Licence Law 1 Engrade Review UPDATED ACTUAL Questions and CORRECT Answers
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Licence Law 1 Engrade
Institution
Licence Law 1 Engrade
Licence Law 1 Engrade Review UPDATED
ACTUAL Questions and CORRECT
Answers
When is the first point at which a provisional broker may begin practicing real estate in NC?
A. when the NCREC receives notification of the provisional broker's activation with a BIC
B. upon successful completion of a...
Licence Law 1 Engrade Review UPDATED
ACTUAL Questions and CORRECT
Answers
When is the first point at which a provisional broker may begin practicing real estate in NC?
A. when the NCREC receives notification of the provisional broker's activation with a BIC
B. upon successful completion of all course work and required examinations
C. upon completion of all educational requirements
D. upon formal notification from the NCREC that the candidate has successfully passed the
real estate examination and has been issued a license number - CORRECT ANSWER- ✔✔A
An unlicensed assistant may do all of the following activities, EXCEPT:
A. enter listings into the MLS
B. exhibit units for rent and provide tenants with information about the lease agreement
C. exhibit homes that are for sale and show the buyer around the home
D. fill in preprinted lease agreements and collect monies from prospective tenants, as long as
the employee does not negotiate rents - CORRECT ANSWER- ✔✔C
With regard to timeshares, all of the following are true, EXCEPT:
A. A timeshare developer and broker must maintain records of sales, rentals or exchange
transactions for a minimum of three years.
B. All monies received by a timeshare developer or broker must be deposited within three
banking days of receipt and remain in the trust account for ten days from the date of sale or
until cancellation by the purchaser, whichever occurs first
C. Timeshares are not considered real estate and no license is required to sell timeshares in
NC
D. Any refunds due to a cancellation of a timeshare purchase will be refunded within 30 days
following the date of execution of the contract - CORRECT ANSWER- ✔✔C
, Which of the following statements is true about timeshares?
A. They do not have to be registered with the NC Real Estate Commission
B. They may be transferred prior to registering with the NC Real Estate Commission
C. They must be registered with the NC Real Estate Commission prior to sale
D. The timeshare broker may be fined by the NC Real Estate Commission - CORRECT
ANSWER- ✔✔C
All of the following statements are correct regarding the NCREC, EXCEPT:
A. They shall be entitled to the services of the Attorney General of NC
B. They shall not make rules or regulations regulating commissions, salaries, or fees to be
charged by licensees
C. They shall make rules to allow a licensee to pay a travel agent who does not have a real
estate license a referral fee
D. They shall have the power to make reasonable by laws, rules and regulations that are
inconsistent with the provisions of the general statutes - CORRECT ANSWER- ✔✔D
It is correct to say that the NC Real Estate Commission may not fine a real estate licensee.
However, the NC Real Estate Commission may do which of the following?
A. order licensees to pay clients for damages caused and arbitrate disputes over fees
B. fine a timeshare developer up to $500 per violation of the Timeshare Act
C. revoke a broker's license if the broker fails to take the required number of continuing
education hours per year
D. dictate the amount of commission brokers may charge their clients and resolve
commission disputes between agents - CORRECT ANSWER- ✔✔B
General Statute 93A-2 states, in part, that a real estate broker is any person who, for
compensation or valuable consideration or the promise thereof, lists or offers to list property.
All of the following would constitute valuable consideration, EXCEPT:
A. a listing agent is promised a weekend trip to Myrtle Beach if the agent puts the home
under contact before the end of the year
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