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NC Real Estate - Land Use and Brokerage

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Restrictions can be created by all of the following EXCEPT by a a. deed. b. statute. c. written agreement. d. general plan of a subdivision.
b
Restrictive covenants that run with the land a. are no longer effective when the title is transferred. b. apply only until the developer has conveyed the title. c. can be removed by a court of competent jurisdiction. d. apply to and bind all successive o
d
The primary intent of zoning ordinances is to a. ensure the health, safety, and welfare of the community. b. demonstrate the police power of the state. c. limit the amount and types of businesses in a given area. d. protect residential neighborhoods from
a
4. For the past 30 years, the Ls have operated a neighborhood grocery store. Last week the city council passed a zoning ordinance that prohibits packaged food sales in the area where the Ls' grocery store is located. The store is now an example of a(n) a
b
Deed restrictions could legally restrict all of the following EXCEPT the a. sizes and types of structures to be built. b. potential future uses of the properties. c. future owners and occupants of the properties. d. exterior finish and decoration of the
c
Which of the following best describes the purpose of a building permit? a. The method for overriding or substantiating deed restrictions b. The municipal control over the volume of construction c. The evidence of compliance with municipal regulations d.
c
A residential developer's deed restrictions would probably include all of the following EXCEPT a. easements in gross for the installation of public utilities. b. an agreement not to sell without the consent of the neighbors. c. the minimum square-footage
b
A development company owned property that the city wanted so that it could extend the runways at the municipal airport. If the company refuses to negotiate with the city, then the city may acquire the property by a. escheat. b. accretion. c. confiscation
d
A tire company has a manufacturing plant located in an area that has just been rezoned for residential use. The company is allowed to continue operating the plant under the new zoning classification. However, if the plant is destroyed by fire or other ha
a
If the buyer of a vacant lot builds a house that violates the restrictions in his or her deed, the buyer may face all of the following types of enforcement except a. forfeit the title to the property. b. be sued and required to alter the structure to con
d
All of the following are examples of police power EXCEPT a. zoning ordinances. b. building codes. c. restrictive covenants. d. city planning requirements.
c
Before the government can exercise its right of eminent domain, the use of the property must be a. a public use for which the property owner will be fairly compensated. b. established for the health, safety, and welfare of the government. c. a local use
a
Legislation designed to convert residential zoning into conservation or recreational purposes a. is usually supported by all of the residents of a given area so that the majority rules. b. may be found by the courts to be a "taking" without the
b
In a widely-publicized dispute, H refused to sell his land to the local school district. He believed that the price the school district offered him for the land was not sufficient consideration. If the school district were to pursue the matter in court,
d
A conveyance that includes a condition controlling or limiting the use of the property conveyed is an example of a. the need for competent legal advice. b. a deed restriction. c. the need for a zoning appeal. d. a zoning variance.
b
Local zoning ordinances often regulate all of the following EXCEPT a. the height of buildings in an area. b. the density of population. c. the use of the property. d. the price of the property.
d
Deed restrictions are a means by which a. local zoning laws are enforced. b. the planning commission controls developers. c. municipalities enforce building restrictions. d. grantors control the future use of the ownership
d
The owner constructed a building that is 7 stories high. Several years later the municipality changed the zoning ordinance, prohibiting buildings that exceed 6 stories in height. Which of the following is true regarding the existing 7 story building? a.
a
Under an existing ordinance no signs may be placed on a building that extend more than 3 feet above the highest point of the roof. An owner wants to erect a 9 foot high revolving sign on the roof of his store. In order to legally do this, the owner must
b
If an area proposed to be rezoned from manufacturing to residential, and a factory is already located within the area the factory a. will become a preexisting nonconforming use. b. must be torn down. c. must cease operation. d. None of the above
a
A municipality establishes development goals through its a. subdivision regulations. b. restrictive covenants. c. environmental regulations. d. comprehensive master plan.
d
22. The purpose of building permits is to a. generate revenue for the municipality. b. control the activities of building inspectors. c. ensure compliance with building codes. d. prevent encroachments.
c
Which of the following is a variance? a. An exception to a zoning ordinance b. A court order prohibiting certain activities c. A reversion of ownership d. A nullification of an easement
a
The construction of a family room, additional bedroom and extra bath has been completed on the owner's home. Before the addition can be used, which of the following is true? a. The municipality must issue a building permit. b. The bath must be inspected
c
All of the following would be included as part of the development costs of a lot EXCEPT a. curbs and gutters. b. the purchase price of the land. c. site grading. d. sanitary sewer installation.
b
When planning a subdivision, the developer should determine the kinds of land uses to be involved and the amounts of land to be allocated to each use by considering a. which are the most profitable types of buildings to construct. b. his or her concepts
c
A subdivider or developer who fails to comply with the requirements of the Interstate Land Sales Full Disclosure Act may be a. subject to criminal penalties of fines and imprisonment. b. ordered to cease and desist work on the project. c. sanctioned and
a
Private land use controls include which of the following? a. Zoning ordinances b. Building codes c. Restrictive covenants d. Eminent domain
c
The purchaser of a property in a planned unit development will usually receive all of the following EXCEPT a. an interest in the unit owners association. b. a proprietary lease for the unit to be occupied. c. the title to the land on which the unit is bu
b
The use of privately owned real property may be regulated and restricted by a. the state and federal government. b. the local government. c. individuals. d. All of the above d 31. In a new subdivision, streets, curbs, and sidewalks are usually provided b
c
P is in the business of buying large tracts of land and then re-selling them to consumers in small tracts. He is in the business as a a. developer. b. real estate broker. c. engineer. d. subdivider.
d
Q is in the business of buying tracts of land, constructing buildings and making other improvements on them, and then selling them to the general public. She is in the business as a a. developer. b. real estate broker. c. engineer. d. subdivider.
a
The real estate broker's responsibility to keep the principal informed of all of the facts that could affect a transaction is the duty of a. care. b. disclosure. c. obedience. d. accounting.
b
The amount of commission due to a salesperson is determined by a. state law. b. the local real estate board. c. mutual agreement. d. court decree.
c
Which of the following would be considered to be a dual agency? a. The broker acting for both the buyer and the seller in the same transaction b. Brokers cooperating with each other c. The broker representing different principals d. The broker listing an
a
Broker J was accused of violating antitrust laws. She was probably accused of a. not having an equal housing opportunity sign in her office window. b. undisclosed dual agencies. c. allocation of customers or price fixing. d. dealing in unlicensed exchang
c
The relationship of a broker to his or her client is that of a(n) a. trustee. b. subagent. c. fiduciary. d. attorney in fact.
c
A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. This is referred to as a a. pro forma. b. procuring cause. c. private offering. d. proffered offer.
b
A salesperson may advertise a property for sale only if he or she a. personally listed the property. b. uses the employing broker's name or the firm name in the advertisement. c. personally pays for the advertisement. d. is a member of the local real est
b
A parcel of vacant land 80 feet wide and 200 feet deep was sold for $200 per front foot. How much money would a salesperson receive for her 60 percent share in the 10 percent commission? a. $640 b. $960 c. $1,600 d. $2,400
b
A real estate broker acting as the agent of the seller a. is obligated to render faithful service to the principal. b. can disclose the seller's minimum price. c. should present to the seller only the highest offer for the property. d. can accept an offe
a
Statements by a real estate licensee exaggerating the benefits of a property are called a. polishing. b. puffing. c. prospecting. d. marketing.
b
A broker is permitted to represent both the seller and the buyer in the same transaction when a. the principals are not aware of such action. b. the broker is a subagent rather than the agent of the seller. c. commissions are collected from both parties.
d
Unless some other written agreement has been made, the broker will usually receive the sales commission from the seller when a. the purchaser takes possession of the property. b. the seller lists the property with the broker. c. the transaction is closed
c
All of the following could be considered fraudulent EXCEPT a. deceitful or dishonest practices. b. exaggerated statements about the property. c. omitted statements of material fact. d. misstatements about the property.
b
A real estate salesperson who is an independent contractor receives a. a monthly salary or hourly wage. b. company-provided health insurance. c. a company-provided automobile. d. negotiated commissions on transactions.
d
A seller has listed her home with a broker for $90,000, and the broker tells a prospective buyer to submit a low offer because the seller is desperate to sell. The buyer offers $85,000 and the seller accepts it. In this situation, a. the broker has viola
a
When Broker H was told by his principal not to advertise her property in the XYZ newspaper, which was out of the area, Broker H complied because he a. had never advertised in the XYZ newspaper anyway. b. must obey the lawful instructions of his principal
b
In a typical agency relationship between the broker and the client, the broker's commission is determined by a. state law. b. the local real estate board. c. mutual agreement. d. minimums based on the property type.
c
It is the duty of an agent to disclose to the principal every step taken in the transaction of the principal's business. This is because the a. commission can be adjusted up or down according to the agent's efforts. b. agent has fiduciary obligations to
b
Upon discovering a latent defect in the property, the licensee should discuss the problem with the seller and then a. notify the seller that the defect must be repaired. b. arrange for the repairs himself or herself. c. inform any prospective buyers of t
c
W is a salesperson working for Broker V. W sells a $150,000 home. The listed commission is 6.5 percent of the selling price. Out of this amount, 5% is payable to the referral network that referred the buyer, 35 percent goes to the listing broker, and 60
b
To be entitled to collect a real estate commission, a broker must be able to prove all of the following EXCEPT that he or she a. had a valid real estate broker's license. b. was a procuring cause. c. was employed to perform certain activities. d. belonge
d
A landowner subdivides his acreage and offers the lots for sale. Broker E tells the landowner that she can sell the lots. After Broker E sells some of the lots, the landowner refuses to pay her a commission. Broker E can a. report the landowner to the re
d
Salesperson N finally concluded some extremely difficult negotiations that resulted in the sale of a listed parcel of property. For all of her extra efforts, she can legally demand a performance bonus from a. the seller. b. the buyer. c. her broker. d. n
d
A salesperson who is employed by a broker told a prospective buyer that the house she was looking at is "the best house in the area." Because of this statement a. the salesperson was guilty of fraud. b. the broker was guilty of fraud because th
c
Which of the following best defines the law of agency? a. The selling of another's property by an authorized agency b. The rules of law that apply to the responsibilities of a person who acts for another c. The principles that govern one's conduct in bus
b
A broker who is the agent of the buyer should do which of the following? a. Disclose to the seller that the buyer is a minority person b. Disclose to the seller the maximum price the buyer is willing to pay c. Present to the seller only offers that are a
d
A salesperson sells a buyer a property listed by another brokerage firm in the MLS. The salesperson has been working with the buyer for many months but does not have an agency contract with the buyer. This salesperson has fiduciary obligations to a. the
a
Antitrust laws prohibit all of the following EXCEPT a. property management companies standardizing management fees. b. brokers allocating markets based on the value of homes. c. real estate companies agreeing not to cooperate with a broker because of the
b
A broker's salesperson lists a unit for sale in a condominium building. The salesperson in this transaction a. has a direct contractual relationship with the owners of the unit. b. acts on behalf of the broker. c. acts on behalf of the condominium associ
b
There is a spectacular house that a salesperson from Firm A has been trying for several weeks to list for sale. The owners have been interviewing salespeople from different firms. They tell A's salesperson that Firm B will charge 2% less commission for s
d
A buyer who is shown properties listed for rent by a broker is the broker's a. client. b. principal. c. customer. d. fiduciary.
c
A broker tells a prospective buyer that the owner of his listing is on the verge of bankruptcy. This is I. acceptable since it may promote an offer. II. acceptable if the broker does not disclose specific financial information concerning his client. a. I
d
A salesperson who represents the seller is showing a house to a prospective buyer. The salesperson knows that the house has a wet basement. Which of the following is true? a. Withholding the information protects the confidence of the seller. b. Disclosin
c
A licensed salesperson may receive compensation or commission from a. only the employing broker. b. from the principal. c. from any broker. d. from a landlord.
a
The listing and selling brokers agree to split a 7% commission fifty-fifty on a $95,900 sale. The listing broker gives the listing salesperson 30% of his commission and the selling broker gives the selling salesperson 35% of his commission. How much does
a
If a real estate firm is practicing both seller agency and buyer agency, how would in-house sales situations be best handled, when a firmÆs buyer-client is interested in buying property listed with the firm? a. For the firm to act as single seller agenc
c
When considering disclosed dual agency transactions, which of the following would be appropriate? I. Timely disclosure to the parties II. Explanation of consequences of dual representation to both parties a. I only b. II only c. Both d. Neither
c
Which of the following best describes designated agency? a. When the listing firm appoints an agent to represent the seller b. When the selling firm appoints an agent to represent the buyer c. If the firm practices dual agency, designated agency is manda
d
In the typical real estate transaction an agent will be considered as a subagent of the seller unless they have a. entered into a buyer agency agreement with a buyer. b. disclosed to the seller their agency status. c. informed the buyer that the firm pra
a
When a firm represents both the buyer and seller in the same real estate transaction a. the firm is a mandatory designated agent. b. the firm is a dual agent. c. the firm violates NC licensing law and Commission Rules. d. the firm still primarily represe
b
If the broker-in-charge is to act as one of the designated agents on an in-house transaction, which of the following may be appointed as a designated agent for the other party to the transaction? a. A licensed salesperson within the firm, as long as disc
b
Which of the following describes designated agency? a. Designated agency is optional, not mandatory. b. Designated agency does not eliminate dual agency. c. Designated agents cannot have prior confidential knowledge of the other party to the transaction.
d
If a firm is to practice designated agency, which of the following is true? a. Designated agents can only be licensed brokers. b. A comprehensive firm policy is absolutely essential. c. Designated agents can only be licensed salesperson. d. The broker-in
b

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