Real Estate U State Exam Pt.2 Questions And Answers. Verified And Updated.
6 views 0 purchase
Course
Real Estate U
Institution
Real Estate U
Real Estate U State Exam Pt.2 Questions And
Answers. Verified And Updated.
John is a licensed real estate broker in NC who is managing an apartment complex. He wants to
run a promotion to help attract new tenants. Which of the following would NOT be allowed? -
answerA free month's rent given to...
Real Estate U State Exam Pt.2 Questions And
Answers. Verified And Updated.
John is a licensed real estate broker in NC who is managing an apartment complex. He wants to
run a promotion to help attract new tenants. Which of the following would NOT be allowed? -
answer✔✔A free month's rent given to any current tenants who recommend a friend that signs a
one-year lease
Remember, you cannot receive any form of compensation from an owner if you perform a real
estate service for someone else. A free month's rent given to new tenants involves a form of
compensation; however, the tenant is not representing or helping someone else. The tenant is
representing themselves. A $50 gift card is also a form of compensation; however, the tenant is
not performing any real estate services for someone else (they are representing themselves
again). The remaining answer choice involves compensation and real estate services for someone
else; however, the person offering those services is licensed. This leaves "a free month's rent
given to any current tenants who recommend a friend that signs a one-year lease" as the correct
answer. The tenant is being compensated in the form of one month's free rent and performing
real estate services for someone else (their friend in this case). Since they are being compensated
and performing real estate services for someone else, a license is required.
Joan finds out that her best friend is interested in purchasing a new home and puts her friend into
contact with an active real estate broker named Paula who will represent the friend in the
purchase. Upon closing, Paula sends Joan a $200 Amazon gift card. Is Joan required to have a
license in order to receive the gift card? - answer✔✔Yes
Joan is being paid a fee (in this case a $200 Amazon gift card), she is helping someone else (her
friend), and Joan is being compensated for services (in this case referring a friend to a broker and
receiving a $200 Amazon gift card in the process). For these reasons, Joan is required to have a
license. A license is required when someone receives compensation (any form of compensation)
from another to perform real estate services (including referring someone to a broker).
Dan is a real estate broker in NC who is holding a $8,000 earnest money deposit for a sales
transaction between Seller Sam and Buyer Bob. Buyer Bob has breached the sales contract, and
the contract specifies that in the event of a breach, the earnest money should be released to the
seller. Seller Sam wants the earnest money to be released to him, as per the terms of the contract.
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
, What should Dan do? - answer✔✔Hold on to the earnest money until both Seller Sam and Buyer
Bob agree to release the earnest money.
Bob owns a building lot in Holly Springs that he and his wife purchased when they both attended
graduate school in Raleigh. Although they paid only $10,000 for the lot many years ago, it has a
current tax value of $18,000. Bob and his wife now realize they will not be moving back to NC
so they decide to sell. They contact Arnold, who is a real estate broker, to list the property.
Arnold tells Bob that he has a builder friend who might be interested in purchasing the lot
quickly. Two days later Arnold emails Bob a copy of the listing contract for $20,000 and once it
is signed, he immediately emails a contract to purchase from the builder friend for full asking
price. Bob and his wife sign the contract and the property is closed. Three months later Bob
learns from an old college friend, who still lives in the area, that these lots are very much in
demand and that they are selling for close to $40,000. After some resear - answer✔✔Arnold has
likely violated his duties to Bob by not performing a CMA in order to determine the probable
selling price of the lot.
A broker deposited a buyer's check for $6,000 earnest money in her escrow account. Prior to the
closing and at the seller's written request, the broker paid $1,200 from the escrow account for
repairs for damage caused by termites in the house. This expense was necessary so the seller
could provide the required repairs the buyer had requested resulting from his home inspection.
Which of the following statements about this transaction is correct? - answer✔✔The broker
acted improperly since both the buyer's and seller's consent is needed to disburse any escrow
funds before the transaction is closed.
Funds paid to a time-share developer: - answer✔✔Belong to the buyer for 10 days from the date
of contract.
A broker licensee on provisional status has just been hired by a local lender to assist them in the
preparation of a CMA/BPO. The lender is asking for this assistance in order to help them
understand how much the property might be sold for so they can better set the limits for the
equity line of credit the borrower is requesting to be set up. Which of the following best
summarizes this situation? - answer✔✔A provisional broker is not allowed to complete the
CMA that is being requested
A licensee is NOT allowed to prepare a CMA/BPO for any existing or potential lienholder or
other third party where the CMA/BPO is to serve as the basis to determine the value of a
property for the purpose of originating a mortgage loan.
Downtown Realty has recently listed a property on January 15, 2017, that closed on March 1,
2017. Unfortunately, a complaint was filed with the NC Real Estate Commission regarding
alleged improper activities in this transaction. After an investigation and hearing, the
Commission made their ruling on October 30, 2019, by announcing Downtown Realty was not
EXAM STUDY MATERIALS July 25, 2024 1:06 PM
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Thebright. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
