FREE REAL ESTATE AND STUDY GAMES ABOUT NC REAL

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FREE REAL ESTATE AND STUDY GAMES ABOUT NC REAL

ESTATE EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -30 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation

Question 1: Composition of REC

Answer:

• members.

Question 2: Duty of REC

Answer:

Regulating business activities of brokers including disciplining licensees Question 3: Permitted activities for unlicensed employees if salaried, not commission

Answer:

Place for sale, for rent, lock boxes on doors

Question 4: Authority of REC

Answer:

Reprimand, Censure, suspension, revocation

Question 5: How many days do agents have to deliver copies of any written agency agreements, offers.

Answer:

• days from execution

Question 6: Required Statutory provisions in contracts obtained after preliminary approval of subdivision

Answer:

Buyer or lessee has at least five days to close after receiving from the seller a copy of a final recorded plat provided the prelimininary one has no material difference

Question 7: Qualifications to BIC

Answer:

• years full time experience or part time equivalent actual experience in last 5 years, 12 hour BIC course

within 120 days after designation Question 8: Permitted activities for unlicensed employees if salaried, not commission

Answer:

Talk with owners, prospects, inspectors to coordinate appointments

Question 9: Exemptions to requirement of having license

Answer:

Housing Authority Question 10: Permitted activities for unlicensed employees if salaried, not commission

Answer:

Submit listings and changes to MLS

Question 11: When does license expire

Answer:

June 30th

Question 12: What happens to license if you don't obtain 90 hours in 3 years

Answer:

inactive status

Question 13: Things you need license for

Answer:

List real estate, Sell real estate, Auctioning, Referral Question 14: Permitted activities for unlicensed employees if salaried, not commission

Answer:

Provide basic factual information that can be found in ads, brochures, etc Question 15: Permitted aPermitted activities for unlicensed employees if salaried, not commission

Answer:

Order/Supervise routine/minor repairs

Question 16: Subdivision regulations

Answer:

protect purchasers from the city or county from significantly increased tax burdens resulting from the demands for services generated by a new subdivision.

Question 17: Duty of REC

Answer:

Establish pre licensing programs

Question 18: public offering statement

Answer:

Statement that discloses all facts about a property. Developer is required to provide this.

Question 19: Need license to lease or rent which means

Answer:

advertising, showing rental property, give info other than basic facts, negotiating, assist filling out forms Question 20: Permitted activities for unlicensed employees if salaried, not commission

Answer:

Type offers, contracts and leases from drafts of preprinted forms completed by an agent.

Question 21: Injunctive relief

Answer:

REC has the power to seek this to prevent any person from violating the license law or REC rules.Criminal offense Question 22: Permitted activities for unlicensed employees if salaried, not commission

Answer:

Show rental properties and complete and execute prepringed form.

Question 23: Time Share Funds

Answer:

Funds that must be deposited into escrow within 3 days of receiving and held there for 10 days from date of sale, or cancellation by purchaser Question 24: How many days to notify Commission of change of personal name, firm name, trade name, address

Answer:

10 days

Question 25: Requirements in written agreement for agent's services

Answer:

license number, definite period of time, and automatically terminate after that period

Question 26: Subdivisions

Answer:

all divisions for the purpose of sale or building development and includes all division of land involving dedication of new street.Question 27: Required Statutory provisions in contracts obtained after preliminary approval of subdivision

Answer:

Preliminary map must be attached to the contract before closing and conveyance