NC Real Estate Exam Questions and Answers

Which of these activities requires a real estate license in North Carolina? - Answer-Offering to help another person sell their real estate in exchange for compensation. Which of these tasks may the unlicensed employees at ABC Brokerage perform? - Answer-Call a client to schedule an appointment with a licensee. Broker Ursula is speaking with Joel, who is beginning the process of looking for a home to buy. She presents the Working With Real Estate Agents brochure. Which of these is NOT part of Ursula's disclosure duty in this situation? - Answer-Show Joel where to locate records of broker disciplinary actions on the real estate commission's website. Broker Jean is ready to make a listing presentation for seller Ed. Which of these forms should she present to Ed first? - Answer-The Working With Real Estate Agents brochure When a consumer signs the Working With Real Estate Agents brochure, does it create the written informed consent required for a broker to act as a dual agent? - Answer-No, it serves only to educate the consumer about dual agency and satisfies the requirement for consent to be informed. Which of these is recognized as a limitation on a broker's service to clients when the licensee is acting as a dual agent? - Answer-The ability to advise a client based on the licensee's complete knowledge of facts related to the transaction. What is a designated agent in North Carolina? - Answer-An affiliated broker appointed by the BIC to represent one side of a transaction. Broker Sherry has just helped her buyer client draft an offer. Which of these actions is NOT required of Sherry? - Answer-She must have the seller's signature on the contract notarized. Which of these actions is a real estate licensee allowed to perform? - Answer-Fill in the blanks on a standard form according to a client's instructions. What is a broker's price opinion (BPO)? - Answer-A report of property value that is prepared by a real estate licensee and does not meet the definition of an appraisal. Which of these scenarios describes proper disbursement of the earnest money deposit held in Dinwinkle Realty's trust account? - Answer-Dinwinkle's BIC, Andrea, disburses the earnest money to the closing agent for the transaction five business days before the scheduled closing.