Hot Topics

Question 1

(T/F) you can receive referrals without a License

Answer 1

False

Question 2

(T/F) you can receive fees,gifts,coupons, or small items of value without a license from a client if you don’t have a real estate license

Answer 2

False

Question 3

What type of license does a auctioneer need?

Answer 3

Real estate license AND auctioneer license

Question 4

(T/F) Attorneys and designated attorneys are exempt from a license

Answer 4

True

Question 5

(T/F) If you are a salaried employee of a property manager you are exempt from a license

Answer 5

True

Question 6

(T/F) You need a license if you are selling you OWN property

Answer 6

False

Question 7

(T/F) Trustees and others acting under court need a license

Answer 7

False

Question 8

Unlicensed assistance MAY

• receive and forward calls
• submit MLS info
• secure public records
• put up signs and install lock boxes
• order and supervise minor property repairs
• act as a courier
• communicate appointments
• show rental properties and execute pre-printed forms
• type offers,contracts,forms
• record and deposit earnest money
• assemble documents
• compute commission checks, conduct book keeping

Under what circumstance?

Answer 8

If they are salaried and not paid per transactions

Question 9

Who is a limited non-resident commercial brokers license for?

Answer 9

Non-residents

Question 10

(T/F) A limited non-resident commercial broker license requires application AND proper renewal

Answer 10

True

Question 11

(T/F) you can use a limited non-resident commercial broker license for residential transactions

Answer 11

False, limited to commercial activity only

Question 12

Who is a limited non-resident commercial broker license supervised by?

Answer 12

NC BIC/broker

Question 13

Where do trust monies stay for someone using a limited non-resident commercial broker license?

Answer 13

All trust monies stay in NC

Question 14

90 hours (3 30 hour courses is which education requirement?

Answer 14

post licensing

Question 15

How many 30 hour post licensing classes must you take a year?

Answer 15

At least 1 course per year

Question 16

What is the deadline for post license?

Answer 16

Date of licensure, but can complete earlier

Question 17

How many hours are required for CE? and what is the deadline date?

Answer 17

8 hours

june 10

Question 18

What is the license renewal deadline

Answer 18

june 30th

Question 19

what happens when you don’t renew your license?

Answer 19

expired

Question 20

What happens when you renew, but fail to do CE?

Answer 20

inactive

Question 21

How many firms are in a dual agency?

Answer 21

one

Question 22

When designated agency exists, the other agents are what type of agents?

Answer 22

dual agents

Question 23

When does the property owner agency agreements (listings and Property management) need to be in writing?

Answer 23

from the time the agreement was initially made

Question 24

When is oral agency expressed with buyer permitted until?

Answer 24

the time an offer is submitted

Question 25

When is the working with agents brochure required?

Answer 25

first substantial contact

Question 26

When must the sellers agent and buyers agent disclose status to the other (seller agent and prospective buyer)?

Answer 26

first substantial contact

Question 27

When is the deadline for written consent to dual agency?

Answer 27

must be disclosed at the formation of the relationship

Question 28

(T/F) in dual agency WRITTEN disclosure must exist prior to the submission of any offers

Answer 28

True

Question 29

(T/F) seller is required to provide an addendum with basic info

Answer 29

true

Question 30

As a broker, what must you inform the buyer to do when asked protective covenant questions

Answer 30

informs buyer to complete due diligence and request the form

Question 31

Due diligence includes name of association........(blank,Blank,blank)

Answer 31

contact person, services and dues

Question 32

when do PB deliver earnest money to BIC?

Answer 32

immediately

Question 33

When does earnest money get deposited?

Answer 33

immediately

Question 34

earnest money goes into trust account within how many days from when?

Answer 34

3 days from the acceptance of offer (except cash)

Question 35

How must compensation be received in disclosure of a builder bonus?

Answer 35

compensation receipt must be disclosed in writing (before making or accepting offer)

Question 36

When must a compensation receipt of a builder bonus (in writing) be received?

Answer 36

before making or accepting an offer

Question 37

(T/F) agents must always disclose material facts?

Answer 37

True

Question 38

What are anything that may affect the decision to buy or sell a house?

Answer 38

material facts

Question 39

(T/F)Sex offender location, death,or serious illness are not material facts

Answer 39

True

Question 40

What must you disclose conflicts of interests?

Answer 40

must disclose interest in the property | and must disclose relationships to parties

Question 41

what happens if you don't pay license fees?

Answer 41

``` expired license(not inactive) may result in denial,suspension, or revocation ```

Question 42

How often are ta rates adjusted?

Answer 42

annually

Question 43

When can tax values be adjusted horizontally?

Answer 43

every 4 years

Question 44

property must be reappraised every how many years?

Answer 44

8 years

Question 45

what is the official evaluation of a properties value called?

Answer 45

assessment

Question 46

(T/F) assessed value is based on comps at 100% of market value

Answer 46

True

Question 47

Are flood certifications required by lenders?

Answer 47

Yes

Question 48

(T/F) flood certifications are necessary on cash transactions

Answer 48

False

Question 49

Where to flood certifications come from?

Answer 49

FEMA based on army corp of engineers maps

Question 50

(T/F) agents have an obligation for accuracy and delivery of closing disclosure

Answer 50

True

Question 51

The borrower has a right under (blank) to see closing disclosure (Blank) day(s) prior to closing

Answer 51

RESPA,1

Question 52

Final closing disclosure must be delivered (Blank), never later than (Blank) day(s) after closing

Answer 52

immediately, 5

Question 53

(T/F) You are able to disburse funds prior to recordation

Answer 53

False

Question 54

(T/F) You are able to disperse funds at settlement or closing

Answer 54

False

Question 55

According to statute of frauds related to leases, leases longer than (blank) year(s) must be in writing

Answer 55

3