Download 303 NC POST LICENSING EXAM NEWEST 2024 ACTUAL EXAM 250 QUESTIONS AND CORRECT DETAILED AN and more Exams Nursing in PDF only on Docsity!
303 NC POST LICENSING EXAM NEWEST 2024
ACTUAL EXAM 25 0 QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A
Which of the following would NOT be considered a violation of license law? - ANSWER- A timeshare salesperson who also has a legal license performing legal services Which of the following best describes a tenant's right to quiet enjoyment? - ANSWER- A tenant has the right to enjoy lawful use of the property without being dispossessed or trespassed upon, even by the landlord. Ricky Nubbins is three months behind in his rent and has received several reminders from the landlord that the rent is past due. As a result, the landlord has begun working through proper channels to legally end Ricky's lease before the contract end date. The landlord is terminating his lease through ______. - ANSWER- Eviction What does "No Representation" mean on a North Carolina property disclosure form? - ANSWER- The seller is choosing not to disclose certain information. Devin, a homebuilder, was caught dumping a load of rubble in an area designated as wetlands. "But I wasn't building anything," he explained.
"I wasn't involved in any development when I dumped the dirt there." Was his dumping a legal act? - ANSWER- No, because dumping material in a wetland is one of the activities that isn't allowed without a permit. In order for North Carolina broker Meredith to accept compensation from a home inspector for referring a client, what must she disclose to the relevant transaction parties? - ANSWER- The name of the inspection company and the type and amount of the compensation If a real estate agent realizes that the seller or landlord intends to discriminate against a member of a protected class, which of the following is NOT a best practice response? - ANSWER- The agent doesn't need to do anything because the agent hasn't committed any discriminatory acts, and the client hasn't actually discriminated yet. A(n) ______ policy typically only covers the condominium buildings' structure and the common areas. This type of policy often does not cover the inside of the unit. - ANSWER- Master insurance
- the condominium owners' association master insurance policy typically only covers the condominium buildings and the common areas. This type of policy often does not cover the inside of the unit. Simon is a non-provisional broker in North Carolina. Which of the following is not necessarily true for Simon? - ANSWER- simon must be supervised by a broker-in-charge to maintain an active license.
Cory is a non-provisional broker in North Carolina. In order for him to receive compensation, he's required to complete ______ hours of continuing education every year - ANSWER- Eight Which of the following have studies shown to reduce access to employment opportunities? - ANSWER- Housing discrimination North Carolina broker Timothy's buyer client just signed an offer for her potential dream house. How long does Timothy have to get the offer delivered to the seller and his listing agent? - ANSWER- Three days Which of the following defines a subdivision? - ANSWER- A tract of land divided into lots or plots and used for building purposes A certified septic inspector looks at the septic tank, the distribution box, and the _______ for code compliance. - ANSWER- Absorption field North Carolina broker Karyn has accepted compensation from a vendor for recommending its services to a client. Under what circumstances would Karyn NOT be required to disclose her acceptance? - ANSWER- If what Karyn accepted is a token of insignificant or symbolic worth, she needn't disclose it to anyone. Which of the following terms refers to the relationship between the landlord and the tenant in which both parties have obligations to one another? - ANSWER- Mutuality of obligations
All of the following are requirements for manufactured housing EXCEPT for which one? - ANSWER- Does not include a permanently attached chassis
- Manufactured homes are transportable structures that are eight or more feet in width and 40 or more feet in length, or at least 320 square feet. They're constructed with a permanent, non-removable steel chassis and wheels, and they are designed to be used as dwellings with or without a permanent foundation when connected to plumbing, heating, cooling, and/or electrical systems. Which of the following situations would NOT require a North Carolina licensee to notify NCREC? - ANSWER- The licensee takes out a sizable personal loan to complete some office renovations. Jessica is a timeshare interest purchaser who noticed that the public offering statement includes a statement that she has a right to cancel the purchase contract within a certain number of days after executing the purchase contract. This cancellation statement is known as the purchaser's ______. - ANSWER- Right to cancel A North Carolina licensee has been found guilty of improper conduct. Which of the following is an example of that violation? - ANSWER- Violation of the State Fair Housing Act What advantage does the 1031 tax-deferred exchange offer? - ANSWER- It allows investors to defer capital gains taxes when selling a property, provided they buy another property.
Maxwell is a tenant. His lease has a fixed rent in which the landlord pays all taxes, insurance, and maintenance expenses. What type of lease does he have? - ANSWER- Gross Chad, a landlord, made a pass at one of his tenants. She refused his advances, and her rent increased the following month. The other tenants didn't receive a rent increase. How did Chad violate fair housing law? - ANSWER- He created special terms for a tenant based on sex. In North Carolina, regular home financing might not available for which type of dwelling? - ANSWER- Manufactured home Where must North Carolina landlord Jesus deposit residential tenants' security deposits? - ANSWER- In a trust account in a North Carolina financial institution Which type of properties are covered under the North Carolina Vacation Rental Act? - ANSWER- Residential property rented for vacation, leisure, or recreational purposes for fewer than 90 days North Carolina broker Lark is acting as a broker-in-charge for her brokerage office. What will Lark need to do to maintain her eligible status to keep her BIC role? - ANSWER- She'll need to keep her broker's license active. Who is responsible for providing the seller's property disclosure form to the buyers? - ANSWER- The seller
In North Carolina, which jurisdiction usually sets zoning regulations? - ANSWER- City Alex is a licensed broker at Burr Realty in Greensboro, North Carolina. One of his responsibilities is to notify NCREC if there are any major changes with the brokerage, like name, address, or key personnel changes. Based on this information, what position does Alex hold? - ANSWER- Qualified broker Terry is a North Carolina broker whose license was revoked nine months ago. Which of the following is NOT required for his license to be reinstated? - ANSWER- Completing the 75-hour pre-licensing education course
- To have a revoked license reinstated, a post-licensing course is required, along with a reinstatement application, reinstatement fee, and passing the licensing exams. The pre-licensing course is NOT required of a reinstatement that's occurring fewer than two years after the revocation. Which of the following scenarios accurately represents your environmental disclosure responsibility as a real estate licensee? - ANSWER- - You must disclose all known environmental hazards for both residential and commercial properties. Tenant Christina's landlord locked her out of her apartment after she filed a complaint against him with the North Carolina Civil Rights
Carolina real estate license? - ANSWER- - No. Rebecca qualifies for the exemption for persons acting under a court order, and therefore doesn't need a license Listing agents in North Carolina who use the standard NCAR agency agreement form should be sure to clearly disclose any compensation- sharing limitations if their firm restricts with whom they share brokerage fees. Why is this? - ANSWER- - The agency agreement language gives permission to share compensation with any licensed buyer or seller agent Ben and Jerri pay $200 to their HOA every quarter. This money is likely used for all of the following EXCEPT for which one? - ANSWER- Pay off fines for HOA rule violations. A cooperative listing service, like the MLS, requires its members to cooperate. It also requires them to ______. - ANSWER- Offer compensation to the cooperating broker Which of the following obligations must tenants fulfill as part of their statutory duties? - ANSWER- Not removing the fridge or dishwasher that comes with the unit Which of the following statements is true about septic systems? - ANSWER- They differ in the way they are installed.
North Carolina's waterway zoning standards apply mostly to _______. - ANSWER- Land within 30 to 50 feet of the water's edge Mary, a woman of color, has filed a fair housing complaint after suspecting her real estate agent was only showing her homes in communities that were primarily made up of minorities. After completing its investigation, HUD found reasonable cause to believe that discrimination occurred. What will happen next? - ANSWER- HUD will issue a charge of discrimination and will notify Mary, the complainant, of its determination. How can North Carolina landlords remove tenants who engage in illegal activities like drug manufacturing on the premises? - ANSWER- Send the tenant a notice of immediate lease termination Which aspect of highest and best use is concerned with land use restrictions and zoning? - ANSWER- Is it legally allowable or permissible? In North Carolina, the Vacation Rental Act provides what kind of exception regarding compensation for real estate brokerage activities? - ANSWER- Under this act, a travel agent who does not hold an active real estate license may accept a referral fee for referring a tenant to a broker for a vacation rental if certain provisions are met. Tenant A is leasing commercial property from the landlord. Tenant A then sublets to Tenant B. Which of the following parties have a sandwich lease? - ANSWER- The original tenant and the landlord
Which of the following is NOT a measure a developer must take to prevent sedimentation? - ANSWER- Deep rooting trees along shoreline Randall's clients, Carma and Trent, are looking for a mountain cabin. They tell Randall they'll pay him a $2,000 finder's fee if he finds the cabin that checks all of their boxes, and they close on it. Randall finds a likely candidate that's an FSBO, and negotiations begin. What circumstance is required for Randall to receive the finder's fee? - ANSWER- Carma and Trent must pay the finder's fee to Randall's broker Velma is a timeshare developer with flexible morals, and is found guilty of four separate license law violations. The commission reprimanded and fined her. What's the maximum fine she can expect to receive from the commission for her violations? - ANSWER- $2, Jasmine is the landlord for several rental homes in Boiling Spring Lakes. When she receives the security deposit from one of her tenants, how long must it be held in a trust account? - ANSWER- At least until the end of tenancy Laura's property is subject to a special assessment. Which of the following is true? - ANSWER- The special assessment must benefit Laura's property. One advantage to a modular home is that ______. - ANSWER- They're built off site
Nathan assisted with the sale of a commercial building. He doesn't hold a real estate license, yet his actions didn't violate any license laws. What must be true about Nathan's situation? - ANSWER- Nathan is an officer or employee of the company that owned the building he sold. Mary's broker is completing a vacation rental agreement for new clients who will be renting her beach villa in Kure Beach. Should he include a statement in the vacation rental agreement that details the penalties if the clients cancel? - ANSWER- Yes. It's not a required element of a North Carolina vacation rental agreement, but it's a good idea. Tabitha is a North Carolina broker who has just left her previous brokerage to join Diamond Realty. How long does she have to notify NCREC of this change in firm affiliation? - ANSWER- She has 10 days.
- Any change in firm affiliation or personal information requires NCREC be notified in writing within 10 days of the change. Alison works for Sellerman Law Services, and listed one of the company's properties for sale as a part of her regular paid work. Does Alison need a North Carolina real estate license? - ANSWER- No. Alison qualifies for the business entity exemption, wherein business entities along with their officers and employees may sell owned properties in the same way that individual owners may sell their own properties.
derived from the transaction in question, what should she put in place? - ANSWER- A cooperation agreement with Ash Brokerages that set additional limitations on sharing compensation but fail to disclose this to prospective clients may face ______. - ANSWER- Misrepresentation charges Which of the following statements about firm license requirements in North Carolina is true? - ANSWER- Each firm is required to have one qualifying broker. Which type of North Carolina team structure prohibits team members from advertising using the team's name? - ANSWER- None of them A Licensee may not earn compensation when there license - VIP - ANSWER- is INACTIVE or EXPIRED A Licensee can receive compensation that was earned WHEN - VIP - ANSWER- the license was current and active even if inactive of expired after A BIC may NOT pay a licensee's ENTITY - ANSWER- unless the entity has a firm license. A Licensee can share commission with parties BUT - ANSWER- 1) Must be in writing - as part of the agreement
- Must be subject to Lender Approval in case of loans
- Disclosed on the Closing Disclosure
- Is considered a gift
- Only with principal or client (not others) Compensation ALWAYS flows through the firm - ANSWER- 1) from the BIC
- NO payment directly by the firm
- Brokers MAY NOT pay brokers directly except a SOLE PROPrietorships When Paying Non-Affiliated Brokers or Firms - ANSWER- 1) Best Practice to put in writing - Not a Rule
- May pay referral fees to brokers in any state if person has a CURRENT and ACTIVE license
- DOCUMENTATION in broker's file:
- Seller Financed Transactions ) Commercial Transactions RESPA CO-OWNERSHIP with different settlement service providers - ANSWER- Also known as:
- Affiliated Business Arrangements (ABAs)
- Controlled Business Arrangements (CBAs) These are permitted but 3 requirements:
- Disclosure of the relationship
- Use of the service provider cannot be forced
- must disclose fees RESPA PROHIBITS - ANSWER- Real Estate Licenses from forcing client or customer to use a particular settlement service provider Commercial Real Estate Lien Act says - ANSWER- Lien May be placed on Commercial properties for commercial service rendered in a sales or lease transaction
Commercial Real Estate Lien Requirements - ANSWER- 1) Written Agreement specifying services and compensation
- Must be a listing agent to file
- Must be limited to THE subject property Commercial Real Estate Lien Tim Requirements - ANSWER- 1) Not until 30 days of closing or possesion
- For Leases - 90 days or written 60 days of non payment
- Broker has 18 months to enforce
- Lien priority is as of the date of recordation. NO SPECIAL PRIORITY
- Mechanics Liens ALWAYS have superiority over the broker's regardless of when they are filed The Basics of Condominiums - ANSWER- The formal legal definition of a condominium is when owners
- have a separate Fee simple AND
