Question 1

A comparable property sold for $300,000. It has a finished basement, while the subject property does not. The finished basement contributes $10,000 to value. What is the adjusted value of the comparable property?

Options :

A : $290,000

B : $300,000

C : $310,000

D : The price of the comparable property is never adjusted.

Answer: A

Question 2

The property manager of an apartment building would be in violation of the federal Fair Housing Act if they discriminated against a prospective tenant on the basis of:

Options :

A : age.

B : familial status.

C : marital status.

D : military status.

Answer: B

Question 3

A loan is set up so that the borrower's loan payments are for the same amount each month. A portion of each payment goes to interest, and a portion goes to principal, and the loan balance will be zero at the end of the loan term. Which type of loan is this?

Options :

A : Fully amortizing

B : Negatively amortizing

C : Partially amortizing

D : Straight amortizing

Answer: A

Question 4

Josh is a new North Carolina broker at Atlantic Realty. He just got his first listing and wrote the following ad: "Charming seaside cottage. Call Broker Josh at 555-9876 for an appointment." Which statement about this ad copy is TRUE?

Options :

A : The ad must include an address for the property.

B : The ad must include Josh's email address.

C : The ad is acceptable as written.

D : This is an example of an illegal blind ad.

Answer: D

Question 5

Under the North Carolina Timeshare Act, a timeshare developer must allow a buyer to cancel a purchase contract without penalty for how long after signing the contract?

Options :

A : 3 days

B : 5 days

C : 10 days

D : Under the law, there is no right of cancellation

Answer: D