NC Practice Exam 3 Flashcards

NC Practice Exam 3 Flashcards Licensee Yolanda was selling her own home when she ______. Now she will face disciplinary action by the NCREC.Committed an act of misconductDisclosed her licensed statusDisclosed material factsUsed the services of another broker Committed an act of misconduct A North Carolina broker who fails to provide accurate closing statements to a buyer or seller is ______.Avoiding the unauthorized practice of accountingExhibiting incompetence for which NCREC can impose disciplineFollowing the duties required of a North Carolina licenseeUnder orders to do so from a closing agent for the transaction Exhibiting incompetence for which NCREC can impose discipline North Carolina real estate broker Spencer obtained his original license on August 1, 2019. On what date will his license expire?1/1/202012/31/201912/31/20206/30/2020

6/30/2020

Gary just received a provisional broker license. What must he do to remove the provisional status?Complete 30 hours of post-licensing education within the next two years.Complete 60 hours of post-licensing education within the next year.Complete 75 hours of post-licensing education and pass a post-licensing exam.Complete 90 hours of post-licensing education within the next 18 months.Complete 90 hours of post-licensing education within the next 18 months.To obtain a real estate broker license in North Carolina, an applicant must be at least ______.18 years old19 years old21 years old22 years old 18 years old Which of the following is an example of license surrender in North Carolina?Broker Kit doesn't complete her required CE in time to renew her license, so it becomes inactive.Broker Kit voluntarily asks to return her license to the commission and cease conducting real estate activities.The commission permanently removes broker Kit's license.The commission temporarily halts the broker Kit's privileges for a specific period of time.Broker Kit voluntarily asks to return her license to the commission and cease conducting real estate activities.Which of the following documents must be recorded in North Carolina?A lease of four years or longerA lease of less than one yearA lease of more than one yearA lease of more than three years A lease of more than three years In North Carolina, the document provided to help brokers and attorneys complete the Offer to Purchase and Contract, Standard Form 2-T, on behalf of buyers and

sellers is the _______.NCAR ManualNC Standard Form 2G Guidelines to Offer to Purchase and ContractThe Additional Provisions AddendumThe North Carolina Real Estate Commission Guidelines NC Standard Form 2G Guidelines to Offer to Purchase and ContractEXP. The NC Standard Form 2G Guidelines to Offer to Purchase and Contract helps brokers and

attorneys who are completing buyers and sellers Standard Form 2-T with buyers. It explains the provisions-and how to properly complete them-in detail.Which one of the following individuals can legally prepare a for-fee CMA in North Carolina?All of these licensees can perform a for-fee CMA.Beth, who has had a non-provisional license for six monthsKen, who recently retired from real estate and holds an inactive licenseShelly, who has had her provisional real estate license for two months Beth, who has had a non-provisional license for six months When escrow money is deposited into a trust account to purchase a North Carolina time share, how long does the purchaser have to exercise a cancellation option?The buyer has 10 banking days after submitting earnest money to cancel the transaction.The buyer may cancel within three banking days.The purchaser can cancel the transaction for five banking days after deposit.There is no cancellation option. Once the funds are deposited, they no longer belong to the time share purchaser.The buyer has 10 banking days after submitting earnest money to cancel the transaction.Which of the following is a requirement for broker-in-charge eligibility in North Carolina?Be at least 35 years of ageHave at least five years of full-time brokerage experienceHold an active broker's licenseShow proof of apprenticeship with an active BIC Hold an active broker's license The Real Property Marketable Title Act says, in part, that if a title's checked for 30 years back, and there aren't any claims recorded in that time, then all claims and defects against the title that date beyond that 30-year period are ______.ExtinguishedInvalidLikely fakeValid Extinguished When is the Assumption contingency used in North Carolina form 580-T?When the buyer must obtain financingWhen the buyer reserves the right to terminate if financing can't be arrangedWhen the seller reserves the right to terminate if the buyer can't obtain financingWhen the seller's current loan will remain in place When the seller's current loan will remain in place Lonnie's client was looking for a property with at least 2,500 finished square feet. Lonnie found a 2,200-square-foot property with all the other features his client was looking for, and purposely failed to mention the square footage. His client agreed to look at the property, fell in love, and made an offer. Which of the following statements accurately represents Lonnie's failure to perform his duties in this situation?Because Lonnie didn't state the square footage, he's not guilty of

misrepresentation.It's the buyer's responsibility to ensure that the property has the proper square footage, so Lonnie is in the clear.Lonnie knew about the square footage and intentionally didn't mention it. He's guilty of willful misrepresentation.Lonnie purposefully omitted a material fact. This is willful omission.Lonnie purposefully omitted a material fact. This is willful omission.Which type of properties are covered under the North Carolina Vacation Rental Act?Hotels and motelsResidential property rented for a nominal paymentResidential property rented for business or employment purposesResidential property rented for vacation, leisure, or recreational purposes for fewer than 90 days Residential property rented for vacation, leisure, or recreational purposes for fewer than 90 days