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Aceable Review
| Question | Answer |
|---|---|
| What is one way installment sales differ from more typical home sales? | Special tax rules apply |
| In preparing for a closing, the agents instructed their clients to be prepared to pay for certain items at the settlement. Which of the following would be a seller debit at closing? | deed preparation |
| Buyer Beverly is buying a house from seller Sue. Interest rates are high currently, but Sue's mortgage has a low interest rate. Which of the following choices might allow Beverly to take advantage of Sue's low rate? | Beverly could buy the house subject to Sue's mortgage |
| What is asbestos? | a naturally occurring mineral fiber commonly used in insulation that can cause severe respiratory health issues if airborne or inhaled |
| According to Commission rules, all agency agreements must contain certain provisions. Which of the following provisions are correct regarding Commission rules for agency agreements? | Agency agreements must have a start and end date and contain non-discrimination language |
| The standard Offer to Purchase and Contract, form 2-T, would be appropriate for all of the following transactions, except which? | he purchase of residential vacant land in a subdivision |
| a buyer agent shows a property listed by a seller who is a colleague of the agent’s wife. The agent is aware that the seller lost his job and is anxious to sell the property. what is the buyer’s agent’s obligation? | The buyer's agent must not disclose the seller's personal and financial information |
| Raven's mother grants her ownership of an estate on the condition that Raven maintains the enchanting gothic architecture and tends to the rose garden. What kind of estate does Raven have? | simple defeasible estate |
| A property manager is showing a pregnant woman an apartment. The property manager is nervous about the woman's ability to climb stairs and walk around, so they give the woman a briefer-than-normal tour. Is this discriminatory? | Yes. The property manager is providing the woman with unequal services on account of her pregnancy |
| What should an agent do if their agency relationship changes with an existing client? | An agent must immediately disclose any change in an agency relationship to their client and secure a new signed, informed consent or agreement amendment |
| Which of the following words or phrases describes the mechanism for municipalities to pay for the amenities and services such as schools, police, and fire services offered to its citizens? | Ad Valorem Taxes |
| Ben is a tenant who does not properly care for and clean his apartment, resulting in a rodent infestation. Ben does not report the infestation to the landlord. Ben states that her landlord is responsible for the cost of repairs. is Ben correct? | No, the tenant is responsible for keeping the unit clean, and therefore must pay for repairs resulting from neglect |
| A real estate agent is talking to a seller about representing them. Which of the following statements may violate the Sherman Antitrust Act? | All of the brokerages in our area have set a standard commission rate, and I can't accept anything lower. |
| As part of an appraisal, real estate appraiser Jolene needs to consider the property's highest and best use. Which of the following does NOT need to be considered? | Property sales history |
| What is the primary distinction between real estate and real property? | Real estate is the land plus improvements. Real property is the land, improvements, and the bundle of rights |
| Randy is renting his basement apartment to Josh, his son, who is a full-time college student. There is no formal lease involved, no specified termination date and Josh even skips payments now and then. What type of leasehold estate? | estate at will |
| Under North Carolina State Building Code, a permit is required for construction work that costs more than: | $40,000 |
| Polly's pies rents a storefront from Gorgon group. According to a term in Polly's lease, if Gorgon plans to sell the store Polly's is renting, they must first allow Polly the opportunity to buy the property at a certain price. What is this an example of? | right of first refusal |
| Agents who have violated License Law and Commission Rules may be subject to which of the following disciplinary actions by the North Carolina Real Estate Commission? | censure, suspension, or revocation of license |
| Gustavo has four liens on his property: Primary mortgage (added 2015) Home equity loan (added 2017) Tax lien (added 2019) Special assessment lien (added 2020) In what position would the tax lien be, in terms of lien priority? | first |
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