NCRE EXAM STATE PORTION WITH
VERIFIED SOLUTIONS
Who yneeds ya ylicense? y- ycorrect yanswers y-(LLBEANS) yAnyone ywho yLists, yleases,
ybuys, yexchanges, ynegotiates yor ysells yproperty yfor ysome yone yelse yfor
ycompensation.
Breach yof yContract y- ycorrect yanswers y-Failure yto yfulfil ypromises
Megan's yLaw y- ycorrect yanswers y-Do ynot yneed yto ydisclose ysex yoffenders yin yarea
What ydictates ythe ynumber yof ybedrooms yin ya yhouse y- ycorrect yanswers y-Septic
Redlinning y- ycorrect yanswers y-Lender yrefused yto ylend yin yan yarea yrather ythan
ybased yon yqualifications
Is yage ya yprotected yclass? y- ycorrect yanswers y-No
What yis yneeded yfor yto ybe yconsidered ya yliving yarea? y- ycorrect yanswers y-1)
yPermanent yHeat
, 2) yFinished yinterior y& yCeiling yheight yof y7 yfeet yor y5 yfeet yin ysloped yceilings
3) yDirectly yaccessible yfrom yanother yliving yarea
Where ydo ystairs ycount yfor ysquare yfeet? y- ycorrect yanswers y-Both yFloors
Appointing yNCREC yBoard y- ycorrect yanswers y-Governer yappoints y7 yof y9
NC yhouse yof yreps y(Speaker yof yhouse) yappoints y1
NC ySenate yappoints y1
1) y3 ymust ybe ybrokers
2) y2 yCan ynot ybe yin ythe yreal yestate yindustry
3) ythey yhave y3 yyear yterms
What yare ythe ytwo yparts yof ya ymortgage yloan y- ycorrect yanswers y-Promissory ynote
y- yDocument ythat ycreates ythe yloan
Mortgage/Deed yof ytrust y- yDocument ypledging ycollateral y
- yMust ybe ysigned yby yall yowners
Regulations yx y- ycorrect yanswers y-Associated ywith yRESPA
Closing yestimate y& yClosing ydisclosure ymust ybe ydelivered ywithing? y- ycorrect
yanswers y-3 yBanking ydays
TILA yTrigger yTerms y- ycorrect yanswers y-Numbers yrelated yto yloans yin
yadvertisments
- yPayments yas ylow yas y$850
- y5% yinterest yrates yavailable
- yOwn yfor y$1000 ydown!
When yare yTRID yforms yused? y- ycorrect yanswers y-At yclosing
When ycan ya ylicense yreceive ya ykickback/ ygift? y- ycorrect yanswers y-From yclients
y(commission) yor yreferrals yfor yother ylicensees
- yCan yNOT yreceive yanything yfrom yservice yproviders yin yexchange yfor ybusiness/
yreferral
When ycan yLicensee ychange ya ydocument? y- ycorrect yanswers y-Only ywhen yhe/ yshe
yis ysigning y(Agency yagreements)
- yNEVER ycontracts yof ysale, ysigned yby ycustomer yor yclient
When ymust ya ylease yagreement ybe yreduced yto ywritting? y- ycorrect yanswers y-ANY
ylease yover y3 yyears
How yto yhandle yDue yDiligence yFee? y- ycorrect yanswers y-Goes ystraight yto yseller
- yNon-Refundable
VERIFIED SOLUTIONS
Who yneeds ya ylicense? y- ycorrect yanswers y-(LLBEANS) yAnyone ywho yLists, yleases,
ybuys, yexchanges, ynegotiates yor ysells yproperty yfor ysome yone yelse yfor
ycompensation.
Breach yof yContract y- ycorrect yanswers y-Failure yto yfulfil ypromises
Megan's yLaw y- ycorrect yanswers y-Do ynot yneed yto ydisclose ysex yoffenders yin yarea
What ydictates ythe ynumber yof ybedrooms yin ya yhouse y- ycorrect yanswers y-Septic
Redlinning y- ycorrect yanswers y-Lender yrefused yto ylend yin yan yarea yrather ythan
ybased yon yqualifications
Is yage ya yprotected yclass? y- ycorrect yanswers y-No
What yis yneeded yfor yto ybe yconsidered ya yliving yarea? y- ycorrect yanswers y-1)
yPermanent yHeat
, 2) yFinished yinterior y& yCeiling yheight yof y7 yfeet yor y5 yfeet yin ysloped yceilings
3) yDirectly yaccessible yfrom yanother yliving yarea
Where ydo ystairs ycount yfor ysquare yfeet? y- ycorrect yanswers y-Both yFloors
Appointing yNCREC yBoard y- ycorrect yanswers y-Governer yappoints y7 yof y9
NC yhouse yof yreps y(Speaker yof yhouse) yappoints y1
NC ySenate yappoints y1
1) y3 ymust ybe ybrokers
2) y2 yCan ynot ybe yin ythe yreal yestate yindustry
3) ythey yhave y3 yyear yterms
What yare ythe ytwo yparts yof ya ymortgage yloan y- ycorrect yanswers y-Promissory ynote
y- yDocument ythat ycreates ythe yloan
Mortgage/Deed yof ytrust y- yDocument ypledging ycollateral y
- yMust ybe ysigned yby yall yowners
Regulations yx y- ycorrect yanswers y-Associated ywith yRESPA
Closing yestimate y& yClosing ydisclosure ymust ybe ydelivered ywithing? y- ycorrect
yanswers y-3 yBanking ydays
TILA yTrigger yTerms y- ycorrect yanswers y-Numbers yrelated yto yloans yin
yadvertisments
- yPayments yas ylow yas y$850
- y5% yinterest yrates yavailable
- yOwn yfor y$1000 ydown!
When yare yTRID yforms yused? y- ycorrect yanswers y-At yclosing
When ycan ya ylicense yreceive ya ykickback/ ygift? y- ycorrect yanswers y-From yclients
y(commission) yor yreferrals yfor yother ylicensees
- yCan yNOT yreceive yanything yfrom yservice yproviders yin yexchange yfor ybusiness/
yreferral
When ycan yLicensee ychange ya ydocument? y- ycorrect yanswers y-Only ywhen yhe/ yshe
yis ysigning y(Agency yagreements)
- yNEVER ycontracts yof ysale, ysigned yby ycustomer yor yclient
When ymust ya ylease yagreement ybe yreduced yto ywritting? y- ycorrect yanswers y-ANY
ylease yover y3 yyears
How yto yhandle yDue yDiligence yFee? y- ycorrect yanswers y-Goes ystraight yto yseller
- yNon-Refundable
