1
NC 75-Hour Broker Pre licensing Course Study
Guide Questions with Correct Answers for
Specific Exam Mail
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)
Pretest - Stuvia US
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Adjustments are made to the subject property
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)
Pretest - Stuvia US
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Deductibility of mortgage interest
B)
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
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A)
if the form is not provided per statute, the buyer could have a rescission
period for any resulting contract.
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)
Pretest - Stuvia US
NC 75-Hour Broker Pre licensing Course Study
Guide Questions with Correct Answers for
Specific Exam Mail
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)
Pretest - Stuvia US
,2
Adjustments are made to the subject property
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)
Pretest - Stuvia US
,3
Deductibility of mortgage interest
B)
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
Pretest - Stuvia US
, 4
A)
if the form is not provided per statute, the buyer could have a rescission
period for any resulting contract.
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)
Pretest - Stuvia US
