Real Estate and Mortgage Terms Exam Answers, Exams of Nursing

Download Real Estate and Mortgage Terms Exam Answers and more Exams Nursing in PDF only on Docsity! NC real estate broker pre-licensing exam 2024 Syndication - Correct Answers ✅Two or more forms joining together as an entity to own real estate Estate in severalty - Correct Answers ✅Ownership by one individual Concurrent ownership - Correct Answers ✅Two or more persons share ownership with undivided interests Tenancy in common - Correct Answers ✅Co-ownership without right of survivorship to other owners Police power - Correct Answers ✅The broad right of the government to place reasonable restrictions on the use of privately held land Easement - Correct Answers ✅A right of use or enjoyment that one person has in the hands of another for a specific purpose Leasehold estate - Correct Answers ✅A tenant's right to possess real estate for the term of a lease Homestead rights - Correct Answers ✅Protection of a primary home against certain creditors Deed restrictions - Correct Answers ✅Private agreements that govern the use of land Lien - Correct Answers ✅A claim that a party has against the property of another to secure payment of a debt Easement in gross - Correct Answers ✅An easement given to a utility company in perpetuity Real property tax lien - Correct Answers ✅A lien that takes property over all others NC real estate broker pre-licensing exam 2024 Zoning ordinances - Correct Answers ✅Enforced by local municipalities as a part of their right to govern land use License - Correct Answers ✅Revocable in assignable permission granting privilege to use property Writ of attachment - Correct Answers ✅Used to create encumbrance against real property Encroachment - Correct Answers ✅Unauthorized use of another persons land Survey - Correct Answers ✅Administered to reveal encroachments Lien waiver - Correct Answers ✅Releases an unrecorded lien Methods of terminating easements (3) - Correct Answers ✅1. Merger 2. Release 3. Abandonment Express agreement (easement) - Correct Answers ✅Easement is real property interest and therefore transferred by deed and typically recordsd Types of specific liens (3) - Correct Answers ✅1. Government lien 2. Mechanic/construction lien 3. Mortgage Types of general liens (3) - Correct Answers ✅1. Judgment lien 2. IRS or state lien 3. Personal property tax lien NC real estate broker pre-licensing exam 2024 3. Life estate Fee simple absolute - Correct Answers ✅Freehold estate, highest level of property ownership; lasts forever and is transferable and knheritable Fee simple defeasible - Correct Answers ✅Freehold estate based on conditions; can be a gift and has strict deed restrictions; transferable and inheritable Life estate - Correct Answers ✅Grantee is the owner, grantor is fee simple absolute; when grantee dies, property returns to either grantor or remainderman (heir) Townhome - Correct Answers ✅Horizontal units similar to condos; INCLUDE land; common elements owned by HOA in severalty Cooperative (a.k.a. co-op housing) - Correct Answers ✅Building is owned by a corporation, which allows owners (stockholders) occupancy Number of acres in a section - Correct Answers ✅640 Personal property - Correct Answers ✅All property that is not real eatate Real estate consists of: (3) - Correct Answers ✅Land Improvements Rights Liquid asset - Correct Answers ✅Property that can be sold quixkly Real estate - Correct Answers ✅Land, its improvements, and the rights to own/use them Fixture - Correct Answers ✅Article of personal property permanently attached to improvements NC real estate broker pre-licensing exam 2024 Certificate of occupancy - Correct Answers ✅Required for a building to be inhabitable Variance - Correct Answers ✅Permission to vary from strict compliance with zoning requirements Government survey - Correct Answers ✅Legal description utilizing townships, meridians, and sections Metes and bounds - Correct Answers ✅Method of land description using feet, compass degrees, monuments, and points of befinnifm Metes - Correct Answers ✅Feet, compass degrees Bounds - Correct Answers ✅Shape, boundaries, directions Buffer zone - Correct Answers ✅Zone used to separate two incompatible zoning uses Avulsion - Correct Answers ✅Sudden loss of land Number of feet in an acre - Correct Answers ✅43560 sq ft Area of a triangle - Correct Answers ✅1/2(base ✖ ️height) Special-use permit - Correct Answers ✅Allows a particular property to be used for a special purpose that is in the public's best interest (ex. daycare center) Frontage - Correct Answers ✅Space in front of building Land-use classifications (5) - Correct Answers ✅1. Residential 2. Commercial 3. Industrial/manufacturing 4. Agricultural NC real estate broker pre-licensing exam 2024 5. Mixed Plat - Correct Answers ✅Map showing location and boundaries of individual lots in a land subdivision Number of sections in a township - Correct Answers ✅36 sections IRMA - Correct Answers ✅Intent Relationship Method of attachment Adaption Chattel - Correct Answers ✅Personal property Appurtenance - Correct Answers ✅Improvements and fixtures intended to benefit the land; run with the land Improvements - Correct Answers ✅Items attached to the land with the intent of being permanent (fences, etc.) Riparian (water right) - Correct Answers ✅Flowing water: - if navigable, property line is edge of water - if non-navigable, property line is center of river/stream Littoral (water right) - Correct Answers ✅Standing water: - property line is high-tide mark Lateral support - Correct Answers ✅Supportive structures added to property adjacent to neighboring properties Subjacent support - Correct Answers ✅Support of property from beneath NC real estate broker pre-licensing exam 2024 4. Delivery and acceptance (by grantee) 5. Consideration (money or something of value) 6. Legal description 7. Words of conveyance Habendum clause - Correct Answers ✅Language used to convey a freehold estate Types of deeds (5) - Correct Answers ✅1. General warranty deed 2. Special warranty deed 3. Quitclaim deed 4. Correction deed 5. Other deed Characteristics of deeds (4) - Correct Answers ✅1. Conveys whatever interest is held by the grantor 2. Does not prove or guarantee ownership 3. Seller expected to provide deed at closing 4. Major difference in deed type lies in extents of warranties or promises given to grantee General warranty deed - Correct Answers ✅Has most promises and warranties; greatest protection of grantee Covenants of general warranty deed (5) - Correct Answers ✅1. Covenant of seisin 2. Covenant of quiet enjoyment NC real estate broker pre-licensing exam 2024 3. Covenant against encumbrances 4. Covenant of further assurance 5. Warranty forever Covenant of seisin - Correct Answers ✅Deed covenant that says grantor owns and has right to convey Covenant of quiet enjoyment - Correct Answers ✅Deed covenant that says grantee will not be "disturbed" by others claiming an interesr Covenant against encumbrances - Correct Answers ✅Deed covenant that says no specific encumbrances Covenant of further assurance - Correct Answers ✅Deed covenant that assures cooperation in singing additional documents Warranty forever - Correct Answers ✅Deed covenant guaranteeing title defense against liens or easements Special warranty deed - Correct Answers ✅Only warrants against defects or encumbrances arising during grantor's ownership; frequently used by banks to transfer titles to foreclosed properties Quitclaim deed - Correct Answers ✅No covenants or warranties; used to release interest in property and dismiss liability (ex. divorce settlements) Correction deed - Correct Answers ✅Used solely to correct title issues such as typographical errors Other deeds (4) - Correct Answers ✅1. Bargain and sale deed 2. Trustee/sheriff's deed/certificate for sale 3. Reconveyance deed NC real estate broker pre-licensing exam 2024 4. NC special purpose deed Number of cubic feet in a cubic yard - Correct Answers ✅27 cubic feet Trapezoid area (formula) - Correct Answers ✅A = (b1+b2)✅2(h) Base rate formula - Correct Answers ✅Amount received = base ✖ ️rate Excise tax (formula) - Correct Answers ✅Excise tax = sales price ✅ 500 Federal income tax (formula) - Correct Answers ✅Amt realized = sales price ✅ cost to sell Interest (formula) - Correct Answers ✅Int = principal ✖ ️rate ✖ ️time Principal and interest payment (formula) - Correct Answers ✅P&I = loan amount ✅ 1000 ✖ ️loan factor Interim interest (formula) - Correct Answers ✅Interim int = loan amt ✖ ️interest rate ✅ 360 ✖ ️number of days buyer pays Methods of conveyance after death (3) - Correct Answers ✅1. Probate 2. Transfer by will 3. Intestate succession Probate - Correct Answers ✅The act of distributing a deceased person's assets Devise (transfer by will) - Correct Answers ✅The act of transferring a person's interest in real estate to another deed Bequest (transfer by will) - Correct Answers ✅The act of transferring a deceased person's interest in personal property to another bill of sale Devise vs. Bequest - Correct Answers ✅Devise = real estate Bequest = personal property NC real estate broker pre-licensing exam 2024 Escrow - Correct Answers ✅A disinterested party who assists in carrying out the transaction according to the terms of the purchase contract Debit to buyer - Correct Answers ✅Anything that increases the amount of money the buyer must bring to the settlement Credit to buyer - Correct Answers ✅Anything that decreases the amount of money the buyer must bring to the closing Debit to seller - Correct Answers ✅Anything that decreases the amount of money the seller takes from the closing Credit to seller - Correct Answers ✅Anything that increases amount of money the seller takes from closing Credit vs. Debit - Correct Answers ✅Credit = making money Debit = spending money Proration - Correct Answers ✅The process of dividing or allocating something proportionately ("everyone pays their share") "Big Check Rule" - Correct Answers ✅Whoever pays for the bill in full will receive a credit at settlement. Settlement statement - Correct Answers ✅A detailed accounting of each party's credits and debits Calculating proration (formula) - Correct Answers ✅(Amt for the billing period ✅ days in the billing period) ✖ ️days the person owns Title insurance - Correct Answers ✅Protection against incomplete or defective records of title found after closing NC real estate broker pre-licensing exam 2024 Due diligence - Correct Answers ✅Period of time in which buyer must have the property and public records inspected before next step can be taken Title search process (4 steps) - Correct Answers ✅1. Examiner reviews public records 2. Title is searched from present to its original source 3. This process is used to establish chain of title 4. Title is clouded if errors or missing documents are found Extended coverage policy (title insurance) - Correct Answers ✅Protects against same problems as standard coverage, plus problems that would likely be discovered by inspection that are not on public record Indemnity policy (title insurance) - Correct Answers ✅Reimburses owner against losses due to title defects found after closing Quiet title suit - Correct Answers ✅Court hearing to determine ownership, recognize other valid claims, and quiet invalid claims; clears clouded title RESPA - Correct Answers ✅Real Estate Settlement Procedures Act - Standardizes settlement practices for properties financed by federal loans - Lenders must provide buyers with Good Faith Estimate of all settlement costs within three business days - Lenders must provide HUD-1 NC real estate broker pre-licensing exam 2024 Lis pendens - Correct Answers ✅A recorded notice stating that a pending lawsuit may affect title to a property NC Machinery Act - Correct Answers ✅Governs all taxation; states that assessed value of property must be equal to market value Dollar amount of excise tax is stamped on the _________. - Correct Answers ✅Face of the deed POC - Correct Answers ✅Paid outside of closing North Carolina Good Funds Settlement Act - Correct Answers ✅Requires that the deed and deed of trust be recorded before funds may be disbursed Never prorate the following: (3) - Correct Answers ✅Tax reserve balance Security deposits Mortgage payment due for settlement month Tax reserve balance - Correct Answers ✅Taxes put into escrow In arrears vs. In advance - Correct Answers ✅In arrears = after In advance = before Proration (formula) - Correct Answers ✅Total bill ✅ days in billing period ✖ ️days owed Double entry - Correct Answers ✅Entry on settlement statement in which both parties are involved Loan origination fee - Correct Answers ✅Administrative fee often charged for setting up a new loan NC real estate broker pre-licensing exam 2024 6. Use of NCAR Response to Buyer's Offer form NCAR - Correct Answers ✅North Carolina Association of Realtors Elements of a valid contract (5) - Correct Answers ✅1. Contractual capacity/legally competent parties 2. Offer and acceptance 3. Lawful objective 4. In writing and signed 5. Consideration Material fact - Correct Answers ✅A fact that, if known, might change a decision and thus must be disclosed Puffing - Correct Answers ✅The act of making a claim that anyone would understand is not literally true Caveat emptor - Correct Answers ✅Latin: "let the buyer beware" Expresses the idea that the buyer is expected to examine property carefully before buying, instead of relying on the seller to disclose problems Express contract - Correct Answers ✅A quick contract between two parties, written or oral. Written express contracts are enforceable, oral are not Amendment - Correct Answers ✅Modification of contract terms by mutual agreement NC real estate broker pre-licensing exam 2024 Addendum - Correct Answers ✅Additional material attached to and made part of an offer Assignment - Correct Answers ✅Transfer of contract rights, but not all liability Novation - Correct Answers ✅Transfer of all contract rights and liabilities Mutual rescission - Correct Answers ✅Return of all parties to original condition before contract was executed Breach of contract - Correct Answers ✅Occurs when one party is in default without a legal excuse Statute of limitations - Correct Answers ✅Amount of time that the non breaching party has to take action against the breaching party Types of real estate contracts (6) - Correct Answers ✅1. Purchase agreement 2. Option 3. Lease with option to purchase 4. Agreement for preemptive rights 5. Sale-leaseback 6. Lease Types of commercial leases - Correct Answers ✅1. Net 2. Percentage 3. Variable 4. Ground NC real estate broker pre-licensing exam 2024 5. Full service Net lease (commercial) - Correct Answers ✅Tenant pays base plus some expenses Percentage lease (commercial) - Correct Answers ✅Rent based on a percentage of gross income (typically in retail) Variable lease (commercial) - Correct Answers ✅Rent increases or decreases at predetermined intervals Ground lease (commercial) - Correct Answers ✅Renting unimproved property (tenant would want long-term lease if adding improvements) Full service lease (commercial) - Correct Answers ✅Tenant pays base rent plus a prorated share of the building's or complex' operating expenses Ways to terminate a lease (5) - Correct Answers ✅1. Estate for years (expiration date) 2. Periodic estate (notice) 3. Estate at will (death) 4. Actual eviction 5. Constructive eviction Actual eviction - Correct Answers ✅Court action brought by the landlord because tenant is in breach Constructive eviction - Correct Answers ✅Lease terminated if lessee must vacate due to lessor's act or failure to act UETA - Correct Answers ✅Uniform Electronic Transaction Act NC real estate broker pre-licensing exam 2024 2. Cost approach 3. Income capitalization approach Sales comparison approach (valuation) - Correct Answers ✅Estimate of value based on adjusted sales prices of recently sold similar properties. Adjustments are always made to the sold comparables to make them like the subject. Paired sales analysis - Correct Answers ✅Appraiser finds two identical properties, with the exception of the item being adjusted (ex. fireplace, other improvement) Cost approach (valuation) (3 steps) - Correct Answers ✅1. Estimate cost of building improvements 2. Estimate and deduct all depreciation 3. Determine land value Value (formula) - Correct Answers ✅Value = cost to build new ✅ accrued depreciation ✅ land value Depreciation - Correct Answers ✅Loss of value or utility Economic life of an improvement - Correct Answers ✅The period over which an improvement declines in value from 100% of cost new to 0% Effective age of a structure - Correct Answers ✅The age placed on a structure by an appraiser according to its condition, design, and economic forces that affect value Methods used to determine depreciation (3) - Correct Answers ✅1. Age/life method 2. Market abstraction method NC real estate broker pre-licensing exam 2024 3. Breakdown method Age/life method (depreciation) - Correct Answers ✅Appraiser determines effective age, divides it by number of years in economic life (Ex. EA is 20yrs, EL is 50yrs; 20 ✅ 50 = 40% loss of value) Market abstraction (depreciation) - Correct Answers ✅Appraiser calculates by analyzing actual rate of depreciation on comparable sales in same neighborhood Breakdown method (depreciation) - Correct Answers ✅Depreciation divided into 3 classes with separate estimates for curable vs. incurable Classes of depreciation (3) - Correct Answers ✅1. Physical deterioration 2. Economic obsolescence 3. Functional obsolescence Appreciation/depreciation (formula) - Correct Answers ✅Amt received = base ✖ ️rate Income approach (valuation) - Correct Answers ✅Used for properties that generate income Gross rent multiplier - Correct Answers ✅A quick income estimate of residential property that does not include property expenses Gross rent multiplier (formula) - Correct Answers ✅Price ✅ gross monthly rent = GRM Capitalization - Correct Answers ✅The process of converting a future income stream into an expression of present value NC real estate broker pre-licensing exam 2024 Replacement cost - Correct Answers ✅The cost of replacing an improvement with another of similar quality but not an exact replica Income approach (formula) - Correct Answers ✅Value = capitalization rate ✅ net operating income Reconciliation - Correct Answers ✅Appraiser weighs all valuation approaches to determine final value Promissory note - Correct Answers ✅A legal instrument that evidences the debt that is secured by the mortgage or deed of trust Acceleration clause (promissory note) - Correct Answers ✅If borrower defaults, lender can demand immediate payment of entire balance Defeasance clause - Correct Answers ✅When debt is paid, lien must be remoced Provisions of mortgages/deeds of trust (4) - Correct Answers ✅1. Acceleration clause 2. Defeasance clause 3. Due-on-sale clause 4. Power-of-sale clause Due-on-sale clause - Correct Answers ✅Provides that when property is sold, lender may demand repayment of entire debt Power-of-sale clause - Correct Answers ✅Gives mortgagee the power to foreclose without going to court Reasons for loan acceleration and foreclosure (6) - Correct Answers ✅1. Nonpayment of principal and interest 2. Nonpayment of taxes NC real estate broker pre-licensing exam 2024 Insurance Package mortgage - Correct Answers ✅Real property plus personal property financed (ex. furnished condo) Blanket mortgage - Correct Answers ✅Mortgage that covers more than one parcel of property; contains partial release clause to release individual properties Partial release clause - Correct Answers ✅Allows individual parcels to be released independently from a blanket mortgage as balance is paid down Construction mortgage - Correct Answers ✅A loan to finance the construction of a building, providing that loan funds will be paid in installments as work progresses Reverse mortgage (seniors only) - Correct Answers ✅Mortgagee pays mortgagor monthly payments, creating a principal balance with each disbursement Home equity loan - Correct Answers ✅Owner borrows against equity in home; borrower receives check for full amount borrowed HELOC - Correct Answers ✅Home equity line of credit Purchase-money mortgage - Correct Answers ✅When a seller extends credit to a buyer to finance purchase of the property, accepting mortgage instead of cash Contract for deed - Correct Answers ✅Contract for sale of real property in which the buyer pays in installments and possesses property immediately, but seller retains legal title until full price has been paid NC real estate broker pre-licensing exam 2024 North Carolina Conner Act - Correct Answers ✅Requires installment land contracts to be recorded Loan-value ratio calculations (formula) - Correct Answers ✅Appraisal value ✖ ️LVR = loan amouny Conventional loan - Correct Answers ✅Debt repayment is based solely on the borrower's ability to repay and is not insured or guaranteed by the governmebt Federal Housing Administration (FHA) - Correct Answers ✅A federal agency within the Department of Housing and Urban Development (HUD) that provides mortgage insurance to encourage leaders to make loans to low- and middle-income homebuyers VA loan requirements (2) - Correct Answers ✅1. Certificate of eligibility 2. Certificate of reasonable value (CRV) Appraisal escape clause - Correct Answers ✅Clause within loan that allows the buyer to terminate the contract if the property does not appraise Federal Reserve - Correct Answers ✅Regulates the supply of money and interest rates in the United States Primary mortgage market - Correct Answers ✅Where real estate loans are originated Secondary mortgage market - Correct Answers ✅Where existing mortgages are bought and sold to provide capital to primary market Fannie Mae (FNMA) - Correct Answers ✅Federal National Mortgage Association NC real estate broker pre-licensing exam 2024 Buys all types of mortgages Ginnie Mae (GNMA) - Correct Answers ✅Government National Mortgage Association Agency within HUD where FHA and VA mortgages pass through to secondary market HUD - Correct Answers ✅Department of Housing and Urban Development Freddie Mac (FHLMC) - Correct Answers ✅Federal Home Loan Mortgage Corporation Enterprise that mainly buys conventional mortgages from savings and loans associations and commercial banks Conforming loan - Correct Answers ✅Loan which meets the standards of Fannie Mae and Freddie Mac, and can be sold in the secondary market Nonconforming loan - Correct Answers ✅Loan that is outside of Fannie Mae standards and is difficult to sell on secondary market Predatory lending - Correct Answers ✅Umbrella term for unfair or illegal lending practices Truth in Lending Act (TILA) - Correct Answers ✅Requires disclosure of true cost of borrowing for consumer credit transactions NC real estate broker pre-licensing exam 2024 Requirements of landlords with disabled tenants who must modify unit, under FFHA (5) - Correct Answers ✅1. Tenant must return unit to original state 2. Landlords may not charge extra damages 3. Landlords cannot charge pet deposit for service animals 4. All multi family housing must meet ADA 5. Property managers must make reasonable accommodations Complaints under FFHA - Correct Answers ✅Must be investigated, may be filed at state or federal level Stigmatized property - Correct Answers ✅Property deemed undesirable because of activities that occurred there Megan's Law - Correct Answers ✅Law requiring registration of sex offenders ECOA - Correct Answers ✅Equal Credit Opportunity Act Purpose is to make consumer credit available with fairness and impartiality ADA - Correct Answers ✅Americans with Disabilities Act Intended to ensure equal access to public accommodations for disabled persons Salesperson/broker associate - Correct Answers ✅Employed to represent broker and brokerage firm NC real estate broker pre-licensing exam 2024 Principal (client) - Correct Answers ✅One who employs another to act on his behalf Agent - Correct Answers ✅A person authorized to represent another in dealings with third parties Common law of agency - Correct Answers ✅Obedience Loyalty Disclosure Confidentiality Accounting Reasonable skill, care, and diligence Attorney-in-fact - Correct Answers ✅Any person authorized to represent another, created by a power of attorney; not necessarily a lawyer Implied agency - Correct Answers ✅Agency created through an agent's actions Dual agency - Correct Answers ✅One broker or firm represents multiple parties in a transaction (not allowed in NC) Commission rates are set by __________. - Correct Answers ✅Brokerage firms Sherman Antitrust Act - Correct Answers ✅Price-fixing is not allowed Individual fines for violating SAA - Correct Answers ✅Up to $100k and three years in prison Corporate fines for violating SAA - Correct Answers ✅Up to $1M NC real estate broker pre-licensing exam 2024 Listing agreement - Correct Answers ✅An employment contract that appoints a brokerage firm as an owner's special agent for the specific purpose of finding a buyer who is ready, willing, and able to buy Elements of a listing agreement (9) - Correct Answers ✅1. In writing 2. Price and terms 3. Amount/method of compensation 4. Negotiable commission clause 5. Definite beginning and expiration dates 6. Multiple listing clause 7. Broker protection clause 8. Signed by all property owners 9. Earnest money clause Buyer representation agreement - Correct Answers ✅A contract in which a real estate broker agrees to try to locate suitable property for the other party in exchange for commission Obligations of broker under listing agreement (6) - Correct Answers ✅1. Present all offers 2. Complete written offer 3. Pay fees to licensed brokers 4. Put all agreements in writing, have them signed 5. Verify correct marketing 6. All known material facts have been disclosed NC real estate broker pre-licensing exam 2024 Obtaining a NC real estate license - Correct Answers ✅• Complete 75 hrs. of prelicense coursework • Submit background check • File application • "Character check" LLBEANS - Correct Answers ✅Lists Leases Buys Exchanges Auctions Negotiates A license is not required for: - Correct Answers ✅• Owners of property selling or buying for themselves • Auction crier • Attorney-in-fact • Non-RE lawyer • Appraiser • Mortgage bankers • Agent/fiduciary • Groups involved in selling/buying their own real estate • W2 employee of property manager broker NCREC - Correct Answers ✅NC Real Estate Commission NC real estate broker pre-licensing exam 2024 Purpose of NCREC - Correct Answers ✅Protect the public in dealings with real estate brokers Powers of NCREC - Correct Answers ✅1. Licensing brokers 2. Approving RE schools/instructors 3. Education public and brokers 4. Regulating RE business activities NCREC is not permitted to ________ (7) - Correct Answers ✅1. Practice law 2. Fine licensees 3. Void contracts 4. Determine commissions/fees/salaries 5. Draft RE contract forms 6. Settle disputes 7. Order brokers to reimburse trust funds/compensate for losses Disciplinary course of action for license violations - Correct Answers ✅Censure Reprimand Suspension of license Revocation of license Reasons for license suspension/revocation (18) - Correct Answers ✅1. False representation 2. Conviction of embezzlement, fraud, or forgery NC real estate broker pre-licensing exam 2024 3. License violation while personally selling broker's own property 4. License violation by broker's unlicensed employee 5. Misrepresentation or omission of material facts 6. Making false promises 7. False advertising 8. Conducting dishonest/fraudulent dealing 9. Acting as a dual broker without all-around consent 10. Incompetency 11. Provisional broker bypassing BIC 12. Failure to account for trust funds 13. Aiding and abetting 14. Practicing non-RE law 15. Failure to deliver closing statements within 5 days 16. Making unhonored NCREC payments 17. Violation of any NCREC regulation 18. Commingling Broker must display ________ in office. - Correct Answers ✅License certificate Broker must carry __________ at all times as proof of licensure. - Correct Answers ✅Pocket card All RE licenses expire on __________ each year. - Correct Answers ✅June 30 NC real estate broker pre-licensing exam 2024 Floor joists - Correct Answers ✅Horizontal supports attached to will and tied to girder Subfloor - Correct Answers ✅Unfinished sheets of wood underneath flooring Flooring - Correct Answers ✅Carpet, hardwood, or tile placed atop subfloor Framing components of walls and ceilings (4) - Correct Answers ✅1. Sole plate 2. Studs 3. Top plate 4. Header Sole plate - Correct Answers ✅Connects wall studs to subfloor Studs - Correct Answers ✅Vertical members to which finished wall coverings are applied Top plate - Correct Answers ✅Connects wall studs to ceiling framing Header - Correct Answers ✅A beam used above doors and windows Gypsum board - Correct Answers ✅Used for interior walls and ceilings Sheathing - Correct Answers ✅First layer of exterior walls; made of plywood or fiberboard Siding - Correct Answers ✅Outermost layer of exterior wall Components of windows (6) - Correct Answers ✅1. Sash 2. Frame 3. Header NC real estate broker pre-licensing exam 2024 4. Jambs 5. Sill 6. Muntins and mullions Sash - Correct Answers ✅Holds glass into window frame Window frame - Correct Answers ✅Holds sash to wall Header (window) - Correct Answers ✅Top of window Jambs (window) - Correct Answers ✅Sides of window Muntins - Correct Answers ✅Horizontal bars separating glass panes in a window Mullions - Correct Answers ✅Vertical bars separating glass panes in a window Excise tax is also known as... - Correct Answers ✅Revenue stamps