NC REAL ESTATE EXAM LATEST
STATE PORTION
QUESTIONS AND
ANSWERS 2026 - 2027
Which of the following is TRUE regarding tenant security deposits?
A: Any a licensee or property manager must place such monies into a
trust account
B: Any property owner, landlord or property manager must place
security deposits in a trust account
C: Only a licensed property manager is required to have a trust account
D: A trust account is not required so long as the funds are securely held
in an FDIC bank - ANSWERS-B: Any property owner, landlord or
property manager must place security deposits in a trust account
Tenant security deposits must be placed into a trust account regardless of
whether the owner or landlord is or uses a licensed property manager.
Even a private owne must place tenant security deposits in a trust
account, although a private owner who is not a licensee is permitted to
obtain a bond
A property manager may:
A: advise the owner as to the tax consequences of rental income
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PAGE
1
, NC REAL ESTATE EXAM LATEST
STATE PORTION
QUESTIONS AND
ANSWERS 2026 - 2027
B: negotiate rents and obtain the owner's authority and approval after the
fact
C: allow unlicensed employees of the property management company to
negotiate rents for long-term leases
D: with the owner's permission, offer concessions as inducements to all
prospective tenants - ANSWERS-D: with the owner's permission, offer
concessions as inducements to all prospective tenants
Concessions are inducements to attract or retain tenants. With the
owner's permission this is permissible. Unlicensed employees cannot
negotiate. Property managers do not give tax advice and if the property
manager is negotiating rents, they should have authority and approval
from the owner before the fact,not after the fact.
A builder is offering a $100 gift card to real estate agents if they simply
bring a buyer to look at the model home. In this case:
A if an agent has an oral buyer agency agreement, they do not need to
disclose to the buyer the possibility of receiving a gift card
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PAGE
2
, NC REAL ESTATE EXAM LATEST
STATE PORTION
QUESTIONS AND
ANSWERS 2026 - 2027
B: if an agent has an oral buyer agency agreement, they may disclose the
existence of the gift card orally and if the buyer agency agreement is in
writing they may disclose the existence of the gift card orally, but put
the disclosure in writing prior to submitting any offer
C: if the buyer is a customer, they must disclose the possibility of
receiving a gift card
D: the agent may not receive a gift card as this is a violation of RESPA -
ANSWERS-B: if an agent has an oral buyer agency agreement, they
may disclose the existence of the gift card orally and if the buyer agency
agreement is in writing they may disclose the existence of the gift card
orally, but put the disclosure in writing prior to submitting any offer
An agent can receive gifts or bonuses with the consent of their client.
Disclosure should occur prior to the writing of an offer. The receipt of
such compensation needs to be put into writing when the licensee has a
written employment agreement with the client.
Which of the following properties are subject to the NC Vacation Rental
Act?
A: a summer vacation rental that is rented for 180 days
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PAGE
3
, NC REAL ESTATE EXAM LATEST
STATE PORTION
QUESTIONS AND
ANSWERS 2026 - 2027
B: a beach cottage that is leased as a temporary residence for the
summer
C: a 30 day property rented by an out of state contractor who is working
on repairs to the property
D: a mountain condo that is rented to an out of state resident for 2 weeks
and visiting North Carolina with their family - ANSWERS-D: a
mountain condo that is rented to an out of state resident for 2 weeks and
visiting North Carolina with their family
The VRA act applies to residential properties leased to out of state
residents for less than 90 days and who are renting the property for
vacation, recreation or leisure
How are members of the NC Real Estate Commission chosen?
A: they are elected by the public at large
B: they are appointed by the Governor
C: 7 are appointed by the Governor and 2 are appointed by the
legislature
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PAGE
4
STATE PORTION
QUESTIONS AND
ANSWERS 2026 - 2027
Which of the following is TRUE regarding tenant security deposits?
A: Any a licensee or property manager must place such monies into a
trust account
B: Any property owner, landlord or property manager must place
security deposits in a trust account
C: Only a licensed property manager is required to have a trust account
D: A trust account is not required so long as the funds are securely held
in an FDIC bank - ANSWERS-B: Any property owner, landlord or
property manager must place security deposits in a trust account
Tenant security deposits must be placed into a trust account regardless of
whether the owner or landlord is or uses a licensed property manager.
Even a private owne must place tenant security deposits in a trust
account, although a private owner who is not a licensee is permitted to
obtain a bond
A property manager may:
A: advise the owner as to the tax consequences of rental income
END OF
PAGE
1
, NC REAL ESTATE EXAM LATEST
STATE PORTION
QUESTIONS AND
ANSWERS 2026 - 2027
B: negotiate rents and obtain the owner's authority and approval after the
fact
C: allow unlicensed employees of the property management company to
negotiate rents for long-term leases
D: with the owner's permission, offer concessions as inducements to all
prospective tenants - ANSWERS-D: with the owner's permission, offer
concessions as inducements to all prospective tenants
Concessions are inducements to attract or retain tenants. With the
owner's permission this is permissible. Unlicensed employees cannot
negotiate. Property managers do not give tax advice and if the property
manager is negotiating rents, they should have authority and approval
from the owner before the fact,not after the fact.
A builder is offering a $100 gift card to real estate agents if they simply
bring a buyer to look at the model home. In this case:
A if an agent has an oral buyer agency agreement, they do not need to
disclose to the buyer the possibility of receiving a gift card
END OF
PAGE
2
, NC REAL ESTATE EXAM LATEST
STATE PORTION
QUESTIONS AND
ANSWERS 2026 - 2027
B: if an agent has an oral buyer agency agreement, they may disclose the
existence of the gift card orally and if the buyer agency agreement is in
writing they may disclose the existence of the gift card orally, but put
the disclosure in writing prior to submitting any offer
C: if the buyer is a customer, they must disclose the possibility of
receiving a gift card
D: the agent may not receive a gift card as this is a violation of RESPA -
ANSWERS-B: if an agent has an oral buyer agency agreement, they
may disclose the existence of the gift card orally and if the buyer agency
agreement is in writing they may disclose the existence of the gift card
orally, but put the disclosure in writing prior to submitting any offer
An agent can receive gifts or bonuses with the consent of their client.
Disclosure should occur prior to the writing of an offer. The receipt of
such compensation needs to be put into writing when the licensee has a
written employment agreement with the client.
Which of the following properties are subject to the NC Vacation Rental
Act?
A: a summer vacation rental that is rented for 180 days
END OF
PAGE
3
, NC REAL ESTATE EXAM LATEST
STATE PORTION
QUESTIONS AND
ANSWERS 2026 - 2027
B: a beach cottage that is leased as a temporary residence for the
summer
C: a 30 day property rented by an out of state contractor who is working
on repairs to the property
D: a mountain condo that is rented to an out of state resident for 2 weeks
and visiting North Carolina with their family - ANSWERS-D: a
mountain condo that is rented to an out of state resident for 2 weeks and
visiting North Carolina with their family
The VRA act applies to residential properties leased to out of state
residents for less than 90 days and who are renting the property for
vacation, recreation or leisure
How are members of the NC Real Estate Commission chosen?
A: they are elected by the public at large
B: they are appointed by the Governor
C: 7 are appointed by the Governor and 2 are appointed by the
legislature
END OF
PAGE
4
