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Chapters 1-2 and Appendix A Flashcards | StudBud
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Chapters 1-2 and Appendix A
Chapters 1-2 and Appendix A
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Quiz for Review over Chapters Covered #NCRealEstate
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
A Broker can be disciplined by the NCREC for which of the following activities?
Drafting contract terms into the sales contract for a buyer.
Disclosing a roof leak against the seller's instructions.
Not paying referral to active outofstate broker living in NC
Disclosing seller's motivation to sell to their buyer client
2
The NCREC can take all the following actions EXCEPT:
Criminally prosecute Brokers for violating license law.
Require a guilty licensee to pay restitution to clients.
Investigate the Brokerage activity of unlicensed persons.
Inspect Broker trust accounts without notice.
3
The type of ownership automatically given in NC if you are married:
Tanancy in Common
Severalty
Tenancy by the Entirety
Joint Tenancy
4
ALL members of the National Association of REALTORS® are Brokers.
True
False
5
Which specialization is considered to be part of the Scope of the Real Estate Business?
Real Estate Brokerage
Financing
All of the Above
Property Management
6
The NCREC requires the Broker-in-Charge to take responsibility for assuring that
all Broker's license certificates are displayed in office.
affiliated brokers take their Continuing Education on time.
provisional brokers sign independent contractor agreements.
provisional brokers complete REALTOR® Code of Ethics on time
7
Rights or privileges that are considered to run with the land would include:
Subsurface Rights
Water Rights
Air Rights
All of the Above
8
All listed below are part of the "Bundle of Rights" except:
Right of Exclusion
Right of Enjoyment
Right of Control
Right of Distribution
9
Location is an Economic Characteristic of Land:
False
True
10
Which activity listed requires an active Real Estate license in NC?
Managing rental property owned by a parent for a monthly fee
Making a listing appointment for your Broker-employer.
Showing rental units managed by your broker-employer.
Selling your own personal real property.
11
Improvements to land such as drainage, electricity, water, and sewer systems are known as:
Agricultural Fixtures
Permanence of Investments
Trade Fixtures
Improvements
12
Real Estate is not always considered an Investment:
True
False
13
What is the gradual increase in land resulting from the deposit of soil by the water?
Accretion
Reliction
Avulsion
Erosion
14
A trade fixture, or chattel fixture, is considered:
An upfit
None of the Above
Personal property of the Tenant
Property of the Owner
15
The act of changing an item of real property to personal property is called:
None of the Above
Severance
Emblementation
Annexation
16
The type of ownership automatically given if the parties are unmarried:
Joint Tenancy
Severalty
Tenancy in Common
Tenancy by the Entirety
17
Land is the earth's surface
downward to the earth's core, upward to infinity.
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 the atmosphere.
18
Which estate is an Estate of Inheritance?
Fee Simple Defeasible
Pur Autre Vie
All of the Above
Fee Simple Absolute
19
Which term is NOT used interchangeably with Personal Property?
Chattel
Situs
Personalty
All of the Above
20
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.
Only one type of license is issued for Real Estate in NC.
All of the Above.
Provisional Broker must have 75hours postlicensing per year.
