Real Estate Exam #3

In North Carolina, Usually clouds on the title to real property cannot be removed except by:

In North Carolina, The duration is the primary characteristic that distinguishes a ____________ from a _____________.

In North Carolina, If a home is located in an area that is zoned for commercial use, the home will have minimum value because of what principle?

In North Carolina, If two parties are in escrow and one of the parties wants to terminate the escrow, what is needed?

In North Carolina, An additional individual who is both obligated on the loan and is on the title to the property is called:

In North Carolina, A floodplain is:

In North Carolina, Terry has not paid any rent on the property that she leases for a long period of time. She no longer intends on paying any future payments. The lawful expulsion of Terry would be by means of:

In North Carolina, In a lease-purchase, the tenant-buyer wants to purchase a property but does not have the down payment or ability to purchase the property outright. Which of these occurs with the rental payments?

In North Carolina, If Nila has a mortgage that is considered a “balloon mortgage”, Nila is required to:

In North Carolina, Amanda is a real estate agent performing a title search on a property. After performing her due diligence, she finds that the title is a clear title. What does this mean?

In North Carolina, Both a seller and a buyer ask the broker to give them the trust funds deposited by the buyer. How is the broker to respond?

In North Carolina, Jeremy is a lender for a several loans. Once a year Jeremy performs a duty to make sure he is collecting the appropriate amount of money for the anticipated expenditures. This action that Jeremy takes is called a(n):

In North Carolina, Freddie, an unlicensed employee of a real estate broker, hands out door hangers and makes telephone solicitations seeking buyers and sellers. Under the real estate law, these activities are:

In North Carolina, The Civil Rights Act of 1866 prohibits:

In North Carolina, An estate can be best described as:

In North Carolina, A licensed real estate broker that specializes in property management usually acquires commission based on:

In North Carolina, A technique in which a seller deeds property to a buyer for consideration, and the buyer simultaneously leases the property back to the seller is called:

In North Carolina, When title is given to a person, it is showing that the person has a:

In North Carolina, When Darius fails to make his monthly mortgage payment, he is likely to receive a formal written notice called a:

In North Carolina, What does mortgage life insurance cover?

In North Carolina, A title plant is a duplicate set of title records maintained at title insurance companies for use in:

In North Carolina, If a mortgage has an adjustable rate but has limitations on how much the mortgage rate may adjust over a six-month period, an annual period, and over the life of the loan, this would be called:

In North Carolina, The provision that states all prospective buyers are to be given the same opportunity to select available houses in their price range without restrictions because of race, color, religion, or national origin is found in which law?

In North Carolina, This is any condition revealed by a title search that adversely affects the title to real estate:

In North Carolina, If two property owners live as neighbors and one of them makes improvements to their property that accidentally crosses the legal property line of the other property owner, this would be termed as a(n):

In North Carolina, Under a trustee’s power of sale, the right to foreclose a trust deed expires:

In North Carolina, When someone is referring to PITI, they are referring to:

In North Carolina, Heather has a written agreement with Erica that stipulates the conditions under which Heather may possess the property owned by Erica. The agreement outlines the specific period of time and when the payment is due. This agreement is:

In North Carolina, The original amortization term minus the number of payments that have been applied is commonly referred to as:

In North Carolina, If a contract was valid upon its creation but has subsequently passed the statute of limitations, the contract is now considered:

In North Carolina, If the government is building a highway that is planned to pass directly through an individual’s private property, the government can enact eminent domain. However, the government must:

In North Carolina, Conventional loans differ from FHA loans in that:

In North Carolina, A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before it is offered for sale or lease to others is known as:

In North Carolina, If brokers of different offices agree to set commission rates at a particular level, this would be a violation of:

In North Carolina, In regards to contracts, if part of a contract is written and another part is printed, which part takes preference?

In North Carolina, If a restaurant is located in a section of town that has been re-zoned from restaurant and retail to commercial office building development, the restaurant can remain there by use of:

In North Carolina, On which date was Ginnie Mae created by congress?

In North Carolina, A type of government loan that is NOT an FHA mortgage is called a(n):

In North Carolina, A mortgage that can be assumed by the buyer when a home is sold is called an:

In North Carolina, An escrow analysis is performed by the lender to ensure:

In North Carolina, A 40-acre tract was purchased for $500 per acre and divided into 4 parcels. The parcels sold for $6,000 each. What was the percentage return on the purchase price?

In North Carolina, If a married couple acquires property during their marriage, the property is considered to be:

In North Carolina, Yin Lee is an owner of several properties as well as a relatively high profile individual. In order for Yin Lee to attempt to avoid a possible foreclosure from becoming a matter of public record by being recorded, Yin Lee would want to give the lender a:

In North Carolina, A rate that is guaranteed by the lender for a certain period of time is referred to as:

In North Carolina, Building heights, setbacks, and density are usually established by:

In North Carolina, If a married couple owns property, and 5 years later one of them dies and willed their interest in the property to someone other than their spouse, which of the following happens (unless in a community property state)?

In North Carolina, If another offer is introduced to an agent on the sale of a home, the agent:

In North Carolina, When a real estate agent is viewing the report on the title of a property from the public records, or an abstract of the title, the agent is viewing:

In North Carolina, This type of broker does not owe fiduciary duties to either party and is therefore not held to the same legal standards of conduct as a licensed real estate agent:

In North Carolina, In the case of a cash sale, why would a seller wish to transfer an existing fire insurance policy?