NC License Law 02 Questions and Answers Already Passed
0 view 0 purchase
Course
NC License Law 02
Institution
NC License Law 02
NC License Law 02 Questions and
Answers Already Passed
What must a real estate broker do before accepting a client’s earnest money deposit?
A) Verify the client’s credit history
B) Deposit the funds into a trust account
C) Complete a background check on the client
D) Obtain approval f...
NC License Law 02 Questions and
Answers Already Passed
What must a real estate broker do before accepting a client’s earnest money deposit?
A) Verify the client’s credit history
B) Deposit the funds into a trust account
C) Complete a background check on the client
D) Obtain approval from the North Carolina Real Estate Commission
✔✔ B) Deposit the funds into a trust account
What is required for a real estate licensee to legally advertise property listings?
A) Obtain permission from the property owner
B) Include the broker’s name and contact information
C) Provide a detailed property inspection report
D) Display the property’s sale price
✔✔ B) Include the broker’s name and contact information
How long does a licensee have to respond to a complaint filed with the North Carolina Real
Estate Commission?
1
,A) 10 days
B) 15 days
C) 20 days
D) 30 days
✔✔ C) 20 days
What is the purpose of the North Carolina Real Estate Commission’s trust account regulations?
A) To facilitate the payment of commissions
B) To ensure client funds are handled properly
C) To manage brokerage operating costs
D) To provide funding for real estate seminars
✔✔ B) To ensure client funds are handled properly
What type of license is required for a real estate professional to manage rental properties?
A) Salesperson license
B) Broker license
C) Property management license
D) Appraisal license
2
, ✔✔ C) Property management license
What must a licensee do if they change their legal name?
A) Notify their clients directly
B) File a new application with the North Carolina Real Estate Commission
C) Update their name with the Department of Motor Vehicles
D) Notify the North Carolina Real Estate Commission and provide legal documentation
✔✔ D) Notify the North Carolina Real Estate Commission and provide legal documentation
What is required of a real estate broker when handling client funds in a trust account?
A) The broker must use the funds for personal business expenses
B) The broker must maintain a separate trust account for each client
C) The broker must keep detailed records and account for all transactions
D) The broker must invest the funds to earn interest
✔✔ C) The broker must keep detailed records and account for all transactions
What should a licensee do if they receive a dual agency agreement?
A) Decline the agreement
3
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 BrilliantScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
