NC 75-HOUR BROKER PRE-LICENSING COURSE Exam with Correct Solutions

NC 75-HOUR BROKER PRE-LICENSING COURSE Exam with Correct Solutions Which account are broker commissions paid from? A) Attorney's escrow account B) Brokers escrow account C) Brokers operations account D) Sellers personal account - Answer -C) Brokers operations account Which of the following are TRUE about CMAs A) A provisional broker may perform a CMA for any party when no fee is charged B) CMA records must be kept for 2 years C) Adjustments are made to the subject property D) Brokers do not need to disclose if they have a conflict of interest - Answer -A) A provisional broker may perform a CMA for any party when no fee is charged A broker-in-charge's license can be revoked for which of the following?A) Refusing to pay a past client for a referral B) Keeping copies of contracts for at least three years C) Willful misrepresentation by a provisional broker under the broker-in-charge's supervision D) Hiring a bookkeeper to assist with the firm's trust account - Answer -C)Willful misrepresentation by a provisional broker under the broker-in-charge's supervision Which tax advantage is NOT associated with owner-occupied personal dwellings? A) Deductibility of mortgage interest B) Possibility of tax-free capital gains C) Ability to depreciate the property D) Capital gains treatment of resale profits - Answer -C)Ability to depreciate the property Concerning the Residential Property Disclosure Statement, a listing broker should A) encourage all sellers to check no representation. B) assure the seller disclosed all material facts