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SUPERIOR NC REAL EST ATE
IMPORTANT FINAL EXAM
QUESTIONS AND ANSWER S
Question: why do we have the statute of fraud
Correct answer: to prevent oral fraud
Question: if you lease/sell/advertise/manage real estate
property for someone else for a fee do you need a license?
Correct answer: yes
Question: if I receive compensation from a real estate
transaction do I need a license?
Correct answer: yes
Question: if you do not have a real estate license can you
sell someone else's home?
Correct answer: yes, if you have a legal document like a
power of attorney that grants permission to do so.
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Question: how many calendar days do we have to deliver
documents?
Correct answer: 3
Question: how long do we have to get postlicensing done?
Correct answer: 18 months
Question: when should we have CE done by every year?
Correct answer: 8 hours by june 10
Question: when should we renew our license by every
year?
Correct answer: june 30, $45
Question: after getting a license when do we start CE?
Correct answer: second june after getting license
Question: Do I have to be current and active to earn a real
estate commission?
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Correct answer: yes, BUT if im inactive and EARNED a
commission before I became inactive, I can get that money being it was earned when current and active.
Question: should ADs include firms name?
Correct answer: YES
Question: who sets the rates for VA loans?
Correct answer: local lendors
Question: who sets the rates for FHA loans?
Correct answer: local lendors
Question: if I buy property and tenant has 10 more years
on lease can I kick the tenant out?
Correct answer: NO - always honor the lease
Question: if it does not have a tide
Correct answer: person owns it to the middle
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Question: if water is navigable
Correct answer: person owns to the edge
Question: joint tenancy
Correct answer: equal shares/ right of survivorship
Question: joint tenancy in NC at death
Correct answer: will go to heirs UNLESS otherwise
satisfied
Question: married couples outside of NC
Correct answer: community property
Question: what do condominium owners OWN?
Correct answer: air space within unit. common areas are
tenancy in common with other tenants.