NC License Law and Rules Questions and Answers Graded A+
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Course
NC License Law and Rules
Institution
NC License Law And Rules
NC License Law and Rules Questions
and Answers Graded A+
What is required for a real estate licensee to maintain active status?
A) Completing a financial audit
B) Passing a new licensing exam
C) Completing required continuing education courses
D) Submitting quarterly reports
C) Completi...
NC License Law and Rules Questions
and Answers Graded A+
What is required for a real estate licensee to maintain active status?
A) Completing a financial audit
B) Passing a new licensing exam
C) Completing required continuing education courses
D) Submitting quarterly reports
✔✔ C) Completing required continuing education courses
If a licensee is found to have violated the North Carolina Real Estate License Law, what might
be a possible consequence?
A) A warning letter
B) Suspension or revocation of their license
C) A monetary fine only
D) A temporary suspension with no further action
✔✔ B) Suspension or revocation of their license
What must be included in the agency disclosure provided to a client?
1
,A) The agent’s commission rate
B) The agent’s representation and duties
C) The property’s appraisal value
D) The client’s personal information
✔✔ B) The agent’s representation and duties
What is the purpose of a trust account in real estate transactions?
A) To manage the brokerage’s operating expenses
B) To hold client funds securely
C) To pay agent commissions directly
D) To store personal funds of the licensee
✔✔ B) To hold client funds securely
What document must a broker provide to the North Carolina Real Estate Commission when
changing their business address?
A) A new business license
B) A written notification of the address change
C) A detailed business plan
2
, D) Proof of new office lease
✔✔ B) A written notification of the address change
What action should a licensee take if they receive an offer that requires modifications?
A) Reject the offer immediately
B) Communicate the modifications to the buyer and obtain a revised offer
C) Make the modifications unilaterally
D) Delay presenting the offer to the seller
✔✔ B) Communicate the modifications to the buyer and obtain a revised offer
What is the minimum period for retaining real estate transaction records?
A) One year
B) Two years
C) Three years
D) Five years
✔✔ C) Three years
How should a licensee handle a conflict of interest?
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