US Real Estate North Carolina Test 5

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Author: TestGru Team (Education Specialist)

20 questions · All questions on one page

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Real Estate — North Carolina Professional (Real Estate, USA) USA — North Carolina State Real Estate License — USA

What is this test? for Real Estate Salesperson/Broker prep, USA (national + state law) — Professional (Real Estate, USA) level, USA — North Carolina.
For adults preparing for Real Estate license in the USA
Section: Real Estate — North Carolina · Education: Professional (Adult) · Part: Real Estate — North Carolina · Country: USA · Region: USA — North Carolina

Finance and real estate acumen covers markets, valuation, contracts, and budget management.

This test is designed to reinforce core concepts and help you succeed on your exams.

By solving this test of 20 questions, you can both test your knowledge and identify the topics you need to improve.

Question 1

Which agency licenses agents in North Carolina?

A) IRS

B) North Carolina Real Estate Commission

C) State Bar

D) Medical Board

Question 2

What is agency in real estate?

A) ownership

B) broker acting for a client

C) zoning

D) tenancy

Question 3

What is a listing agreement?

A) contract to sell a property

B) lease

C) purchase offer

D) deed

Question 4

What is earnest money?

A) buyer good-faith deposit

B) tax

C) commission

D) fee

Question 5

What is PITI?

A) principal, interest, taxes, insurance

B) a tax

C) a loan type

D) a deed

Question 6

What is a fiduciary duty?

A) dual profit

B) secrecy from client

C) loyalty, obedience, care to client

D) profit first

Question 7

What is dual agency?

A) two brokers

B) one broker representing both sides

C) buyer only

D) no representation

Question 8

What is the Fair Housing Act?

A) zoning code

B) tax law

C) building code

D) bans housing discrimination

Question 9

What classes are protected in housing?

A) race, color, religion, sex, handicap, family, national origin

B) politics

C) age only

D) income

Question 10

What is redlining?

A) illegal denial by neighborhood

B) surveying

C) mapping

D) appraising

Question 11

What is steering?

A) advertising

B) showing homes

C) guiding buyers by race (illegal)

D) negotiating

Question 12

What is LTV?

A) land title verification

B) listing traffic volume

C) lease term value

D) loan-to-value ratio

Question 13

What is a CMA?

A) appraisal

B) comparative market analysis

C) survey

D) inspection

Question 14

What is an appraisal?

A) inspection

B) offer

C) professional value opinion

D) listing

Question 15

What is PMI?

A) insurance for low down payments

B) property tax

C) flood insurance

D) title insurance

Question 16

What is escrow?

A) tax

B) commission

C) down payment

D) neutral third-party holding

Question 17

What is a deed?

A) loan paper

B) ownership transfer document

C) lease

D) offer

Question 18

What is a warranty deed?

A) guarantees clear title

B) lease

C) quitclaim

D) option

Question 19

What is a quitclaim deed?

A) loan

B) full warranty

C) transfers whatever interest exists

D) lease

Question 20

What is title insurance?

A) life insurance

B) flood policy

C) home warranty

D) protects against title defects

US Real Estate North Carolina Test 5

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