Nc real estate law - Study guides, Class notes & Summaries

Who is required to have a real estate license? - Answer-Any person or business entity who directly or indirectly engages in the business of a real estate broker FOR COMPENSATION (or promise thereof) while physically in NC, must have a NC real estate broker license. What is a real estate Broker? - Answer-Any person, partnership, corp, LLC, assoc, or other business entity who for a compensation or promise, LLBEANS (List, Lease, Buy, Exchange, Auction, Negotiate, Sell). Crier of sales not includ...

NC License Law 02 Questions and Answers Already Passed What must a real estate broker do before accepting a client’s earnest money deposit? A) Verify the client’s credit history B) Deposit the funds into a trust account C) Complete a background check on the client D) Obtain approval from the North Carolina Real Estate Commission B) Deposit the funds into a trust account What is required for a real estate licensee to legally advertise property listings? A) Obtain permission fr...

NC License Law and Rules Questions and Answers Graded A+ What is required for a real estate licensee to maintain active status? A) Completing a financial audit B) Passing a new licensing exam C) Completing required continuing education courses D) Submitting quarterly reports C) Completing required continuing education courses If a licensee is found to have violated the North Carolina Real Estate License Law, what might be a possible consequence? A) A warning letter B) Suspensio...

NC Real Estate License Law & Real Estate Commission Rules Exam Questions with Correct Answers (100% Pass) Describe the NC Real Estate Commission membership/board - Answer-• 9 members. 7 are appointed by the Governor. 2 appointed by the General Assembly based on recommendations of the Senate and the House, respectively. • At least 3 must be licensed brokers. 2 must have no affiliation with real estate. • Terms are staggered every 3 years, so 3 expire one year, 3 the second year, 3 th...

NC Real Estate License Law (2022/2023) Already Passed Makeup of Commission Consists of nine members - 7 appointed by governor; one by Speaker of the House; one by President Pro-Tem of the Senate; 3 must be brokers in the real estate business; 2 cannot be involved directly or indirectly in the real estate business; serve 3 year staggered terms 6 powers granted to the North Carolina Real Estate Commission licensing real estate brokers in NC. approving schools that conduct real estate courses. app...

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 transa...

Superior Real Estate School Exam - Questions and Answers Jack is a licensed real estate professional in Illinois. He has been a broker for many years, but is not licensed in NC. Jack has a friend who wants to purchase a home in Charlotte, NC. In regard to the representation of this buyer all of the following are TRUE, EXCEPT: A. Jack may refer the buyer to a licensed NC broker and receive a referral fee even though he is not licensed in NC. B. Jack may meet with the buyer in Illinois and expla...

Method of describing land which is NOT used in North Carolina? - ANSWER Government rectangular survey In NC, the last day that real estate taxes for the current year may be paid without penalty is? - ANSWER By January 5th of the next year A description of property that reads "Beginning at the large oak tree on the Northern line of State Road 18, approximately one mile west to the intersection state road and the Great Southern Railroad right-of-way ,north approximately 15' along the drain...

NC License Law Superior Quizzes 100% solved What is the first point at which a provisional broker may begin practicing real estate in North Carolina? -Answer-when the NCREC receives notification of the provisional broker's activation with a BIC An unlicensed assistant may do all of the following activities, EXCEPT: -Answer-exhibit homes that are for sale and show the buyer around the home With regard to timeshares, all of the following are true, EXCEPT: -Answer-Timeshares are not conside...

In NC, active RE license is required when: - ANSWER When assisting another broker for compensation in the providing of brokerage services. When can an unlicensed person engage in real estate activity? - ANSWER - Their own property - Attorney in fact - Attorney at law - Court-ordered sales - Trustees in foreclosure - Housing authorities