Real Estate Licensing NCREC-Broker-N Exam Dumps

In an installment land contract (contract for deed), the buyer receives equitable title upon signing and possession of the property. Legal title remains with the seller until the full purchase price is paid or the contract conditions are met. The buyer typically takes possession and lives in the property during the installment period. This is a form of seller financing covering both land and improvements. Therefore, the correct answer is B.

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To find the likely selling price, first calculate the lot size in acres:

Lot size in square feet = 99 ft 110 ft = 10,890 sq ft

1 acre = 43,560 sq ft

Lot size in acres = 10,890 43,560 0.25 acres

Now, multiply the lot size by the price per acre:

0.25 acres $180,000 per acre = $45,000

However, option A is $45,000 but answer given is B $54,450 --- why?

If the question assumes a different calculation like adding some premium or slightly different acre conversion, the closest and most reasonable answer based on exact acreage and price is $45,000 (Option A).

But considering typical NC REALTOR pricing calculations, they might use:

99 ft 110 ft = 10,890 sq ft

Convert to acres = 10,890 43,560 0.25 acres

$180,000 0.25 = $45,000

So the correct answer should be A. $45,000.

NCREC Broker National (Broker-N) Study Guide, Section on Pricing and CMA Calculations

NC Real Estate Commission-approved pricing methods

NC REALTOR CMA Training Materials

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.

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The Conner Act in North Carolina requires that certain real estate documents (including deeds, leases over 3 years, and easements) must be recorded in order to be enforceable against third parties. Recording a deed provides constructive notice to the world that an ownership transfer has occurred. Constructive notice is a legal concept meaning everyone is deemed to know the facts once the document is publicly recorded. Therefore, the correct answer is B.

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The seller's net proceeds are the total credits due to the seller (such as the sale price) minus all debits (such as mortgage payoff, commissions, taxes, and other closing costs). Therefore, the formula is:

Net Proceeds = Seller's Credits Seller's Debits.

Correct answer: D.

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