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SUPERIOR Real Estate
SUPERIOR Real Estate
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Chapter 1-6
Flashcards
100 cards
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Practice quiz
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Host live
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Questions
100
Answers
1
The enforcement of zoning requirements occurs by:
The NCDT
Local homeowners’ associations
The Connor Act
Local municipalities through the Enabling Act
2
A life estate is a freehold estate.
False
True
3
An express grant and an express reservation are types of ways to create what?
An easement
A mortgage
A will
A contract
4
Property sales price divided by $500 =
LTV
Annual property tax
Ad valorem tax
Excise tax
5
What are the elements for a metes and bounds system?
POB, Distance, Direction, Closure
POB, Distance, Deed, Closure
Points, Diligence, Disclosure, Communication
POB, Distance, Direction, Clearance
6
Which acronym defines what is required for a loan application?
D.R.E.A.M.O.I.L.S.
F.B.I.
A.L.I.E.N.S.
I.R.M.A.
7
Which of the following has an indefinite ownership period?
Estate for will
Fee simple estate
Life estate
Estate for years
8
Gradual wearing away due to the action of water.
Erosion
Avulsion
Corrosion
Reflection
9
Title to real estate inherited from a person who died restate is referred to as a:
Devise
Bequest
Descent
Legacy
10
All of the foliage correct regarding Superfund and CERCLA, EXCEPT:
Current and past owners can be jointly and severally liable.
Superfund imposes strict liability.
Only the current owner of a property is liable for its cleanup.
Once a site has been Detroit be a Superfund site, disclosure lasts forever.
11
Tangible rights in the land of another, such as right to the minerals, soils, timber, fish, etc.
Fructus Naturales
Fructus Industriales
Profit À Prendre
Lis Pendens
12
L.U.S.T. stands for what?
Leases Underground Storage Tank
Why do fools fall in love?
Leveled Underground Storage Tank
Leaky Underground Storage Tanks
13
1 Acre = ?
43,560 soft
45,630 sqft
43,650 sqft
45,360 sqft
14
Which of the following liens generally holds first priority?
Ad valorem real estate tax lien
Mortgage lien
Federal income tax lien
Purchase money lien
15
Examples of fructus industriales include all of the following except?
Trees
Corn
Soybeans
Wheat
16
Which of the following is not a type of deed?
Trust
Quitclaim
General
Bargain and Sale
17
What does R.P.O.A.D.S. stand for?
Residential Permanent Owners Association Department Section
Rehabilitation Property Owners Association Disclosure Sign
Residential Property Owners Association Disclosure Statement
Reserved Property Owners Assessment Disclosure Statement
18
Areas between the baselines are _______ .
Coordinates
Tiers
Sections
Ranges
19
The recordation of a general warranty deed:
Protects the interests of the grantee
Guarantees ownership
Prevents claims of parties in possession
Provides defense against adverse possession
20
If past June 30th, how long does a licensee have to reinstate w/o having additional education requirements?
1 year
6 months
30 days
60 days
21
3 joint tenants with rights of survivorship own a parcel. One owner sells his interest to someone else…
The original owners remain joint tenants with each other.
The original owners become joint tenants with the newest owner.
Become tenants in common with each other and the newest owner.
The original owners become tenants in common with each other.
22
Where can a buyer obtain a formal flood certification?
From NCREC
From the title examination
From FEMA based on the Army Corps of Engineers maps
From the Register of Deeds
23
Bounds refer to:
Baselines
Direction
Distance
Situs
24
The seller conveyed a quitclaim deed to the buyer. Upon receipt of the deed, the buyer may be certain that:
There are no encumbrances against the property.
Any and all of the seller’s interests in the property belong to the buyer.
The seller owned the property.
The buyer now owns the property subject to certain claims of the seller.
25
P.E.T.E. = Police Power, _________, Taxation, Escheat?
Estate
Exemption
Eminent Domain
Exclusion
26
Ventilation is not a resolution for buildup of radon gas.
True
False
27
Metes refer to:
Longitude
Distance
Latitude
Direction
28
The Statute of Frauds correlates with the D.R.E.A.M.O.I.L. acronym.
True
False
29
All of the following may discovered in a title search, EXCEPT:
Easements
Liens and judgements
The legal description of the property
Encroachments
30
CERCLA is also known as:
Superfund
Connor Act
W.W.R.E.A.
2T
31
The federal mandatory 10-day inspection period for lead-based paint is required for properties built before what year?
1973
1978
1987
1989
32
Factors in the community which cause businesses to relocate and ability to attract more businesses is:
The zoning overlays.
The economic base.
Life cycle of the community.
The area’s market value.
33
1 Square Yard = __________ ?
9 Square Feet
9 Square Meters
1/2 a section
9 Miles
34
How long do you have to request a hearing if the mandatory background check is denied?
60 days
180 days
30 days
90 days
35
All of the following are expected for fiduciary duties except which of the following?
Obedience
Reasonable skill and care
Loyalty
Signature
36
Chrissy owns property that borders a large, navigable lake that has tides. Her property ends:
At the lake border.
At the mean high-water mark of the lake.
Five feet before the lake.
At the center of the lake.
37
Define I.R.M.A.
Insurance, Rate, Money Deposit, Amortized
Interest Rate Moving Average
Intestate Reform Managing Association
Internet, Relationship, Method, Adaptation
38
What is an essential element of a valid NC deed?
A seal
Words of conveyance
Recordation
The signature of the grantee.
39
Lead-based pain test is mandatory and seller are required to remediate for any dangers.
True
False
40
The disease created by the breathing in of friable asbestos fibers is:
Kidney damage
Mesothelioma
Heart disease
Brain damage
41
The mandatory inspection period regarding lead-based paint is:
10 days
7 days
5 days
3 days
42
If two people are granted a home, then got married. How do they now likely hold title to the house?
Tenancy severalty
Tenancy by the entirety
Joint tenancy
Tenancy in common
43
“By, through, or during” the current owner period of time refers to what type of deed?
General warranty deed
Quitclaim deed
Trustees deed
Special warranty deed
44
A license may remain inactive indefinitely.
False
True
45
What is D.E.E.P.C. referred to?
Title Transfer
Riparian Rights
Bundle of Rights
WWREA
46
What is the length of the NC real estate licensing examination eligibility period?
30 days
75 hours
90 days
180 days
47
What does D.E.E.P.C. stand for?
Disposition, Exclusion, Enjoyment, Possession, Control
Disclosure of Equitable Estate Provisional Concepts
Domain, Escheat, Estate, Power of Attorney, Contingency
Disposition, Escheat, Exclusion, Privacy, Control
48
NCREC requires a listing agent to charge the seller a spectate fee for service.
False
True
49
Which of the following is correct regarding the educational requirements of a provisional broker?
90 hours of postlicensing in the first 3 years.
Complete 90 hours of postlicensing in the first 18 months of being license.
The renewal date for postlicensing and CE is June 10.
Must complete 90 hours of CE in the first 3 years.
50
A comprehensive municipal master plan addresses all of the following items, EXCEPT:
Public facilities
Transportation and conservation
Restrictive covenants
Zoning
51
What is the due date for property taxes?
Jan 5
Sept 1
Sept 5
Jan 1
52
The acronym D.I.A.A.F.D.B. includes all of the following except?
Annual Interest
Assignment
Assumption
Additional Earnest Money Deposit
53
A valid deed requires acknowledgment.
True
False
54
A Sheriff’s deed is an example of which type of deed?
Special Warranty
Quitclaim
General Warranty
Bargain and Sale
55
The purpose of CERLA is to crate liability and a pool of funds for the cleanup of environmental hazards.
True
False
56
Is it not possible to have a freehold estate and non-freehold estate on the same property at the same time.
True
False
57
A human body exposed to lead-based is at risk of:
Mesothelioma
Leukemia
Cancer
Brain damage
58
A gift of cash with a will.
Bill of Sale
Trust
Legacy
Deed
59
What type of real estate is “5-5-5” in regards to?
Townhouses
Condominiums
Timeshares
Single Family Houses
60
Gradual increase of land due to action or loss of water over a period of time.
Evulsion
Accretion
Acceleration
Avulsion
61
A brother and sister bought a building as joint tenants with right of survivorship. The brother died…
The sister no longer as ownership.
The sister now owns the building in severally.
The sister now owns as tenant in common with brothers heirs.
The sister now owns as joint tenant with rights of survivorship.
62
What is I.R.M.A. used for?
Eminent Domain
Encapsulation Agreement
Total Circumstance Test
Conveyance
63
1 Township = ?
1 square mile
9 sqft
3.6 Acres
36 Sections
64
All of the following are economic characteristics of real property, EXCEPT:
Scarcity
Permanence
Location
Immobility
65
Which of the following is TRUE regarding a special warranty deed?
A grantor makes addt’l warranties beyond those given in a gen. war. deed.
The grantor retains an ownership interest in the property.
The grantor’s warranties are limited to the time the grantor owned the prop
The grantor is warranting that no undisclosed encumbrances exist.
66
Qualifying for a loan includes:
Credit, Cash, Certification
Credit, Capacity, Collateral
Credit, Closure, Capacity
Cash, Capital, Contract
67
How long does a developer have to refund a timeshare buyer who backs out 5 five days after signing?
He has no obligation to return it, as there is a contract.
30 days from the date of purchase contract.
30 days from the 10-day period in which monies remained in trust account.
30 days from the date of cancellation.
68
Lien foreclosure is also a _________ ?
General Warranty Deed
Executive Deed
Trust Deed
Judicial Deed
69
1 Section = ?
640 Acres
6.5 Acres
460 Acres
6,400 sqft
70
Comprehensive _______________ Response Compensation & Liability Act?
Environmental
Lead-Based Paint
Developer
Toxins
71
The increase of land around a lake.
Erosion
Avulsion
Refliction
Accretion
72
What are the components of a promissory note?
Time, Amount, Payment, Rate, Signature
Terms, Amount, Payment, Rate, Signature
Taxes, Appraisal, Payment, Rate, Signature
Terms, Appraisal, Payment, Rate, Signature
73
Perennial plants that do not require cultivation are also known as:
Fructus Agriculturales
Fructus Industriales
Fructus Naturales
Fructus Enviromemtales
74
NCREC has no role in brokerage’s and clients’ fees or commissions.
False
True
75
A gift of personal property with a will is what?
Devise
Trust
Bill of Sale
Bequest
76
The recoding of a deed:
Makes the deed enforceable
Ensures the grantee’s interest in a parcel of real estate
Is required in order to fully transfer the title of the real estate
Warrants the grantee’s title to real property
77
Very sudden lost of land due to the action of water.
Erosion
Avulsion
Accretion
Evolution
78
Which of the following is an example of aesthetic zoning?
Conditional use
Set-back requirement from the street
Spot zoning
A greenway
79
The Connor Act covers all of the following except?
Installations
Leases
Deed
Sales Contract
80
If a owner sells his property that is adjacent to a navigable river, can he retain rights to access the river once sold?
Yes
No
81
CERCLA requires mandatory inspections for hazardous waste prior to any transfer/purchase of the property.
True
False
82
Cluster zoning that creates mixed-use areas has the primary benefit of:
Controlling the growth of neighborhoods
Allowing areas to expand rapidly
Maximizing open space within developments
Keeping all like properties in similar areas
83
How long is the buyer allotted the right of recession when purchasing a condominium?
3 Days
72 Hours
7 Days
5 Days
84
The NCDENR is responsible for environmental and natural resources.
True
False
85
In regard to the composition of the NC Real Estate Commission, which of the following statements is correct?
It must be composed of at least 5 people who are real estate licensees.
At least 3 of the members must be laypeople and 2 must be licensees.
Three of the people on the commission must be laypeople.
At least 3 of the members must be licensees and 2 must be laypeople.
86
Radon is produced by uranium deposits found underground.
False
True
87
Practicing real estate and operating as a real estate agent without a license is a felony.
False
True
88
Areas between the meridians are?
Sections
Ranges
Tiers
Angles
89
Deed restrictions can be created by all of the following, EXCEPT:
General plans of a subdivision
Deed
Statutes
Written agreements
90
Gift of real property with a will is to _________?
Grant
Execute
Devise
Bequest
91
Which can a seller legally remove while under contract?
None of the above
Window blinds
Draperies
Light switches
92
Joint tenancy is inclusive of:
Title, Taxes, Interest, Points
Trust, Taxation, Interest, Price
Time, Title, Interest, Possession
Time, Title, Interest, Power of Attorney
93
The rights of the owner of a property located along the banks of a small stream are called:
Riparian rights
Littoral rights
Herediaments
Subadjacent rights
94
The ad valorem tax may be adjusted every:
Four years
Two years
Year
Eight years
95
Annual tax rate multiplied by the assessed value =
Mill rate
Annual property tax amount
Excise tax
Property market value
96
The acronym O.C.E.A.N. refers to:
Quitclaim
Equitable Interest
Quiet Title
Exclusiveness
97
Escheat is part of the __________ system.
Judicial
Legislative
Feudal
Allodial
98
The commission makes a character determination before an applicant is permitted to take the NC License Exam.
False
True
99
Which of the following is NOT an involuntary lien?
Assessments
Judgement Liens
Mortgage
Mechanic’s Lien
100
"So long as the existing building on the property is not destroyed”, is what type of interest for a deed transfer?
Fee simple estate
Revisionary estate
Ongoing ownership in the property that lasts as long as the condition.
Life estate
