NC Practice Exam 1 Questions With 100% Correct Verified Answers Success Guaranteed.
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Course
NC.
Institution
NC.
North Carolina licensee Scottie is performing a no-fee CMA for his client Jameson. What does this mean?
He doesn't have a brokerage agreement 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 les...
NC Practice Exam 1
North Carolina licensee Scottie is performing a no-fee CMA for his client Jameson. What does this mean?
He doesn't have a brokerage agreement 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. - correct answer He
has a brokerage agreement Jameson.
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 performed as part of the overall brokerage
services, so no separate fee is charged.
Abby was working in North Carolina as a 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. - correct answer Abby must get
the check to Marcie immediately.
What North Carolina agency 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 - correct answer Public Water Suppliers Section
EXP. In North Carolina, the Public Water Suppliers section is responsible for ensuring compliance with
the federal Safe Drinking Water Act.
North Carolina licensee Quinn reviewed 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?
North Carolina buyer Jenn needed to obtain a mortgage loan to pay for the property she found. Which
of the following applies under the Buyer's Due Diligence paragraph of Standard Form 2-T in this
situation?
The Loan paragraph notes the buyer is entitled to apply for a mortgage loan. This paragraph is NOT a
contingency. If Jenn isn't approved and doesn't find out until 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 - correct answer The Loan
paragraph notes the buyer is entitled to apply for a mortgage loan. This paragraph is NOT a contingency.
If Jenn isn't approved and doesn't find out until after the due diligence period ends, she'll lose her
earnest money.
, EXP. The Loan paragraph in Standard Form 2-T notes that the buyer is entitled to 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 lender to try to determine whether it's likely the buyer will be
approved for the loan before the due diligence period expires. If the buyer isn't approved before the
expiration, the buyer may terminate the contract and have the earnest money returned.
You represent a North Carolina buyer, 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 - correct answer At first substantive contact, when
you discuss his agency options
North Carolina licensee Jeannie is 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 - correct answer Include specific
nondiscriminatory language
Which of the following statements about joint tenancy in North Carolina is true?
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.
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