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Licence Law 1 Engrade Review Practice Quiz with Correct Answers When is the first point at which a provisional broker may begin practicing real estate in NC? A. when the NCREC receives notification of the provisional broker's activation with a BIC B. upon successful completion of all course wor...

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  • November 4, 2024
  • 24
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • licence law 1 engrade review practice quiz with co

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KaylinHoffman

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




Licence Law 1 Engrade Review Practice

Quiz with Correct Answers


When is the first point at which a provisional broker may begin practicing real estate in NC?




A. when the NCREC receives notification of the provisional broker's activation with a BIC


B. upon successful completion of all course work and required examinations


C. upon completion of all educational requirements


D. upon formal notification from the NCREC that the candidate has successfully passed the real estate

examination and has been issued a license number - ANSWER✔✔-A


An unlicensed assistant may do all of the following activities, EXCEPT:




A. enter listings into the MLS


B. exhibit units for rent and provide tenants with information about the lease agreement


C. exhibit homes that are for sale and show the buyer around the home



Copyright © Stuvia International BV 2010-2024 Page 1/24

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




D. fill in preprinted lease agreements and collect monies from prospective tenants, as long as the

employee does not negotiate rents - ANSWER✔✔-C


With regard to timeshares, all of the following are true, EXCEPT:




A. A timeshare developer and broker must maintain records of sales, rentals or exchange transactions for

a minimum of three years.


B. All monies received by a timeshare developer or broker must be deposited within three banking days

of receipt and remain in the trust account for ten days from the date of sale or until cancellation by the

purchaser, whichever occurs first


C. Timeshares are not considered real estate and no license is required to sell timeshares in NC


D. Any refunds due to a cancellation of a timeshare purchase will be refunded within 30 days following

the date of execution of the contract - ANSWER✔✔-C


Which of the following statements is true about timeshares?




A. They do not have to be registered with the NC Real Estate Commission


B. They may be transferred prior to registering with the NC Real Estate Commission


C. They must be registered with the NC Real Estate Commission prior to sale


Copyright © Stuvia International BV 2010-2024 Page 2/24

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




D. The timeshare broker may be fined by the NC Real Estate Commission - ANSWER✔✔-C


All of the following statements are correct regarding the NCREC, EXCEPT:




A. They shall be entitled to the services of the Attorney General of NC


B. They shall not make rules or regulations regulating commissions, salaries, or fees to be charged by

licensees


C. They shall make rules to allow a licensee to pay a travel agent who does not have a real estate license

a referral fee


D. They shall have the power to make reasonable by laws, rules and regulations that are inconsistent

with the provisions of the general statutes - ANSWER✔✔-D


It is correct to say that the NC Real Estate Commission may not fine a real estate licensee. However, the

NC Real Estate Commission may do which of the following?




A. order licensees to pay clients for damages caused and arbitrate disputes over fees


B. fine a timeshare developer up to $500 per violation of the Timeshare Act


C. revoke a broker's license if the broker fails to take the required number of continuing education hours

per year


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