missed questuons 24

Sophia's North Carolina listing includes a garage that has has been legally converted into living room. Can she include it in her square footage measurements?

• She can include it in her calculations.

• She can include it in her calculations if the owner provides the original permit.

• She can include it in her calculations only if it has a separate entrance that is not attached to the home.

•   She can't include it in her calculations.

Which of the following is not permitted to be added to a vacation rental agreement according to the North Carolina Vacation Rental Act?

• Language that permits the automatic forfeiture of all, or part of, a security deposit in the event that the tenant breaches the contract

• Eviction and evacuation procedures

•   The rights and obligations of the Landlord and tenant

• The rights and obligations of the landlord or broker and the tenant if the property is transferred

Which of the following best describes an upset bid in North Carolina?

•   A bid on a property that comes in a second place

•   A bid that doesn't meet the lender's requirements, so it's invalid

•   A bid that holds a foreclosure sale open for another 10 days

•   A last-minute bid that wins a foreclosure auction

The North Carolina Timeshare Act defines a(n) ______ as the document or set of documents that create or govern the timeshare plan’s operation.

• Accommodation plan

• Public offering statement

• Timeshare declaration

•   Time share instrument

As part of due diligence, the buyer may obtain from the county health department an improvement permit or written evaluation for a ground absorption sewage system in the home. This is covered under the ______ provision of the Additional Provisions Addendum in North Carolina.

• Agreed-Upon Repairs and/or Improvements

•   Expiration of Offer

•   Rental/Income/Investment Property

•   Septic System Installation/Modification

Under the terms of the North Carolina Vacation Rental Act, the buyer or buyer’s agent must notify each tenant in writing of the property transfer, the buyer’s name and address, and the date the buyer’s interest was recorded no later than _______ days after closing.

•   10

•   20

•   30

•   Five

Which of the following shows the effective date of the North Carolina residential sales contract?

• The buyer is notified that the seller agreed to the offer in writing.

•   The buyer makes an offer and signs it.

•   The property is officially transferred from the seller to the buyer.

•   The seller receives the offer and signs it.

When is the Assumption contingency used in North Carolina form 580-T?

• When the buyer must obtain financing

•   When the buyer reserves the right to terminate if financing can’t be arranged

•   When the seller reserves the right to terminate if the buyer can’t obtain financing

•   When the seller’s current loan will remain in place

Which of the following provisions in North Carolina's Standard Form 2-T is used to identify which items are to remain with the property?

•   Fixtures and Personal Property

•   Inspection

•   Possession

•   Property

Jim is selling his North Carolina farmhouse, but he wants to keep the antique range in the kitchen. On the listing contract, how should he indicate that the range doesn’t go with the property?

•   Include this information in an addendum, along with any other exclusions.

•   Note it as a fixture.

•   Note it as an item that doesn’t convey.

•   Write the exclusions in the margin beside the inclusions section.