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Chapters 1-5 And App C Flashcards | StudBud
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Chapters 1-5 And App C
Chapters 1-5 And App C
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Quiz for Review over Chapters Covered #NCRealEstate
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
All of the following statements about NC Real Estate License requirements are true EXCEPT:
You must be licensed to transact real estate business in NC.
Provisional Broker must have 75hours postlicensing per year.
Only one type of license is issued for Real Estate in NC.
All of the Above.
2
The act of changing an item of real property to personal property is called:
None of the Above
Severance
Emblementation
Annexation
3
A trade fixture, or chattel fixture, is considered:
Property of the Owner
An upfit
Personal property of the Tenant
None of the Above
4
How many acres are in 1 section of the government survey system?
36
460
640
43,560
5
What survey system is still used primarily by the 13 original colonies?
Metes and Bounds System
Rectangular System
6
What type of deed would most likely be used to remove a cloud on a title?
Quit Claim Deed
Bargain & Sell Deed
Special Warranty Deed
General Warranty Deed
7
Location is an Economic Characteristic of Land:
False
True
8
ALL members of the National Association of REALTORS® are Brokers.
False
True
9
Improvements to land such as drainage, electricity, water, and sewer systems are known as:
Permanence of Investments
Trade Fixtures
Agricultural Fixtures
Improvements
10
Real Estate is not always considered an Investment:
True
False
11
What is the gradual increase in land resulting from the deposit of soil by the water?
Accretion
Avulsion
Erosion
Reliction
12
All listed below are part of the "Bundle of Rights" except:
Right of Exclusion
Right of Distribution
Right of Control
Right of Enjoyment
13
The NCREC can take all the following actions EXCEPT:
Criminally prosecute Brokers for violating license law.
Inspect Broker trust accounts without notice.
Investigate the Brokerage activity of unlicensed persons.
Require a guilty licensee to pay restitution to clients.
14
In NC, a lien for property taxes attaches to the property on
July 1 of that calendar year
Jan 1 of that calendar year
Sept 1 of that calendar year
Jan 5 of the following calendar year
15
Which deed provides the greater protection than any other deed?
Special Warranty Deed
General Warranty Deed
Bargain and Sale Deed
Quit Claim Deed
16
Which activity listed requires an active Real Estate license in NC?
Selling your own personal real property.
Managing rental property owned by a parent for a monthly fee
Showing rental units managed by your broker-employer.
Making a listing appointment for your Broker-employer.
17
A tax rate stated in mills is equal to
1/100 or .01
1/1,000 or .001
1/10,000 or .0001
1/100,000 or .00001
18
Which estate is an Estate of Inheritance?
Pur Autre Vie
Fee Simple Defeasible
Fee Simple Absolute
All of the Above
19
An easement may be terminated
Neither I nor II
by non-use of a prescriptive easement
the easement holder purchases the land where it is located
Both I and II
20
The NCREC requires the Broker-in-Charge to take responsibility for assuring that
provisional brokers sign independent contractor agreements.
affiliated brokers take their Continuing Education on time.
all Broker's license certificates are displayed in office.
provisional brokers complete REALTOR® Code of Ethics on time
21
Which specialization is considered to be part of the Scope of the Real Estate Business?
Real Estate Brokerage
Property Management
Financing
All of the Above
22
Which of the following liens can have a back-dated effective date?
Specific Lien
Real Property Tax Lien
Mechanic's Lien
State Income Tax Lien
23
Rights or privileges that are considered to run with the land would include:
All of the Above
Water Rights
Air Rights
Subsurface Rights
24
The type of ownership automatically given if the parties are unmarried:
Severalty
Tenancy in Common
Joint Tenancy
Tenancy by the Entirety
25
Land is the earth's surface
downward to the first mineral, upward to the clouds.
downward to the first sign of water, upward to infinity.
downward to the earth's core, upward to infinity.
downward to the earth's core, upward to the atmosphere.
26
All of the following are easements EXCEPT
Easement by prescription
Easement by Lis Pendens
Easement in gross
Easement appurtenant
27
Which term is NOT used interchangeably with Personal Property?
Chattel
Situs
Personalty
All of the Above
28
The type of ownership automatically given in NC if you are married:
Joint Tenancy
Severalty
Tanancy in Common
Tenancy by the Entirety
29
A Broker can be disciplined by the NCREC for which of the following activities?
Writing contract terms into the sales contract for a buyer.
Not paying referral to active outofstate broker living in NC
Disclosing a roof leak against the seller's instructions.
Not verifying all entries on the closing disclosure.
30
A deed is enforceable against third parties when the deed is
delivered
recorded
signed
notarized