Nc real estate broker - Study guides, Class notes & Summaries

Superior 303 NC Law and Rules Exam Questions and Answers sole proprietor -Answer-Full broker not affiliated with another firm Can not Advertise Can not hire other licensees Can not hold a trust account Would have to become a BIC in order to 'do it all' How long is BIC eligible status valid for? -Answer-12 months must take BIC update instead of general update each year that will renew eligibility to continue being BIC eligible Who is responsible for the advertising? -Answer-BIC Who i...

Real Estate U Final Exam 2-Answered correctly-latest 2023/2024 Real Estate U Final Exam 2-Answered correctly-latest 2023/2024 Which of the following are tax-deductible expenses resulting from home ownership? Mortgage interest and property taxes Which of the following is true regarding the $500,000 exemption, in the sale of a personal residence, for a married couple filing jointly? A married couple can use the $500,000 joint exemption if only one meets the ownership requirement, but...

Syndication - Answer-Two or more forms joining together as an entity to own real estate Estate in severalty - Answer-Ownership by one individual Concurrent ownership - Answer-Two or more persons share ownership with undivided interests Tenancy in common - Answer-Co-ownership without right of survivorship to other owners Police power - Answer-The broad right of the government to place reasonable restrictions on the use of privately held land Easement - Answer-A right of use or enjo...

NC real estate broker pre-licensing exam questions and answers Deed restrictions - Answer-Private agreements that govern the use of land Lien - Answer-A claim that a party has against the property of another to secure payment of a debt Easement in gross - Answer-An easement given to a utility company in perpetuity Real property tax lien - Answer-A lien that takes property over all others Zoning ordinances - Answer-Enforced by local municipalities as a part of their right to govern...

North Carolina (NC) Real Estate Broker Pre licensing Exam Questions and Correct Answers 2024

NC POST 303 - Section 6 Questions and Answers Graded A+ What is the primary purpose of the North Carolina Real Estate Commission? A) To issue real estate licenses B) To provide loans for real estate transactions C) To regulate and enforce real estate laws D) To offer real estate training courses C) To regulate and enforce real estate laws What must a broker do before representing a client in a real estate transaction? A) Obtain a real estate license B) Sign a personal guarante...

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) Completi...

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 fr...

Post License 303--NC Law, Rules and Legal Concepts 100% Pass What is the primary responsibility of a real estate broker in North Carolina? To act in the best interest of their clients and ensure compliance with state real estate laws and regulations. What is the required action if a broker changes their business address in North Carolina? Notify the North Carolina Real Estate Commission within ten days of the change. What is the purpose of the Trust Account in real estate transa...

NC 302 Post Licensing Questions and Answers Already Passed What document must a real estate agent provide to the seller at the time of listing a property? The Listing Agreement What is the purpose of a property management agreement? To define the responsibilities and terms between the property owner and the property manager What must be included in a property disclosure statement? Information about known defects or issues with the property What is the role of an earnest mon...