Nc real estate exam Study guides, Class notes & Summaries

NC Real Estate Exam Questions with Complete Solutions Rated A+ Subdivision - Answer-All divisions of a tract or parcel of land into two or more lots, building sites, or other divisions for the purpose of sale or building development Property Report - Answer-A report furnished to prospective buyers containing essential information about a development containing 25 or more lots. Protective Covenant - Answer-Enforceable conditions that restrict the manner in which an owner may use his prop...

Superior 303 NC Law and Rules Exam Questions and Answers sole proprietor -Answer-Full broker not affiliated with another firm Can not Advertise Can not hire other licensees Can not hold a trust account Would have to become a BIC in order to 'do it all' How long is BIC eligible status valid for? -Answer-12 months must take BIC update instead of general update each year that will renew eligibility to continue being BIC eligible Who is responsible for the advertising? -Answer-BIC Who i...

Solution

NC Real Estate Exam- Chapter 14 Real Estate Financing Principles

NC Real Estate Exam Questions with Verified Answers (Latest) CONTRACT - Answer-a binding agreement between two or more competent persons that is enforceable by law TYPES OF CONTRACTS BROKERS MAY USE: - Answer-1. Listing Contracts 2. Buyer Agency Contracts 3. Sales Contracts 4. Option Contracts 5. Land Installment Contracts 6. Leases A CONTRACT MUST BE: - Answer-1. Be voluntary 2. An agreement or promise 3. Made by legally competent parties 4. Supported by legal consideration 5....

When did it become mandatory to have a license to do real estate? July 1, 1957 Who issues licenses? NC real estate commission Do you have to be licensed to get paid for referrals? Yes, you must have an active license Brokerage activities requiring a license 1. Listing/offering to list real estate for sale/rent 2. Selling/buying or offering to sell/buy 3. Leasing/renting or offering to lease/rent 4. Conducting/offering to conduct a real estate auction 5. Selling/buying/leasing/assigning/ex...

NC Real Estate Exam Questions and Answers Which type of lien provides security to persons that work on real property owned by others? A. Mortgage lien B. Mechanic's lien C. Real estate tax lien D. State income tax lien - Answer-B) Mechanic's lien This type of lien is typically used to guarantee of payment to builders, contractors, and construction firms Which of the following is a requirement to become a real estate broker in North Carolina? A. 18 years of age B. 90 hours ...

NC Real Estate Exam- Chapter 14 Real Estate Financing Principles Federal Reserve System -Answer-Their role is to maintain sound credit conditions, help counteract inflationary and deflationary trends, and create a favorable economic climate. Primary Mortgage Market -Answer-the lenders that originate mortgage loans Income on a loan is realized from these sources -Answer-1. Finance charges collected at closing, such as loan origination fees and discount points 2. Recurring income, that is, t...

NC Real Estate Exam Study Guide Questions with Certified Answers When did it become mandatory to have a license to do real estate? July 1, 1957 Who issues licenses? NC real estate commission Do you have to be licensed to get paid for referrals? Yes, you must have an active license Brokerage activities requiring a license 1. Listing/offering to list real estate for sale/rent 2. Selling/buying or offering to sell/buy 3. Leasing/renting or offering to lease/rent 4. Conducting/offering to conduct...