1
NC STATE PORTION STUDY REAL ESTATE EXAM
LATEST UPDATES ACTUAL QUESTIONS AND
CORRECT ANSWERS ALREADY GRADED A+
GUARANTEED SUCCESS
when must the "The Residential Property and Owners' Association Statement", must
be provided by the broker?
No later than THE TIME THE BUYER MAKES AN OFFER
, if a seller fails to deliver it prior to that time, a buyer has a 3 day right of rescission
from the date the contract becomes valid, or they are furnished a copy- whichever
comes first. The contract is still enforceable, but is voidable by the buyer during that
3 day period.
Who would have to give permission for that information?
- seller
-highest offeror
Licensees may NOT disclose the price or other material terms contained in a party's
offer to purchase, sell, lease, rent, or to option real property to a competing party
without the EXPRESS authority of the offering party.
so without the offeror's permission the agent could not disclose their offer
What terminates tenancy by the entirety?
, 2
divorce
partition
legal separation
divorce decree in register of deeds
incapacitated
bankruptcy
one wants to sell their interest
Divorce- Upon divorce, tenancy by the entirety is terminated because the condition
of marriage no longer exists. The terms of the divorce will dictate what happens to
the property.
Joint Conveyance- Husband and wife can agree to convey title to the property to a
third party. This can be done through gift or deed.
Express or Implied Agreement- Husband and wife can agree to terminate the tenancy
by the entirety. In most cases, a tenancy in common will be formed.
Death- Upon the death of a spouse, the surviving spouse inherits title to the whole
property.
1) Broker must keep documents for 3 years from ...
1) Broker must keep documents for 3 years from ANYTHING
Whatever was last to occur
"A licensed real estate broker shall retain for three years copies of all listings, deposit
receipts, canceled checks, trust records, and other documents executed by him or her
or obtained by him or her in connection with any transactions for which a real estate
broker license is required."
, 3
what is designated dual agency?
type of dual agency
Both licensees must work for the same firm
brokers are allowed to advise- unlike regular 'dual agency'
If designated agency occurs, the seller know the name of the designated agent
working with the buyer at...
If designated agency occurs, the seller must know the name of the designated agent
working with the buyer AT THE TIME THE OFFER IS SUBMITTED
The seller is entitled to know that the offer they have received is from another agent
in the same firm as the listing agent that is representing them.
A buyer's agent should disclose their agency status to the seller or seller's agent at...
initial contact
True or false about townhomes:
A) townhomes do not have common areas
B) town home owners get the deed to the land on which the town home Is located
C) Townhouse owners pay property taxes on their individual units.
A) FALSE
B) TRUE
C) TRUE Townhouse owners pay property taxes on their individual units.
which would require licensure
- a son handling rentals for their parent's property for no payment,
- retiree referring home buyers to community center for free golf,
NC STATE PORTION STUDY REAL ESTATE EXAM
LATEST UPDATES ACTUAL QUESTIONS AND
CORRECT ANSWERS ALREADY GRADED A+
GUARANTEED SUCCESS
when must the "The Residential Property and Owners' Association Statement", must
be provided by the broker?
No later than THE TIME THE BUYER MAKES AN OFFER
, if a seller fails to deliver it prior to that time, a buyer has a 3 day right of rescission
from the date the contract becomes valid, or they are furnished a copy- whichever
comes first. The contract is still enforceable, but is voidable by the buyer during that
3 day period.
Who would have to give permission for that information?
- seller
-highest offeror
Licensees may NOT disclose the price or other material terms contained in a party's
offer to purchase, sell, lease, rent, or to option real property to a competing party
without the EXPRESS authority of the offering party.
so without the offeror's permission the agent could not disclose their offer
What terminates tenancy by the entirety?
, 2
divorce
partition
legal separation
divorce decree in register of deeds
incapacitated
bankruptcy
one wants to sell their interest
Divorce- Upon divorce, tenancy by the entirety is terminated because the condition
of marriage no longer exists. The terms of the divorce will dictate what happens to
the property.
Joint Conveyance- Husband and wife can agree to convey title to the property to a
third party. This can be done through gift or deed.
Express or Implied Agreement- Husband and wife can agree to terminate the tenancy
by the entirety. In most cases, a tenancy in common will be formed.
Death- Upon the death of a spouse, the surviving spouse inherits title to the whole
property.
1) Broker must keep documents for 3 years from ...
1) Broker must keep documents for 3 years from ANYTHING
Whatever was last to occur
"A licensed real estate broker shall retain for three years copies of all listings, deposit
receipts, canceled checks, trust records, and other documents executed by him or her
or obtained by him or her in connection with any transactions for which a real estate
broker license is required."
, 3
what is designated dual agency?
type of dual agency
Both licensees must work for the same firm
brokers are allowed to advise- unlike regular 'dual agency'
If designated agency occurs, the seller know the name of the designated agent
working with the buyer at...
If designated agency occurs, the seller must know the name of the designated agent
working with the buyer AT THE TIME THE OFFER IS SUBMITTED
The seller is entitled to know that the offer they have received is from another agent
in the same firm as the listing agent that is representing them.
A buyer's agent should disclose their agency status to the seller or seller's agent at...
initial contact
True or false about townhomes:
A) townhomes do not have common areas
B) town home owners get the deed to the land on which the town home Is located
C) Townhouse owners pay property taxes on their individual units.
A) FALSE
B) TRUE
C) TRUE Townhouse owners pay property taxes on their individual units.
which would require licensure
- a son handling rentals for their parent's property for no payment,
- retiree referring home buyers to community center for free golf,
