Property in Town A is assessed at 50% of market value. The property tax rate is $32 per $1,000. If the market value of a home is $630,000, what is the annual tax assessment?
Answer(s): B
Step 1: Determine assessed valueMarket value = $630,000Assessment rate = 50%Assessed value = $630,000 × 0.50 = $315,000Step 2: Calculate taxTax rate = $32 per $1,000$315,000 ÷ $1,000 = 315315 × $32 = $10,080However, this result matches option C. Therefore answer; CCorrected Final answer; C. $10,080Explanation Confirmed: Assessed value is 50% of $630,000 = $315,000. Tax at $32 per $1,000 means $315 × $32 = $10,080. Correct answer is C.
Friends Jack, Jill, and Harold bought a warehouse property in North Carolina, and the deed simply stated, "as joint tenants." Assuming Harold had a will when he died, who got his share of the warehouse?
Answer(s): C
In North Carolina, joint tenancy includes the right of survivorship unless otherwise stated. If a deed says "as joint tenants," and right of survivorship is implied or established, then Harold's share automatically passes to the surviving joint tenants (Jack and Jill), regardless of Harold's will. Since nothing indicates the tenancy was anything other than traditional joint tenancy with survivorship, Jack and Jill receive Harold's share.
What duty does a North Carolina real estate broker have related to material facts?
Answer(s): A
NC brokers are bound by an affirmative duty to both discover and disclose material facts to all parties in a transaction, not just their clients. This includes facts they know or should reasonably know, such as structural defects, zoning violations, or environmental issues. This duty exists regardless of whom the broker represents. Therefore, option A is correct.
[Parties and Property Description Legal Descriptions] In the government survey system of legal description, the north-south lines and east-west lines intersect to create what?
Answer(s): D
In the rectangular (government) survey system, north-south lines (called principal meridians and range lines) and east-west lines (called base lines and township lines) intersect to form squares known as townships. Townships are 6 miles by 6 miles and are further divided into 36 sections.Therefore, the correct answer is D townships.
[Broker's Authority and Duties Broker-in-Charge (BIC)] Which statement about a North Carolina broker-in-charge (BIC) is TRUE?
To qualify for Broker-in-Charge Eligible status in North Carolina, a broker must have at least three years of full-time brokerage experience (or equivalent part-time experience) within the past five years. Additionally, they must complete the 12-hour Broker-in-Charge Course. Option B is incorrect due to the course length (not 24 hours), and option D is incorrect because a broker-in-charge can only manage one physical office location. Option C is incorrect as branch offices may also have a separate BIC. Therefore, A is the correct answer.
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