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NC 303 POST LICENSING EXAM PREP 2024 TEST
BANK WITH 300 QUESTIONS AND CORRECT
ANSWERS (100% CORRECT VERIFIED
ANSWERS) 303 NC POST LICENSING EXAM
TEST BANK 2024 (NEWEST!)
What does "No Representation" mean on a North Carolina property disclosure form? - ANSWER-The seller is choosing not to disclose certain information.
In order for North Carolina broker Meredith to accept compensation from a home inspector for referring a client, what must she disclose to the relevant transaction parties? - ANSWER-The name of the inspection company and the type and amount of the compensation
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? - 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? - ANSWER-Send the tenant a notice of immediate lease termination
Before becoming a broker-in-charge, a North Carolina broker must first apply for _______ with the NCREC. - ANSWER-Eligibility
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pg. 2 Dave is an employee of a housing authority in his North Carolina county. He's been asked to lease one of the properties that the housing authority owns to a new tenant. Does Dave need a real estate license for this? - ANSWER-No. Dave qualifies for the housing authority exemption wherein an employee is permitted to sell or lease properties that are owned by the housing authority.
It's fine for a personal assistant to answer a buyer's questions related to contract terms if the personal assistant ______. - ANSWER-Is licensed
Which aspect of highest and best use is concerned with land use restrictions and zoning? - 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? - 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? - 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? - 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? - ANSWER-Zero years
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pg. 3 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? - ANSWER-Wetland
Which of the following is NOT a measure a developer must take to prevent sedimentation? - ANSWER-Deep rooting trees along shoreline
Randall's clients, Carma and Trent, are looking for a mountain cabin. They tell Randall they'll pay him a $2,000 finder's fee if he finds the cabin that checks all of their boxes, and they close on it. Randall finds a likely candidate that's an FSBO, and negotiations begin. What circumstance is required for Randall to receive the finder's fee? - ANSWER-Carma and Trent must pay the finder's fee to Randall's broker
Which of the following would NOT be considered a violation of license law? - ANSWER-A timeshare salesperson who also has a legal license performing legal services
Which of the following best describes a tenant's right to quiet enjoyment? - ANSWER-A tenant has the right to enjoy lawful use of the property without being dispossessed or trespassed upon, even by the landlord.
Ricky Nubbins is three months behind in his rent and has received several reminders from the landlord that the rent is past due. As a result, the landlord has begun working through proper channels to legally end Ricky's lease before the contract end date. The landlord is terminating his lease through ______. - ANSWER-Eviction
Devin, a homebuilder, was caught dumping a load of rubble in an area designated as wetlands. "But I wasn't building anything," he explained. "I wasn't involved in any development when I dumped the dirt there." Was his dumping a legal act? - 3 / 4
pg. 4 ANSWER-No, because dumping material in a wetland is one of the activities that isn't allowed without a permit.
If a real estate agent realizes that the seller or landlord intends to discriminate against a member of a protected class, which of the following is NOT a best practice response? - ANSWER-The agent doesn't need to do anything because the agent hasn't committed any discriminatory acts, and the client hasn't actually discriminated yet.
A(n) ______ policy typically only covers the condominium buildings' structure and the common areas. This type of policy often does not cover the inside of the unit. - ANSWER-Master insurance -the condominium owners' association master insurance policy typically only covers the condominium buildings and the common areas. This type of policy often does not cover the inside of the unit.
Simon is a non-provisional broker in North Carolina. Which of the following is not necessarily true for Simon? - ANSWER-simon must be supervised by a broker-in- charge to maintain an active license.-As a fully licensed, non-provisional broker in North Carolina, Simon will have completed 90 hours of post-licensing education, and all licensees must complete eight hours of CE and renew their licenses yearly. However, only provisional brokers must be supervised by a broker-in-charge, and while Simon can choose to do so, it's not true that he MUST be supervised.
Reese is a Virginia licensee with a North Carolina limited nonresidential commercial license. She's affiliated with North Carolina resident broker Nicky for a commercial real estate transaction. Whose job is it to handle any trust funds relating to the transaction? - ANSWER-Nicky is responsible for handling the trust funds as she would with trust funds in any other North Carolina transaction.
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