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FREE REAL ESTATE AND STUDY GAMES ABOUT NC REAL
ESTATE EXAM QUESTIONS
Qs and Ans Expert- Explanation
This Exam contains:
-Guarantee passing score -30 Questions and Answers -format set of multiple-choice -Expert- 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 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 f 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 gene 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
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