A Superior Test NC License Law 01 Questions and Answers

A Superior Test NC License Law 01 Questions and Answers What is the first point at which a provisional broker may begin practicing real estate in North Carolina? A:When the NCREC received notification of the provisional brokers activation with a BIC B:Upon successful completion of all coursework and required examinations C:Upon completion of all educational requirements D:Upon formal notification from the NCREC that the candidate has the successfully passed the real estate examination and has been issued a license number -Answer-A: when the NCREC receives notification of the provisional brokers activation with a BIC An unlicensed assistant may do all of the following activities EXCEPT: A:Assist licensee with administrative duties and tasks B:Exhibit units for rent and provide tenants with information about the lease agreement C:Exhibit homes that are for sale and show the buyer around the home D:Fill in pre-printed lease agreements and collect monies from prospective tenants as long as the employee does not negotiate rent -Answer-C: exhibit homes that are for sale and show the buyer around the home Which of the following statements is TRUE about timeshares? A:They do not have to be registered with the NC real estate commission B:They may be transferred prior to registering with the NC real estate commission C:They must be registered with the NC real estate commission prior to sale D:The timeshare broker may be fined by the NC real estate commission -Answer-C: they must be registered with the NC real estate commission prior to sale All of the following statements are CORRECT regarding the NCREC, EXCEPT: A:They shall be entitled to the services of the attorney general of North Carolina B:They shall not make rules or regulations regulating commissions, salaries, or fees to be charged by licensees. C:They shall make rules to allow a licensee to pay a travel agent who does not have a real estate license a referral fee. D:They shall have the power to make reasonable bylaws, rules and regulations that are inconsistent with the provisions of the general statutes. -Answer-D: they shall have the power to make reasonable bylaws, rules and regulations that are inconsistent with the provisions of the general statutes. (Their bylaws, rules and regulations must be "consistent" with the general statutes. It is true that the NCREC can use the services of the Attorney General. It is also true that they do not regulate the commissions or fees charged by licensees. Though referral fees generally cannot be paid to unlicensed people, the payment of a referral fee to a travel agent is the exception to the rule and is permitted. With regard to timeshares all of the following are TRUE,EXCEPT: A:A timeshare developer and broker must maintain records of sales, rentals or exchange transaction for a minimum of three years. B:All monies received by a timeshare developer or broker must be deposited within three banking days of receipt and remain in the trust account for 10 days from the date of sale or rental cancellation by the purchaser, whichever occurs first. C:Timeshares are not considered real estate and no license is required to sell timeshares in North Carolina. D:Any refunds due to a cancellation of a timeshare purchase will be refunded within 30 days following the date of execution of the contract -Answer-C: timeshares are not considered real estate and no license is required to sell timeshares in North Carolina. It is correct to say that the NC real estate commission may not fine a real estate licensee. However the NC real estate commission may do which of the following? A:Order licensee to pay clients for damages caused in arbitrate disputes over fees B:Fine a timeshare developer up to $500 per violation of the timeshare act C:Revoke a brokers license if the broker fails to take required number of continuing education hours per year D:Dictate the amount of commission brokers may charge their clients and resolve commission disputes between agents -Answer-B: fine a timeshare developer up to $500 per violation of the timeshare act General statute 93A-2 states, in part, that a real estate broker is any person who, for compensation or valuable consideration or the promise there of, list or offers to this property. All of the following would constitute valuable consideration, EXCEPT: A:A listing agent has promised a weekend trip to Myrtle Beach if the agent puts the home under contract before the end of the year B:The owner of a jewelry store gives his buyer agent a diamond bracelet as a way of saying thank you for the agents hard work C:A butcher offers a year supply of top sirloin to his agent if they can purchase an investment property for 50% off the asking price D:The neighbor brings fresh tomatoes from their garden and bakes their agent a fresh apple pie as a way of saying thank you. -Answer-D: the neighbor brings fresh tomatoes from their garden and bakes the rage in a fresh apple pie as a way of saying thank you. All of the following could result in disciplinary action by the NC real estate commission for unworthiness or incompetence, EXCEPT: A:Making any willful or negligent misrepresentation B:Pursuing a course of making false promises C:Excepting commissions or valuable consideration as a provisional broker from any person other than your broker in charge D:Attempting to take all of the post licensing courses in a single year -Answer-D: attempting to take all of the post licensing courses in a sing