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NC License Laws Practice Quiz with complete solution
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NC License Laws Practice Quiz with complete solution
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NCLicense
Laws
Practice
Quiz
How
long
is
a
broker
required
to
retain
records
relating
to
brokerage
transactions?
-
CORRECT
ANSWER-3
years
Prior
to
suspending
or
revoking
the
real
estate
license
of
a
provisional
broker,
the
Real
Estate
Commission
will
-
CORRECT
ANSWER-hold
a
hearing
where
the
licensee
can
be
present
with
legal
counsel
A
provisional
broker
with
Top
Notch
Realty
is
working
with
the
buyer
customer
as
a
seller's
sub-agent
to
find
a
home.
Top
Notch
Realty
does
not
offer
any
form
of
buyer
agency,
dual
agency,
or
designated
agency.
After
the
buyer
finds
a
home
with
assistance
of
the
provisional
broker,
the
buyer
submits
an
initial
offer,
using
the
NCAR/NCBA
Offer
To
Purchase
and
Contract,
on
a
property
listed
with
another
firm,
Leading
Edge
Realty.
After
the
listing
agent
presents
the
offer,
the
seller
signs
the
offer
with
no
changes.
The
listing
agent
with
Leading
Edge
Realty
immediately
calls
the
provisional
broker
on
his
cell
phone
to
tell
him
that
the
seller
has
accepted
the
buyer's
offer
with
no
changes
and
the
seller
has
signed
it.
The
provisional
broker
with
Top
Notch
Realty
calls
the
buyer
on
their
cell
phone
immediately
stating
that
their
offer
was
accepted
by
the
seller
with
no
changes.
Later
that
day,
the
listing
agent
with
Le
-
CORRECT
ANSWER-When
the
provisional
broker
with
Top
Notch
Realty
told
the
buyer
of
the
seller's
signed
acceptance
with
no
changes.
Under
North
Carolina
Real
Estate
Commission
rules,
an
"option
to
purchase"
is
to
be
delivered
immediately
but
no
later
than:
-
CORRECT
ANSWER-5
days
According
to
the
NCAR/NCBA
Offer
To
Purchase
and
Contract,
which
statement
is
correct?
-
CORRECT
ANSWER-Settlement
date
can
be
delayed
up
to
14
calendar
days
by
either
party
and
the
contract
is
still
enforceable
and
binding
on
all
parties.
Sally
received
her
NC
Real
Estate
license
in
November
2017.
If
she
wants
to
maintain
active
status,
she
must
complete
her
continuing
education
requirements
by
-
CORRECT
ANSWER-June
10,
2019 Five
days
after
signing
a
contract
to
purchase
a
new
timeshare
in
North
Carolina,
the
buyer
cancels
the
timeshare
contract.
According
to
North
Carolina
laws,
what
is
the
time
period
for
the
developer
to
refund
the
buyer's
money?
-
CORRECT
ANSWER-Thirty
days
from
the
date
of
purchase.
Ricardo
is
showing
the
buyer
a
house
in
the
capacity
of
Seller
Sub-agent.
Prior
to
being
shown
any
houses,
the
buyer
indicates
to
Ricardo
that
it
is
essential
he
have
a
fence
erected
around
the
backyard
of
any
house
he
purchases.
Ricardo
finds
the
perfect
house
for
the
buyer
but
it
does
not
have
a
fenced
backyard,
nor
does
the
listing
information
sheet
indicate
whether
fences
are
allowed.
Ricardo
does
not
inquire
of
the
listing
agent
anything
about
a
fence.
The
buyer
purchases
the
house
and
later
learns
that
he
cannot
erect
a
fence.
Which
of
the
following
statements
regarding
these
facts
are
true?
-
CORRECT
ANSWER-Ricardo
had
duty
to
determine
if
fences
were
permitted
even
though
the
listing
information
sheet
did
not
indicate
anything
regarding
fences.
Which
of
the
following
statements
is
incorrect
regarding
the
NC
Good
Funds
Settlement
Act?
-
CORRECT
ANSWER-The
funds
paid
to
the
settlement
agent
(closing
attorney)
are
acceptable
if
paid
by
personal
check
in
an
amount
not
to
exceed
$10,000
if
the
settlement
agent
(closing
attorney)
believes
the
funds
are
"good
funds".
Agent
A
was
recently
licensed
as
a
provisional
real
estate
broker
and
he
began
working
at
XYZ
Realty.
Agent
A
has
promptly
enrolled
in
his
first
30
hour
post
licensing
course.
As
a
condition
of
renewing
his
real
estate
license
on
active
status,
Agent
A
must
satisfy
the
North
Carolina
Real
Estate
Commission's
continuing
education
requirement
no
later
than
-
CORRECT
ANSWER-The
second
renewal
of
his
license
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