NC POST LICENSING 301 PRACTICE EXAM 2
ACTUAL QUESTIONS AND CORRECT
ANSWERS VERIFIED FULL SOLUTION 100
PERCENT CORRECT GRADED A+
⩥ The believed owners of 40 acres of land that has passed by
intestate succession from the two prior owners hire an attorney
to confirm title, which he does.
The attorney discovers that the tract is landlocked due to an out-
conveyance by a prior owner.
The attorney negotiates easement rights with an adjoining
property owner, records the easement, and is paid for his time
based on his hourly rate.
Answer: Deal
⩥ The owners now ask the attorney, having resolved the title and
access issues, whether he know someone who would be
interested in purchasing the property?
The attorney, on the owners' behalf, contacts two different
developers, both of whom compete for the property.
The owners accept an offer, the transaction closes, and pay the
attorney 2% of the purchase price for his services.
,Answer: No Deal
⩥ Sellers are under contract to sell but must begin their new jobs
in another state two weeks prior to settlement and won't be able
to attend.
The sellers sign a power of attorney giving the wife's unlicensed
brother authority to sign the deed, the settlement statement, and
any other documents required at closing.
Answer: Deal
⩥ A fully competent owner of several rental properties doesn't
like to be burdened with "details" and persuades her tax preparer
to handle the leasing and rent collections for her rental
properties, since he reports all income and expenses when he
prepares her taxes each year.
The tax preparer is authorized to withhold 8% of all rents
collected as his fee.
Answer:
⩥ A fully competent owner of several rental properties doesn't
like to be burdened with "details" and persuades her tax preparer
to handle the leasing and rent collections for her rental
,properties, since he reports all income and expenses when he
prepares her taxes each year.
The tax preparer is authorized to withhold 8% of all rents
collected as his fee.
Answer: No Deal
⩥ Son lives rent-free in one-half of a duplex owned by his
parents. He mows the yard, maintains the property, answers
repair requests, collects the monthly rent and conveys to his
parents, and provides access to prospective tenants during
transitions.
Answer: No Deal
⩥ A listing agent receives a full-price offer from an unlicensed
and unrepresented buyer. A condition of the offer is that the
listing agent share $5,000 of their commission with the buyer,
which is significantly less than what the listing company would
pay a buyer agent.
May the listing company (with the seller's consent and lender
disclosure) pay the buyer $5000?
Answer: Deal
, ⩥ A broker manages two 200-unit apartment complexes owned
by different entities, as well as 40 single-family homes for
multiple owners. The broker hires unlicensed salaried persons to
staff the office at each apartment complex. They show the units,
accept rent applications and money, fill in blanks on preprinted
lease forms, and create binding contracts.
Answer: Deal
⩥ The broker/property manager also hires unlicensed salaried
persons to help her manage the 40 single-family homes. They
show the properties to prospective tenants, answer questions, do
move-in/move-out and routine inspections, and can negotiate a
lower rental price than advertised if they know the broker has
accepted less in the past.
Answer: No Deal
⩥ A broker has management agreements with several corporate
or LLC owners to manage multi-tenant retail space each entity
owns. The broker hires unlicensed, but well-trained, individuals
as W-2 employees to staff the office at each retail center. They
show available space, quote rental prices and terms, answer
questions, complete and sign preprinted lease forms, and oversee
maintenance and repair services.
Answer: Deal
ACTUAL QUESTIONS AND CORRECT
ANSWERS VERIFIED FULL SOLUTION 100
PERCENT CORRECT GRADED A+
⩥ The believed owners of 40 acres of land that has passed by
intestate succession from the two prior owners hire an attorney
to confirm title, which he does.
The attorney discovers that the tract is landlocked due to an out-
conveyance by a prior owner.
The attorney negotiates easement rights with an adjoining
property owner, records the easement, and is paid for his time
based on his hourly rate.
Answer: Deal
⩥ The owners now ask the attorney, having resolved the title and
access issues, whether he know someone who would be
interested in purchasing the property?
The attorney, on the owners' behalf, contacts two different
developers, both of whom compete for the property.
The owners accept an offer, the transaction closes, and pay the
attorney 2% of the purchase price for his services.
,Answer: No Deal
⩥ Sellers are under contract to sell but must begin their new jobs
in another state two weeks prior to settlement and won't be able
to attend.
The sellers sign a power of attorney giving the wife's unlicensed
brother authority to sign the deed, the settlement statement, and
any other documents required at closing.
Answer: Deal
⩥ A fully competent owner of several rental properties doesn't
like to be burdened with "details" and persuades her tax preparer
to handle the leasing and rent collections for her rental
properties, since he reports all income and expenses when he
prepares her taxes each year.
The tax preparer is authorized to withhold 8% of all rents
collected as his fee.
Answer:
⩥ A fully competent owner of several rental properties doesn't
like to be burdened with "details" and persuades her tax preparer
to handle the leasing and rent collections for her rental
,properties, since he reports all income and expenses when he
prepares her taxes each year.
The tax preparer is authorized to withhold 8% of all rents
collected as his fee.
Answer: No Deal
⩥ Son lives rent-free in one-half of a duplex owned by his
parents. He mows the yard, maintains the property, answers
repair requests, collects the monthly rent and conveys to his
parents, and provides access to prospective tenants during
transitions.
Answer: No Deal
⩥ A listing agent receives a full-price offer from an unlicensed
and unrepresented buyer. A condition of the offer is that the
listing agent share $5,000 of their commission with the buyer,
which is significantly less than what the listing company would
pay a buyer agent.
May the listing company (with the seller's consent and lender
disclosure) pay the buyer $5000?
Answer: Deal
, ⩥ A broker manages two 200-unit apartment complexes owned
by different entities, as well as 40 single-family homes for
multiple owners. The broker hires unlicensed salaried persons to
staff the office at each apartment complex. They show the units,
accept rent applications and money, fill in blanks on preprinted
lease forms, and create binding contracts.
Answer: Deal
⩥ The broker/property manager also hires unlicensed salaried
persons to help her manage the 40 single-family homes. They
show the properties to prospective tenants, answer questions, do
move-in/move-out and routine inspections, and can negotiate a
lower rental price than advertised if they know the broker has
accepted less in the past.
Answer: No Deal
⩥ A broker has management agreements with several corporate
or LLC owners to manage multi-tenant retail space each entity
owns. The broker hires unlicensed, but well-trained, individuals
as W-2 employees to staff the office at each retail center. They
show available space, quote rental prices and terms, answer
questions, complete and sign preprinted lease forms, and oversee
maintenance and repair services.
Answer: Deal
