REX 7600 NC License Law and Rules
Games and activities
A real estate licensee with a newly issued provisional broker license - CORRECT
ANSWER-must be affiliated with a supervising broker-in-charge to activate the
license
In the course of selling a home to a buyer, a broker told the buyer that the home's
foundation was "solid as a rock", when he knew for a fact that it was slowly
sinking into the landfill on which it was built. In this situation, the broker's conduct
would be BEST defined as a - CORRECT ANSWER-willful misrepresentation
A licensee's pocket renewal card must be - CORRECT ANSWER-carried by the
licensee when conducting real estate brokerage activities
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 real estate agent who is licensed as a provisional broker may be an associate
of - CORRECT ANSWER-only the firm that his supervising broker-in-charge
represents
In order to qualify as a broker-in-charge, a licensee must possess all of the
following EXCEPT - CORRECT ANSWER-a real estate firm license
In order to qualify as a broker in charge a licensee must possess the following -
CORRECT ANSWER-the minimum experience or equivalent that is required by
the commissionan active broker licensethe requisite character in order to be of
no threat to the public
A broker cannot legally collect commissions from both the seller and the buyer
without - CORRECT ANSWER-the prior knowledge and written consent of both
the seller and the buyer
, Generally, anyone who acts for another person for compensation in matters
concerning sale or lease of real estate must be licensed EXCEPT - CORRECT
ANSWER-anyone acting under a power of attorney
North Carolina enacted a real estate license law for all of the following purposes
EXCEPT - CORRECT ANSWER-to maintain minimum income levels for
licensees
When the license of a broker-in-charge is suspended or revoked, the provisional
brokers under the supervision of that broker-in-charge must - CORRECT
ANSWER-stop listing and selling property after completing any pending
transactions
A broker receives an earnest money deposit from a buyer. In accordance with
Commission Rules, the broker deposits the money into a trust account. Had the
broker mistakenly deposited the money into the firm's general operating account,
the broker could be charged with - CORRECT ANSWER-commingling
Under real estate license law, a provisional broker is authorized to - CORRECT
ANSWER-act under a broker's supervision
A non-licensed assistant may do all of the following EXCEPT - CORRECT
ANSWER-complete contract forms for customers
A North Carolina licensee who has paid the yearly renewal fee, but has not
completed the required continuing education by June 10 of the previous license
year has the license status of - CORRECT ANSWER-inactive
How many members compose the North Carolina Real Estate Commission -
CORRECT ANSWER-9
Which of the following statements is TRUE? - CORRECT ANSWER-A violation of
License Law or North Carolina Real Estate Commission Rules is a criminal
offense and may be prosecuted in a court of law
Which of the following is NOT considered to be a material fact in North Carolina?
- CORRECT ANSWER-A convicted sex offender residing nearby
Games and activities
A real estate licensee with a newly issued provisional broker license - CORRECT
ANSWER-must be affiliated with a supervising broker-in-charge to activate the
license
In the course of selling a home to a buyer, a broker told the buyer that the home's
foundation was "solid as a rock", when he knew for a fact that it was slowly
sinking into the landfill on which it was built. In this situation, the broker's conduct
would be BEST defined as a - CORRECT ANSWER-willful misrepresentation
A licensee's pocket renewal card must be - CORRECT ANSWER-carried by the
licensee when conducting real estate brokerage activities
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 real estate agent who is licensed as a provisional broker may be an associate
of - CORRECT ANSWER-only the firm that his supervising broker-in-charge
represents
In order to qualify as a broker-in-charge, a licensee must possess all of the
following EXCEPT - CORRECT ANSWER-a real estate firm license
In order to qualify as a broker in charge a licensee must possess the following -
CORRECT ANSWER-the minimum experience or equivalent that is required by
the commissionan active broker licensethe requisite character in order to be of
no threat to the public
A broker cannot legally collect commissions from both the seller and the buyer
without - CORRECT ANSWER-the prior knowledge and written consent of both
the seller and the buyer
, Generally, anyone who acts for another person for compensation in matters
concerning sale or lease of real estate must be licensed EXCEPT - CORRECT
ANSWER-anyone acting under a power of attorney
North Carolina enacted a real estate license law for all of the following purposes
EXCEPT - CORRECT ANSWER-to maintain minimum income levels for
licensees
When the license of a broker-in-charge is suspended or revoked, the provisional
brokers under the supervision of that broker-in-charge must - CORRECT
ANSWER-stop listing and selling property after completing any pending
transactions
A broker receives an earnest money deposit from a buyer. In accordance with
Commission Rules, the broker deposits the money into a trust account. Had the
broker mistakenly deposited the money into the firm's general operating account,
the broker could be charged with - CORRECT ANSWER-commingling
Under real estate license law, a provisional broker is authorized to - CORRECT
ANSWER-act under a broker's supervision
A non-licensed assistant may do all of the following EXCEPT - CORRECT
ANSWER-complete contract forms for customers
A North Carolina licensee who has paid the yearly renewal fee, but has not
completed the required continuing education by June 10 of the previous license
year has the license status of - CORRECT ANSWER-inactive
How many members compose the North Carolina Real Estate Commission -
CORRECT ANSWER-9
Which of the following statements is TRUE? - CORRECT ANSWER-A violation of
License Law or North Carolina Real Estate Commission Rules is a criminal
offense and may be prosecuted in a court of law
Which of the following is NOT considered to be a material fact in North Carolina?
- CORRECT ANSWER-A convicted sex offender residing nearby
