Superior 303 NC Law and Rules Exam (ACTUAL
2025) Questions and VERIFIED Answers
sole proprietor -<<<Answers>>>Full broker not affiliated
with another firm
Can not Advertise
Can not hire other licensees
Can not hold a trust account
Would have to become a BIC in order to 'do it all'
An absorption study is..... -<<<Answers>>>how much office
space is available and how much is being used in a given time
period.
Manufactured homes, personal or real? -
<<<Answers>>>Personal until permanently placed, axis and
wheels etc removed. Must get an
affidavit of a fixture - title is cancelled at DMV
What must we present for a Timeshare -
<<<Answers>>>present Public Offering Statement POS prior
to any contract
, Can home owners association have a reserve fund? -
<<<Answers>>>Yes, to cover road repair, land scapping,
common areas
Difference between Condo and townhome ownership -
<<<Answers>>>Condo air space, town home owns the
structure and the land it sits on and around it
NCREC shows up at our office, do we have to have records
immediately available for them? -<<<Answers>>>Yes. They
do not have to give notice that they are coming.
If they mail and request them, we have 14 days to provide
them. Arrive within 14 days.
Commercial lean available to -<<<Answers>>>listing broker
only
Do we ever mess with the Ernest money? -
<<<Answers>>>NO or can be disciplined by the NCREC
Does Unlicensed assistant = inactive licensee -
<<<Answers>>>can act as assistant
show rentals
no cold calls
no homes for sale
2025) Questions and VERIFIED Answers
sole proprietor -<<<Answers>>>Full broker not affiliated
with another firm
Can not Advertise
Can not hire other licensees
Can not hold a trust account
Would have to become a BIC in order to 'do it all'
An absorption study is..... -<<<Answers>>>how much office
space is available and how much is being used in a given time
period.
Manufactured homes, personal or real? -
<<<Answers>>>Personal until permanently placed, axis and
wheels etc removed. Must get an
affidavit of a fixture - title is cancelled at DMV
What must we present for a Timeshare -
<<<Answers>>>present Public Offering Statement POS prior
to any contract
, Can home owners association have a reserve fund? -
<<<Answers>>>Yes, to cover road repair, land scapping,
common areas
Difference between Condo and townhome ownership -
<<<Answers>>>Condo air space, town home owns the
structure and the land it sits on and around it
NCREC shows up at our office, do we have to have records
immediately available for them? -<<<Answers>>>Yes. They
do not have to give notice that they are coming.
If they mail and request them, we have 14 days to provide
them. Arrive within 14 days.
Commercial lean available to -<<<Answers>>>listing broker
only
Do we ever mess with the Ernest money? -
<<<Answers>>>NO or can be disciplined by the NCREC
Does Unlicensed assistant = inactive licensee -
<<<Answers>>>can act as assistant
show rentals
no cold calls
no homes for sale
