North Carolina Real Estate (State Only
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Exam Review) Questions and Answers
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100% Pass g
WhichgofgthegfollowinggstatementsgisgtruegregardinggAdgValoremgtaxationgingNorthgCarolina?
1. Realgpropertygisgtaxedgaccordinggtogitsgmostgrecentgsalegprice.
2. ThegMachinerygActgrequiresgreassessmentgtaxgpurposesgeveryg4gyears.
3. Realgpropertygtaxesgandgspecialgassessmentsgconstituteganginvoluntarygliengagainstgpropertygo
ngJanuaryg1stgofgthegnextgyear.
4. Taxgratesgaregeffectiveguntilgthegnextgrevaluationgyear.g✔✔3.gRealgpropertygtaxesgandgspecial
assessmentsgconstituteganginvoluntarygliengagainstgpropertygongJanuaryg1stgofgthegtextgyear
Explanation
Realgpropertygisgtaxedgaccordinggtogitsgassessedgvalue,gnotgsalegprice.gThegMachinerygActgrequire
sgthatgpropertiesgbegassessedgatgleastgoncegeveryg8gyearsg(octennialgappraisal).gTaxgratesgcangbegc
hangedgeverygyeargandgnotgsetgbygthegMachinerygAct,grathergbygbudgetgofgthegmunicipality.
JohngrecentlygretiredgandgmovedgtogagcoastalgcommunityglocatedgingNorthgCarolina.gHegdecidedgt
ogseekgopportunitiesgtogsupplementghisgretirementgincomegbygrespondinggtogangadvertisementgto
,becomegagtimesharegsalesman.gJohngisgtoldgbygthegdevelopergnoglicensegisgrequiredgtogsellgagtime
sharegasghegwillgbegpaidgagflatgfeegforgeachgtimesharegsoldgisgthegdevelopergcorrect?
1. No.gIngordergtogsellgtimegsharesgangindividualgwillgneedgtogobtaingagtimesharegsalesglicense.
2. No.gIngordergtogsellgtimesharesgangindividualgwillgneedgtogobtaingagNorthgCarolinagrealgesta
teglicense.
3. Yes.gSoglonggasgangindividualgisgnotgpaidgagpercentagegbasedgcommissiongtheregisgn
ogrequirementgtogobtaingagtimegsharegsalesmanglicense.
4. Yes.gTimesharegsalesgfallgundergvacationgpropertygsalesgandgthereforegaregexemptgfromgthe
typicalglicensinggrequirements.g✔✔2.gNo.gIngordergtogsellgtimesharesgangindividualgwillgneedg
g
to
obtaingagNorthgCarolinagrealgestateglicense.
Explanation
Theglicensegtriggeringgeventgisgearninggcompensationgongbehalfgofganother.gJohngwillgrequiregang
activegrealgestateglicensegingordergtogearngcompensationgfromgthegsalegofgtimesharegproperties.
Whichgofgthegfollowinggstatementsgregardinggrealgestategsalesgcontractgisgtrue?
1. Agprovisionalgbrokergactinggasgthegseller'sgagentgisgrequiredgtogsafeguardgangoptiongmone
ygcheckguntilgeffectivegandgtheygmustgdelivergitgdirectlygtogthegseller.
,2. Angagentgrepresentinggagbuyergmustgsubmitgangoffergtogpurchasegtogthegsellergorgsellersgage
ntgimmediatelygorgnoglatergthang7gdays.
3. Whengearnestgmoneygisgpaidgwithgangeffectivegcontractgitgmustgbegdepositedgwithing5gbankin
ggdaysgofgreceipt.
4. Agbrokergisgnotgpermittedgtogacceptgangearnestgmoneygdepositgifgitgisgtendergingcash.g✔✔1.
Optiongfeegandgduegdiligencegfeegchecksgaregmadegpayablegtogthegsellergandgdeliveredgoncegthe
contractgbecomesgeffective.gOffersgandgcontractsgmustgbegdeliveredgwithingfivegdays.gEarnest
moneygmustgbegdepositedgtheglatergofgthreegbankinggdaysgfromgthegeffectivegdategofgthegcontract
orgreceipt.gWhilegitgisgnotgrecommendedgthatgagbrokergacceptgcash,gitgisgpermitted.gWhengcashgis
tenderedgforgearnestgmoneygorgduegdiligence,gitgmustgbegdepositedgimmediatelygbutgnoglatergthan
threegbankinggdays.
Explanation
Optiongfeegandgduegdiligencegfeegchecksgaregmadegpayablegtogthegsellergandgdeliveredgoncegtheg
contractgbecomesgeffective.gOffersgandgcontractsgmutgbegdeliveredgwithing5gdays.gEarnestgmone
ygmustgbegdepositedgtheglatergofg3gbankinggdaysgfromgthegeffectivegdategofgthegcontractgorgrecei
pt.gWhilegitgisgnotgrecommendedgthatgagbrokergacceptgcash,gitgisgpermitted.gWhengcashgisgtendere
dgforgearnestgmoneygrgduegdiligence,gitgmustgbegdepositedgimmediatelygbutgnoglatergthang3gbanki
nggdays.
Allgofgthegfollowinggstatementsgaregtruegregardinggagbroker-in-charge,gEXCEPT:
, 1. Agbrokeragegoperatinggasgagsolegproprietorshipgmustgappointgagbroker-in-
chargegingordergtoghandlegtrustgfundsgandgadvertisegproperty.
2. Agbroker-in-chargegmustgnotifygthegCommissiongwhengagchangeginghisgorghergstatusgoccurs.
3. Agbroker-in-
chargegisgresponsiblegforgmaintaininggtransactiongrecordsgandgnotificationgofgagchangegingad
dressgofgthegfirmgtogthegCommission.
4. Agbroker-in-
chargeghasgagdutygtogsupervisegallgbrokersgaffiliatedgwithgthegfirmgwithgregardgtogviolationsgofgl
icenseglaw.g✔✔4.gAgbroker-in-chargeghasgagdutygtogsupervisegallgbrokersgaffiliated
withgthegfirmgwithgregardgtogviolationsgofglicenseglaw.
Explanation
Agbroker-in-
chargegmustgdirectlygsupervisegprovisionalgbrokers.gWhilegtheygaregresponsiblegtogensuregcompli
ancegwithgagencygdisclosuregandgadherencegtogfairghousinggtheygaregnotgresponsiblegforgallgviolat
ionsgofglicenseglawgforgagbroker.
Agbuyer'sgagentgisgresponsiblegforgwhichgofgthegfollowinggingregardgtogthegClosinggDisclosure?
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Exam Review) Questions and Answers
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100% Pass g
WhichgofgthegfollowinggstatementsgisgtruegregardinggAdgValoremgtaxationgingNorthgCarolina?
1. Realgpropertygisgtaxedgaccordinggtogitsgmostgrecentgsalegprice.
2. ThegMachinerygActgrequiresgreassessmentgtaxgpurposesgeveryg4gyears.
3. Realgpropertygtaxesgandgspecialgassessmentsgconstituteganginvoluntarygliengagainstgpropertygo
ngJanuaryg1stgofgthegnextgyear.
4. Taxgratesgaregeffectiveguntilgthegnextgrevaluationgyear.g✔✔3.gRealgpropertygtaxesgandgspecial
assessmentsgconstituteganginvoluntarygliengagainstgpropertygongJanuaryg1stgofgthegtextgyear
Explanation
Realgpropertygisgtaxedgaccordinggtogitsgassessedgvalue,gnotgsalegprice.gThegMachinerygActgrequire
sgthatgpropertiesgbegassessedgatgleastgoncegeveryg8gyearsg(octennialgappraisal).gTaxgratesgcangbegc
hangedgeverygyeargandgnotgsetgbygthegMachinerygAct,grathergbygbudgetgofgthegmunicipality.
JohngrecentlygretiredgandgmovedgtogagcoastalgcommunityglocatedgingNorthgCarolina.gHegdecidedgt
ogseekgopportunitiesgtogsupplementghisgretirementgincomegbygrespondinggtogangadvertisementgto
,becomegagtimesharegsalesman.gJohngisgtoldgbygthegdevelopergnoglicensegisgrequiredgtogsellgagtime
sharegasghegwillgbegpaidgagflatgfeegforgeachgtimesharegsoldgisgthegdevelopergcorrect?
1. No.gIngordergtogsellgtimegsharesgangindividualgwillgneedgtogobtaingagtimesharegsalesglicense.
2. No.gIngordergtogsellgtimesharesgangindividualgwillgneedgtogobtaingagNorthgCarolinagrealgesta
teglicense.
3. Yes.gSoglonggasgangindividualgisgnotgpaidgagpercentagegbasedgcommissiongtheregisgn
ogrequirementgtogobtaingagtimegsharegsalesmanglicense.
4. Yes.gTimesharegsalesgfallgundergvacationgpropertygsalesgandgthereforegaregexemptgfromgthe
typicalglicensinggrequirements.g✔✔2.gNo.gIngordergtogsellgtimesharesgangindividualgwillgneedg
g
to
obtaingagNorthgCarolinagrealgestateglicense.
Explanation
Theglicensegtriggeringgeventgisgearninggcompensationgongbehalfgofganother.gJohngwillgrequiregang
activegrealgestateglicensegingordergtogearngcompensationgfromgthegsalegofgtimesharegproperties.
Whichgofgthegfollowinggstatementsgregardinggrealgestategsalesgcontractgisgtrue?
1. Agprovisionalgbrokergactinggasgthegseller'sgagentgisgrequiredgtogsafeguardgangoptiongmone
ygcheckguntilgeffectivegandgtheygmustgdelivergitgdirectlygtogthegseller.
,2. Angagentgrepresentinggagbuyergmustgsubmitgangoffergtogpurchasegtogthegsellergorgsellersgage
ntgimmediatelygorgnoglatergthang7gdays.
3. Whengearnestgmoneygisgpaidgwithgangeffectivegcontractgitgmustgbegdepositedgwithing5gbankin
ggdaysgofgreceipt.
4. Agbrokergisgnotgpermittedgtogacceptgangearnestgmoneygdepositgifgitgisgtendergingcash.g✔✔1.
Optiongfeegandgduegdiligencegfeegchecksgaregmadegpayablegtogthegsellergandgdeliveredgoncegthe
contractgbecomesgeffective.gOffersgandgcontractsgmustgbegdeliveredgwithingfivegdays.gEarnest
moneygmustgbegdepositedgtheglatergofgthreegbankinggdaysgfromgthegeffectivegdategofgthegcontract
orgreceipt.gWhilegitgisgnotgrecommendedgthatgagbrokergacceptgcash,gitgisgpermitted.gWhengcashgis
tenderedgforgearnestgmoneygorgduegdiligence,gitgmustgbegdepositedgimmediatelygbutgnoglatergthan
threegbankinggdays.
Explanation
Optiongfeegandgduegdiligencegfeegchecksgaregmadegpayablegtogthegsellergandgdeliveredgoncegtheg
contractgbecomesgeffective.gOffersgandgcontractsgmutgbegdeliveredgwithing5gdays.gEarnestgmone
ygmustgbegdepositedgtheglatergofg3gbankinggdaysgfromgthegeffectivegdategofgthegcontractgorgrecei
pt.gWhilegitgisgnotgrecommendedgthatgagbrokergacceptgcash,gitgisgpermitted.gWhengcashgisgtendere
dgforgearnestgmoneygrgduegdiligence,gitgmustgbegdepositedgimmediatelygbutgnoglatergthang3gbanki
nggdays.
Allgofgthegfollowinggstatementsgaregtruegregardinggagbroker-in-charge,gEXCEPT:
, 1. Agbrokeragegoperatinggasgagsolegproprietorshipgmustgappointgagbroker-in-
chargegingordergtoghandlegtrustgfundsgandgadvertisegproperty.
2. Agbroker-in-chargegmustgnotifygthegCommissiongwhengagchangeginghisgorghergstatusgoccurs.
3. Agbroker-in-
chargegisgresponsiblegforgmaintaininggtransactiongrecordsgandgnotificationgofgagchangegingad
dressgofgthegfirmgtogthegCommission.
4. Agbroker-in-
chargeghasgagdutygtogsupervisegallgbrokersgaffiliatedgwithgthegfirmgwithgregardgtogviolationsgofgl
icenseglaw.g✔✔4.gAgbroker-in-chargeghasgagdutygtogsupervisegallgbrokersgaffiliated
withgthegfirmgwithgregardgtogviolationsgofglicenseglaw.
Explanation
Agbroker-in-
chargegmustgdirectlygsupervisegprovisionalgbrokers.gWhilegtheygaregresponsiblegtogensuregcompli
ancegwithgagencygdisclosuregandgadherencegtogfairghousinggtheygaregnotgresponsiblegforgallgviolat
ionsgofglicenseglawgforgagbroker.
Agbuyer'sgagentgisgresponsiblegforgwhichgofgthegfollowinggingregardgtogthegClosinggDisclosure?
