NC REAL ESTATE EXAM STATE
PORTION WITH CORRECT ANSWERS
When qmust qa qfirm qpracticing q"designated qagency" qdisclose qto qthe qseller qthe
qname qof qthe qagent qrepresenting qthe qbuyer.
A: qat qfirst qsubstantial qcontact qwith qthe qseller
B: qat qinitial qcontact qwith qthe qseller
C: qat qthe qtime qthe qbuyer's qagent qshows qthe qseller's qproperty
D: qat qthe qtime qthe qoffer qis qsubmitted qto qthe qseller q- qcorrect qanswers q-D: qat qthe
qtime qthe qoffer qis qsubmitted qto qthe qseller
What qis qthe qfirst qpoint qat qwhich qa qprovisional qbroker qmay qbegin qpracticing qreal
qestate qin qNorth qCarolina?
A: qwhen qthe qNCREC qreceives qnotification qof qthe qprovisional qbroker's qactivation
qwith qa qBIC
B: qupon qsuccessful qcompletion qof qall qcourse qwork qand qrequired qexaminations
C: qupon qcompletion qof qall qeducational qrequirements
D: qupon qformal qnotification qfrom qthe qNCREC qthat qthe qcandidate qhas
qsuccessfully qpassed qthe qreal qestate qexamination qand qhas qbeen qissued qa
,qlicense qnumber q- qcorrect qanswers q-A: qwhen qthe qNCREC qreceives qnotification qof
qthe qprovisional qbroker's qactivation qwith qa qBIC
Which qof qthe qfollowing qis qINCORRECT qabout qthe qpost qlicensing qrequirement qof
qa qprovisional qbroker?
A: qthe qdue qdate qof qthe qpost qlicensing qeducation qis qthe qanniversary qdate qof
qlicensure
B: qpost qlicensing qconsists qof qthree q30 qhour qcourses qwhich qmay qbe qtaken qin
qany qorder qand qmust qbe qcompleted qwithin q3 qyears qof qthe qdate qof qlicensure
C: qpost qlicensing qcourses qend qon qJune q10th qand qmust qbe qcompleted qfor qthe
qprovisional qbroker qto qrenew qtheir qlicense qon qJune q30th
D: qif qa qprovisional qbroker qdoes qnot qcomplete qpost qlicensing qby qthe qdeadlines
qtheir qlicense qwill qbecome qinactive q- qcorrect qanswers q-C: qpost qlicensing qcourses
qend qon qJune q10th qand qmust qbe qcompleted qfor qthe qprovisional qbroker qto qrenew
qtheir qlicense qon qJune q30th
If qa qlicensee qdoes qnot qpay qtheir qrenewal qfee qon qor qbefore qJune q30 qof qthe
qyear, qwhat qis qthe qtime qperiod qfor qthe qlicensee qto qreinstate qtheir qlicense qwithout
qthe qimposition qof qadditional qeducational qrequirements?
A: q30 qdays
B: q60 qdays
C: q6 qmonths
D: qone qyear q- qcorrect qanswers q-C: q6 qmonths
Judy qis qan qunlicensed qindividual. qHer qparents qare qselling qtheir qown qhome qas
qFor qSale qby qOwner qwithout qthe qrepresentation qof qa qreal qestate qlicensee. qWhile
qher qparents qare qon qvacation, qJudy qshows qthe qhome qto qsome qinterested
qpotential qbuyers qand qhas qlong qconversations qwith qthem qabout qthe qconditions
qunder qwhich qthey qmay qpurchase qher qparent's qhome. qJudy's qparents qdo qnot qpay
qher qin qcash qbut qinstead qoffer qto qsend qon qan qupcoming qvacation. qIs qJudy qin
qviolation qof qNC qLicensing qLaw?
A: qNo qbecause qthe qhome qis qher qparent's qown qproperty qand qit qis qtherefore
qexempt qfrom qthe qlicensure qrequirement.
B: qNo, qbecause qJudy qdid qnot qreceive qany qcash qpayment qfor qher qactivity.
C: qYes, qJudy qis qengaged qin qthe qbusiness qof qreal qestate qwithout qa qlicense
D: qYes qbecause qJudy qis qlegally qrequired qto qobtain qa qpower qof qattorney qfrom
qher qparents qin qthis qinstance. q- qcorrect qanswers q-C: qYes, qJudy qis qengaged qin
qthe qbusiness qof qreal qestate qwithout qa qlicense
A qprovisional qbroker qobtains qtheir qNC qreal qestate qlicense qon qApril q15th qand
qjoins qa qreal qestate qfirm. qIn qorder qto qremain qactive, qthe qbroker qmust qpay qthe
qrenewal qfee qto qthe qNC qReal qEstate qCommission qon qor qbefore:
A: qJune q30 qof qthe qcurrent qyear
B: qJune q30 qof qthe qfollowing qyear
C: qJune q10 qof qthe qcurrent qyear
, D: qDecember q31 qof qthe qcurrent qyear q- qcorrect qanswers q-A: qJune q30 qof qthe
qcurrent qyear
The qNC qHomestead qExemption qwould qbe qof qimportance qand qhave qthe qgreatest
qimpact qon:
A: qa qborrower qwho qis qin qdefault qon qtheir qproperty qand qfacing qforeclosure
B: qan qindividual qwho qfiled qbankruptcy qdue qto qexcessive qmedical qbills qand
qjudgment qliens
C: qan qinvestor qwho qmust qengage qin qthe qshort qsale qof qan qinvestment qproperty
Da qmarried qcouple qwho qis qselling qtheir qprimary qresidence qto qa qbuyer q- qcorrect
qanswers q-B: qan qindividual qwho qfiled qbankruptcy qdue qto qexcessive qmedical qbills
qand qjudgment qliens
Jack qis qa qlicensed qreal qestate qprofessional qin qIllinois. qHe qhas qbeen qa qbroker
qfor qmany qyears, qbut qis qnot qlicensed qin qNC. qJack qhas qa qfriend qwho qwants qto
qpurchase qa qhome qin qCharlotte, qNC. qIn qregard qto qthe qrepresentation qof qthis
qbuyer qall qof qthe qfollowing qare qTRUE, qEXCEPT:
A: qJack qmay qrefer qthe qbuyer qto qa qlicensed qNC qbroker qand qreceive qa qreferral
qfee qeven qthough qhe qis qnot qlicensed qin qNC.
B: qJack qmay qmeet qwith qthe qbuyer qin qIllinois qand qexplain qthe qpurchase qprocess
qand qanswer qquestions qabout qthe qNC qtransaction.
C: qSo qlong qas qJack qaffiliates qwith qa qNC qbroker qhe qmay qaccompany qthe qbuyer
qto qNorth qCarolina qand qassist qin qshowing qthe qbuyer qproperty
D: qThe qNC qreal qestate qcommission qdoes qnot qhave qjurisdiction qover qJack qunless
qJack qconducts qillegal qbrokerage qactivities qin qNC q- qcorrect qanswers q-C: qSo qlong
qas qJack qaffiliates qwith qa qNC qbroker qhe qmay qaccompany qthe qbuyer qto qNorth
qCarolina qand qassist qin qshowing qthe qbuyer qproperty
Sherry qis qa qprovisional qbroker qwho qworks qfor qa qresidential qsales qBIC qand qfirm
qin qNorth qCarolina. qSherry qhas qa qcouple qof qclients qwho qwant qher qto qmanage
qtheir qrental qproperties. qWhat qare qSherry's qoptions?
A: qSherry qcan qmanage qthe qproperties qon qher qown qoutside qof qher qexisting qfirm
B: qWith qthe qpermission qof qher qBIC qSherry qcan qalso qaffiliate qwith qanother qfirm
qthat qengages qin qproperty qmanagement.
C: qSherry qcan qmanage qthe qrental qproperties qonly qif qshe qobtains qa qpower qof
qattorney qfrom qthe qowners.
D: qSherry qcan qrefer qthe qclients qto qa qproperty qmanagement qfirm qand qearn qa
qreferral qfee qthat qis qpaid qto qher qthrough qher qBIC q- qcorrect qanswers q-D: qSherry
qcan qrefer qthe qclients qto qa qproperty qmanagement qfirm qand qearn qa qreferral qfee
qthat qis qpaid qto qher qthrough qher qBIC
Jack, qa qlicensee qwants qto qmake qan qoffer qto qthe qseller qon qa qproperty qwhich
qJack qhas qlisted qon qbehalf qof qhis qfirm qABC. qWhich qof qthe qfollowing qis
qCORRECT?
PORTION WITH CORRECT ANSWERS
When qmust qa qfirm qpracticing q"designated qagency" qdisclose qto qthe qseller qthe
qname qof qthe qagent qrepresenting qthe qbuyer.
A: qat qfirst qsubstantial qcontact qwith qthe qseller
B: qat qinitial qcontact qwith qthe qseller
C: qat qthe qtime qthe qbuyer's qagent qshows qthe qseller's qproperty
D: qat qthe qtime qthe qoffer qis qsubmitted qto qthe qseller q- qcorrect qanswers q-D: qat qthe
qtime qthe qoffer qis qsubmitted qto qthe qseller
What qis qthe qfirst qpoint qat qwhich qa qprovisional qbroker qmay qbegin qpracticing qreal
qestate qin qNorth qCarolina?
A: qwhen qthe qNCREC qreceives qnotification qof qthe qprovisional qbroker's qactivation
qwith qa qBIC
B: qupon qsuccessful qcompletion qof qall qcourse qwork qand qrequired qexaminations
C: qupon qcompletion qof qall qeducational qrequirements
D: qupon qformal qnotification qfrom qthe qNCREC qthat qthe qcandidate qhas
qsuccessfully qpassed qthe qreal qestate qexamination qand qhas qbeen qissued qa
,qlicense qnumber q- qcorrect qanswers q-A: qwhen qthe qNCREC qreceives qnotification qof
qthe qprovisional qbroker's qactivation qwith qa qBIC
Which qof qthe qfollowing qis qINCORRECT qabout qthe qpost qlicensing qrequirement qof
qa qprovisional qbroker?
A: qthe qdue qdate qof qthe qpost qlicensing qeducation qis qthe qanniversary qdate qof
qlicensure
B: qpost qlicensing qconsists qof qthree q30 qhour qcourses qwhich qmay qbe qtaken qin
qany qorder qand qmust qbe qcompleted qwithin q3 qyears qof qthe qdate qof qlicensure
C: qpost qlicensing qcourses qend qon qJune q10th qand qmust qbe qcompleted qfor qthe
qprovisional qbroker qto qrenew qtheir qlicense qon qJune q30th
D: qif qa qprovisional qbroker qdoes qnot qcomplete qpost qlicensing qby qthe qdeadlines
qtheir qlicense qwill qbecome qinactive q- qcorrect qanswers q-C: qpost qlicensing qcourses
qend qon qJune q10th qand qmust qbe qcompleted qfor qthe qprovisional qbroker qto qrenew
qtheir qlicense qon qJune q30th
If qa qlicensee qdoes qnot qpay qtheir qrenewal qfee qon qor qbefore qJune q30 qof qthe
qyear, qwhat qis qthe qtime qperiod qfor qthe qlicensee qto qreinstate qtheir qlicense qwithout
qthe qimposition qof qadditional qeducational qrequirements?
A: q30 qdays
B: q60 qdays
C: q6 qmonths
D: qone qyear q- qcorrect qanswers q-C: q6 qmonths
Judy qis qan qunlicensed qindividual. qHer qparents qare qselling qtheir qown qhome qas
qFor qSale qby qOwner qwithout qthe qrepresentation qof qa qreal qestate qlicensee. qWhile
qher qparents qare qon qvacation, qJudy qshows qthe qhome qto qsome qinterested
qpotential qbuyers qand qhas qlong qconversations qwith qthem qabout qthe qconditions
qunder qwhich qthey qmay qpurchase qher qparent's qhome. qJudy's qparents qdo qnot qpay
qher qin qcash qbut qinstead qoffer qto qsend qon qan qupcoming qvacation. qIs qJudy qin
qviolation qof qNC qLicensing qLaw?
A: qNo qbecause qthe qhome qis qher qparent's qown qproperty qand qit qis qtherefore
qexempt qfrom qthe qlicensure qrequirement.
B: qNo, qbecause qJudy qdid qnot qreceive qany qcash qpayment qfor qher qactivity.
C: qYes, qJudy qis qengaged qin qthe qbusiness qof qreal qestate qwithout qa qlicense
D: qYes qbecause qJudy qis qlegally qrequired qto qobtain qa qpower qof qattorney qfrom
qher qparents qin qthis qinstance. q- qcorrect qanswers q-C: qYes, qJudy qis qengaged qin
qthe qbusiness qof qreal qestate qwithout qa qlicense
A qprovisional qbroker qobtains qtheir qNC qreal qestate qlicense qon qApril q15th qand
qjoins qa qreal qestate qfirm. qIn qorder qto qremain qactive, qthe qbroker qmust qpay qthe
qrenewal qfee qto qthe qNC qReal qEstate qCommission qon qor qbefore:
A: qJune q30 qof qthe qcurrent qyear
B: qJune q30 qof qthe qfollowing qyear
C: qJune q10 qof qthe qcurrent qyear
, D: qDecember q31 qof qthe qcurrent qyear q- qcorrect qanswers q-A: qJune q30 qof qthe
qcurrent qyear
The qNC qHomestead qExemption qwould qbe qof qimportance qand qhave qthe qgreatest
qimpact qon:
A: qa qborrower qwho qis qin qdefault qon qtheir qproperty qand qfacing qforeclosure
B: qan qindividual qwho qfiled qbankruptcy qdue qto qexcessive qmedical qbills qand
qjudgment qliens
C: qan qinvestor qwho qmust qengage qin qthe qshort qsale qof qan qinvestment qproperty
Da qmarried qcouple qwho qis qselling qtheir qprimary qresidence qto qa qbuyer q- qcorrect
qanswers q-B: qan qindividual qwho qfiled qbankruptcy qdue qto qexcessive qmedical qbills
qand qjudgment qliens
Jack qis qa qlicensed qreal qestate qprofessional qin qIllinois. qHe qhas qbeen qa qbroker
qfor qmany qyears, qbut qis qnot qlicensed qin qNC. qJack qhas qa qfriend qwho qwants qto
qpurchase qa qhome qin qCharlotte, qNC. qIn qregard qto qthe qrepresentation qof qthis
qbuyer qall qof qthe qfollowing qare qTRUE, qEXCEPT:
A: qJack qmay qrefer qthe qbuyer qto qa qlicensed qNC qbroker qand qreceive qa qreferral
qfee qeven qthough qhe qis qnot qlicensed qin qNC.
B: qJack qmay qmeet qwith qthe qbuyer qin qIllinois qand qexplain qthe qpurchase qprocess
qand qanswer qquestions qabout qthe qNC qtransaction.
C: qSo qlong qas qJack qaffiliates qwith qa qNC qbroker qhe qmay qaccompany qthe qbuyer
qto qNorth qCarolina qand qassist qin qshowing qthe qbuyer qproperty
D: qThe qNC qreal qestate qcommission qdoes qnot qhave qjurisdiction qover qJack qunless
qJack qconducts qillegal qbrokerage qactivities qin qNC q- qcorrect qanswers q-C: qSo qlong
qas qJack qaffiliates qwith qa qNC qbroker qhe qmay qaccompany qthe qbuyer qto qNorth
qCarolina qand qassist qin qshowing qthe qbuyer qproperty
Sherry qis qa qprovisional qbroker qwho qworks qfor qa qresidential qsales qBIC qand qfirm
qin qNorth qCarolina. qSherry qhas qa qcouple qof qclients qwho qwant qher qto qmanage
qtheir qrental qproperties. qWhat qare qSherry's qoptions?
A: qSherry qcan qmanage qthe qproperties qon qher qown qoutside qof qher qexisting qfirm
B: qWith qthe qpermission qof qher qBIC qSherry qcan qalso qaffiliate qwith qanother qfirm
qthat qengages qin qproperty qmanagement.
C: qSherry qcan qmanage qthe qrental qproperties qonly qif qshe qobtains qa qpower qof
qattorney qfrom qthe qowners.
D: qSherry qcan qrefer qthe qclients qto qa qproperty qmanagement qfirm qand qearn qa
qreferral qfee qthat qis qpaid qto qher qthrough qher qBIC q- qcorrect qanswers q-D: qSherry
qcan qrefer qthe qclients qto qa qproperty qmanagement qfirm qand qearn qa qreferral qfee
qthat qis qpaid qto qher qthrough qher qBIC
Jack, qa qlicensee qwants qto qmake qan qoffer qto qthe qseller qon qa qproperty qwhich
qJack qhas qlisted qon qbehalf qof qhis qfirm qABC. qWhich qof qthe qfollowing qis
qCORRECT?
