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NC 75-Hour Broker Pre licensing
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Questions and Graded Answers
Which account are broker commissions paid from?
A)
Attorney's escrow account
B)
Brokers escrow account
C)
Brokers operations account
D)
Sellers personal account
Ans: 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
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D)
Brokers do not need to disclose if they have a conflict of
interest
Ans: 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
Ans: 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)
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Possibility of tax-free capital gains
C)
Ability to depreciate the property
D)
Capital gains treatment of resale profits
Ans: 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.
C)
assist the seller by explaining the form.
D)
complete the form for the seller.
Ans: C)assist the seller by explaining the form.
The North Carolina Residential Property Disclosure Act does
NOT require that
A)
if the form is not provided per statute, the buyer could have a
rescission period for any resulting contract.
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B)
the seller disclose what they know about their property on
the mandatory form.
C)
a completed form must be provided to the buyer before the
presentation of the first offer.
D)
the Act is binding on sellers whether they are represented
by a real estate agent or not.
Ans: B)the seller disclose what they know about their
property on the mandatory form.
Under the North Carolina statute of frauds, an oral lease for
longer than three years is
A)
illegal.
B)
unenforceable.
C)
renewable.
D)
not assignable.
Ans: B)unenforceable.
Up to Date Content
NC 75-Hour Broker Pre licensing
Course Study Guide Latest
Questions and Graded Answers
Which account are broker commissions paid from?
A)
Attorney's escrow account
B)
Brokers escrow account
C)
Brokers operations account
D)
Sellers personal account
Ans: 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
Up to Date Content
,Comprehensive Study 2 Up to Date Content
D)
Brokers do not need to disclose if they have a conflict of
interest
Ans: 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
Ans: 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)
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,Comprehensive Study 3 Up to Date Content
Possibility of tax-free capital gains
C)
Ability to depreciate the property
D)
Capital gains treatment of resale profits
Ans: 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.
C)
assist the seller by explaining the form.
D)
complete the form for the seller.
Ans: C)assist the seller by explaining the form.
The North Carolina Residential Property Disclosure Act does
NOT require that
A)
if the form is not provided per statute, the buyer could have a
rescission period for any resulting contract.
Up to Date Content
, Comprehensive Study 4 Up to Date Content
B)
the seller disclose what they know about their property on
the mandatory form.
C)
a completed form must be provided to the buyer before the
presentation of the first offer.
D)
the Act is binding on sellers whether they are represented
by a real estate agent or not.
Ans: B)the seller disclose what they know about their
property on the mandatory form.
Under the North Carolina statute of frauds, an oral lease for
longer than three years is
A)
illegal.
B)
unenforceable.
C)
renewable.
D)
not assignable.
Ans: B)unenforceable.
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