pg. 1 NC post-licensing 303 Newest Update 2024 Complete Questions with 100% Correct Verified Answers/ Rated A+
In NC, active RE license is required when: - Correct Answer - When assisting another broker for compensation in the providing of brokerage services.
When can an unlicensed person engage in real estate activity? - Correct Answer - - Their own property
- Attorney in fact
- Attorney at law
- Court-ordered sales
- Trustees in foreclosure
- Housing authorities
"Power of attorney" exemption exists to allow: - Correct Answer - Allow others to use a power of attorney for final consummation in the performance of a contract.
In a corporation, who is exempt from licensure when handling entity's own property? - Correct Answer - Officers, directors, and W2 employees.
In a LLC, who is exempt from licensure when handling entity's own property? - Correct Answer - Managers and W2 employees.
In a partnership, who is exempt from licensure when handling entity's own property? - Correct Answer - General partners, and W2 employees.
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pg. 2 Mary, a woman of color, has filed a fair housing complaint after suspecting her real estate agent was only showing her homes in communities that were primarily made up of minorities. After completing its investigation, HUD found reasonable cause to believe that discrimination occurred. What will happen next? - Correct Answer - HUD will issue a charge of discrimination and will notify Mary, the complainant, of its determination.
How can North Carolina landlords remove tenants who engage in illegal activities like drug manufacturing on the premises? - Correct Answer - Send the tenant a notice of immediate lease termination
Which aspect of highest and best use is concerned with land use restrictions and zoning? - Correct Answer - Is it legally allowable or permissible?
In North Carolina, the Vacation Rental Act provides what kind of exception regarding compensation for real estate brokerage activities? - Correct Answer - Under this act, a travel agent who does not hold an active real estate license may accept a referral fee for referring a tenant to a broker for a vacation rental if certain provisions are met.
Tenant A is leasing commercial property from the landlord. Tenant A then sublets to Tenant B. Which of the following parties have a sandwich lease? - Correct Answer - The original tenant and the landlord
Mike relocated for work and learned that the region in which he planned to buy a home had many old underground mines. In fact, Mike might even need to purchase mine subsidence insurance. What might a home inspector flag for Mike if there are any concerns about undermining? - Correct Answer - A sinkhole on the property
An underground storage tank has been in place for 15 years. What is its remaining useful life, on average? - Correct Answer - Zero years
Which of the following is described as an area that is protected by the Clean Water Act where standing water that supports aquatic plants and animals is located and groundwater is filtered? - Correct Answer - Wetland
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pg. 3 Before becoming a broker-in-charge, a North Carolina broker must first apply for _______ with the NCREC. - Correct Answer - Eligibility
Which one of the following people would be exempt from the real estate licensure requirement in North Carolina? - Correct Answer - An attorney who's selling a property for a client, for compensation, using a power of attorney
Which of the following statements about transaction records retention in North Carolina is true? - Correct Answer - Records for all transactions, including offers and marketing records, must be retained for three years.
Cory is a non-provisional broker in North Carolina. In order for him to receive compensation, he's required to complete ______ hours of continuing education every year - Correct Answer - Eight
Which of the following have studies shown to reduce access to employment opportunities? - Correct Answer - Housing discrimination
North Carolina broker Timothy's buyer client just signed an offer for her potential dream house. How long does Timothy have to get the offer delivered to the seller and his listing agent? - Correct Answer - Three days
Which of the following defines a subdivision? - Correct Answer - A tract of land divided into lots or plots and used for building purposes
A certified septic inspector looks at the septic tank, the distribution box, and the _______ for code compliance. - Correct Answer - Absorption field
North Carolina broker Karyn has accepted compensation from a vendor for recommending its services to a client. Under what circumstances would Karyn NOT be required to disclose her acceptance? - Correct Answer - If what Karyn accepted is a token of insignificant or symbolic worth, she needn't disclose it to anyone.
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pg. 4 Which of the following terms refers to the relationship between the landlord and the tenant in which both parties have obligations to one another? - Correct Answer - Mutuality of obligations
All of the following are requirements for manufactured housing EXCEPT for which one?
- Correct Answer - Does not include a permanently attached chassis
-Manufactured homes are transportable structures that are eight or more feet in width and 40 or more feet in length, or at least 320 square feet. They're constructed with a permanent, non-removable steel chassis and wheels, and they are designed to be used as dwellings with or without a permanent foundation when connected to plumbing, heating, cooling, and/or electrical systems.
Which of the following situations would NOT require a North Carolina licensee to notify NCREC? - Correct Answer - The licensee takes out a sizable personal loan to complete some office renovations.
Jessica is a timeshare interest purchaser who noticed that the public offering statement includes a statement that she has a right to cancel the purchase contract within a certain number of days after executing the purchase contract. This cancellation statement is known as the purchaser's ______. - Correct Answer - Right to cancel
A North Carolina licensee has been found guilty of improper conduct. Which of the following is an example of that violation? - Correct Answer - Violation of the State Fair Housing Act
What advantage does the 1031 tax-deferred exchange offer? - Correct Answer - It allows investors to defer capital gains taxes when selling a property, provided they buy another property.
North Carolina broker Dustin moved, changing his permanent address. To comply with real estate license law, who or what entity must Dustin notify? - Correct Answer - The North Carolina Real Estate Commission
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