NC Broker PSI State Portion Questions and Answers Already Passed
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Course
NC Broker PSI State Portion
Institution
NC Broker PSI State Portion
NC Broker PSI State Portion Questions
and Answers Already Passed
What is the primary purpose of the North Carolina Real Estate Commission?
A) To issue real estate licenses
B) To regulate and enforce real estate laws
C) To conduct real estate training programs
D) To provide financial assis...
NC Broker PSI State Portion Questions
and Answers Already Passed
What is the primary purpose of the North Carolina Real Estate Commission?
A) To issue real estate licenses
B) To regulate and enforce real estate laws
C) To conduct real estate training programs
D) To provide financial assistance for real estate transactions
✔✔ B) To regulate and enforce real estate laws
Which of the following is a requirement for obtaining a real estate broker license in North
Carolina?
A) Completion of a bachelor’s degree
B) Passing a state and national examination
C) Submitting a resume
D) Completing an internship with a real estate firm
✔✔ B) Passing a state and national examination
1
,What must be included in a real estate brokerage’s trust account?
A) Only the broker’s personal funds
B) Client funds related to real estate transactions
C) Funds for the brokerage’s operating expenses
D) Only commissions earned by the brokerage
✔✔ B) Client funds related to real estate transactions
What is required for a real estate contract to be legally enforceable?
A) The contract must be notarized
B) All parties must be represented by legal counsel
C) The contract must be in writing and signed by all parties
D) A deposit must be made at the time of signing
✔✔ C) The contract must be in writing and signed by all parties
When is a broker required to provide a property disclosure statement to a buyer?
2
,A) After the purchase agreement is signed
B) Before the closing date
C) Before or at the time of making an offer
D) Only if requested by the buyer
✔✔ C) Before or at the time of making an offer
What action should a broker take if they suspect a property has structural issues?
A) Ignore the issues and proceed with the sale
B) Inform the seller but do nothing else
C) Disclose the issues to potential buyers and suggest a professional inspection
D) Attempt to repair the issues themselves
✔✔ C) Disclose the issues to potential buyers and suggest a professional inspection
Which document outlines the responsibilities and compensation for a real estate agent?
A) Listing agreement
B) Purchase agreement
3
, C) Property management agreement
D) Buyer representation agreement
✔✔ D) Buyer representation agreement
How long must a broker retain records of real estate transactions?
A) One year
B) Two years
C) Three years
D) Five years
✔✔ C) Three years
What must a broker disclose if they are representing both the buyer and the seller in a
transaction?
A) Their commission rate
B) Their personal interests
C) The dual agency relationship
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