NC prelicensing exam questions and correct detailed answers success guaranteed.
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Course
NC.
Institution
NC.
Time share - correct answer A right to occupy a unit during 5 or more separate time periods over a period of at least 5 years, can be freehold or non-freehold estate
What are other names for a time share? - correct answer ...
NC prelicensing exam
Time share - correct answer A right to occupy a unit during 5 or more separate time
periods over a period of at least 5 years, can be freehold or non-freehold estate
What are other names for a time share? - correct answer Vacation lease, prepaid
hotel reservation, club membership, limited partnership or vacation bond
How long does someone have to cancel a time share contract? - correct answer 5
days
How long must a time share developer keep money in a trust account? - correct answer
10 days before moving to operating expense account
Does a time share developer need a real estate license? - correct answer No
How does the real estate commision keep unlicensed developers from committing violations? - correct
answer Fines- $500 for each violation or revoke the registration for their project
What happens if developer does not show the public offering statement to buyer? - correct answer
Can be fined 10% of sales price up to $3,000
What is real estate? - correct answer The land plus anything permanently attached
to the land
What is the legal bundle of rights concept? - correct answer The right to sell: sell,
give away, mortgage, will, enjoy, possess, exclude others profit
What is the definition of appurtenances? - correct answer Any improvement made
to the land that stays with the land or automatically transfers with the title
,Give examples of appurtenances - correct answer Fructus naturales, subsurface
rights, air rights, easements, riparian rights
Are fructus industrials considered appurtenances? - correct answer No
What are fructus industrials? - correct answer Fruits of industry ex. Apples pecans
etc
Do air and subsurface rights transfer with the land? - correct answer Yes
What are examples of navigable waters? - correct answer Stream river or lake
What are examples of littoral rights? - correct answer Large lakes or oceans
What are examples of non navigable waters? - correct answer Small streams or
ponds
If a property owner has a property with littoral rights where does their property line end? - correct
answer Owns to mean high water mark or waters edge
If a property owner has a property with riparian rights where does their property line end? - correct
answer Owns to the center of the body of water
What must a time share developer show to buyers? - correct answer Public offering
statement
Who must a time share developer register their project with? - correct answer
NCREC
Do you need a real estate license to sell time shares? - correct answer Yes
, How many different real estate licenses are there? - correct answer 4
What are the 4 types of real estate licenses? - correct answer Provisional broker,
full broker ( non-provisional), firm, limited non residential commercial broker
What are the requirements for licensure of a provisional broker? - correct answer
Complete the 75 hr pre licensing class and pass state exam, 8 hours of CE by June 10th of every year,
must remove pb status and become full broker
When do your CE requirements begin as a provisional broker? - correct answer
After your initial June 10th as licensee
How do you go from pb to full broker? - correct answer Complete 3 separate 30
hour post licensing classes
Do the 30 hour post licensing course count as CE? - correct answer No
When do you have to have your post licensing courses completed by? - correct answer
Minimum of 1 class per year by first anniversary date of your license all classes completed by 3rd
anniversary of license
When does CE have to be completed by? - correct answer June 10th each year
Can a full broker ever work without a broker in charge? - correct answer Yes
What are the conditions that need to be met for a full broker to work without a broker in charge? -
correct answer 1. Not maintaining trust account
2. Not soliciting to buyers or sellers
3. He does not have anyone working underneath him
What can a full broker working without a broker in charge do? - correct answer
Place referrals
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