NC POST-LICENSING 303 EXAM | QUESTIONS AND ANSWERS |
VERIFIED ANSWERS | LATEST EXAM UPDATE
Mary, a woman of color, has filed a fair housing complaint after suspecting her
real estate agent was only showing her homes in communities that were
primarily made up of minorities. After completing its investigation, HUD found
reasonable cause to believe that discrimination occurred. What will happen
next? - CORRECT ANSWER - HUD will issue a charge of discrimination and
will notify Mary, the complainant, of its determination.
How can North Carolina landlords remove tenants who engage in illegal
activities like drug manufacturing on the premises? - CORRECT ANSWER -
Send the tenant a notice of immediate lease termination
Which aspect of highest and best use is concerned with land use restrictions and
zoning? - CORRECT ANSWER - Is it legally allowable or permissible?
In North Carolina, the Vacation Rental Act provides what kind of exception
regarding compensation for real estate brokerage activities? - CORRECT
ANSWER - Under this act, a travel agent who does not hold an active real
estate license may accept a referral fee for referring a tenant to a broker for a
vacation rental if certain provisions are met.
Tenant A is leasing commercial property from the landlord. Tenant A then
sublets to Tenant B. Which of the following parties have a sandwich lease? -
CORRECT ANSWER - The original tenant and the landlord
Mike relocated for work and learned that the region in which he planned to buy
a home had many old underground mines. In fact, Mike might even need to
purchase mine subsidence insurance. What might a home inspector flag for
, Mike if there are any concerns about undermining? - CORRECT ANSWER -
A sinkhole on the property
An underground storage tank has been in place for 15 years. What is its
remaining useful life, on average? - CORRECT ANSWER - Zero years
Which of the following is described as an area that is protected by the Clean
Water Act where standing water that supports aquatic plants and animals is
located and groundwater is filtered? - CORRECT ANSWER - Wetland
Before becoming a broker-in-charge, a North Carolina broker must first apply
for _______ with the NCREC. - CORRECT ANSWER - Eligibility
Dave is an employee of a housing authority in his North Carolina county. He's
been asked to lease one of the properties that the housing authority owns to a
new tenant. Does Dave need a real estate license for this? - CORRECT
ANSWER - No. Dave qualifies for the housing authority exemption wherein an
employee is permitted to sell or lease properties that are owned by the housing
authority.
It's fine for a personal assistant to answer a buyer's questions related to contract
terms if the personal assistant ______. - CORRECT ANSWER - Is licensed
Which of the following is NOT a measure a developer must take to prevent
sedimentation? - CORRECT ANSWER - Deep rooting trees along shoreline
Randall's clients, Carma and Trent, are looking for a mountain cabin. They tell
Randall they'll pay him a $2,000 finder's fee if he finds the cabin that checks all
of their boxes, and they close on it. Randall finds a likely candidate that's an
FSBO, and negotiations begin. What circumstance is required for Randall to
receive the finder's fee? - CORRECT ANSWER - Carma and Trent must pay
the finder's fee to Randall's broker
VERIFIED ANSWERS | LATEST EXAM UPDATE
Mary, a woman of color, has filed a fair housing complaint after suspecting her
real estate agent was only showing her homes in communities that were
primarily made up of minorities. After completing its investigation, HUD found
reasonable cause to believe that discrimination occurred. What will happen
next? - CORRECT ANSWER - HUD will issue a charge of discrimination and
will notify Mary, the complainant, of its determination.
How can North Carolina landlords remove tenants who engage in illegal
activities like drug manufacturing on the premises? - CORRECT ANSWER -
Send the tenant a notice of immediate lease termination
Which aspect of highest and best use is concerned with land use restrictions and
zoning? - CORRECT ANSWER - Is it legally allowable or permissible?
In North Carolina, the Vacation Rental Act provides what kind of exception
regarding compensation for real estate brokerage activities? - CORRECT
ANSWER - Under this act, a travel agent who does not hold an active real
estate license may accept a referral fee for referring a tenant to a broker for a
vacation rental if certain provisions are met.
Tenant A is leasing commercial property from the landlord. Tenant A then
sublets to Tenant B. Which of the following parties have a sandwich lease? -
CORRECT ANSWER - The original tenant and the landlord
Mike relocated for work and learned that the region in which he planned to buy
a home had many old underground mines. In fact, Mike might even need to
purchase mine subsidence insurance. What might a home inspector flag for
, Mike if there are any concerns about undermining? - CORRECT ANSWER -
A sinkhole on the property
An underground storage tank has been in place for 15 years. What is its
remaining useful life, on average? - CORRECT ANSWER - Zero years
Which of the following is described as an area that is protected by the Clean
Water Act where standing water that supports aquatic plants and animals is
located and groundwater is filtered? - CORRECT ANSWER - Wetland
Before becoming a broker-in-charge, a North Carolina broker must first apply
for _______ with the NCREC. - CORRECT ANSWER - Eligibility
Dave is an employee of a housing authority in his North Carolina county. He's
been asked to lease one of the properties that the housing authority owns to a
new tenant. Does Dave need a real estate license for this? - CORRECT
ANSWER - No. Dave qualifies for the housing authority exemption wherein an
employee is permitted to sell or lease properties that are owned by the housing
authority.
It's fine for a personal assistant to answer a buyer's questions related to contract
terms if the personal assistant ______. - CORRECT ANSWER - Is licensed
Which of the following is NOT a measure a developer must take to prevent
sedimentation? - CORRECT ANSWER - Deep rooting trees along shoreline
Randall's clients, Carma and Trent, are looking for a mountain cabin. They tell
Randall they'll pay him a $2,000 finder's fee if he finds the cabin that checks all
of their boxes, and they close on it. Randall finds a likely candidate that's an
FSBO, and negotiations begin. What circumstance is required for Randall to
receive the finder's fee? - CORRECT ANSWER - Carma and Trent must pay
the finder's fee to Randall's broker
