NC REAL ESTATE EXAM QUESTIONS WITH
100% ACCURATE ANSWERS
NC real estate broker license applicant Penelope completed her required pre-licensing
education on April 1, 2020. Based on this, Penelope must apply for her license before
______ or her pre-licensing education credit will expire.
A. April 1, 2021
B. April 1, 2022
C. April 1, 2023
D. April 1, 2024 - Accurate answers Correct answer: C
In North Carolina, an applicant must satisfactorily complete the state's 75-hour broker
pre-licensing course at a commission-approved school within the three years preceding
the date the application is submitted to the commission. Because Penelope completed
her prelicensing education on April 1, 2020, she must apply for her real estate broker
license before April 1, 2023 or her education credit will expire.
Liv, Elliot, Don, and John all have active North Carolina brokers' licenses, and they've
all completed the broker-in-charge course within the past year. Based on the following
information, which of these brokers qualifies as a BIC?
A. Liv, a North Carolina lawyer whose work was comprised primarily of handling real
estate closings and related matters for the two years immediately preceding the BIC
application
B. Elliot, who's had 20 months of full-time real estate brokerage experience in the past
six years
C. Don, who's had three years of part-time real estate brokerage experience in the past
five years
D. John, who's had four years of part-time real estate brokerage experience in the past
five years - Accurate answers Correct answer: D
To become a BIC, the experience requirements state that a broker must have been
either an attorney working with North Carolina real estate closings for the last three
years, or a broker with either two years of full-time brokerage experience or four years
of part-time brokerage experience in the previous five years.
North Carolina broker-in-charge Angela has a properly designated trust fund in North
Carolina. She keeps funds from five separate clients in it. Under the Federal Deposit
Insurance Corporation (FDIC), this account is insured for how much?
A. Up to $25,000 total
B. Up to $250,000 total
C. Up to $25,000 per each of the five individuals
,D. Up to $250,000 per each of the five individuals - Accurate answers Correct
answer: D
The FDIC insures deposits for as much as $250,000 per person for bank accounts.
However, when an account is properly designated as a trust/escrow account, the FDIC
actually insures up to $250,000 per each individual for whom funds are being held. This
means that a broker's trust account may contain more than $250,000 total with all funds
fully insured by the FDIC, as long as no single individual's interest in the account is
more than $250,000, and provided those individuals do not maintain other accounts in
the individual's name at the same bank.
North Carolina broker-in-charge Edison was getting ready to disburse trust funds for a
transaction that was set to close. During what time frame may Edison disburse the
funds?
A. At least 10 days after the settlement date
B. At least 10 days before the settlement date
C. No more than 10 days after the settlement date
D. No more than 10 days before the settlement date - Accurate answers Correct
answer: D
North Carolina statute requires that the broker-in-charge who's responsible for a trust
account disburse the appropriate trust funds and no more than 10 days before the
settlement date.
North Carolina broker Amanda received earnest money from her client. When must this
money be deposited into a trust account?
A. No later than five days after she received the money
B. No later than one day after she received the money
C. No later than three days after she received the money
D. No later than two days after she received the money - Accurate answers
Correct answer: C
In North Carolina, trust money must be deposited in a trust or escrow account no later
than three banking days after the broker received it.
North Carolina property manager Virgil has an arrangement with Lindsay, the owner of
the property he manages, that allows him to enter into the rental agreements on her
behalf. He has Lindsay's written consent to use pre-printed forms that she's already
approved, and, rather than sending her every agreement, he sends her summaries of
the relevant information. According to statute, under such an arrangement, what's the
deadline by which Virgil must send Lindsay such a summary of information?
A. Any time before the termination of tenancy
B. Within 45 days of the agreement's execution
, C. Within the first month of tenancy
D. Within three days of the agreement's execution - Accurate answers Correct
answer: B
North Carolina property managers who have their property owner's written consent to
forego sending every agreement to them within three days of receipt must instead send
the owner a summary of the relevant information (identifying the property, the name,
phone number, and home address of each tenant, and the rental rates) within 45 days
of the execution.
Along with providing proof of meeting requirements, like active licensure, when applying
for broker-in-charge eligibility in North Carolina, which of the following courses must an
applicant complete?
A. The 12-hour broker-in-charge course
B. The 24-hour brokerage management course
C. The 40-hour brokerage management course
D. The 60-hour broker-in-charge course - Accurate answers Correct answer: A
Gary just received a provisional broker license in North Carolina. What must he do to
remove the provisional status?
A. Complete 30 hours of post-licensing education within the next two years.
B. Complete 60 hours of post-licensing education within the next year.
C. Complete 75 hours of post-licensing education and pass a post-licensing exam.
D. Complete 90 hours of post-licensing education within the next 18 months. -
Accurate answers Correct answer: D
Within 18 months of receiving his license, Gary must complete 90 hours of post-
licensing education from an approved provider. Once the post-licensing education is
completed successfully, the education provider reports the completion to the
commission. The provisional status is then automatically removed.
The North Carolina Time Share Act stipulates that a time share is the right to occupy a
specific unit (or one of several units) during five or more separate time periods over a
period of at least ______ years.
A. Five
B. Four
C. Six
D. Three - Accurate answers Correct answer: A
No matter how interest is held, North Carolina's Time Share Act stipulates that a time
share is the right to occupy a specific unit (or one of several units) during five or more
separate time periods over a period of at least five years, including renewal options.
100% ACCURATE ANSWERS
NC real estate broker license applicant Penelope completed her required pre-licensing
education on April 1, 2020. Based on this, Penelope must apply for her license before
______ or her pre-licensing education credit will expire.
A. April 1, 2021
B. April 1, 2022
C. April 1, 2023
D. April 1, 2024 - Accurate answers Correct answer: C
In North Carolina, an applicant must satisfactorily complete the state's 75-hour broker
pre-licensing course at a commission-approved school within the three years preceding
the date the application is submitted to the commission. Because Penelope completed
her prelicensing education on April 1, 2020, she must apply for her real estate broker
license before April 1, 2023 or her education credit will expire.
Liv, Elliot, Don, and John all have active North Carolina brokers' licenses, and they've
all completed the broker-in-charge course within the past year. Based on the following
information, which of these brokers qualifies as a BIC?
A. Liv, a North Carolina lawyer whose work was comprised primarily of handling real
estate closings and related matters for the two years immediately preceding the BIC
application
B. Elliot, who's had 20 months of full-time real estate brokerage experience in the past
six years
C. Don, who's had three years of part-time real estate brokerage experience in the past
five years
D. John, who's had four years of part-time real estate brokerage experience in the past
five years - Accurate answers Correct answer: D
To become a BIC, the experience requirements state that a broker must have been
either an attorney working with North Carolina real estate closings for the last three
years, or a broker with either two years of full-time brokerage experience or four years
of part-time brokerage experience in the previous five years.
North Carolina broker-in-charge Angela has a properly designated trust fund in North
Carolina. She keeps funds from five separate clients in it. Under the Federal Deposit
Insurance Corporation (FDIC), this account is insured for how much?
A. Up to $25,000 total
B. Up to $250,000 total
C. Up to $25,000 per each of the five individuals
,D. Up to $250,000 per each of the five individuals - Accurate answers Correct
answer: D
The FDIC insures deposits for as much as $250,000 per person for bank accounts.
However, when an account is properly designated as a trust/escrow account, the FDIC
actually insures up to $250,000 per each individual for whom funds are being held. This
means that a broker's trust account may contain more than $250,000 total with all funds
fully insured by the FDIC, as long as no single individual's interest in the account is
more than $250,000, and provided those individuals do not maintain other accounts in
the individual's name at the same bank.
North Carolina broker-in-charge Edison was getting ready to disburse trust funds for a
transaction that was set to close. During what time frame may Edison disburse the
funds?
A. At least 10 days after the settlement date
B. At least 10 days before the settlement date
C. No more than 10 days after the settlement date
D. No more than 10 days before the settlement date - Accurate answers Correct
answer: D
North Carolina statute requires that the broker-in-charge who's responsible for a trust
account disburse the appropriate trust funds and no more than 10 days before the
settlement date.
North Carolina broker Amanda received earnest money from her client. When must this
money be deposited into a trust account?
A. No later than five days after she received the money
B. No later than one day after she received the money
C. No later than three days after she received the money
D. No later than two days after she received the money - Accurate answers
Correct answer: C
In North Carolina, trust money must be deposited in a trust or escrow account no later
than three banking days after the broker received it.
North Carolina property manager Virgil has an arrangement with Lindsay, the owner of
the property he manages, that allows him to enter into the rental agreements on her
behalf. He has Lindsay's written consent to use pre-printed forms that she's already
approved, and, rather than sending her every agreement, he sends her summaries of
the relevant information. According to statute, under such an arrangement, what's the
deadline by which Virgil must send Lindsay such a summary of information?
A. Any time before the termination of tenancy
B. Within 45 days of the agreement's execution
, C. Within the first month of tenancy
D. Within three days of the agreement's execution - Accurate answers Correct
answer: B
North Carolina property managers who have their property owner's written consent to
forego sending every agreement to them within three days of receipt must instead send
the owner a summary of the relevant information (identifying the property, the name,
phone number, and home address of each tenant, and the rental rates) within 45 days
of the execution.
Along with providing proof of meeting requirements, like active licensure, when applying
for broker-in-charge eligibility in North Carolina, which of the following courses must an
applicant complete?
A. The 12-hour broker-in-charge course
B. The 24-hour brokerage management course
C. The 40-hour brokerage management course
D. The 60-hour broker-in-charge course - Accurate answers Correct answer: A
Gary just received a provisional broker license in North Carolina. What must he do to
remove the provisional status?
A. Complete 30 hours of post-licensing education within the next two years.
B. Complete 60 hours of post-licensing education within the next year.
C. Complete 75 hours of post-licensing education and pass a post-licensing exam.
D. Complete 90 hours of post-licensing education within the next 18 months. -
Accurate answers Correct answer: D
Within 18 months of receiving his license, Gary must complete 90 hours of post-
licensing education from an approved provider. Once the post-licensing education is
completed successfully, the education provider reports the completion to the
commission. The provisional status is then automatically removed.
The North Carolina Time Share Act stipulates that a time share is the right to occupy a
specific unit (or one of several units) during five or more separate time periods over a
period of at least ______ years.
A. Five
B. Four
C. Six
D. Three - Accurate answers Correct answer: A
No matter how interest is held, North Carolina's Time Share Act stipulates that a time
share is the right to occupy a specific unit (or one of several units) during five or more
separate time periods over a period of at least five years, including renewal options.
