Untitled Quiz

Window Components

• Key components of a window include: Sole plate, Header, Stud, Top plate.

Zoning Variance

• A variance is a request for a slight deviation from current zoning ordinances.

Real Estate Contract Delay

• The Standard 2-T Offer to Purchase and Contract allows a 14-day delay in settlement before the contract can be terminated.

Property Ownership Rights

• The littoral property ownership right establishes boundaries at the mean high tide water mark.

Licensee Changes

• Licensees can amend the Standard 2-T contract when making offers on properties.

Backup Offers

• When making an offer on a property already under contract, a buyer's broker should include a back-up contract addendum.

Broker Duties with Multiple Offers

• A listing broker must present all offers to the seller to facilitate decision-making.

Transfer of Property

• A standard purchase contract must specify that the seller will transfer property via a general warranty deed.

Tenant Rights

• A tenant may cease rent payments and vacate if a landlord fails to address significant maintenance issues.

Estate Types

• An estate at will allows a tenant to occupy a property until a specified legal process is completed (e.g., condemnation).

Municipality Assessments

• Municipalities may charge special assessments to current owners when extending essential services like water and sewer.

License Exemptions

• Certain entities, such as legal corporations selling property, are exempt from obtaining a separate brokerage license.

Advertising Compliance

• Real estate advertisements must include the firm's name to comply with commission rules.

Material Fact Disclosure

• Brokers must disclose material facts, even if selling their own properties as "For Sale By Owner."

Continuing Education for License Activation

• Non-provisional brokers must complete 8 hours of continuing education before activating an inactive license.

Disclosure of Agency Status

• Disclosure of agency status is required when certain first contacts occur, but showing a home does not necessitate it.

Material Facts in North Carolina

• Synthetic stucco, even if removed, is considered a material fact that must be disclosed.

Dual Agency Notification

• Sellers should be informed of the buyer's designated agent upon initial contact.

Real Estate Brochure Purpose

• The Working with Real Estate Agents brochure clarifies the types of agency relationships in real estate transactions.

Agency Disclosure in Leasing

• Commercial agents must use the agency disclosure brochure for sales transactions but not for leases.

Required Home Disclosure

• Sellers of new homes must provide a Mineral and Oil and Gas Rights disclosure.

Buyer Agency Agreement Termination

• A buyer agency agreement with a sole practitioner ends upon the practitioner's death.

Special Assessment Authority

• Other homeowners in a neighborhood can levy special assessment fees by majority vote.

Title Status

• A seller with an unquestionable ownership claim over ten years has a "clear" title.

Bequest Definition

• Bequest refers to the process of leaving real property to heirs through a valid will.

Nonwarranty Deed Usage

• A nonwarranty deed is commonly utilized during the resolution of interests in a marital home during divorce.

Valid Deed Requirements

• A valid deed must include delivery and voluntary acceptance by the grantee.

Land Use Regulation

• Public regulations of land usage oversee subdivision plans.

Seeking Variance for Parking

• Property owners needing more parking spaces should seek a variance to accommodate their business needs.

Environmental Concerns

• Radon is an odorless, colorless gas that poses lung cancer risks.

Lead-Based Paint Concerns

• Properties built before 1978 are potential targets for lead-based paint assessments.

Asbestos Risks

• Asbestos is considered an environmental concern due to its ability to become airborne and cause lung diseases.

Dual Agency Disclosure Timing

• Firms must disclose and obtain consent for dual agency before acting in such capacities.

Creating Agency Relationships

• The payment of money does not create an agency relationship on its own.

Special Agency Description

• A special agency relationship is when an agent performs specific tasks like marketing a property sale.

Buyer Client Obligations

• Agents must advise clients on negotiating strategies when crafting offers.

North Carolina Property Disclosure Act

• Agents are responsible for informing buyers and sellers of their rights and obligations under this act.

Subagent Role

• If a listing firm cooperates with another broker who lacks buyer agency consent, they act as a subagent.

Listing Agent Duties

• Listing agents must notify sellers about ongoing offers and their impact on negotiations.

Information Duty for Buyer Agents

• Buyer agents have a duty to disclose information that could weaken their client's position.

Property Management Agency Type

• Property managers typically operate under general agency due to their broad authority over tasks.

Offer Requirements

• An offer becomes valid and binding only when signed by all parties and communicated.

Commission Rate Policies

• A brokerage maintains the right to refuse commission rate reductions regardless of a seller's request.

All-Risk Insurance Policy

• An HO-3 policy covers structures and personal property for various hazards, meeting lender requirements.

CLUE Report

• A CLUE Report details insurance claims made against a property and is often used by brokers during transactions.

Leasehold Interest

• A tenant with a lease that requires a 60-day notice to vacate likely has an estate from period to period.

Intangible Appurtenance

• HOA covenants exemplify intangible appurtenances that run with the land.

Real Property Ownership Benefits

• Advantages of owning real property include favorable tax treatment.

Joint Tenants Ownership

• Upon Russell's death, his property share passed to Nancy and Jed under joint tenancy laws.

Special Assessment Fee Authority

• Only other homeowners in the area typically have the authority to impose special assessments.

Clear Title Definition

• A clear title indicates unquestioned ownership over real property.

Will and Bequest

• Bequest describes the process of transferring property to heirs as per a deceased’s will.

Nonwarranty Deed in Divorce

• During property division, a nonwarranty deed may be used for transferring ownership in a marital home.

Valid Deed Requirements Recap

• Valid deeds require both delivery and voluntary acceptance by the grantee for legality.

Land Use Public Regulation

• Subdivision plans fall under the oversight of public land use regulations.

Variance for Business Needs

• Property owners may request a zoning variance when needing additional space for business operations.

Health Risk from Radon

• Radon, an invisible gas, poses serious health risks, especially lung cancer.

Lead Risk in Older Homes

• Properties constructed before 1978 should be screened for potential lead-based paint exposure.

Asbestos Health Hazard

• Asbestos can cause severe lung diseases when disturbed, releasing harmful particles into the air.

Consent for Dual Agency

• Firms must disclose dual agency commitments and acquire necessary consents beforehand.

Agency Formation Misconceptions

• Financial transactions alone do not establish an agency relationship without additional context.

Nature of Special Agency

• Special agency agreements restrict an agent to specific tasks, primarily related to property sale or purchase.

Agent Responsibilities

• Agents should provide thorough advice to clients, especially regarding negotiating strategies.

Compliance with Property Disclosure Act

• Duty includes educating clients on their rights and responsibilities as outlined in property law.

Role of Subagent Clarification

• Subagents operate under the direction of a listing firm without buyer agency consent, fulfilling commission roles.

Notification Duties of Listing Agents

• Agents are obligated to communicate any significant offers to sellers promptly.

Buyer Agency Obligations

• Agents must inform buyers of any vulnerabilities relating to their contract position.

Classification of Property Managers

• The majority of property managers function under general agency due to their expansive responsibilities.

Offer to Purchase Validity

• Contracts only become binding upon both parties’ signatures and proper communication.

Commission Agreement Policies

• Agents can set policies regarding commission reductions despite client's requests.

All-Risk Insurance Description

• All-risk coverage under an HO-3 policy fulfills lender coverage requirements for structures and contents.

Insurance Claims Report

• CLUE Reports provide insight into past claims against a property and are essential in real estate transactions.

Lease Terms Classification

• Tenants with a two-month notice requirement likely possess an estate governed by periodic leases.

Example of Appurtenances

• Intangible appurtenances like HOA restrictions are legally tied to property ownership.

Real Estate Ownership Advantages

• Homeownership can deliver substantial tax benefits.

Ownership Changes After Death

• Joint tenancy allows Russell's shares to pass directly to Nancy and Jed upon his passing.

Authority for Special Assessments

• Typically, it is fellow homeowners within a neighborhood who have the ability to enforce fees.

Title Legitimacy

• A clear title reflects an owner’s verifiable and uncontested claim to the property.

Terms Related to Wills

• The term 'bequest' is specifically used to describe property transferred through a will.

Nonwarranty Deed During Divorce

• Couples may utilize a nonwarranty deed to transfer sole ownership of a shared home amid divorce proceedings.

Deed Validity Essentials

• Fundamental requirements for a deed's validity encompass voluntary acceptance and delivery to the rightful party.

Usage of Land Plans

• Public oversight governs the regulations surrounding land including subdivision layouts.

Variance Requests for Business Operations

• Owners facing logistical challenges often file for variances to secure necessary operational adjustments.

Risks Associated with Radon Exposure

• Given its odorless nature, radon poses significant health risks, particularly linked to lung cancer.

Assessing Lead in Older Properties

• Properties built prior to 1978 are potential candidates for lead paint inspections and risk assessments.

Asbestos and Health Risks

• Asbestos creates major public### Transaction Status
• Offer made for property at 101 Jones Ferry Avenue on April 10.
• B’s agent delivered signed offer to seller on April 11.
• B accepted A's offer by signing the document.
• A withdrawn offer on April 11 via email to A’s agent.
• A’s agent left voicemail for B’s agent regarding withdrawal, which B’s agent did not receive.
• Signed document delivered to A’s agent by B’s agent on April 12, after A's withdrawal.

Statute of Frauds

• Law stipulating contracts to convey real property must be in writing to be enforceable.

Termination of Sales Contract

• A buyer's inability to secure specific loan can lead to contract termination.
• Identifying factors that may not result in termination is crucial.

Liquidated Damages

• Buyers and sellers believe the other has breached a purchase contract.
• Liquidated damages may be a potential remedy for breaches.

Parole Evidence Rule

• A buyer included a washer and dryer in an initial offer, which was conceded in a counteroffer.
• By omitting mention of the washer and dryer in the final counteroffer, it explains why the seller retained them post-closure.

Multiple Offers Strategy

• Seller under Exclusive Right to Sell listing should NOT advise the broker to counter each offer at the highest price.

Contract for Deed

• True statement: it serves as both a contract to convey real property and a financing instrument.

Buydown

• Refers to a situation where a builder prepays interest to lower loan interest rates temporarily in early years.

Lien Theory vs. Title Theory

• In Lien Theory, borrower gets title at closing.
• In Title Theory, borrower gets equitable title at closing.

TRID Regulations

• Lender must provide Closing Disclosure at least 3 business days before settlement if delivered electronically.

Advertising Trigger Terms

• Example of trigger term: terms that indicate specific payment amounts or rates.

VA Loans

• Lenders can issue loans above the Certificate of Reasonable Value under certain conditions.

FHA 203b Clause Restrictions

• Due on Sale Clause not permitted in an FHA 203b mortgage loan.

Common Promissory Note Clauses

• Voluntary alienation clause is among common clauses in promissory notes.

Financing Statements

• VA loans are recognized for having the highest loan-to-value ratios compared to FHA and conventional loans.

"Subject To" Loans

• Method of financing where the seller remains responsible for mortgage payments despite the sale.

Print Advertisement Regulations

• Any marketing statement that involves specific low monthly payments must disclose all material terms of the loan.

Equal Credit Opportunity Act

• Borrowers on public assistance are afforded protections under this act against discrimination.

Sales Comparison Approach Adjustments

• To adjust for square footage, subtract the difference in value between subject property and comparable property.