2
Post Licensing Exam 3 LP with verified detailed answers
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In North Carolina, the Vacation Rental Act provides what kind of exception regarding
|| || || || || || || || || || || || ||
compensation for real estate brokerage activities? - ✔✔Under this act, a travel agent who || || || || || || || || || || || || || ||
does not hold an active real estate license may accept a referral fee for referring a tenant to a
|| || || || || || || || || || || || || || || || || ||
broker for a vacation rental if certain provisions are met.
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Licensees who sell timeshares on behalf of a developer to a potential buyer are called
|| || || || || || || || || || || || || || ||
______. - ✔✔Timeshare Salesperson || || ||
Marcus and several of the brokers he works with are affiliated with both their brokerage
|| || || || || || || || || || || || || || ||
firm and a legal business entity that Marcus created for the team. What type of team
|| || || || || || || || || || || || || || || ||
structure is this? - ✔✔Licensed entity with dual affiliation
|| || || || || || || ||
Which of the following statements is true regarding a tenant's indemnity? - ✔✔A tenant's
|| || || || || || || || || || || || || ||
indemnity is usually limited to issues on the leased premises and doesn't include claims or
|| || || || || || || || || || || || || || ||
losses that arise from the landlord's or the landlord's agents' negligence or willful
|| || || || || || || || || || || || ||
misconduct.
Your buyer client is excited about the property you've just shown him. Seller disclosures for
|| || || || || || || || || || || || || || ||
the older farmhouse on 25 acres indicate a few issues but claim the septic system is working
|| || || || || || || || || || || || || || || ||
properly. You don't notice any evidence of septic system problems. Which of these actions
|| || || || || || || || || || || || || || ||
should you take as a North Carolina licensee? - ✔✔Advise your buyer client to make the
|| || || || || || || || || || || || || || || ||
purchase contingent upon an acceptable inspection of the septic system.
|| || || || || || || || ||
Which of the following is a material fact that a seller must disclose in North Carolina? -
|| || || || || || || || || || || || || || || || ||
✔✔Straight piping ||
HO6 insurance covers _____. - ✔✔An individual unit (called "walls-in coverage")
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, 2
North Carolina provisional broker Thomas has been offered compensation by a party other
|| || || || || || || || || || || || ||
than his client in a real estate transaction. Under what circumstance would he be permitted
|| || || || || || || || || || || || || || ||
to accept that compensation? - ✔✔Under no circumstances would he be allowed to accept
|| || || || || || || || || || || || || ||
compensation from someone other than his brokerage or BIC. || || || || || || || ||
Of the following, which is NOT required to hold a North Carolina real estate firm license in
|| || || || || || || || || || || || || || || || ||
order to practice real estate activities? - ✔✔Sylvia Raulstad, a sole proprietor
|| || || || || || || || || || ||
When it comes to measuring square footage for commercial office spaces, lobbies, stairs,
|| || || || || || || || || || || || ||
elevators, and HVAC systems are known as what? - ✔✔Core areas || || || || || || || || || ||
Based on the North Carolina Coastal Area Management Act, what must Amanda and Keith
|| || || || || || || || || || || || || ||
do before building a dock on their property that's located in a wetlands area? - ✔✔Obtain a
|| || || || || || || || || || || || || || || || ||
proper permit that allow them to build in a protected area.
|| || || || || || || || || ||
Deed restrictions imposed by a developer who wants to maintain specific standards in a
|| || || || || || || || || || || || || ||
subdivision under development are often called _______. - ✔✔Restrictive covenants || || || || || || || || ||
BIC Ginger just received a complaint from the commission alleging that her associated
|| || || || || || || || || || || || ||
provisional broker didn't properly disclose agency to a buyer. Which of the following is true
|| || || || || || || || || || || || || || ||
about this complaint? - ✔✔Ginger must respond to the complaint within 14 days.
|| || || || || || || || || || || ||
Tenant Christina's landlord locked her out of her apartment after she filed a complaint
|| || || || || || || || || || || || || ||
against him with the North Carolina Civil Rights Division. Under what circumstances
|| || || || || || || || || || || ||
would state law presume that the landlord's actions were retaliatory? - ✔✔If she
|| || || || || || || || || || || || ||
complained about the landlord within the 12 months prior to him evicting her. || || || || || || || || || || || ||
Maxwell is a tenant. His lease has a fixed rent in which the landlord pays all taxes,
|| || || || || || || || || || || || || || || || ||
insurance, and maintenance expenses. What type of lease does he have? - ✔✔Gross
|| || || || || || || || || || || ||
Post Licensing Exam 3 LP with verified detailed answers
|| || || || || || || ||
In North Carolina, the Vacation Rental Act provides what kind of exception regarding
|| || || || || || || || || || || || ||
compensation for real estate brokerage activities? - ✔✔Under this act, a travel agent who || || || || || || || || || || || || || ||
does not hold an active real estate license may accept a referral fee for referring a tenant to a
|| || || || || || || || || || || || || || || || || ||
broker for a vacation rental if certain provisions are met.
|| || || || || || || || || ||
Licensees who sell timeshares on behalf of a developer to a potential buyer are called
|| || || || || || || || || || || || || || ||
______. - ✔✔Timeshare Salesperson || || ||
Marcus and several of the brokers he works with are affiliated with both their brokerage
|| || || || || || || || || || || || || || ||
firm and a legal business entity that Marcus created for the team. What type of team
|| || || || || || || || || || || || || || || ||
structure is this? - ✔✔Licensed entity with dual affiliation
|| || || || || || || ||
Which of the following statements is true regarding a tenant's indemnity? - ✔✔A tenant's
|| || || || || || || || || || || || || ||
indemnity is usually limited to issues on the leased premises and doesn't include claims or
|| || || || || || || || || || || || || || ||
losses that arise from the landlord's or the landlord's agents' negligence or willful
|| || || || || || || || || || || || ||
misconduct.
Your buyer client is excited about the property you've just shown him. Seller disclosures for
|| || || || || || || || || || || || || || ||
the older farmhouse on 25 acres indicate a few issues but claim the septic system is working
|| || || || || || || || || || || || || || || ||
properly. You don't notice any evidence of septic system problems. Which of these actions
|| || || || || || || || || || || || || || ||
should you take as a North Carolina licensee? - ✔✔Advise your buyer client to make the
|| || || || || || || || || || || || || || || ||
purchase contingent upon an acceptable inspection of the septic system.
|| || || || || || || || ||
Which of the following is a material fact that a seller must disclose in North Carolina? -
|| || || || || || || || || || || || || || || || ||
✔✔Straight piping ||
HO6 insurance covers _____. - ✔✔An individual unit (called "walls-in coverage")
|| || || || || || || || || ||
, 2
North Carolina provisional broker Thomas has been offered compensation by a party other
|| || || || || || || || || || || || ||
than his client in a real estate transaction. Under what circumstance would he be permitted
|| || || || || || || || || || || || || || ||
to accept that compensation? - ✔✔Under no circumstances would he be allowed to accept
|| || || || || || || || || || || || || ||
compensation from someone other than his brokerage or BIC. || || || || || || || ||
Of the following, which is NOT required to hold a North Carolina real estate firm license in
|| || || || || || || || || || || || || || || || ||
order to practice real estate activities? - ✔✔Sylvia Raulstad, a sole proprietor
|| || || || || || || || || || ||
When it comes to measuring square footage for commercial office spaces, lobbies, stairs,
|| || || || || || || || || || || || ||
elevators, and HVAC systems are known as what? - ✔✔Core areas || || || || || || || || || ||
Based on the North Carolina Coastal Area Management Act, what must Amanda and Keith
|| || || || || || || || || || || || || ||
do before building a dock on their property that's located in a wetlands area? - ✔✔Obtain a
|| || || || || || || || || || || || || || || || ||
proper permit that allow them to build in a protected area.
|| || || || || || || || || ||
Deed restrictions imposed by a developer who wants to maintain specific standards in a
|| || || || || || || || || || || || || ||
subdivision under development are often called _______. - ✔✔Restrictive covenants || || || || || || || || ||
BIC Ginger just received a complaint from the commission alleging that her associated
|| || || || || || || || || || || || ||
provisional broker didn't properly disclose agency to a buyer. Which of the following is true
|| || || || || || || || || || || || || || ||
about this complaint? - ✔✔Ginger must respond to the complaint within 14 days.
|| || || || || || || || || || || ||
Tenant Christina's landlord locked her out of her apartment after she filed a complaint
|| || || || || || || || || || || || || ||
against him with the North Carolina Civil Rights Division. Under what circumstances
|| || || || || || || || || || || ||
would state law presume that the landlord's actions were retaliatory? - ✔✔If she
|| || || || || || || || || || || || ||
complained about the landlord within the 12 months prior to him evicting her. || || || || || || || || || || || ||
Maxwell is a tenant. His lease has a fixed rent in which the landlord pays all taxes,
|| || || || || || || || || || || || || || || || ||
insurance, and maintenance expenses. What type of lease does he have? - ✔✔Gross
|| || || || || || || || || || || ||
