Superior NC License Law #1 Exam with correct Answers

Superior NC License Law #1 Exam with correct Answers What is the first point at which a provisional broker may begin practicing real estate in North Carolina? -Answer-when the NCREC receives notification of the provisional broker's activation with a BIC an unlicensed assistant may do all of the following activities except -Answer-exhibit homes that are for sale and show the buyer around the home With regard to timeshares, all of the following are true, EXCEPT: -Answer-Timeshares are not considered real estate and no license is required to sell time shares in North Carolina. Which of the following statements is true about timeshares? -Answer-They must be registered with the NCREC commission prior to sale All of the following statements are correct regarding the NCREC, EXCEPT: -Answer-They shall have the power to make reasonable bylaws, rules and regulations that are inconsistent with the provisions of the general statutes. 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? -Answer-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 thereof, lists or offers to list property. All of the following would constitute valuable consideration, EXCEPT: -Answer-the neighbor brings fresh tomatoes from their garden and bakes their agent 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: -Answer-Attempting to take all of the post licensing courses in a single year A provisional broker is subject to two separate education requirements. They must complete postlicensing education of 90 hours within 3 years from the date of licensure. When must a provisional broker complete their first 8 hour CE requirement? -Answer-Prior to the 2nd renewal of their real estate license A nonprovisional real estate licensee is on inactive status. They are NOT holding themselves out to be available to help others buy, sell, rent or auction property. A friend asks for their help in a real estate transaction. Which of the following is TRUE? -Answer-An agent who's license is inactive may not earn any fees or represent others in a real estate transaction. In the event that a licensee's annual renewal fee is returned unpaid, the North Carolina Real Estate Commission may take all of the following actions, EXCEPT: -deny licensure renewal -suspend agent's license -revoke agent's license -fine the agent -Answer-fine the age