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NORTH CALORINA {NC} Real Estate State Portion ACTUAL Exam 100 QUESTIONS AND
CORRECT ANSWERS -
When must a firm practicing "designated agency" disclose to the seller the name of the agent representing the buyer.
A: at first substantial contact with the seller
B: at initial contact with the seller
C: at the time the buyer's agent shows the seller's property
D: at the time the offer is submitted to the seller - CORRECT ANSWER-D: at the time the offer is submitted to the seller
What is the first point at which a provisional broker may begin practicing real estate in North Carolina?A: when the NCREC receives notification of the provisional broker's activation with a BIC
B: upon successful completion of all course work and required examinations
C: upon completion of all educational requirements
D: upon formal notification from the NCREC that the candidate has successfully passed the real estate examination and has been issued a license number - CORRECT ANSWER-A: when the NCREC receives notification of the provisional broker's activation with a BIC
When a broker is delivering 3rd party checks such as the earnest money made payable to a closing attorney and the due diligence fee made payable to the seller. If the contract is accepted and the
broker is still in possession of the funds, which of the following is CORRECT:
A:the checks must be delivered within 3 banking days
B: the broker must always complete delivery of the checks once the offer is accepted C: the broker is acting as a courier and until the checks have been delivered they must follow the directions of the buyer D: the checks must first be deposited in the firm's trust account and then disbursed to the appropriate parties out of the account - CORRECT ANSWER-C: the broker is acting as a courier and until the checks have been delivered they must follow the directions of the buyer.The broker when acting as a courier must follow the buyer's instructions until delivery of the checks has occurred
Which of the following 3rd party checks may a broker have in their custody? 1 / 3
A: the due diligence fee made payable to the seller and an earnest money check made payable to a 3rd party escrow agent such as the closing attorney B: any fees or monies that the buyer wants delivered so long as the broker is only acting as a courier C: only fees and monies that are connected with the purchase of the property, such as the home inspection, home warranty and other similar charges D: only the due diligence fee made payable to a seller - CORRECT ANSWER-A: the due diligence fee made payable to the seller and an earnest money check made payable to a 3rd party escrow agent such as the closing attorney.
These are the only 3rd party checks that should ever be in the custody of a licensee
Under the NC Mechanic's Lien statute an owner of property must designate a mechanic's lien agent (MLA) under which of the following situations?
A: an owner who is making improvements to public buildings
B: the improvements are less than $30,0000
C: the improvements are to a primary residence
D :new roof is being placed on a vacation rental unit that costs $42,000 - CORRECT ANSWER-D :new roof is being placed on a vacation rental unit that costs $42,000 An mechanic's lien agent is designate by the owner of the property to receive notice of the lien. This is not required for improvements to a primary residence or when the improvements are less than $30,000. Because these improvements are not to a primary residence and exceed $30,000 a lien agent must be designated under the statute
All of the following are TRUE if a time share is not properly registered in NC and a public offering statement is not provided to a buyer prior to contract under the NC Time Share Act, EXCEPT: A: the purchaser has a five day rescission period to cancel their purchase without penalty
B: it is a felony to not register the units
C: the purchaser may be entitled to a penalty of 10% of their purchase price or $3,000 whichever is greater D: the buyer and the developer may agree to waive both the 5 day cancellation period and the providing of a public offering statement. - CORRECT ANSWER-D: the buyer and the developer may agree to waive both the 5 day cancellation period and the providing of a public offering statement.A buyer and a developer may not waive either the 5 day cancellation period or the providing of a public offering statement
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All of the following are following are considered exempt from licensure and considered to be dealing with their own property, EXCEPT?
A: the general partners of a partnership
B: the managers of an LLC
C: the officers, directors and W2 salaried employees of a corporation
D: a sole proprietor and their W2 salaried employees - CORRECT ANSWER-D: a sole proprietor and their W2 salaried employees
When dealing with multiple offers, which of the following is a correct statement regarding North Carolina statutes and rules?
A: The existence of multiple offers is a material fact and must be disclosed
B: An licensee is always permitted to disclose the terms of multiple offers to competing buyers C: A seller may not accept an offer when multiple offers exist without giving the other buyers an opportunity to increase their offers D: The existence of multiple offers is not a material fact and the terms and conditions of multiple offers can only be disclosed with the consent of the offeror. - CORRECT ANSWER-D: The existence of multiple offers is not a material fact and the terms and conditions of multiple offers can only be disclosed with the consent of the offeror.
A broker has received an offer from a prospective buyer on a property that the broker has listed for sale. How long does the broker have to deliver the offer to their seller/client?
A: Immediately, but never later than 5 banking days
B: Immediately, but never later than 5 calendar days
C: Immediately, but never later than 3 banking days
D: Immediately, but never later than 3 calendar days - CORRECT ANSWER-D: Immediately, but never later than 3 calendar days All documents and offers in real estate transactions must be provided to the client, "immediately, but never later than 3 days." The three days are calendar days. Generally speaking, the time frames dealing with documents are always calendar days. The time frames dealing with deposits and money are always banking or business days.
All of the following are true regarding the North Carolina Working With Real Estate Agents
brochure, EXCEPT:
A: The consumer is not required to sign the brochure.
B: If the first substantial contact is by phone, the brochure must be provided within 3 calendar days.
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