NC License Laws Practice Quiz
How long is a broker required to retain records relating to brokerage
transactions? - CORRECT ANSWER-3 years
Prior to suspending or revoking the real estate license of a provisional broker, the
Real Estate Commission will - CORRECT ANSWER-hold a hearing where the
licensee can be present with legal counsel
A provisional broker with Top Notch Realty is working with the buyer customer as
a seller's sub-agent to find a home. Top Notch Realty does not offer any form of
buyer agency, dual agency, or designated agency. After the buyer finds a home
with assistance of the provisional broker, the buyer submits an initial offer, using
the NCAR/NCBA Offer To Purchase and Contract, on a property listed with
another firm, Leading Edge Realty. After the listing agent presents the offer, the
seller signs the offer with no changes. The listing agent with Leading Edge Realty
immediately calls the provisional broker on his cell phone to tell him that the
seller has accepted the buyer's offer with no changes and the seller has signed it.
The provisional broker with Top Notch Realty calls the buyer on their cell phone
immediately stating that their offer was accepted by the seller with no changes.
Later that day, the listing agent with Le - CORRECT ANSWER-When the
provisional broker with Top Notch Realty told the buyer of the seller's signed
acceptance with no changes.
Under North Carolina Real Estate Commission rules, an "option to purchase" is
to be delivered immediately but no later than: - CORRECT ANSWER-5 days
According to the NCAR/NCBA Offer To Purchase and Contract, which statement
is correct? - CORRECT ANSWER-Settlement date can be delayed up to 14
calendar days by either party and the contract is still enforceable and binding on
all parties.
Sally received her NC Real Estate license in November 2017. If she wants to
maintain active status, she must complete her continuing education requirements
by - CORRECT ANSWER-June 10, 2019
, Five days after signing a contract to purchase a new timeshare in North Carolina,
the
buyer cancels the timeshare contract. According to North Carolina laws, what is
the time
period for the developer to refund the buyer's money? - CORRECT
ANSWER-Thirty days from the date of purchase.
Ricardo is showing the buyer a house in the capacity of Seller Sub-agent. Prior to
being shown any houses, the buyer indicates to Ricardo that it is essential he
have a fence erected around the backyard of any house he purchases. Ricardo
finds the perfect house for the buyer but it does not have a fenced backyard, nor
does the listing information sheet indicate whether fences are allowed. Ricardo
does not inquire of the listing agent anything about a fence. The buyer purchases
the house and later learns that he cannot erect a fence. Which of the following
statements regarding these facts are true? - CORRECT ANSWER-Ricardo had
duty to determine if fences were permitted even though the listing information
sheet did not indicate anything regarding fences.
Which of the following statements is incorrect regarding the NC Good Funds
Settlement Act? - CORRECT ANSWER-The funds paid to the settlement agent
(closing attorney) are acceptable if paid by
personal check in an amount not to exceed $10,000 if the settlement agent
(closing
attorney) believes the funds are "good funds".
Agent A was recently licensed as a provisional real estate broker and he began
working at XYZ Realty. Agent A has promptly enrolled in his first 30 hour post
licensing course. As a condition of renewing his real estate license on active
status, Agent A must satisfy the North Carolina Real Estate Commission's
continuing education requirement no later than - CORRECT ANSWER-The
second renewal of his license
How long is a broker required to retain records relating to brokerage
transactions? - CORRECT ANSWER-3 years
Prior to suspending or revoking the real estate license of a provisional broker, the
Real Estate Commission will - CORRECT ANSWER-hold a hearing where the
licensee can be present with legal counsel
A provisional broker with Top Notch Realty is working with the buyer customer as
a seller's sub-agent to find a home. Top Notch Realty does not offer any form of
buyer agency, dual agency, or designated agency. After the buyer finds a home
with assistance of the provisional broker, the buyer submits an initial offer, using
the NCAR/NCBA Offer To Purchase and Contract, on a property listed with
another firm, Leading Edge Realty. After the listing agent presents the offer, the
seller signs the offer with no changes. The listing agent with Leading Edge Realty
immediately calls the provisional broker on his cell phone to tell him that the
seller has accepted the buyer's offer with no changes and the seller has signed it.
The provisional broker with Top Notch Realty calls the buyer on their cell phone
immediately stating that their offer was accepted by the seller with no changes.
Later that day, the listing agent with Le - CORRECT ANSWER-When the
provisional broker with Top Notch Realty told the buyer of the seller's signed
acceptance with no changes.
Under North Carolina Real Estate Commission rules, an "option to purchase" is
to be delivered immediately but no later than: - CORRECT ANSWER-5 days
According to the NCAR/NCBA Offer To Purchase and Contract, which statement
is correct? - CORRECT ANSWER-Settlement date can be delayed up to 14
calendar days by either party and the contract is still enforceable and binding on
all parties.
Sally received her NC Real Estate license in November 2017. If she wants to
maintain active status, she must complete her continuing education requirements
by - CORRECT ANSWER-June 10, 2019
, Five days after signing a contract to purchase a new timeshare in North Carolina,
the
buyer cancels the timeshare contract. According to North Carolina laws, what is
the time
period for the developer to refund the buyer's money? - CORRECT
ANSWER-Thirty days from the date of purchase.
Ricardo is showing the buyer a house in the capacity of Seller Sub-agent. Prior to
being shown any houses, the buyer indicates to Ricardo that it is essential he
have a fence erected around the backyard of any house he purchases. Ricardo
finds the perfect house for the buyer but it does not have a fenced backyard, nor
does the listing information sheet indicate whether fences are allowed. Ricardo
does not inquire of the listing agent anything about a fence. The buyer purchases
the house and later learns that he cannot erect a fence. Which of the following
statements regarding these facts are true? - CORRECT ANSWER-Ricardo had
duty to determine if fences were permitted even though the listing information
sheet did not indicate anything regarding fences.
Which of the following statements is incorrect regarding the NC Good Funds
Settlement Act? - CORRECT ANSWER-The funds paid to the settlement agent
(closing attorney) are acceptable if paid by
personal check in an amount not to exceed $10,000 if the settlement agent
(closing
attorney) believes the funds are "good funds".
Agent A was recently licensed as a provisional real estate broker and he began
working at XYZ Realty. Agent A has promptly enrolled in his first 30 hour post
licensing course. As a condition of renewing his real estate license on active
status, Agent A must satisfy the North Carolina Real Estate Commission's
continuing education requirement no later than - CORRECT ANSWER-The
second renewal of his license
