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REAL ESTATE U FINAL EXAM VERSION 1,2 AND
3 NEWEST 2025 ACTUAL EXAM COMPLETE 300
QUESTIONS AND CORRECT DETAILED
ANSWERS (VERIFIED ANSWERS) |ALREADY
GRADED A+||BRAND NEW!!
REAL ESTATE U FINAL EXAM VERSION 1
Dan is a real estate broker in NC who is holding a $8,000 earnest money deposit for a sales transaction between Seller Sam and Buyer Bob. Buyer Bob has breached the sales contract, and the contract specifies that in the event of a breach, the earnest money should be released to the seller. Seller Sam wants the earnest money to be released to him, as per the terms of the contract. What should Dan do? - CORRECT ANSWER -Hold on to the earnest money until both Seller Sam and Buyer Bob agree to release the earnest money.
Bob owns a building lot in Holly Springs that he and his wife purchased when they both attended graduate school in Raleigh.Although they paid only $10,000 for the lot many years ago, it has a current tax value of $18,000. Bob and his wife now realize they will not be moving back to NC so they decide to sell. They contact Arnold, who is a real estate broker, to list the property.Arnold tells Bob that he has a builder friend who might be interested in purchasing the lot quickly. Two days later Arnold emails Bob a copy of the listing contract for $20,000 and once it 1 / 4
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is signed, he immediately emails a contract to purchase from the builder friend for full asking price. Bob and his wife sign the contract and the property is closed. Three months later Bob learns from an old college friend, who still lives in the area, that these lots are very much in demand and that they are selling for close to $40,000. After some resear - CORRECT ANSWER - Arnold has likely violated his duties to Bob by not performing a CMA in order to determine the probable selling price of the lot.
Funds paid to a time-share developer: - CORRECT ANSWER -
Belong to the buyer for 10 days from the date of contract.
A broker licensee on provisional status has just been hired by a local lender to assist them in the preparation of a CMA/BPO.The lender is asking for this assistance in order to help them understand how much the property might be sold for so they can better set the limits for the equity line of credit the borrower is requesting to be set up. Which of the following best summarizes this situation? - CORRECT ANSWER -A provisional broker is not allowed to complete the CMA that is being requested.
A licensee is NOT allowed to prepare a CMA/BPO for any existing or potential lienholder or other third party where the CMA/BPO is to serve as the basis to determine the value of a property for the purpose of originating a mortgage loan.
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According to the NCAR/NCBA Offer to Purchase and Contract form, the final date for the buyer to undertake due diligence in the purchase of a home is best represented by which of the following? - CORRECT ANSWER -The closing date, but the buyer will not be entitled to a refund of his due diligence fee or his earnest money deposit.
The maximum tenant security deposit that can lawfully be collected on a North Carolina residential lease that is for a nine- month fixed term but mandates the rent is to be paid monthly
would be: - CORRECT ANSWER -2 Months
The area occupied by the stairway, in a two-story house, is
calculated as a part of: - CORRECT ANSWER -both the first and
second floor.
Teddy is an on-site employee of Durham Builders who is paid $75,000 annually and routinely meets with potential buyers to show them homes, help them select floor plans, choose options, and prepare purchase agreements. Is Teddy required to have a real estate license? - CORRECT ANSWER -No. Since Teddy is a salaried employee of the owner (in this case the real estate developer). Remember, a salaried employee of an owner can perform ALL of the duties of their boss.
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The vertical masonry structures placed inside the foundation
wall in order to support the subflooring are: - CORRECT
ANSWER-Piers
Which of the following is true regarding the $500,000 exemption, in the sale of a personal residence, for a married couple filing jointly? - CORRECT ANSWER -A married couple can use the $500,000 joint exemption if only one meets the ownership requirement, but BOTH meet the occupancy requirement.
A settlement meeting is usually conducted by a closing attorney.Who typically recommends the closing attorney? - CORRECT ANSWER-The buyer or the buyer's lender
James is a broker in NC and is also licensed as an attorney. He is buying a house and wants to rewrite part of the sales contract. Is James permitted to do so? - CORRECT ANSWER -Yes. Since James is also an attorney and the buyer, he is permitted to rewrite parts of the contract.
Where should measurements be taken according to the Residential Square Footage Guidelines? - CORRECT ANSWER-All measurements should be taken on the exterior of the home when possible.
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