A 16 year old enters into a contract to purchase an investment property from an elderly couple. What is the status of?

The contract is voidable at the buyer's option

The terms meridian and parallels refer to which of the following real property legal descriptions?

Government survey rectangle method

A life tenant who has received a conventional life estate may do all of the following, EXCEPT:

Will their interest to their children

Which statements made by a real estate agent could create an implied agency relationship between agent and buyer?

"You should take this deal; it is the best one for you"

All of the following would be considered an appurtenance, EXCEPT:

Growing crops that are attached to the ground

All of the following items would normally remain with a property and transfer to the new owner, EXCEPT:

A $4,000 gazebo in the backyard with no foundation

The seller of property has cold feet, decided to breach a valid contract. Buyer elected to sue for specific performance

The court may force the seller to sell the home

Which of the following is true regarding supply and demand in the real estate market?

As supply decreases and demand increases prices tend to rise

Once a pb is licensed, in regard to continuing ed, the pb must adhere to which of the following Commission rules

Complete 8 hours of CE every year by June 10, prior to the second renewal

A buyer has their offer accepted by the seller, but decided to cancel within the due diligence period, In this situation

Complete EM Release form with the seller and buyer signature before release

The encumbrance that takes priority over all other liens is:

The lien for any unpaid property taxes

Which of the following statements is correct regarding members of the NC Real Estate Commission?

Members appt by both governor, legislator and at least 3 must have license

Which of the following statement is true about timeshares?

They must be registered with the NC Real Estate Commission prior to sale

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Self Assessment 1

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Questions 20

Answers

1
A 16 year old enters into a contract to purchase an investment property from an elderly couple. What is the status of?
The contract is void because the elderly couple entered it with a minor
The contract is voidable at the seller's option
The contract is enforceable as long as all elements are present
The contract is voidable at the buyer's option
2
The terms meridian and parallels refer to which of the following real property legal descriptions?
Plat maps
Lot and block references
Metes and bounds
Government survey rectangle method
3
A life tenant who has received a conventional life estate may do all of the following, EXCEPT:
Will their interest to their children
Encumber the property
Obtain a loan against the property
Sell their interest in the property
4
Which statements made by a real estate agent could create an implied agency relationship between agent and buyer?
There has been talk of a new highway being sited just a half mile from here
the roof has a small leak and the seller is addressing it"
"You should take this deal; it is the best one for you"
"Doesn't this pea green carpet look stunning"
5
All of the following would be considered an appurtenance, EXCEPT:
A fence that surrounds the property
Growing crops that are attached to the ground
A building on the property
The right or privilige to exclude others from the property
6
None of the following are essential element of a contract to purchase real property, EXCEPT:
Recording prior to closing
Due diligence fee
Consideration
Earnest money
7
All of the following are considered to be leasehold interest in real estate, EXCEPT:
Estate for years
Estate at will
Estate at sufferance
Life estate
8
The process by which the government takes title to private land for the public use and pays the owner just compesation
Easement by necessity
Condemnation
Police Power
Eminent Domain
9
A homeowner would like to install a new heat and cooling system. Home is 50 ft by 70 ft and has 10 ft ceilings.
2,450 square feet
35,000 cubic feet
24,500 cubic feet
245,000 cubic feet
10
All of the following items would normally remain with a property and transfer to the new owner, EXCEPT:
Gas logs attached to pipes in a fireplace
Awnings that have been installed above the homes' windows
A $100 pewter switch plate cover next to the front door
A $4,000 gazebo in the backyard with no foundation
11
The seller of property has cold feet, decided to breach a valid contract. Buyer elected to sue for specific performance
The buyer may seek punitive damages
The seller may force the buyer to rescind the contract
The court may force the seller to sell the home
The seller must reimburse the buyer for expenses but doesn't have to sell
12
A two acre rectangular parcel has four lots. Each lot is 90 feet wide. How many feet deep is each lot?
190 feet
24.2 feet
87,120 feet
242 feet
13
Which of the following is true regarding supply and demand in the real estate market?
As demand increases and supply increase, prices tend to increase
As supply increases and demand decreases, prices remain the same
As demand decreases and supply increases, prices tend to increase
As supply decreases and demand increases prices tend to rise
14
Homeowner lives in HOA neighborhood . One neighbor put shed on property, violation. How would it be enforced?
They cannot be enforced if the neighbor property obtained a variance
Submitting written notice of the violation to the developer
Contacting the local zoning authority about the violation
Filing a lawsuit in court
15
Once a pb is licensed, in regard to continuing ed, the pb must adhere to which of the following Commission rules
Complete 90 hours of CE in the first 3 years of licensure
Complete 8 hours of CE, plus 30 hours of post licensing in the first year
Complete 8 hours of CE every year, upon completion of the post requirement
Complete 8 hours of CE every year by June 10, prior to the second renewal
16
A buyer has their offer accepted by the seller, but decided to cancel within the due diligence period, In this situation
The buyer is entitled to a refund of both their earnest money and dd fee
Complete EM Release form with the seller and buyer signature before release
Broker can only release the money to the buyer without the sellers consent
The earnest money must be returned to the buyer immediatly
17
The encumbrance that takes priority over all other liens is:
Federal IRS income tax liens
Recorded mechanics liens
The lien for any unpaid property taxes
Liens of the homeowners association
18
Which of the following statements is correct regarding members of the NC Real Estate Commission?
There are 9 members who are appointed by the goveneor
The commission members are all members of the real estate profession
Members appt by both governor, legislator and at least 3 must have license
The RE Commission must have at least 3 member from the general public
19
Which of the following statement is true about timeshares?
They must be registered with the NC Real Estate Commission prior to sale
The timeshare broker may be fined by the NC Real Estate Commission
They do not have to be registered with the NC Real Estate Commission
They may be transferred prior to registering with the NC Real Estate Comm
20
PB John works for Sandra, who is a BIC. Sandra has a listing that one of John's buyer client wants to see.
John will be a designated agent and Sandra will be a dual agent
They will both be designated agents, if that is what the firm practices
They will both be dual agents
They will both be single agents

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