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NC POST 303 - Section 6 Questions and Answers Graded A+
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NC POST 303 - Section 6 Questions and Answers Graded A+ What is the primary purpose of the North Carolina Real Estate Commission? A) To issue real estate licenses B) To provide loans for real estate transactions C) To regulate and enforce real estate laws D) To offer real estate training ...

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  • September 6, 2024
  • 46
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • nc post 303 section 6 questions and answers gra

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  • NC POST 303 - Section 6
  • NC POST 303 - Section 6

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NC POST 303 - Section 6 Questions and
Answers Graded A+

What is the primary purpose of the North Carolina Real Estate Commission?

A) To issue real estate licenses

B) To provide loans for real estate transactions

C) To regulate and enforce real estate laws

D) To offer real estate training courses




✔✔ C) To regulate and enforce real estate laws




What must a broker do before representing a client in a real estate transaction?

A) Obtain a real estate license

B) Sign a personal guarantee

C) Enter into a written agency agreement

D) Provide a credit report




✔✔ C) Enter into a written agency agreement




1

,What document outlines the responsibilities and fees of a property manager?

A) Lease agreement

B) Property management agreement

C) Sales contract

D) Disclosure statement




✔✔ B) Property management agreement




How long must a broker retain transaction records in North Carolina?

A) One year

B) Two years

C) Three years

D) Five years




✔✔ C) Three years




When must earnest money be deposited into an escrow account?

A) Within one business day


2

,B) Within two banking days

C) Within three banking days

D) Within five business days




✔✔ C) Within three banking days




What is required for a real estate advertisement to comply with North Carolina laws?

A) Include the broker’s name and license number

B) Disclose all property defects

C) Feature the property’s square footage

D) State the seller’s financial situation




✔✔ A) Include the broker’s name and license number




What should a broker do if a client wants to terminate a listing agreement early?

A) Obtain verbal consent from the client

B) Follow the terms of the agreement and obtain written consent

C) Notify the North Carolina Real Estate Commission immediately


3

, D) Proceed without any further action




✔✔ B) Follow the terms of the agreement and obtain written consent




What action must a broker take if they discover a conflict of interest in a transaction?

A) Ignore the conflict

B) Disclose the conflict to all parties involved

C) Resolve the conflict privately

D) Reassign the transaction to another broker




✔✔ B) Disclose the conflict to all parties involved




What is the purpose of a closing disclosure in a real estate transaction?

A) To outline the terms of the listing agreement

B) To detail the final settlement costs and loan terms

C) To provide a property inspection report

D) To confirm the earnest money deposit




4

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