Real Estate NC Exam questions Flashcards

Real Estate NC Exam questions Flashcards Which of the following documents is an example of general agency?A written employment agreement between a brokerage and affiliated broker Which of the following is TRUE regarding retention of transactional records?Transaction records must be kept in a legible and reproducible format for a minimum period of three years.A listing agent has a closing scheduled for July 2nd. The listing agent takes two CE electives for a total of 8 hours but fails to take the GENUP. The listing agent pays his renewal fee and attends the settlement meeting on July 2nd. Which of the following is TRUE?Neither the listing broker nor the firm may be paid because the listing broker engaged in real estate activities while on inactive status All residential listing agreements must contain which of the following?The Fair Housing paragraph A modular dwelling is built to which of the following standards?State A broker in North Carolina creates My Commissions, LLC for the sole purpose of collecting compensation the broker earns as an agent for ABC realty. The broker is the only member and the manager of the LLC. Which of the following is TRUE?My Commissions, LLC will require a firm license and a qualifying broker A seller is in a rush to get his property on the market, and the listing agent is attempting to make reasonable accommodations by placing the sign in the yard and a lockbox on the door today, but the listing agreement will not be signed until in the morning. Which of the following is TRUE?The listing agent is in violation of NCREC rules Which of the following parties must disclose their agency status upon first substantial contact?Listing agents One advantage of investing in real estate is the premium some buyers are willing to pay for one parcel over another.This could result from perceptions of noise, views, or similar. Which economic characteristic does this best describe?Situs A broker has an oral buyer agency agreement for 30 days.The broker shows many properties to the buyer and reduces their oral agreement to writing before presenting the first offer. Which of the following is TRUE?The broker is in violation of the NCREC rules and is not entitled to compensation A broker has an exclusive buyer agency agreement that includes a 3% commission and any bonuses offered. At what point must the buyer agent disclose the dollar amount of any bonus offered?Prior to the preparation of the offer The Residential Property and Owner's Association

Disclosure Statement:

does not require disclosure by the property owner.

A buyer is working with a subagent at ABC Realty. The buyer makes an offer on a property listed with XYZ Real Estate. The buyer and seller negotiate back and forth and finally make an oral agreement for the purchase. The subagent from ABC Realty prepares the paperwork with one minor change, then the buyer signs everything, including the agency disclosure brochure. The listing agent takes it to the seller, and he accepts the terms, including the minor change. Which of the following is TRUE?The subagent is in violation of Commission rules A broker is representing a buyer that seeks to purchase a new home. The broker wrote an offer for the buyer while his license was on active status. When the seller accepted the offer, the broker's license was on inactive status. Is the broker entitled to compensation?No. The compensation must be earned while the broker has an active license.A broker has an exclusive buyer agency agreement that includes a 2.5 % commission and any bonuses offered.When must the buyer's agent to disclose the bonus offered for which they are aware before showing?Prior to the preparation of the offer All of the following are true regarding broker trust accounts,

EXCEPT:

Trust money must be held in a North Carolina bank or savings and loan institution.If a seller is not bound to pay compensation to the sole listing agent because the seller procured the buyer himself, the seller had which kind of listing agreement?Exclusive agency All of following activities can be performed by an

unlicensed employee, EXCEPT:

create the marketing for a new listing based on information found in the public record.A buyer's agent advises a buyer to skip a termite inspection as it is not required by a lender. The buyer subsequently finds out that $40,000 in damage from an active termite

infestation. The buyer's agent:

may be liable for the damage for breaching fiduciary responsibilities.A broker is involved in a sale transaction using the NCAR/NCBA standard Offer to Purchase and Contract. A buyer requested repairs, and the seller agreed to all in writing. The buyer terminated the contract in writing by 5 pm on the due diligence date. Which of the following is TRUE?The buyer is entitled to the earnest money Which of the following is true regarding residential square footage in North Carolina?Residential square footage is typically determined by an exterior measurement of the property and includes the stairway in a multi-level house In which of the following transactions must a seller provide the Residential Property and Owners' Association Disclosure?Residential resale by the 2nd owner-occupant A buyer is ready to make an offer on a property listed with ABC Realty. The buyer has refused representation and is working with a broker at XYZ Realty as a subagent. The subagent prepares the offer, and the buyer signs it. The

subagent submits the offer to the listing agent, and the listing agent presents the offer to the seller. The seller immediately agrees to the terms and signs the document.

The offer is:

not a contract.Which method of client solicitation is regulated by law?Email A seller signs an exclusive right to sell listing agreement and refuses to allow dual agency. The listing firm may not

do which of the following?Show the property to a buyer client