Self Assessment 2

Question 1

This type legal description would be used in heavily populated areas and is usually used to convey the smallest parcel

Accepted Answer

Lot and block

Question 2

How many acres are there in the following legal description: the N 1/2 of the SE 1/4 and the SE 1/4 of the NE 1/4

Accepted Answer

120 acres

Question 3

All of the following would be an encumbrance on a parcel of real estate, EXCEPT:

Accepted Answer

Unpaid medical bills that are in collection

Question 4

Once a PB has taken possession of earnest money and the due diligence fee:

Accepted Answer

All monies should be delivered to the BIC immediatley

Question 5

Jack a buyer, was never provided with a Residential Property Disclosure Statement by the seller. Under NC law, Jack can:

Accepted Answer

Cancel his contract within 3 days the contract was accepted

Question 6

A deed that only warrants claims and encumbrances against the property during the term of the grantor's ownership is a:

Accepted Answer

Special warranty deed

Question 7

A PB whose firm has a listing with a seller owes fiduciary obligations to seller when working with the seller, because

Accepted Answer

Subagency imposes on the PB the fiduciary obligation of the firm

Question 8

All of the following would result in termination of an easement, EXCEPT:

Accepted Answer

Sale of the property

Question 9

The Statute of Frauds requires that:

Accepted Answer

Contracts for real estate must be in writing in order to be enforceable

Question 10

The reason that deeds are recorded under the Conner Act is because:

Accepted Answer

Recording provided constructive notice of the transfer

Question 11

All offers to purchase and documents to clients should be delivered:

Accepted Answer

Immediately, but never later than 3 calendar days

Question 12

A valid and enforceable contract must have all of the following elements, EXCEPT:

Accepted Answer

Monetary consideration

Question 13

Under federal Sherman Anti Trust Act, which of the following statements would a RE Prof be legally permitted to make:

Accepted Answer

Inform client that broker insists that the commission be 7%

Question 14

Which characteristics are correct regarding a planned unit development (PUD)?

Accepted Answer

Buildings may be clustered together, don't comply with normal setbacks

Question 15

The ad valorem tax rate may adjust:

Accepted Answer

Once a year

Question 16

A Licensee who is involved in a transaction as a dual agent must?

Accepted Answer

Avoid discussion about motivations, prices and terms with all parties

Question 17

The annual property tax bill is $3,780. If the tax rate is 180 mils, what was the assessed value of the property?

Accepted Answer

$21,000.00

Question 18

What is the typical type of agent between a seller and a real estate firm?

Accepted Answer

Special

Question 19

An offer to purchase would include all of the following, EXCEPT:

Accepted Answer

The fee to be charged to the parties

Question 20

All of the following would be terminated at the death of the parties, EXCEPT:

Accepted Answer

A purchase contract that has been fully signed and accepted by all parties

Questions 20