NORTH CAROLINA 75-HOUR BROKER PRE-LICENSING COURSE EXAM

NORTH CAROLINA 75-HOUR BROKER PRE-LICENSING COURSE EXAM Deliver a termination notice to the seller -Answer-Under the terms of the North Carolina Offer to Purchase and Contract, Standard Form 2-T, if the buyer fails to _______ before the due diligence period expires, this indicates that the buyer waives any right to terminate the contract based on anything related to the buyer's due diligence. The licensee -Answer-In a residential transaction in North Carolina, who's responsible for verifying and accurately reporting any square footage in a client's property listing? Within three days of its execution -Answer-At the latest, North Carolina broker Jennifer must give her seller client Gideon a copy of the listing agreement they signed ______. Eight -Answer-Cory is a North Carolina licensee. He's required to complete ______ hours of continuing education every year. He must complete and pass the 12-hour broker-in-charge course. -Answer-Marco has been a licensed and active real estate broker in North Carolina for the past three years. What will make him eligible for broker-in-charge status? Indemnity -Answer-When buyer Jay signed the North Carolina Offer to Purchase and Contract, Standard Form 2-T, he agreed to hold the seller harmless for any damage that Jay's contractors caused on the property during their property inspection. Under which provision is this covered? Trust money -Answer-The NCREC defines ______ as "all moneys received by a broker acting in his or her fiduciary capacity." 10 days -Answer-How many days does a broker-in-charge have to notify NCREC after a licensee changes firms? Randy, a landlord, requires a credit check on all potential tenants, no matter their national origin. -Answer-Which of the following actions does NOT violate fair housing laws? Jennifer cannot be appointed as the designated agent for the buyer. -Answer-North Carolina brokerage House Savvy is acting as a dual agent in a transaction. When Jennifer, one of the firm's brokers, walked into a room where the seller was on the phone, she heard the seller say he'd be willing to take $5,000 less than the listing price. Which of the following is true of this situation? When the primary contract is terminated or performed -Answer-When the buyer and seller use the Back-Up Contract Addendum, they can complete and sign the standard Offer to Purchase and Contract, Standard Form 2-T, and then attach the addendum to that contract. When does the back-up contract stop being in the secondary position? Hold an active broker's license -Answer-Which of the following is a requirement for broker-in- charge eligibility in North Carolina? 10 days -Answer-North Carolina licensees must notify NCREC in writing of any name or address change within ______. NCHRC -Answer-Which agency in North Carolina enforces fair housing law? Within a timeframe that allows a reasonable person to make a decision based on the information -Answer-George is a North Carolina broker representing a seller client in a real estate transaction. For the purposes of disclosing the terms of his compensation for the transaction, which of the following best describes the "timely manner" in which he'll need to provide said disclosure? Zoning powers are given to municipalities by North Carolina's Agricultural Development and Farmland Preservation Enabling Act. -Answer-Which of the following statements about zoning in North Carolina is true? The licensee -Answer-Who should measure the square footage of a client's property in North Carolina? Shelley accepted a thank you gift of $5,000 from her neighbor. -Answer-Shelley helped her neighbor sell his home by assisting with the negotiations. What's the primary reason Shelley needs to have a license in this situation? An excise tax -Answer-Sherry is selling her North Carolina home to Abigail. Which of the following will be triggered by the transfer? Tenancy by the entirety -Answer-Which of the following is a type of joint tenancy that's only available to married buyers in North Carolina? She must safeguard the check until she delivers it to Marilyn or the designated escrow agent within three business days of the contract's acceptance. -Answer-North Carolina broker Meg was working with optionee Eddie. After Eddie and optionor Marilyn signed the option contract, Eddie gave Meg a check for the option fee. Which of the following is Meg's responsibility? Agricultural use -Answer-Which of these is NOT a part of the total circumstances test? Turn the funds over to a clerk of the superior court in the county where the property is located - Answer-Jeremy and Charlie are in a heated dispute over escrow funds that North Carolina broker Amelia is holding in a trust account. Since they can't reach an agreement, Amelia may _____. Provide legal advice. -Answer-Which of the following should North Carolina brokers be careful NOT to do when working with a closing statem