NC STATE PORTION STUDY REAL
ESTATE EXAM GRADED A+
Within ahow amany adays adoes aan aagent ahave ato areturn ato athe abuyer aa acopy aof
atheir aoffer athat ais aapproved aand asigned aby aseller. a- acorrect aanswers a-
Immediately abut ano alater athan a3 acalendar adays
What adoes aStandard a2-T aOffer ato aPurchase aand aContract acontemplate awhat athe
abuyer aand aseller acan anegotiate aafter acontract aformation? a- acorrect aanswers a-
what ais aIN athe a2T:
The aOffer ato aPurchase aand aContract amay anot amention acommission apaid, a...
aclosing acosts, apersonal aproperty aincluded, aliens)
Personal aproperty ais aincluded ain aa abill aof asale
A adual aagent areceives amultiple aoffers aon ahis aclient's alisting. aHis aother abuyer
aclient awants ato aknow awhat athe ahighest aoffer ais.
Who awould ahave ato agive apermission afor athat ainformation?
a- aseller
, -highest aofferor a- acorrect aanswers a-Licensees amay aNOT adisclose athe aprice aor
aother amaterial aterms acontained ain aa aparty's aoffer ato apurchase, asell, alease, arent,
aor ato aoption areal aproperty ato aa acompeting aparty awithout athe aEXPRESS
aauthority aof athe aoffering aparty.
so awithout athe aofferor's apermission athe aagent acould anot adisclose atheir aoffer
What aterminates atenancy aby athe aentirety? a
divorce
partition
legal aseparation
adivorce adecree ain aregister aof adeeds a
incapacitated
bankruptcy
aone awants ato asell atheir ainterest a- acorrect aanswers a-Divorce- aUpon adivorce,
atenancy aby athe aentirety ais aterminated abecause athe acondition aof amarriage ano
alonger aexists. aThe aterms aof athe adivorce awill adictate awhat ahappens ato athe
aproperty.
Joint aConveyance- aHusband aand awife acan aagree ato aconvey atitle ato athe aproperty
ato aa athird aparty. aThis acan abe adone athrough agift aor adeed.
Express aor aImplied aAgreement- aHusband aand awife acan aagree ato aterminate athe
atenancy aby athe aentirety. aIn amost acases, aa atenancy ain acommon awill abe aformed.
Death- aUpon athe adeath aof aa aspouse, athe asurviving aspouse ainherits atitle ato athe
awhole aproperty.
1) aBroker amust akeep adocuments afor a3 ayears afrom a... a- acorrect aanswers a-1)
aBroker amust akeep adocuments afor a3 ayears afrom aANYTHING
Whatever awas alast ato aoccur
"A alicensed areal aestate abroker ashall aretain afor athree ayears acopies aof aall alistings,
adeposit areceipts, acanceled achecks, atrust arecords, aand aother adocuments aexecuted
aby ahim aor aher aor aobtained aby ahim aor aher ain aconnection awith aany atransactions
afor awhich aa areal aestate abroker alicense ais arequired."
what ais adesignated adual aagency? a- acorrect aanswers a-type aof adual aagency
Both alicensees amust awork afor athe asame afirm
brokers aare aallowed ato aadvise- aunlike aregular a'dual aagency'
If adesignated aagency aoccurs, athe aseller aknow athe aname aof athe adesignated
aagent aworking awith athe abuyer aat... a- acorrect aanswers a-If adesignated aagency
ESTATE EXAM GRADED A+
Within ahow amany adays adoes aan aagent ahave ato areturn ato athe abuyer aa acopy aof
atheir aoffer athat ais aapproved aand asigned aby aseller. a- acorrect aanswers a-
Immediately abut ano alater athan a3 acalendar adays
What adoes aStandard a2-T aOffer ato aPurchase aand aContract acontemplate awhat athe
abuyer aand aseller acan anegotiate aafter acontract aformation? a- acorrect aanswers a-
what ais aIN athe a2T:
The aOffer ato aPurchase aand aContract amay anot amention acommission apaid, a...
aclosing acosts, apersonal aproperty aincluded, aliens)
Personal aproperty ais aincluded ain aa abill aof asale
A adual aagent areceives amultiple aoffers aon ahis aclient's alisting. aHis aother abuyer
aclient awants ato aknow awhat athe ahighest aoffer ais.
Who awould ahave ato agive apermission afor athat ainformation?
a- aseller
, -highest aofferor a- acorrect aanswers a-Licensees amay aNOT adisclose athe aprice aor
aother amaterial aterms acontained ain aa aparty's aoffer ato apurchase, asell, alease, arent,
aor ato aoption areal aproperty ato aa acompeting aparty awithout athe aEXPRESS
aauthority aof athe aoffering aparty.
so awithout athe aofferor's apermission athe aagent acould anot adisclose atheir aoffer
What aterminates atenancy aby athe aentirety? a
divorce
partition
legal aseparation
adivorce adecree ain aregister aof adeeds a
incapacitated
bankruptcy
aone awants ato asell atheir ainterest a- acorrect aanswers a-Divorce- aUpon adivorce,
atenancy aby athe aentirety ais aterminated abecause athe acondition aof amarriage ano
alonger aexists. aThe aterms aof athe adivorce awill adictate awhat ahappens ato athe
aproperty.
Joint aConveyance- aHusband aand awife acan aagree ato aconvey atitle ato athe aproperty
ato aa athird aparty. aThis acan abe adone athrough agift aor adeed.
Express aor aImplied aAgreement- aHusband aand awife acan aagree ato aterminate athe
atenancy aby athe aentirety. aIn amost acases, aa atenancy ain acommon awill abe aformed.
Death- aUpon athe adeath aof aa aspouse, athe asurviving aspouse ainherits atitle ato athe
awhole aproperty.
1) aBroker amust akeep adocuments afor a3 ayears afrom a... a- acorrect aanswers a-1)
aBroker amust akeep adocuments afor a3 ayears afrom aANYTHING
Whatever awas alast ato aoccur
"A alicensed areal aestate abroker ashall aretain afor athree ayears acopies aof aall alistings,
adeposit areceipts, acanceled achecks, atrust arecords, aand aother adocuments aexecuted
aby ahim aor aher aor aobtained aby ahim aor aher ain aconnection awith aany atransactions
afor awhich aa areal aestate abroker alicense ais arequired."
what ais adesignated adual aagency? a- acorrect aanswers a-type aof adual aagency
Both alicensees amust awork afor athe asame afirm
brokers aare aallowed ato aadvise- aunlike aregular a'dual aagency'
If adesignated aagency aoccurs, athe aseller aknow athe aname aof athe adesignated
aagent aworking awith athe abuyer aat... a- acorrect aanswers a-If adesignated aagency
