Q42. The owner of a house located in North Carolina sold it to a buyer for $523,400. The buyer finances $418,700 and makes a down payment of $104,700. At settlement, what is the required excise (transfer) tax, and who pays it?

Q43. The owners of a house that was built in 1950 are planning to sell it. What must they do prior to a sale of the property to comply with federal lead-based paint disclosure requirements?

Q44. An appraiser estimates that it would cost $598,720 to rebuild the subject house. Now what must the appraiser do to arrive at an opinion of value for the property using the cost approach?

Q45. By what right could a county acquire private land necessary to build a new highway ramp?

Q46. The buyer of a farm wants to separately purchase a tractor from the seller. What document would MOST likely be required at closing to transfer ownership of the tractor?

Q47. On Monday morning, a buyer agent who works for ABC Realty submits a buyer client’s offer to the listing agent at XYZ Realty. Later that day, the listing agent presents the offer to the seller. On Tuesday morning, the seller signs the offer with no changes, and on Tuesday evening, the listing agent calls the buyer agent to tell them the offer is signed and accepted. The buyer agent finally gets in contact with the buyer Wednesday morning to communicate the good news. On Wednesday afternoon, the listing agent delivers the signed offer to the buyer agent, and the buyer agent delivers it to the buyer that evening. At what point was there a valid, binding contract between buyer and seller?

Q48. The owner of a lot that is 99 feet by 110 feet would like to sell it. Similar properties sell for $180,000 per acre.
What is the likely selling price for this property?

Q49. A North Carolina real estate broker lists their vacation home for sale. A prospective buyer asks to see the property. Which statement is TRUE?

Q50. A comparable property sold for $300,000. It has a finished basement, while the subject property does not. The finished basement contributes $10,000 to value. What is the adjusted value of the comparable property?

Q51. A prospective buyer offers to buy a house for $415,000, with an earnest money deposit of $1,000. The seller crosses out the earnest money amount, changes it to $4,000, initials and dates the change, signs the offer, and returns it to the buyer. Which of the following statements is TRUE?

Q52. At a minimum, how many members of the North Carolina Real Estate Commission are required to be active real estate brokers?

Q53. A seller wants to net $200,000 from a transaction but will have to pay off a home loan and other fees, at a total cost of $288,800. The seller will also need to pay a 6% commission. What will the property need to sell for?

Q54. A North Carolina real estate broker may:

Q55. Which of the following statements regarding the proper handling of multiple offers in North Carolina is TRUE?

Q56. Which of the following is a key characteristic of an exclusive right to sell listing agreement?

Q57. Under the North Carolina Timeshare Act, a timeshare developer must allow a buyer to cancel a purchase contract without penalty for how long after signing the contract?

Q58. Which of these activities is prohibited by federal antitrust laws?

Q59. A North Carolina broker must maintain copies of all transaction files for at least _____ after the conclusion of a transaction?

Q60. Why does the North Carolina Conner Act require deeds to be recorded?

Q61. If a seller whose property is currently listed with another company initiates a conversation with a broker about the possibility of the broker becoming their new listing agent, the broker:

Q62. In North Carolina, which lien has the highest priority when property is sold to recover a debt?

Q63. A Baptist charity runs a not-for-profit senior housing community for members of its faith. A 75-year-old Hindu woman applies to lease an apartment, and her application is denied. Does she have a case for illegal discrimination under the federal Fair Housing Act?

Q64. A real estate licensee’s advertisement for a house includes only the following phrase about financing:
“Assume the owner’s original loan with only a $1,000 down payment!” What is wrong with this advertisement?