Superior Real Estate School Exam - Questions and Answers Jack is a licensed real estate professional in Illinois. He has been a broker for many years,
... [Show More] but is not licensed in NC. Jack has a friend who wants to purchase a home in Charlotte, NC. In regard to the representation of this buyer all of the following are TRUE, EXCEPT: A. Jack may refer the buyer to a licensed NC broker and receive a referral fee even though he is not licensed in NC. B. Jack may meet with the buyer in Illinois and explain the purchase process and answer questions about the NC transaction. C. So long as Jack affiliates with a NC broker he may accompany the buyer to North Carolina and assist in showing the buyer property D. The NC real estate commission does not have jurisdiction over Jack unless Jack conducts illegal brokerage activities in NC Which type of estate cannot pass by inheritance? A. fee simple estate B. fee simple condition subsequent estate C. conventional life estate D. pur autre vie life estate A rectangular-shaped parcel of land, which measures 400 feet by 600 feet, is divided into two equal lots by a creek that runs from the northeast corner to the southwest corner. What is the approximate acreage of each divided parcel? A. 55 acres B. 2.75 acres C. 3.47 acres D. 5.51 acres Assume annual real estate taxes amount to $1,800 and have been paid in advance for the calendar year by the seller. If closing is set for September 15, which of the following is correct? A. credit seller $525; debit buyer $1,275 B. credit seller $1,275; debit buyer $525 C. credit buyer $525; debit seller $1,275 D. credit seller $525; debit buyer $525 Which of the following statements is/are true? I. A freehold estate and a nonfreehold estate will never exist at the same time on the same property. II. A life estate is a nonfreehold estate. A. I only B. II only C. Both I and II D. Neither I nor II Aunt Fran decides to sell her property to a church with a fee simple interest, but Aunt Fran reserved or excepted a conventional life estate. Which of the following statements is true regarding this transfer? A. The church is the life tenant and Aunt Fran has a reversionary interest. B. Aunt Fran is the life tenant and the church has a remainder interest. C. The church owns the property and Aunt Fran has established a non-freehold interest. D. This is best referred to as a life estate pur autre vie. The basic premise for controlling the use of land is to protect and promote the health, safety, welfare and morals of the general public. As imposed under the government's right to police power, zoning ordinances do NOT regulate: A. the use to which a property may be put B. the placement of buildings on the property C. the bulk and density of buildings D. minimum acceptable material and construction standards Joe, Moe and Harry are joint tenants owning a parcel of land. Harry conveys his interest to his long-time friend, Will. After the conveyance, Joe and Moe: A. become tenants in common B. continue to be joint tenants with Harry C. become joint tenants with Will D. remain joint tenants with Will becoming a tenant in common What is true about eminent domain? A. The Department of Transportation is exempted from compensating land owners for critical road widening projects. B. In order to establish eminent domain the government must meet the elements of adverse possession. C. Should the government condemn a rental property, the lease is automatically terminated. D. Eminent domain is the process by which the government condemns land. A city evicts tenants of an apartment complex by the power of eminent domain because of a planned highway expansion. Does the city have to pay compensation and does the city have to let the tenants finish their lease terms? A. The city would have to allow the tenants to complete their lease term and must pay them compensation. B. The city may never condemn an apartment building or other facility that is currently occupied. C. The city does not have to allow the tenants to complete their lease term, but the city will have to compensate the tenants. D. The city does not have to allow the tenants to finish their lease terms an because they are not the owner of the apartment building, the tenants have no right to compensation. A developer requires all builders within the subdivision to build a certain standard home and also requires that no home may be built smaller than 4,000 square feet. What type of restriction has the developer created and how may it be enforced? A. Building permits, enforced through the city or county in which the property is located. B. Private deed restrictions, enforced through a court of law. C. Building codes, enforced through state and city building councils. D. Zoning, enforced through the zoning board. Which of the following adds land due to natural changes along non-navigable streams? A. Accretion B. Avulsion C. Erosion D. Reliction The recording of a deed: A. insures the interest in a parcel of real estate. B. warrants the title to real property. C. gives constructive notice of the ownership of real property. D. is all that is required to transfer the title to real estate. Subdivision regulations in North Carolina are administered and enforced by: A. the city and county local municipalities. B. through the state office of Code Enforcement. C. the state Department of Transportation. D. the developer and the local homeowner's association. With regard to road disclosures in North Carolina: A. a public street is guaranteed to be approved and maintained by NCDOT. B. a licensee must disclose whether the streets are public or private and who has the responsibility for maintaining the street. C. the buyer representative and the listing agent are not required to make street disclosures. Such disclosures are the seller's responsibility. [Show Less]