Superior Real Estate School - Study for Retake Pre-Licensing Course Exam Q &A Jason's property is adjacent to a navigable river in North Carolina and
... [Show More] Jason wants to sell his property. Which of the following statements is true? A. Jason can restrict the public from using that portion of the river that is next to his property B. An owner can sell the property and retain his rights to access the river once it is sold C. Jason's land ends at the center of the waterway D. If Jason obtains proper permits and builds a dock on the river, the dock will automatically become owned by the public The owner of two acres of land sold one acre but retained an appurtenant easement over that land for ingress and egress to his retained lot. The retained lot: A. is the dominant tenement B. serves as the servient tenement C. can be cleared of the easement when it is sold to a third party D. is subject to an easement in gross Bill and Betty just received $25,000 profit from the sale of their home. They are in the process of buying a new home for $185,500 with an 80% LTV ratio. The lender is charging the normal loan origination fee and is lending the money at 1.5 discount points. Bill and Betty pay an attorney $400 to handle the closing, and they must also pay for the excise tax. How much money will the lender be paid in fees? A. $1,484 B. $4,2226 C. $3,710 D. $4,1581 Under a contract for deed, the title to the property is held by the: A. vendor B. vendee C. trustor D. trustee A mortgagor is the one who: A. gives the mortgage B. holds the mortgage C. provides the mortgage funds D. forecloses on the mortgage The defeasance clause in a deed of trust requires the trustee in a specified situation to execute: A. an assignment of mortgage B. a deed of reconveyance C. a satisfaction of mortgage D. a partial release agreement The borrower utilizing a trust deed is best referred to as the: A. beneficiary B. trustor C. trustee D. mortgagor When appraising real estate, the appraiser would consider all of the following in making a determination of value, EXCEPT: A. contractual agreement between the seller and the buyer B. highest and best use of the property C. seller's original purchase price of the property D. selling prices of similar properties In the cost approach to value, the appraiser makes use of the: A. owner's original cost of the building B. estimated replacement cost of the building C. sales prices of similar buildings in the area D. assessed value of the building A building is valued at $215,000 and contains four apartments that rent for $470 each per month. The owner estimates that the net operating income is 65% of the gross rental receipts. What is the capitalization rate? A. 3.7% B. 6.8% C. 10.5% D. 14.2% In the sales comparison approach, what is the indication of value for the subject property with the information given? The subject property is a 2,000 square foot home with 3 bedrooms, 2.5 baths and a 1- car garage. The comparable property is a 2,150 square foot home in the same neighborhood with 3 bedrooms, 2 full baths and a 2 car garage. The comparable property sold for $215,000 last week. The market values additional square footage at $80 per square foot; full baths are valued at $4,000 and half baths at $2,500; 2-car garages are worth an additional $10,000 over a 1-car garage. A. $195,500 B. $200,500 C. $203,000 D. $229,500 Title to real estate passes when a valid deed is: A. signed and recorded B. signed, delivered and accepted C. filed and microfilmed D. executed and mailed Which of the following is an essential element of a valid North Carolina deed? A. a seal B. recordation C. the signature of the grantee D. words of conveyance Regarding title recordation, which of the following statement(s) is/are true? l. Physically taking possession of the property is constructive notice. ll. Public notice of recording documents is actual notice. [Show Less]