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Section 1National: Real PropertyPreview
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Summary
National: Real Property cheat sheet covering 5 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
real versus personal property: Real property is land plus rights and permanent improvements/attachments; personal property (chattels) is movable.
Common Mistakes
Do not decide fixture status from one clue alone; a bolted item can still be a trade fixture, while an unbolted item may still be intended as permanent.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
Section 2National: OwnershipPreview
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Summary
National: Ownership cheat sheet covering 4 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
estates and ownership forms: Freehold estates include fee simple estates and life estates; leaseholds are nonfreehold estates.
Common Mistakes
Do not say all freehold estates 'never revert'—a life estate can be followed by a reversion.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
Section 3National: ValuationPreview
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Summary
National: Valuation cheat sheet covering 4 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
market value and appraisal principles: Market value is the most probable price a property should bring in a competitive and open market under typical conditions—not simply the actual sale price.
Common Mistakes
Do not answer from a single familiar keyword; apply the full fact pattern and the governing rule.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
Section 4National: Contracts & AgencyPreview
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Summary
National: Contracts & Agency cheat sheet covering 4 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
contract requirements and classifications: Contract formation requires competent parties, mutual assent (offer + acceptance), consideration, lawful purpose, and any required form.
Common Mistakes
Avoid this trap: Earnest money is not itself required to create every valid purchase contract; consideration can consist of mutual promises.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
Section 5National: PracticePreview
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Summary
National: Practice cheat sheet covering 4 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
fair housing: Federal Fair Housing Act protected classes: race, color, religion, sex, national origin, familial status, and disability.
Common Mistakes
Do not answer from a single familiar keyword; apply the full fact pattern and the governing rule.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
Section 6National: DisclosuresPreview
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Summary
National: Disclosures cheat sheet covering 4 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
lead-based paint: Federal lead-based paint disclosure rules generally apply to most residential housing built before 1978.
Common Mistakes
Avoid this trap: Buyers generally receive a 10-day opportunity to conduct a lead inspection/risk assessment unless the parties agree in writing to a different period or the buyer waives it in writing.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
Section 7National: FinancingPreview
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Summary
National: Financing cheat sheet covering 4 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
mortgage concepts: The promissory note is the borrower’s promise/evidence of debt; the mortgage or deed of trust is the security instrument creating a lien/security interest in the real property.
Common Mistakes
Do not reverse the LTV formula.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
Section 8National: Real Estate MathPreview
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Summary
National: Real Estate Math cheat sheet covering 5 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
proration: Proration allocates an income or expense between parties according to the period each is entitled to or responsible for it.
Common Mistakes
Do not invent a 360-day or 365-day convention; use the convention given in the question.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
Section 9North Carolina: LicensurePreview
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Summary
North Carolina: Licensure cheat sheet covering 3 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
broker license requirements: North Carolina is a broker-only licensing state; the entry-level individual license status is Provisional Broker (PB).
Common Mistakes
Avoid this trap: An inactive license does not authorize brokerage activity; inactive North Carolina brokers must cease brokerage, including referrals.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
Section 10North Carolina: AgencyPreview
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Summary
North Carolina: Agency cheat sheet covering 5 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
agency agreements: North Carolina agency agreements for brokerage services must be express and comply with Rule 58A .0104.
Common Mistakes
Avoid this trap: Compensation source does not determine agency; identify the actual agreement and disclosed relationship.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
North Carolina: Supervision/Compensation cheat sheet covering 3 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
broker-in-charge responsibilities: Current NCREC handbook identifies BIC responsibilities including active-license oversight, company information changes, firm advertising, trust/escrow accounts, transactional records, PB supervision, and agency agreement/disclosure compliance.
Common Mistakes
Avoid this trap: Delegating bookkeeping or clerical work does not eliminate the BIC’s supervisory responsibility.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
North Carolina: Brokerage Practice cheat sheet covering 5 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
trust accounts: Rule 58A .0116 generally requires trust money received by a broker in a fiduciary capacity to be deposited in a compliant trust/escrow account no later than three banking days after receipt, subject to stated exceptions.
Common Mistakes
Avoid this trap: In a dispute over a deposit (other than separately governed residential tenant security deposits), the broker generally retains the funds until a recognized authority exists or follows the rule-authorized clerk-of-court procedure.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
Section 13North Carolina: Taxes/InsurancePreview
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Summary
North Carolina: Taxes/Insurance cheat sheet covering 3 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
property tax: North Carolina property taxation is governed by Chapter 105; exam math uses assessed/taxable value and the stated local rate.
Common Mistakes
Avoid this trap: Assessed value is the tax base; sale price is not automatically the tax base.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
North Carolina: Contracts/Closing cheat sheet covering 5 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
offer and acceptance: An enforceable North Carolina real estate sales contract requires the required writing/signatures under the Statute of Frauds plus valid offer and acceptance.
Common Mistakes
Avoid this trap: A seller’s oral statement accepting a written offer does not substitute for the seller’s required signature on the sales contract.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
Section 15North Carolina: Landlord/TenantPreview
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Summary
North Carolina: Landlord/Tenant cheat sheet covering 3 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
residential rental agreements: North Carolina residential security-deposit caps under G.S. 42-51(b): week-to-week = maximum two weeks’ rent; month-to-month = maximum 1.5 months’ rent; terms greater than month-to-month = maximum two months’ rent.
Common Mistakes
Do not rewrite 'greater than month-to-month' as 'greater than 1.5 months'—the statute classifies by tenancy term.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
Section 16North Carolina: Other NC LawsPreview
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Summary
North Carolina: Other NC Laws cheat sheet covering 5 blueprint objectives. Prioritize the exact distinctions, numbers, and decision rules below; use the comprehensive study guide for full explanations.
Key Points
Residential Property Disclosure Act: Chapter 47E generally requires the owner to deliver required disclosure statements no later than the time the purchaser makes an offer.
Common Mistakes
Avoid this trap: The owner’s statutory disclosure choices do not eliminate a broker’s independent Chapter 93A/material-fact duties.
Exam Tips
Eliminate answers that use absolute words when the rule is fact-dependent.
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