D) All parties—seller, buyer, and brokers—sign the disclosure.
A) The buyer must complete an inspection to determine whether the property has lead-based paint.
What is the major difference between bilateral and unilateral contracts? A) The obligations of the parties to the contracts. B) Earnest money is consideration in a unilateral contract but not needed in a bilateral contract. C) The number of parties for each contract. D) Bilateral contracts are binding; unilateral contracts are not.
A) The obligations of the parties to the contracts.
Which of the following is the BEST example of a counteroffer? A) The seller crosses out the purchase price in an offer, writes in another number, and initials beside the change. B) After weeks of negotiation, the listing and buyer's brokers rewrite an offer with the items the brokers felt were most important. The brokers then present their individual offers to their principal to sign. C) A seller tells the broker to advise the buyers that they need to offer a higher price. D) A broker marks out items he feels are not necessary in an executory contract and initials the changes.
A) The seller crosses out the purchase price in an offer, writes in another number, and initials beside the change.
A purchaser made an offer to purchase and gave it to the listing agent, who forwarded the offer to the owners by email. The owners signed the sales contract and mailed it to the listing agent. While this document was in the mail to the listing agent, a second purchaser made a higher offer on the property. The listing agent called the owners to tell them about the second offer. Before the owners could say they had accepted the first offer and inform the listing agent that they had mailed the signed contract to the agent, the agent told the owners there was a second higher offer for the property. The owners immediately told the agent to disregard the signed contract they had mailed because they would prefer to accept the second offer. At this point, which of the following statements is TRUE? A) The first offer has been legally accepted. B) The seller may accept the second offer because notice to the first buyer has not occurred. C) The second offer has been legally accepted. D) The seller and the listing broker must respond or reject the first offer before responding to the second offer.
B) The seller may accept the second offer because notice to the first buyer has not occurred.
The listing broker found no issues during a visual inspection of the property. The seller's residential property disclosure states that there are no problems. After closing, the buyers find long-standing issues with water entering the basement. Who is MOST likely to be held liable for nondisclosure of this latent material defect? A) The listing broker, because he should have had the property inspected B) The seller only, because brokers are not responsible for undisclosed latent defects C) The buyers, because they did not have an inspection before they closed; they have no recourse after closing D) The listing broker and the seller, because they must disclose all obvious and latent defects
B) The seller only, because brokers are not responsible for undisclosed latent defects
A seller hired a local real estate firm to market her property and signed a six-month listing contract with Joe, a broker in the firm. Joe gave the seller, as part of the listing presentation, a list of 100 marketing items he would carry out. One of the items was to hold an open house every week. Joe has held one open house in the six weeks since listing the property and has stopped responding to the seller's phone calls and emails. The seller has decided to list with another firm but was told the current listing must be terminated before an agency creation with a new firm could be formed. In this situation, which of the following is TRUE? A) The seller is obligated to keep the current firm through the six-month listing period; however, the seller can pay the broker less commission because of bad service. B) The seller should send written notice to the principal broker of Joe's firm stating the seller's intention to terminate the listing because of poor service. C) The seller can leave a voice mail for Joe, advising that the seller has canceled the listing, and then remove Joe's sign and start working with the new company. D) The seller should send a letter of termination to Joe and send a copy to the new firm; the letter will serve as full notice of termination of the original listing.
B) The seller should send written notice to the principal broker of Joe's firm stating the seller's intention to terminate the listing because of poor service.
The tenant has signed a lease in which she will pay a base rent of $1,000 per month plus a portion of the building expenses. This lease is MOST likely A) a fixed lease. B) a net lease. C) a gross lease. D) a percentage lease.
B) a net lease.
Sam, who is under contract to purchase a property, has been transferred out of state. Sam's friend Paul has offered to purchase the property and take over Sam's obligations, and the seller has accepted the new agreement. This is an example of A) a substitution of Sam with Paul. B) a novation of Sam's agreement. C) an assumption of Sam's rights. D) an option from Sam to Paul.
B) a novation of Sam's agreement.
A buyer of a property finds that certain uses for the property have been created as deed conditions and all owners must meet these requirements or stand to lose the property to the original grantor, who created the deed condition. The condition was MOST likely created by A) a restrictive covenant. B) a qualified fee estate. C) a life estate. D) a special warranty deed.
B) a qualified fee estate.
Out-of-state brokers wanting an active North Carolina real estate broker license must meet all of the following requirements EXCEPT A) have a current active real estate license in good standing in their home state. B) agree to attend all closings in North Carolina in order to receive commissions. C) submit a request to be licensed and perhaps take some additional education. D) take and pass the North Carolina state portion of the license exam.
B) agree to attend all closings in North Carolina in order to receive commissions.
Condominium ownership may apply to A) commercial and residential only. B) all property types. C) industrial, commercial, and residential only. D) residential only.
B) all property types.
The clause in a listing contract extending protection to a broker from the possibility that the buyer and the seller will postpone the purchase to avoid payment of the commission is A) a reasonable clause. B) an extender clause. C) an automatic renewal clause. D) an illegal clause.
B) an extender clause.
In real estate, an option to purchase contract and the option fee are used to A) create a bilateral contract allowing both parties time to negotiate price, terms, fees, and closing date. B) compensate the seller for holding the property for the buyer while the buyer has the choice to terminate or proceed with the sale within the option period. C) give the optionee notice and the first right to buy if the seller decides to sell. D) allow a buyer a period of time to complete due diligence and negotiate the price, terms, and full-option fees.
B) compensate the seller for holding the property for the buyer while the buyer has the choice to terminate or proceed with the sale within the option period.
The purpose of the Americans with Disabilities Act is to A) create a space for use by only handicapped persons. B) facilitate access and mobility for the handicapped in public buildings. C) prevent discrimination against senior citizens in wheelchairs. D) require all properties to provide accommodation for handicapped individuals.
B) facilitate access and mobility for the handicapped in public buildings.
An apartment building advertises its apartments as "adults only." This advertising is A) legal if each unit has at least one person older than 55 living in it. B) illegal because it discriminates against tenants with children. C) legal per federal laws but may be illegal per state laws. D) legal if tenants with children are allowed to rent ground-floor units only.
B) illegal because it discriminates against tenants with children.
Under the terms of a property management agreement signed between the owner and the management company, the property manager's primary obligation to the owner is to do all of the following EXCEPT A) maintain the value of the property and income per annual reports and rent analysis. B) make sure the mix of tenants meets the owner's expectations in regard to renting based on race, number of children and ethnic background of the tenants. C) make sure that all employees, including maintenance staff, are trained and follow fair housing law, and hire good contractors. D) verify the criminal background and employment of all potential tenants.
B) make sure the mix of tenants meets the owner's expectations in regard to renting based on race, number of children and ethnic background of the tenants.
A blind tenant with a Seeing Eye dog has given the property manager a rental application. In regards to the tenant's dog, in this situation the manager A) may refuse to rent to the tenant if the building has a no-pets policy. B) must allow the dog and may not charge any extra fees. C) may increase the tenant's security deposit amount to include anticipated damage caused by the dog. D) may charge the tenant the same $150 pet fee charged to all tenants in the building.
B) must allow the dog and may not charge any extra fees.
Environmental issues A) do not require disclosure because outside issues have no impact on value. B) must be disclosed because they can impact value. C) should be disclosed only if they are obvious. D) do not need to be disclosed unless they are within the property's boundaries.
B) must be disclosed because they can impact value.
Under the statutory rights of G.S. 93A, the North Carolina Real Estate Commission can use all of the following disciplinary actions EXCEPT A) suspend the broker's license for six months. B) order the licensee to pay a fine and restitution to the client. C) revoke the broker's license permanently. D) reprimand the licensee.
B) order the licensee to pay a fine and restitution to the client.
The retaliatory eviction doctrine in the North Carolina Residential Rental Agreements Act A) supports the use of constructive eviction or peaceable self-help eviction by landlords. B) protects the tenant from unreasonable eviction by a landlord. C) applies to all leases used in North Carolina. D) allows a landlord to evict a difficult tenant.
B) protects the tenant from unreasonable eviction by a landlord.
A promissory note is one of many legal documents a borrower is required to sign when borrowing money to purchase a property. The purpose of the promissory note is to A) guarantee or insure the loan. B) serve as primary evidence of the outstanding debt. C) secure the property as collateral. D) assign the mortgaged property to a trustee as collateral.
B) serve as primary evidence of the outstanding debt.
A broker has listed a home with an exclusive right-to-sell listing contract. Per the signed listing agreement, the broker is considered to have earned her commission when A) she submits an offer to the seller at asking price with only a finance contingency. B) she finds a ready, willing, and able buyer who submits an offer matching the seller's terms. C) the seller signs the purchase agreement and communication of acceptance is given. D) the closing date has been set and all contingencies have been met.
B) she finds a ready, willing, and able buyer who submits an offer matching the seller's terms.
A buyer wants to invest in real estate but does not want to manage the property or assume a lot of liability. Her attorney has recommended a limited partnership. This is MOST likely because, in a limited partnership, A) the limited partners must invest at least $15,000 but are not responsible for day-to-day management. B) the limited partners can lose no more than their investment. C) the general partners can lose no more than their investment and are not responsible for day-to-day management. D) all partners have equal say and equal liability.
B) the limited partners can lose no more than their investment.
Under the North Carolina Vacation Rental Act, all of the following are true EXCEPT A) the landlord can collect payment in advance. B) the new owner takes title subject to rentals for the next 90 days. C) there is an expedited eviction procedure. D) all rental agreements must be in writing.
B) the new owner takes title subject to rentals for the next 90 days.
A listing broker knows that a newly approved highway will negatively affect the value of his residential listing. He lies to prospective buyers and other real estate agents when asked about the proposed highway. An agent at another real estate firm sells this property through the MLS with no knowledge of the proposed highway. All of the following are true in this situation EXCEPT A) the owner of the listed property may be held liable. B) there is no obligation on the part of the broker or the seller to disclose because the highway is public knowledge. C) the listing broker is guilty of a willful misrepresentation. D) the agent from the other real estate firm may be guilty of a negligent omission.
B) there is no obligation on the part of the broker or the seller to disclose because the highway is public knowledge.
A buyer is under contract to purchase a home using the standard Offer to Purchase and Contract (NCAR/NCBA) and has terminated the contract during the due diligence period. In this instance, A) any due diligence fee, earnest money, or both will be refunded to the buyer because the contract was terminated during the due diligence period. B) the due diligence fee, earnest money, or both will be retained by the seller as liquidated damages for the terminated contract. C) any earnest money will be refunded to the buyer and the seller will retain any due diligence fee that was paid. D) the seller can sue the buyer for specific performance to retain the due diligence fee and earnest money.
C) any earnest money will be refunded to the buyer and the seller will retain any due diligence fee that was paid.
Checks for earnest money and tenant security deposits must be deposited in a trust account within three A) calendar days after receipt of the trust funds. B) banking days after receipt of the trust funds. C) banking days after acceptance of the contract. D) calendar days after acceptance of the contract.
C) banking days after acceptance of the contract.
An ordinary conventional life estate terminates upon A) notice by the reversionary interest. B) death of the grantor. C) death of the grantee. D) notice by the remainder interest.
C) death of the grantee.
Three brokers are competing for a listing. The first broker's CMA shows the probable selling price of the home at $225,000, the second CMA has a probable selling price of $235,000, and the third tells the seller he can sell the property for $250,000 and gets the listing. Thirty days later, when the property does not sell, the broker gets a price reduction to $225,000 and sells the property. In this case, the listing broker A) has done nothing wrong because the first broker had priced the property for what it sold for. B) is following standard procedures for being a successful listing broker. C) has violated fiduciary obligations by overpricing the property to obtain the listing. D) should have given the seller a CMA before listing but is within his right to outbid the other brokers to get a listing.
C) has violated fiduciary obligations by overpricing the property to obtain the listing.
The Jones family rented a home from Mr. Smith with a four-year lease term. At the end of the third year, Smith died and the property was sold by his heirs. The lease held by the Jones family is A) terminated upon sale. B) renegotiable by the new owner. C) not affected. D) terminated upon the death of Smith.
C) not affected.
A condominium owner defaults on the mortgage payment on his condo, which shares a common wall with other condos. The lender can foreclose on A) the defaulting owner and the owners of all the units sharing common walls. B) the unit owners association. C) only the unit owner in default. D) the entire condo complex.
C) only the unit owner in default.
The listing broker has received four offers on a property. The first is full list price, the second is $5,000 over list price, the third is $2,000 under list price, and the fourth is full list price but has a contingency for the buyer to sell her current home. When presenting the offers, the listing broker should A) give the seller only the over-list-price offer because it is clearly the best for all parties. B) vocalize to the brokers who offered less than the list price to elevate their offer to full list price or higher or the listing broker will not present the offer to the seller. C) present all offers to the seller at the same time and allow the seller to determine which, if any, to negotiate or accept. D) present the highest and best offers first and then work to the lowest price if needed.
C) present all offers to the seller at the same time and allow the seller to determine which, if any, to negotiate or accept.
An advantage to the consumer for paying discount points is it A) increases the yield to the lender. B) reduces the amount the consumer must bring to closing. C) reduces the interest the consumer will pay over the life of the loan. D) reduces the amount of seller proceeds.
C) reduces the interest the consumer will pay over the life of the loan.
A salesperson is doing a comparative market analysis to estimate the value of a residential property. The salesperson will make adjustments to the comparable properties for all of the following factors EXCEPT A) square footage. B) date of sale. C) reproduction cost. D) lot size and location.
C) reproduction cost.
A buyer wishes to purchase a property listed with a real estate firm. The buyer comes to the listing firm for the purchase and insists on exclusive buyer representation and absolutely refuses dual agency. The listing firm A) should work with the buyer as a subagent of the seller. B) may act as an exclusive buyer's agent. C) should explain that the buyer must go elsewhere for exclusive representation. D) should explain that the buyer will get the same representation with disclosed dual agency as with exclusive buyer agency.
C) should explain that the buyer must go elsewhere for exclusive representation.
The gross rent multiplier is used when estimating the value of A) owner-occupied single-family homes. B) commercial office buildings. C) single-family rental units. D) five or more unit apartment complexes.
C) single-family rental units.
XYZ has just been hired to manage a 100-unit building for an investment company. As new property managers, XYZ should be primarily concerned about all of the following EXCEPT A) maintaining income. B) negotiating leases. C) spending the profits. D) selecting the best tenants possible.
C) spending the profits.
Market price is A) the probable sales price of the property. B) the land value minus depreciation plus land value. C) the actual sales price of the property. D) the gross rent multiplier divided by value.
C) the actual sales price of the property.
In North Carolina under the Good Funds Settlement Act, settlement funds may NOT be disbursed until A) the seller signs the deed and the buyer accepts and the seller's signature is notarized. B) all money brought to closing has been verified as good funds, noted on the settlement documents, and transfer of title has been completed. C) the deed and the deed of trust are recorded. D) the funds from the buyer's lender arrive and are verified by the closing agent.
C) the deed and the deed of trust are recorded.
To protect a deed against claims made by third parties, the MOST effective course of action is to have A) the grantee's signature notarized. B) the grantor physically hand the deed to the grantor to prove acceptance. C) the deed recorded as quickly as possible after transfer of title. D) the consideration listed in bold letters on the front of the deed.
C) the deed recorded as quickly as possible after transfer of title.
The buyer is making an offer on a property and needs to get new financing to purchase the property. In assisting the buyer with the sale, the buyer's broker should make sure that the sales contract is contingent on financing being obtained by the buyer. Having such a contingency will mean that the contract A) will not have the earnest money deposited until after the contingency is met or terminated. B) is not binding on either party until the contingency is met. C) is not considered executory until the contingency has been dropped. D) should have all loan terms and contingency terms and dates clearly stated.
D) should have all loan terms and contingency terms and dates clearly stated.
A broker in a rapidly changing market is trying to determine the best listing price for a large single-family home. To BEST determine the current market, the broker should use A) current listings and comparables that are no more than 12 months old. B) sold comparables and the cost approach with reproduction estimates. C) pending sales and current sold comparables. D) sold comparables that are no more than six months old.
D) sold comparables that are no more than six months old.
A broker-in-charge's license can be revoked for all the following EXCEPT A) the broker-in-charge failed to keep copies of contracts for at least three years. B) the office bookkeeper comingled trust funds. C) willful misrepresentation by a provisional broker under the broker-in-charge's supervision. D) the broker-in-charge refused to pay a past client for a referral.
D) the broker-in-charge refused to pay a past client for a referral.
When estimating the operating budget for a rental or the rate of return on the property, a broker would use all of the following EXCEPT A) current local vacancy rates and the historical bad debt generated for the property. B) all the income generated by rents and additional sources such as parking and laundry facilities. C) operating expenses, including projections of needed repairs and replacement for short- and long-life items. D) the debt service for the building and the expected before-tax cash flow.
D) the debt service for the building and the expected before-tax cash flow.
An agent's fiduciary obligations are owed to A) all parties involved in the transaction. B) the party who pays the agent. C) the individual who signs a purchase contract. D) the firm that employs the agent.
D) the firm that employs the agent.
A broker is trying to determine the value of a house that has been divided into small rental units. The BEST approach to value for this property would be A) the gross rent multiplier approach. B) the cost approach. C) the sales comparison approach. D) the income approach.
D) the income approach.
The North Carolina Residential Property Disclosure Act requires all of the following EXCEPT A) if the form is not provided per statute, the buyer could have a rescission period for any resulting contract. B) the Act is binding on sellers whether they are represented by a real estate agent or not. C) a completed form must be provided to the buyer before presentation of the first offer. D) the seller must disclose what they know about their property on the mandatory form.
D) the seller must disclose what they know about their property on the mandatory form.
Deeds that are recorded immediately after being delivered but which do not recite any monetary consideration or reference to the amount paid by the purchaser are A) quitclaim. B) void. C) voidable. D) valid.
D) valid.
Licensees who fail to renew their license by June 30 will have what status on July 1? A) Current B) Inactive C) Active D) Expired
expired