National Real Estate Exam Practice 2026-2027 Actual
Comprehensive Real Exam Questions And Verified
Answers (Correct Answers) Graded A+ | Newest Exam |
Just Released !!
Mercy is a time share project developer's general partner. Before a time
share registrar has been designated for the project, Mercy intentionally
allows time shares to be sold to purchasers. Which of the following is
true?
Topic: North Carolina Commission Rules and License Law
Subtopic: North Carolina Time Share Act
Mercy is guilty of a Class E felony.
Mercy is guilty of a Class E misdemeanor.
Mercy is guilty of a Class I felony.
Mercy is guilty of a Class I misdemeanor.
The time share project developer's general partner, corporate officer,
joint venture, or sole proprietor is guilty of a Class I felony if that person
intentionally allows time shares to be offered for sale or sold to
purchasers before a time share registrar has been designated.
,Which one of the following statements is accurate regarding North
Carolina trust accounts?
Topic: North Carolina Commission Rules and License Law
Subtopic: Handling of trust funds
Brokers may have no more than one trust account.
Brokers must have at least one trust account whether they handle trust
funds or not.
Each broker must have a separate trust account for each client.
Each broker who handles trust funds must have at least one trust
account, but is not restricted to having only one account.
Brokers who handle trust funds must have at least one designated trust
account. If the broker does not handle trust funds, then no trust account
is required. Brokers are not limited to having only one trust account,
though one common trust account may be used for multiple clients.
When brokers handle HOA/POA funds, each association must have its
own trust account.
,The NCREC defines ______ as "all moneys received by a broker acting in
his or her fiduciary capacity."
Topic: North Carolina Commission Rules and License Law
Subtopic: Handling of trust funds
Down payments
Earnest money deposits
Fiduciary funds
Trust money
Trust money is defined in the commission rules as "all moneys received
by a broker acting in his or her fiduciary capacity." Some of the most
common types of trust money include earnest money deposits, down
payments, rents, and tenant security deposits.
Which of the following is NOT a valid reason for an offer termination in
North Carolina?
Topic: Other North Carolina Laws and Practices
Subtopic: Sales contracts and related procedures
Counter-offer
Death
Improper forms
Insanity
In addition to the incorrect answers, rejection, expiration, revocation, or
destruction of property may terminate an offer.
, How is procuring cause related to a protection agreement in North
Carolina?
Topic: Other North Carolina Laws and Practices
Subtopic: Agency relationships in real estate sales
The period of time in the protection clause is only applicable if the
licensee is the procuring cause.
The protection agreement is invalidated if the licensee is the procuring
cause.
The protection agreement is valid if the seller is the procuring cause.
The protection period can be lengthened or shortened if the licensee is
the procuring cause.
If a licensee is the procuring cause, the events leading to the successful
sale were set in motion by that licensee.
North Carolina licensee Scottie is performing a no-fee CMA for his
client Jameson. What does this mean?
Topic: Other North Carolina Laws and Practices
Subtopic: Sales contracts and related procedures
He doesn't have a brokerage agreement with Jameson.
He has a brokerage agreement Jameson.
He has at least a non-provisional real estate license.
He's had her non-provisional license for less than three months.
In North Carolina, a no-fee CMA may be performed for a consumer
with whom there is a brokerage relationship. It's considered "no fee"
because the CMA is performed as part of the overall brokerage
services, so no separate fee is charged.
Comprehensive Real Exam Questions And Verified
Answers (Correct Answers) Graded A+ | Newest Exam |
Just Released !!
Mercy is a time share project developer's general partner. Before a time
share registrar has been designated for the project, Mercy intentionally
allows time shares to be sold to purchasers. Which of the following is
true?
Topic: North Carolina Commission Rules and License Law
Subtopic: North Carolina Time Share Act
Mercy is guilty of a Class E felony.
Mercy is guilty of a Class E misdemeanor.
Mercy is guilty of a Class I felony.
Mercy is guilty of a Class I misdemeanor.
The time share project developer's general partner, corporate officer,
joint venture, or sole proprietor is guilty of a Class I felony if that person
intentionally allows time shares to be offered for sale or sold to
purchasers before a time share registrar has been designated.
,Which one of the following statements is accurate regarding North
Carolina trust accounts?
Topic: North Carolina Commission Rules and License Law
Subtopic: Handling of trust funds
Brokers may have no more than one trust account.
Brokers must have at least one trust account whether they handle trust
funds or not.
Each broker must have a separate trust account for each client.
Each broker who handles trust funds must have at least one trust
account, but is not restricted to having only one account.
Brokers who handle trust funds must have at least one designated trust
account. If the broker does not handle trust funds, then no trust account
is required. Brokers are not limited to having only one trust account,
though one common trust account may be used for multiple clients.
When brokers handle HOA/POA funds, each association must have its
own trust account.
,The NCREC defines ______ as "all moneys received by a broker acting in
his or her fiduciary capacity."
Topic: North Carolina Commission Rules and License Law
Subtopic: Handling of trust funds
Down payments
Earnest money deposits
Fiduciary funds
Trust money
Trust money is defined in the commission rules as "all moneys received
by a broker acting in his or her fiduciary capacity." Some of the most
common types of trust money include earnest money deposits, down
payments, rents, and tenant security deposits.
Which of the following is NOT a valid reason for an offer termination in
North Carolina?
Topic: Other North Carolina Laws and Practices
Subtopic: Sales contracts and related procedures
Counter-offer
Death
Improper forms
Insanity
In addition to the incorrect answers, rejection, expiration, revocation, or
destruction of property may terminate an offer.
, How is procuring cause related to a protection agreement in North
Carolina?
Topic: Other North Carolina Laws and Practices
Subtopic: Agency relationships in real estate sales
The period of time in the protection clause is only applicable if the
licensee is the procuring cause.
The protection agreement is invalidated if the licensee is the procuring
cause.
The protection agreement is valid if the seller is the procuring cause.
The protection period can be lengthened or shortened if the licensee is
the procuring cause.
If a licensee is the procuring cause, the events leading to the successful
sale were set in motion by that licensee.
North Carolina licensee Scottie is performing a no-fee CMA for his
client Jameson. What does this mean?
Topic: Other North Carolina Laws and Practices
Subtopic: Sales contracts and related procedures
He doesn't have a brokerage agreement with Jameson.
He has a brokerage agreement Jameson.
He has at least a non-provisional real estate license.
He's had her non-provisional license for less than three months.
In North Carolina, a no-fee CMA may be performed for a consumer
with whom there is a brokerage relationship. It's considered "no fee"
because the CMA is performed as part of the overall brokerage
services, so no separate fee is charged.
