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NC Real Estate Exam (National) Questions and Answers | Latest Version | 2025/2026 | Correct & Verified
What is the primary duty of a fiduciary agent?✔✔ To act in the best interest of the client
What type of value is used for property tax assessments?✔✔ Assessed value
Who is responsible for paying the transfer tax in most real estate transactions?✔✔ The seller
What is the legal process of transferring property ownership from one party to another?✔✔ Conveyance
What is the name of the legal document used to transfer real estate ownership?✔✔ Deed
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Who typically orders the appraisal during a financed real estate transaction?✔✔ The lender
What type of lien takes priority over all other liens?✔✔ Property tax lien
What type of lease automatically renews unless proper notice is given?✔✔ Periodic tenancy
What is the term for land and anything permanently attached to it?✔✔ Real property
What is the name of the party who gives the deed?✔✔ Grantor
What is the name of the party who receives the deed?✔✔ Grantee
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What kind of estate lasts for an indefinite period and includes the right to possess the property?✔✔ Freehold estate
What kind of agent has limited authority for a specific task or transaction?✔✔ Special agent
What is the process of increasing land area by natural forces like deposits from a river?✔✔ Accretion
What is the term for a property built higher than the base flood elevation?✔✔ Elevated property
What type of ownership is created when two or more people hold title with no rights of survivorship?✔✔ Tenancy in common
What do we call the unauthorized intrusion onto another person's land?✔✔ Encroachment 3 / 4
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What is the act of mixing client funds with personal funds called?✔✔ Commingling
What is the term for an interest in land that allows the holder to use land owned by another?✔✔ Easement
What kind of easement benefits a neighboring parcel of land?✔✔ Easement appurtenant
What is the name of the agreement between a principal and a real estate agent?✔✔ Listing agreement
What does it mean if a contract is voidable?✔✔ One party has the right to cancel
What is the term for the final step in a real estate transaction where documents and money are exchanged?
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