LTP State Exam Questions with All Correct Answers

LTP State Exam Questions with All Correct Answers XV, XVI - Landlord Tenant & Property Management A tenant vacated a property, with property notice and in reasonable condition, on September 30th. The tenant had a security deposit of $1,200. Which of the following describes a Property Manager's obligation regarding this security deposit? - Answer-Property manager must account for the funds, to the tenant, within 30 days With regard to tenant security deposits, all of the following statements are correct, EXCEPT: - Answer-A property management company is required to have all security deposit funds deposited in a trust or escrow account or be boned A licensed property management company is not allowed to be bonded and therefore would be required to have a trust or escrow account. The trust / escrow account must be in an insured bank that is approved to do business in North Carolina and agrees to make records available to the NC Real Estate Commission upon request. XII - Closing a Sales Transaction An attorney's title examination would, most likely, discover which of the following? - Answer-A 9-year old IRS lien against the property that has yet to be settled VII - Brokerage Relationships - Law and Practice In North Carolina, a broker does not have to disclose information which could stigmatize a property voluntarily. Which of the following is an example of this? - Answer-Violent death A listing agent is unaware of a septic tank issue with a vacant listing. Neither she nor the seller made any representations regarding the septic system. Six weeks after a buyer purchased the property, the buyer discovered a problem that required a major repair. When the septic tank company arrive to repair the issue, the technician informed the buyer that he had worked on this tank several times and the previous owner had been aware that it would soon fail. Given these circumstances, which of the following is true? - Answer-The seller could be liable for not disclosing a latent defect of which he was aware Which of the following would be a duty of a licensee? - Answer-Measuring the square footage of a home for a seller when disclosed in the MLS