NC Real Estate Exam- State Portion Flashcards

NC Real Estate Exam- State Portion Flashcards BrokerA provisional broker who satisfied all postlicense education requirements to terminate the provisional status of such license becomes a broker.-May accept commissions from parties OTHER that the BIC-May operate independently as a sole proprietor or under supervision of BIC Which of the following is an essential element of a valid NC deed?A. a sealB. recordationC. the signature of the granteeD. words of conveyence

• words of conveyence

Active LicenseThe licensee holds a current (properly renewed) license AND has completed any required continuing ed as well as any required post licensing ed. A provisional broker must also have a BIC (whose license is current and active).Which of the following situations is considered to be a material fact in NC?A. Nearby land is being considered for a landfillB. House is rumored to be hauntedC. Criminal activity occurred on the propertyD. Convicted sex offender lives in the neighborhood A- Nearby land is being considered for a landfill Which of the following is NOT a material fact in NC?A. A leak around the flashing of the chimneyB. A cracked heat exchange in the heating systemC. The imminent widening of the road in front of the property to 4 lanesD.Polyethylene pipes that have never leaked

• Polyethylene pipes that have never leaked

Limited Nonresident Commercial BrokerA broker residing in a state OTHER than NC who holds an active broker license in the state in where their primary place of real estate business is located-Entitled to engage in transactions for compensation involving "commercial" real estate in NC-MUST enter into a "declaration of affiliation" & a "brokerage compensation agreement" with a resident NC broker NOT on provisional status-Visiting broker MUST be supervised by NC broker Which of the following is TRUE regarding North Carolina subdivisions?A. The final subdivision plat must be recorded before closing on any lotB. A subdivision is any parcel of land divided into five or more lots for the purpose of sale or development, now or in the futureC. No contract to purchase any lot is allowed until the final subdivision plat is recordedD. Subdivision streets must be privately maintained by the developer until the last lot is sold to the public

• The final subdivision plat must be recorded before

closing on any lot An unlicensed assistant working in a real estate office as

part of her duties may:A. help negotiate a sales contractB.

sign a listing agreement for a brokerC. show a rental property and negotiate a lease with a tenantD. answer the telephone

• answer the telephone

Business Entities/Firm LicenseANY corporation, partnership, Limited Liability Company, association or other business entity (other than a sole proprietorship) MUST obtain a separate (firm) license.Provisional Broker"Entry level" status category- a person who has met all license qualification requirements-Issued in INACTIVE status and MUST be activated by BIC, may NOT operate independently-Must be supervised by BIC when performing any act for which a real estate license is required AdvertisingIn ANY manner (to include a business card), requires an active license A broker cannot legally collect commissions from both the

seller and the buyer without:A. notifying both parties of this

fact verbally after the sale has closedB. notifying both parties of this fact in writing after the sale has closedC.having exclusive listing agreements signed by both the seller and the buyerD. the prior knowledge and written consent of both the seller and the buyer

• the prior knowledge and written consent of both the

seller and the buyer Selling time sharesRequires an active license A NC provisional broker may advertise a property only if

the broker:A. personally listed the propertyB. uses the

employing broker's name or the firm name in the advertisementC. personally pays for the advertisementD. is an active member of the local real estate board B- uses the employing broker's name or the firm name in the advertisement A real estate licensee obtains their real estate license in October. When will they first need 8 hours of continuing ed?A. Within 90 days of their first anniversary dateB. When they renew their license the second time (second license renewal period)C. When they renew their license the first timeD. Within 120 days of license activation B- When they renew their license the second time (second license renewal period) An agency agreement that requires the seller to pay the

agent even when the seller finds the buyer himself is an:A.

Exclusive agency listing agreementB. Exclusive Right to Sell listing agreementC. Listing agreement in the MLSD.Open listing agreement

• Exclusive Right to Sell listing agreement

Activities Requiring a LicensePersons AND business entities, who for CONSIDERATION or the promise thereof perform BROKERAGE ACTIVITIES as an agent FOR OTHERS are considered to be performing brokerage activities and must have a license.What kind of license do I need?There is only one "type" of license in NC, a broker license; however, there are several license categories.

Oral buyer agency must be in writing prior to:A. preparation

of an offerB. discussing an offerC. presentation of an offerD. acceptance of an offer

• presentation of an offer

Whether subdivision streets are publicly or privately owned and maintained isA. a required disclosure of the developer

on any resale transactionsB. a material fact that must always be disclosed by a real estate brokerC. information that a broker must disclose only in new construction transactionsD. information that is not critical to a buying decision

• a material fact that must always be disclosed by a real

estate broker