NC License Law 02 Questions and Answers Already Passed
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Course
NC License Law 02
Institution
NC License Law 02
NC License Law 02 Questions and
Answers Already Passed
What must a real estate broker do before accepting a client’s earnest money deposit?
A) Verify the client’s credit history
B) Deposit the funds into a trust account
C) Complete a background check on the client
D) Obtain approval f...
NC License Law 02 Questions and
Answers Already Passed
What must a real estate broker do before accepting a client’s earnest money deposit?
A) Verify the client’s credit history
B) Deposit the funds into a trust account
C) Complete a background check on the client
D) Obtain approval from the North Carolina Real Estate Commission
✔✔ B) Deposit the funds into a trust account
What is required for a real estate licensee to legally advertise property listings?
A) Obtain permission from the property owner
B) Include the broker’s name and contact information
C) Provide a detailed property inspection report
D) Display the property’s sale price
✔✔ B) Include the broker’s name and contact information
How long does a licensee have to respond to a complaint filed with the North Carolina Real
Estate Commission?
1
,A) 10 days
B) 15 days
C) 20 days
D) 30 days
✔✔ C) 20 days
What is the purpose of the North Carolina Real Estate Commission’s trust account regulations?
A) To facilitate the payment of commissions
B) To ensure client funds are handled properly
C) To manage brokerage operating costs
D) To provide funding for real estate seminars
✔✔ B) To ensure client funds are handled properly
What type of license is required for a real estate professional to manage rental properties?
A) Salesperson license
B) Broker license
C) Property management license
D) Appraisal license
2
, ✔✔ C) Property management license
What must a licensee do if they change their legal name?
A) Notify their clients directly
B) File a new application with the North Carolina Real Estate Commission
C) Update their name with the Department of Motor Vehicles
D) Notify the North Carolina Real Estate Commission and provide legal documentation
✔✔ D) Notify the North Carolina Real Estate Commission and provide legal documentation
What is required of a real estate broker when handling client funds in a trust account?
A) The broker must use the funds for personal business expenses
B) The broker must maintain a separate trust account for each client
C) The broker must keep detailed records and account for all transactions
D) The broker must invest the funds to earn interest
✔✔ C) The broker must keep detailed records and account for all transactions
What should a licensee do if they receive a dual agency agreement?
A) Decline the agreement
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