NC Real Estate exit exam review Questions 100% Solved.
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Course
NC real estate
Institution
NC Real Estate
NC Real Estate exit exam review Questions
100% Solved.
Broker-In-Charge Darius puts his unlicensed Office Manager in charge of commission checks
and trust account deposits while on vacation. While he is out of the Country for three weeks the
Office Manager embezzles several thousand dollars. Wh...
Homesteads can be described as all of the following EXCEPT: - answer✔A)protected from most
creditors during the occupant's lifetime B)not protected from real estate taxes billed against the
property C)a legal life estate D)exempt from the same judgments for debts in all states
DThe answer is (d). A homestead is a legal life estate, that is protected from some creditors and
certain judgments; which varies greatly from state to state. However, homeowners are not
protected from ad valorem tax or mortgage collection. Be careful, watch out for double
negatives. Read slowly and carefully.
A property management company manages three single family residential properties for an
investor plus four different homeowners' associations. How many trust accounts must the
property management company have? - answer✔A)One for all the accounts managed by the
companyB)Two, one for the single family rentals and one for the homeowners'
associationsC)Five, one for the single family rentals and one for each homeowners'
associationD)Seven, an individual account for each property
C. A property manager may have one trust account for the residential properties that are
managed by his/her firm. However, if home owner associations are managed, there must be a
separate account for each association.
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