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Real Estate U State Exam Pt.2 Questions and Complete Solutions Graded A+
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Real Estate U State Exam Pt.2 Questions and Complete Solutions Graded A+
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Real Estate U StateExam Pt.2
Questions and
Complete Solutions
Graded A+
Denning [Date] [Course title]
, John is a licensed real estate broker in NC who is managing an apartment complex. He wants to run a
promotion to help attract new tenants. Which of the following would NOT be allowed? - Answer: A free
month's rent given to any current tenants who recommend a friend that signs a one-year lease
Remember, you cannot receive any form of compensation from an owner if you perform a real estate
service for someone else. A free month's rent given to new tenants involves a form of compensation;
however, the tenant is not representing or helping someone else. The tenant is representing
themselves. A $50 gift card is also a form of compensation; however, the tenant is not performing any
real estate services for someone else (they are representing themselves again). The remaining answer
choice involves compensation and real estate services for someone else; however, the person offering
those services is licensed. This leaves "a free month's rent given to any current tenants who recommend
a friend that signs a one-year lease" as the correct answer. The tenant is being compensated in the form
of one month's free rent and performing real estate services for someone else (their friend in this case).
Since they are being compensated and performing real estate services for someone else, a license is
required.
Joan finds out that her best friend is interested in purchasing a new home and puts her friend into
contact with an active real estate broker named Paula who will represent the friend in the purchase.
Upon closing, Paula sends Joan a $200 Amazon gift card. Is Joan required to have a license in order to
receive the gift card? - Answer: Yes
Joan is being paid a fee (in this case a $200 Amazon gift card), she is helping someone else (her friend),
and Joan is being compensated for services (in this case referring a friend to a broker and receiving a
$200 Amazon gift card in the process). For these reasons, Joan is required to have a license. A license is
required when someone receives compensation (any form of compensation) from another to perform
real estate services (including referring someone to a broker).
Dan is a real estate broker in NC who is holding a $8,000 earnest money deposit for a sales transaction
between Seller Sam and Buyer Bob. Buyer Bob has breached the sales contract, and the contract
specifies that in the event of a breach, the earnest money should be released to the seller. Seller Sam
wants the earnest money to be released to him, as per the terms of the contract. What should Dan do? -
Answer: Hold on to the earnest money until both Seller Sam and Buyer Bob agree to release the earnest
money.
Bob owns a building lot in Holly Springs that he and his wife purchased when they both attended
graduate school in Raleigh. Although they paid only $10,000 for the lot many years ago, it has a current
tax value of $18,000. Bob and his wife now realize they will not be moving back to NC so they decide to
sell. They contact Arnold, who is a real estate broker, to list the property. Arnold tells Bob that he has a
builder friend who might be interested in purchasing the lot quickly. Two days later Arnold emails Bob a
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