Friends Jack, Jill, and Harold bought a warehouse property in North Carolina, and the deed simply stated, "as joint tenants." Assuming Harold had a will when he died, who got his share of the warehouse?
Answer(s): C
In North Carolina, joint tenancy includes the right of survivorship unless otherwise stated. If a deed says "as joint tenants," and right of survivorship is implied or established, then Harold's share automatically passes to the surviving joint tenants (Jack and Jill), regardless of Harold's will. Since nothing indicates the tenancy was anything other than traditional joint tenancy with survivorship, Jack and Jill receive Harold's share.
What duty does a North Carolina real estate broker have related to material facts?
Answer(s): A
NC brokers are bound by an affirmative duty to both discover and disclose material facts to all parties in a transaction, not just their clients. This includes facts they know or should reasonably know, such as structural defects, zoning violations, or environmental issues. This duty exists regardless of whom the broker represents. Therefore, option A is correct.
[Parties and Property Description Legal Descriptions] In the government survey system of legal description, the north-south lines and east-west lines intersect to create what?
Answer(s): D
In the rectangular (government) survey system, north-south lines (called principal meridians and range lines) and east-west lines (called base lines and township lines) intersect to form squares known as townships. Townships are 6 miles by 6 miles and are further divided into 36 sections.Therefore, the correct answer is D townships.
[Broker's Authority and Duties Broker-in-Charge (BIC)] Which statement about a North Carolina broker-in-charge (BIC) is TRUE?
To qualify for Broker-in-Charge Eligible status in North Carolina, a broker must have at least three years of full-time brokerage experience (or equivalent part-time experience) within the past five years. Additionally, they must complete the 12-hour Broker-in-Charge Course. Option B is incorrect due to the course length (not 24 hours), and option D is incorrect because a broker-in-charge can only manage one physical office location. Option C is incorrect as branch offices may also have a separate BIC. Therefore, A is the correct answer.
[Compliance with Laws and Regulations Fair Housing]A local bank refuses to make residential loans in a particular section of town because of the ethnic background of its residents. This is a discriminatory practice called:
Redlining refers to the illegal practice by lenders of denying loans or altering loan terms based on the racial or ethnic composition of a neighborhood. This violates federal fair housing laws and is discriminatory in nature. Blockbusting involves inducing sellers to sell by suggesting that a minority group is moving in; steering involves directing buyers to or from neighborhoods based on race; boycotting is an antitrust violation. Therefore, C is the correct answer.
[Broker's Authority and Duties Material Facts Disclosure] After taking a listing on a property, a broker learns of major highway changes in the are
North Carolina brokers are obligated to disclose all material facts to all parties in a transaction, regardless of representation. Planned infrastructure changes such as highway expansions may affect property value or desirability and are therefore material facts. The duty to disclose is not conditional on the buyer's inquiry or seller's permission. So the correct answer is C.
[Broker's Authority and Duties Record Retention Requirements] A North Carolina broker must maintain copies of all transaction files for at least _____ after the conclusion of a transaction?
According to the North Carolina Real Estate Commission, brokers must retain records related to a real estate transaction for a minimum of three years from the date of closing or termination of the transaction. These records include contracts, agency agreements, disclosures, and correspondence.Therefore, C is the correct answer.
[Offers and Negotiations Appraisal Adjustments]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?
In appraisal practice, when adjusting a comparable property to reflect differences from the subject property, the adjustment is always made to the comparable. Since the comparable has a finished basement worth $10,000 and the subject does not, we subtract $10,000 from the comparable's sale price to estimate what it would have sold for if it were more like the subject.$300,000 - $10,000 = $290,000.Therefore, the correct answer is A.
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