Real Estate Exam - State Portion - NC –
2022/2023 Rated A+
There are a total of 9 members on the NC Real Estate Commission ✔✔True
All 9 members serve a 3 year term ✔✔True
All commissioners except 2 must have some active relationship to the real estate business.. Two
members can have no active relationship to real estate ✔✔True
The NCREC is a government dept but is self-funded by fees paid for renewals, application fees,
& other fee paid by licensees ✔✔True
The purpose of the NCREC is to protect the public. ✔✔True
The NCREC has no power to put a licensee in jail. Only courts have this power. ✔✔True
The NC court system can prosecute you for violation of G.S.93A. ✔✔True
,The NCREC has the power to revoke a real estate license only not the court system. ✔✔True
The NCREC can not give licensees advice on the validity of a contract. The NCREC does not
practice law ✔✔True
The NCREC will NOT help a broker determine what fees to set ✔✔True
The NCREC may investigate anyone on its own motion. ✔✔True
The NCREC can can revoke or suspend a license, but cannot force a BIC to give money back.
✔✔True
The NCREC does not set real estate fees and commissions earned in sales. All fees are
negotiable ✔✔True
The contracts generally used by MOST real estate licenees are not created and approved by the
NCREC. The NCREC does not create contracts; they do approve contracts. ✔✔True
, False - Both fraud and misrepresentation are violations of license law ✔✔A broker who
misrepresents or commits fraud in a real estate transaction may have violated criminal code but
NOT real estate law
False - provisional brokers may only accept commissions from their broker in charge ✔✔A
seller may directly pay a provisional broker a bonus check at closing with permission of the
broker in charger of the NCREC
False - dual agency must by fully disclosed to all parties and have each party's written consent
✔✔Undisclosed dual agency is acceptable as long as you have a buyers permission
False - reports required within 60 days of conviction of any crime ✔✔A licensee must report any
accusations of a felony to NCREC within 10 days
False - all contracts must be delivered immediately but in some cases no later than 5 days.
✔✔Contracts must be delivered to all parties within 10 days
True ✔✔It is never acceptable to give a check that will be dishonored to the NCREC
2022/2023 Rated A+
There are a total of 9 members on the NC Real Estate Commission ✔✔True
All 9 members serve a 3 year term ✔✔True
All commissioners except 2 must have some active relationship to the real estate business.. Two
members can have no active relationship to real estate ✔✔True
The NCREC is a government dept but is self-funded by fees paid for renewals, application fees,
& other fee paid by licensees ✔✔True
The purpose of the NCREC is to protect the public. ✔✔True
The NCREC has no power to put a licensee in jail. Only courts have this power. ✔✔True
The NC court system can prosecute you for violation of G.S.93A. ✔✔True
,The NCREC has the power to revoke a real estate license only not the court system. ✔✔True
The NCREC can not give licensees advice on the validity of a contract. The NCREC does not
practice law ✔✔True
The NCREC will NOT help a broker determine what fees to set ✔✔True
The NCREC may investigate anyone on its own motion. ✔✔True
The NCREC can can revoke or suspend a license, but cannot force a BIC to give money back.
✔✔True
The NCREC does not set real estate fees and commissions earned in sales. All fees are
negotiable ✔✔True
The contracts generally used by MOST real estate licenees are not created and approved by the
NCREC. The NCREC does not create contracts; they do approve contracts. ✔✔True
, False - Both fraud and misrepresentation are violations of license law ✔✔A broker who
misrepresents or commits fraud in a real estate transaction may have violated criminal code but
NOT real estate law
False - provisional brokers may only accept commissions from their broker in charge ✔✔A
seller may directly pay a provisional broker a bonus check at closing with permission of the
broker in charger of the NCREC
False - dual agency must by fully disclosed to all parties and have each party's written consent
✔✔Undisclosed dual agency is acceptable as long as you have a buyers permission
False - reports required within 60 days of conviction of any crime ✔✔A licensee must report any
accusations of a felony to NCREC within 10 days
False - all contracts must be delivered immediately but in some cases no later than 5 days.
✔✔Contracts must be delivered to all parties within 10 days
True ✔✔It is never acceptable to give a check that will be dishonored to the NCREC
