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Post License 303--NC Law, Rules and Legal Concepts 100% Pass
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Post License 303--NC Law, Rules and Legal Concepts 100% Pass What is the primary responsibility of a real estate broker in North Carolina? To act in the best interest of their clients and ensure compliance with state real estate laws and regulations. What is the required action if a bro...

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  • September 6, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • post license 303 nc law rules and legal concept

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  • Post License 303--NC Law, Rules and Legal Concept
  • Post License 303--NC Law, Rules and Legal Concept

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Post License 303--NC Law, Rules and
Legal Concepts 100% Pass
What is the primary responsibility of a real estate broker in North Carolina?


✔✔ To act in the best interest of their clients and ensure compliance with state real estate laws

and regulations.




What is the required action if a broker changes their business address in North Carolina?


✔✔ Notify the North Carolina Real Estate Commission within ten days of the change.




What is the purpose of the Trust Account in real estate transactions?


✔✔ To hold client funds, such as earnest money, in a secure account separate from the broker’s

operating funds.




What must a broker provide to a client when entering into a listing agreement?


✔✔ A copy of the signed listing agreement must be given to the client.




What is the maximum amount of time a broker can hold escrow funds before they must be

deposited into a trust account?


1

, ✔✔ Three business days.




What is required for a real estate advertisement in North Carolina?


✔✔ The advertisement must include the broker’s name and comply with all advertising

regulations.




What should a broker do if they suspect a property is being used for illegal activities?


✔✔ Report the suspicion to the appropriate authorities and document the concerns.




What is the term for a written agreement between a property owner and a property manager?


✔✔ Property management agreement.




How long must a broker keep copies of all documents related to a real estate transaction?


✔✔ Three years.




What is a broker-in-charge responsible for in a real estate office?


✔✔ Overseeing the operations and ensuring that all activities comply with North Carolina real

estate laws and regulations.


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