Weekend class quiz 1

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20 Questions - Developed by: Mildred - Developed on: - 1.335 taken

Weekend class quiz for my real estate class

  • 1
    Of the following characteristics of real property, which is not a physical characteristic?
    Area preference
  • 2
    Broker Betty received her license on April 15, 2012. By which of the following dates must she complete her first 8 hours of continuing education to remain on active status?
    No later than June 10, 2013
    No later than April 15, 2014
    No later than June 30, 2012
    No later than June 10, 2012
  • 3
    A woman wishes to donate a vacant lot that she owns in fee simple absolute to a hospital that is located next to her lot. An attorney prepares a deed that conveys the ownership of the lot to the hospital "as long as it is used for medical purposes." After the completion of the gift, the hospital will hold a
    Fee simple to a condition subsequent estate
    Pur autre vie estate
    Fee simple determinable estate
    Fee simple absolute estate
  • 4
    Which of the following would be required to have a license in order to be paid for selling or leasing real estate?
    A son who leases apartments for his parents apartment building
    Someone who leases their personally owned property
    A trustee under a deed of trust
    An employee of a real estate firm who shows company rentals to perspective tenants
  • 5
    Which of the following would not accurately described a License Law requirement for a real estate broker's trust account?
    It must be a demand deposit account
    The bank must agree to make records available to the commission upon demand
    It must be in a federally insured financial institution
    The account must be in the bank that has a physical location inside NC
  • 6
    Which of the following best describes a lien:
    Any encumbrance that would create a cloud on the title
    Pending litigation that may affect the title of the property
    A legal right to have a property sold and have the proceeds applied to the debt
    The right of the government to take private property
  • 7
    If a deed conveyed all interests in the property with the exclusion of any emblements, which of the following would not transfer to the new owner?
    Mineral rights
    Plants and trees
  • 8
    A couple purchases a property during their marriage and take title as tenants by the entirety. Years later the couple gets divorced. Which of the following is not a legal possibility with regards to the ownership of the property after their divorce?
    They could continue to own the property as tenants by the entirety
    They could continue to own the property as tenants in common
    They could sell the property and share in the proceeds
    One of them could buy out the other and take in severalty
  • 9
    A brokers provisional status is removed when
    They actively practice real estate for three years
    When they complete 8 hours of continuing education
    They complete 90 hours of post licensing education
    They pay their annual $45 renewal fee for the first time
  • 10
    Bob the builder poured a new patio on his property. When the neighbor sold his property the new buyer had a survey and discovered the patio extended beyond Bob's property line. This would be an example of a/an:
  • 11
    Which of the following is true of the NC real estate commission?
    Their purpose is to protect the general public from real estate licensee's
    There are a total of 7 members
    All of the members must be active real estate brokers
    They have the power to fine licensee's for any violation of NC Real Estate License Law
  • 12
    A charge levied against a property owner for improvements that benefit the property are best described as:
    Personal property taxes
    Ad valorem property taxes
    Excise tax
    Special assessment taxes
  • 13
    Which of the following would have the greatest impact on property values?
    Permanence of investment
  • 14
    All of the following are true regarding a property located along the banks of a non-navigable body of water except:
    The property owner has riparian water rights
    The property owner has unrestricted use of the body of water
    The property owner owns the property to the water's edge
  • 15
    All of the following are true regarding a broker with a license on inactive status except:
    The broker cannot be paid for any brokerage services even referral fees
    In order to activate their license they must be current on their continuing education requirements
    The broker must pay the annual $45 renewal fee to prevent their license for expiring
    In order to retain their license the broker must take continuing education each year
  • 16
    Of the following items which one would be considered a fixture that should automatically convey with the sale of a residential property?
    A stainless steel refrigerator that matches the stove and dishwasher
    A custom build hot tub built into the deck that is attached to the house
    The custom drapes in the living room that match the carpeting
    Decorative trees in ornamental pots on the front porch
  • 17
    The North Carolina Machinery Act states that
    Real property can only be assessed every eight years
    The tax rate is based on a state controlled index
    Taxes be levied based on the property's assessed value
    The tax rate for a property is determined by the property's assessed value
  • 18
    Two friends, Bob and Jim decide to buy an investment property together. The take title to the property as joint tenants. Each owner has a will made leaving their portion of the property to their designated heirs. Jim dies, which of the following is true?
    Bob is now a tenant in common with Jim's heirs
    Bob is now a joint tenant with Jim's heirs
    Bob is now the sole owner of the property
    Bob remains a joint tenant, but Jim's heirs are tenants in common
  • 19
    Which of the following is a non-inheritable estate?
    All of the above
    A conventional life state
    A pur autre vie life estate
    A fee simple estate
  • 20
    The amount and kind of interest a person has in real property is known as
    An estate in land
    Defeasible fee
    A fee simple absolute

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