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NC Practice Exam 1 WITH ANSWERS GRADEDA+
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NC Practice Exam 1 WITH ANSWERS GRADEDA+
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EUNICENC Practice Exam 1 WITH 100% SURE ANSWERS
Terms in this set (80)
North Carolina licensee Scottie is He has a brokerage agreement Jameson.
performing a no-fee CMA for his client
Jameson. What does this mean? EXP. In North Carolina, a no-fee CMA may be performed for a consumer with whom
there is a brokerage relationship. It's considered "no fee" because the CMA is
He doesn't have a brokerage agreement performed as part of the overall brokerage services, so no separate fee is charged.
with Jameson.
He has a brokerage agreement Jameson.
He has at least a non-provisional real
estate license.
He's had her non-provisional license for
less than three months.
Abby was working in North Carolina as a Abby must get the check to Marcie immediately.
nonresident commercial broker, and was
affiliated with broker-in-charge, Marcie.
Abby's client gave her an earnest money
check to be deposited in the firm's trust
fund. How long does Abby have to get
Marcie the check?
Abby can wait until the sales contract is
signed to get Marcie the check.
Abby doesn't need to give Marcie the
check; she can deposit it into the trust
account herself.
Abby has three banking days from the day
she received the check to hand it over to
Marcie.
Abby must get the check to Marcie
immediately.
What North Carolina agency is responsible Public Water Suppliers Section
for ensuring compliance with the federal
Safe Drinking Water Act? EXP. In North Carolina, the Public Water Suppliers section is responsible for ensuring
compliance with the federal Safe Drinking Water Act.
Conservation Agency
Division of Surface Water
Public Water Suppliers Section
Water Protection Agency
1/23
,North Carolina licensee Quinn reviewed Willful misrepresentation
the floor plan of the house he was getting
ready to list, determining that it had 3,800
square feet of living space. In his
advertising, he bumped that number up to
4,000 square feet to better justify the
asking price. What illegal act did Quinn
commit?
Negligent misrepresentation
Negligent omission
Willful misrepresentation
Willful omission
North Carolina buyer Jenn needed to The Loan paragraph notes the buyer is entitled to apply for a mortgage loan. This
obtain a mortgage loan to pay for the paragraph is NOT a contingency. If Jenn isn't approved and doesn't find out until after
property she found. Which of the following the due diligence period ends, she'll lose her earnest money.
applies under the Buyer's Due Diligence
paragraph of Standard Form 2-T in this EXP. The Loan paragraph in Standard Form 2-T notes that the buyer is entitled to
situation? apply for and seek approval for a loan. The buyer's obligation to purchase the
property is NOT contingent on obtaining a loan. The buyer should work with the
The Loan paragraph notes the buyer is lender to try to determine whether it's likely the buyer will be approved for the loan
entitled to apply for a mortgage loan. This before the due diligence period expires. If the buyer isn't approved before the
paragraph is NOT a contingency. If Jenn expiration, the buyer may terminate the contract and have the earnest money
isn't approved and doesn't find out until returned.
after the due diligence period ends, she'll
lose her earnest money.
The Loan subparagraph isn't related to
mortgage loans. Instead, it applies if the
buyer needs to take out a personal loan
not to exceed $25,000 to fund the earnest
money and/or down payment amounts.
The Loan subparagraph is the Loan
Contingency provision, which says that if
Jenn does everything possible in a timely
manner to obtain a loan but her loan isn't
approved, she can terminate the contract
without losing her earnest money.
The Loan subparagraph says the buyer is
entitled to apply for a loan, but it's not a
mortgage loan contingency. If Jenn's not
approved for a loan, she'll be held to the
contract's terms and must find a way to
purchase the property.
2/23
, You represent a North Carolina buyer, At first substantive contact, when you discuss his agency options
Dennis. When should you discuss dual
agency with him and find out if he consents
to it?
At closing, when the documentation is
signed
At first substantive contact, when you
discuss his agency options
When Gus approaches you and wants you
to list his house, and Dennis wants to look
at it
When the two of you first meet
North Carolina licensee Jeannie is Include specific nondiscriminatory language
preparing an exclusive right-to-sell
agreement. According to state law, all real
estate contracts must be in writing, include
the signatures of all parties, be for a
definite period of time, and _____ _.
Include a legal description
Include specific nondiscriminatory
language
Include the broker's fee
Include the parties' Social Security
numbers
Which of the following statements about The right of survivorship is automatic with joint tenancy in most states other than
joint tenancy in North Carolina is true? North Carolina.
In North Carolina, joint tenancy is only
available to married couples.
In North Carolina, joint tenants must not
have unequal interests in the property.
Joint tenancy is never used in North
Carolina.
The right of survivorship is automatic with
joint tenancy in most states other than
North Carolina.
As part of due diligence, the buyer may Septic System Installation/Modification
obtain from the county health department
an improvement permit or written EXP. Under the Septic System Installation/Modification provision, the buyer must pay
evaluation for a ground absorption sewage for all costs and expenses for obtaining the permit or evaluation, except that the
system in the home. This is covered under seller is responsible for clearing the property portion the health department requires
the ___ provision of the Additional to be cleared to perform its tests and inspections.
Provisions Addendum in North Carolina.
Agreed-Upon Repairs and/or
Improvements
Expiration of Offer
Rental/Income/Investment Property
Septic System Installation/Modification
3/23
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