303 NC POST LICENSING EXAM NEWEST

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303 NC POST LICENSING EXAM NEWEST

ACTUAL EXAM 250 QUESTIONS AND CORRECT

DETAILED ANSWERS (VERIFIED ANSWERS)

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Which of the following would NOT be considered a violation of license law? - ANSWER- A timeshare salesperson who also has a legal license performing legal services

Which of the following best describes a tenant's right to quiet enjoyment? - ANSWER- A tenant has the right to enjoy lawful use of the property without being dispossessed or trespassed upon, even by the landlord.

Ricky Nubbins is three months behind in his rent and has received several reminders from the landlord that the rent is past due. As a result, the landlord has begun working through proper channels to legally end Ricky's lease before the contract end date. The landlord is terminating his lease through ______. - ANSWER- Eviction

What does "No Representation" mean on a North Carolina property disclosure form? - ANSWER- The seller is choosing not to disclose certain information.

Devin, a homebuilder, was caught dumping a load of rubble in an area designated as wetlands. "But I wasn't building anything," he explained. 1 / 4

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"I wasn't involved in any development when I dumped the dirt there." Was his dumping a legal act? - ANSWER- No, because dumping material in a wetland is one of the activities that isn't allowed without a permit.

In order for North Carolina broker Meredith to accept compensation from a home inspector for referring a client, what must she disclose to the relevant transaction parties? - ANSWER- The name of the inspection company and the type and amount of the compensation

If a real estate agent realizes that the seller or landlord intends to discriminate against a member of a protected class, which of the following is NOT a best practice response? - ANSWER- The agent doesn't need to do anything because the agent hasn't committed any discriminatory acts, and the client hasn't actually discriminated yet.

A(n) ______ policy typically only covers the condominium buildings' structure and the common areas. This type of policy often does not cover the inside of the unit. - ANSWER- Master insurance

-the condominium owners' association master insurance policy typically only covers the condominium buildings and the common areas. This type of policy often does not cover the inside of the unit.

Simon is a non-provisional broker in North Carolina. Which of the following is not necessarily true for Simon? - ANSWER- simon must be supervised by a broker-in-charge to maintain an active license.

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-As a fully licensed, non-provisional broker in North Carolina, Simon will have completed 90 hours of post-licensing education, and all licensees must complete eight hours of CE and renew their licenses yearly. However, only provisional brokers must be supervised by a broker-in-charge, and while Simon can choose to do so, it's not true that he MUST be supervised.

Reese is a Virginia licensee with a North Carolina limited nonresidential commercial license. She's affiliated with North Carolina resident broker Nicky for a commercial real estate transaction. Whose job is it to handle any trust funds relating to the transaction? - ANSWER- Nicky is responsible for handling the trust funds as she would with trust funds in any other North Carolina transaction.

Condominiums built during or after 1987 are regulated by ______. - ANSWER- The North Carolina Condominium Act

Which one of the following people would be exempt from the real estate licensure requirement in North Carolina? - ANSWER- An attorney who's selling a property for a client, for compensation, using a power of attorney

Which of the following statements about transaction records retention in North Carolina is true? - ANSWER- Records for all transactions, including offers and marketing records, must be retained for three years.

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Cory is a non-provisional broker in North Carolina. In order for him to receive compensation, he's required to complete ______ hours of continuing education every year - ANSWER- Eight

Which of the following have studies shown to reduce access to employment opportunities? - ANSWER- Housing discrimination

North Carolina broker Timothy's buyer client just signed an offer for her potential dream house. How long does Timothy have to get the offer delivered to the seller and his listing agent? - ANSWER- Three days

Which of the following defines a subdivision? - ANSWER- A tract of land divided into lots or plots and used for building purposes

A certified septic inspector looks at the septic tank, the distribution box, and the _______ for code compliance. - ANSWER- Absorption field

North Carolina broker Karyn has accepted compensation from a vendor for recommending its services to a client. Under what circumstances would Karyn NOT be required to disclose her acceptance? - ANSWER- If what Karyn accepted is a token of insignificant or symbolic worth, she needn't disclose it to anyone.

Which of the following terms refers to the relationship between the landlord and the tenant in which both parties have obligations to one another? - ANSWER- Mutuality of obligations

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