NREC License Law 1 Engrade Review Practice Quiz with Complete Solutions
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Course
NREC License Law 1
Institution
NREC License Law 1
NREC License Law 1 Engrade Review
Practice Quiz with Complete Solutions
What must a real estate licensee do if they change their business address?
A) Notify the local real estate board
B) Update their website
C) Notify the North Carolina Real Estate Commission
D) Advertise the change in a l...
NREC License Law 1 Engrade Review
Practice Quiz with Complete Solutions
What must a real estate licensee do if they change their business address?
A) Notify the local real estate board
B) Update their website
C) Notify the North Carolina Real Estate Commission
D) Advertise the change in a local newspaper
✔✔ C) Notify the North Carolina Real Estate Commission
How often must a real estate licensee complete continuing education courses?
A) Every six months
B) Every two years
C) Annually
D) Every five years
✔✔ C) Annually
What is the primary purpose of the North Carolina Real Estate Commission?
A) To promote real estate development
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,B) To assist in property management
C) To regulate and oversee the real estate industry
D) To provide financial services to agents
✔✔ C) To regulate and oversee the real estate industry
What document must a real estate agent provide to a client at the initial meeting?
A) A property brochure
B) A real estate market analysis
C) A written agency disclosure form
D) A client survey
✔✔ C) A written agency disclosure form
What is required for a real estate agent to legally represent a client?
A) A verbal agreement
B) A written agency agreement
C) An email confirmation
D) A phone call
✔✔ B) A written agency agreement
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, What should a licensee do if they receive an offer to purchase?
A) Ignore the offer
B) Counter the offer immediately
C) Present the offer to the seller without delay
D) Wait for a better offer
✔✔ C) Present the offer to the seller without delay
What is the maximum amount of time a licensee has to deposit earnest money into an escrow
account?
A) One business day
B) Two business days
C) Three business days
D) Five business days
✔✔ C) Three business days
How should a licensee handle a conflict of interest?
A) Ignore it if it does not affect the transaction
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