NC Post Licensing 303 Questions and Answers Already Passed
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Course
NC Post Licensing 303
Institution
NC Post Licensing 303
NC Post Licensing 303 Questions and
Answers Already Passed
What must a broker do if they are changing their office location?
Notify the North Carolina Real Estate Commission of the new address.
What is the minimum time period for which a broker must retain copies of transaction records?
...
NC Post Licensing 303 Questions and
Answers Already Passed
What must a broker do if they are changing their office location?
✔✔ Notify the North Carolina Real Estate Commission of the new address.
What is the minimum time period for which a broker must retain copies of transaction records?
✔✔ Three years.
How should a broker handle earnest money deposits in North Carolina?
✔✔ Deposit them into a trust or escrow account as soon as possible.
What should a broker-in-charge do if they suspect another agent is violating real estate laws?
✔✔ Report the suspected violation to the North Carolina Real Estate Commission.
What type of agreement is required for a real estate transaction to be legally enforceable?
✔✔ A written agreement signed by all parties involved.
1
, When must a broker disclose their agency relationship to clients?
✔✔ At the first substantive discussion about a property.
What action must be taken if a broker receives an offer to purchase a property?
✔✔ Present the offer to the seller without delay.
What is required for a property management agreement to be valid in North Carolina?
✔✔ It must outline the duties and fees of the property manager clearly.
What should be included in a broker’s disclosure of dual agency?
✔✔ The broker must inform both parties in writing of the dual agency relationship.
What is the role of a property manager when a tenant requests repairs?
✔✔ Address and arrange for the repairs in a timely manner, and document the request and
resolution.
What must a broker do if they receive a complaint from a client?
2
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