Docsity
Docsity

Prepare for your exams
Prepare for your exams

Study with the several resources on Docsity


Earn points to download
Earn points to download

Earn points by helping other students or get them with a premium plan


Guidelines and tips
Guidelines and tips

NC Real Estate Post Licensing Exam Prep: Agent Relationships, Contract Law, License Status, Exams of Real Estate Management

A comprehensive review of key concepts related to north carolina real estate post-licensing, focusing on agent relationships, responsibilities, contract law, and license status. It covers topics such as landlord-tenant laws, security deposits, lease agreements, commercial real estate practices, tax implications, and real estate license requirements. The material is presented in a question-and-answer format, making it an effective study aid for exam preparation. It also includes information on trust accounts, brokerage services, and license renewal procedures, offering a detailed overview of essential real estate practices in north carolina. Useful for students and professionals in the real estate field, offering a structured approach to understanding complex legal and practical aspects of the industry. The content is designed to enhance knowledge and skills, ensuring compliance with state regulations and promoting best practices in real estate transactions.

Typology: Exams

2024/2025

Available from 06/06/2025

essay-writers
essay-writers 🇺🇸

3.8

(91)

1.9K documents

1 / 67

Toggle sidebar

This page cannot be seen from the preview

Don't miss anything!

bg1
NC Post Licensing 303 Exam | Featuring Agent
Relationships and Responsibilities, Contract Law,
and License Status | Just Released
A landlord must hold the personal property of a tenant for.. ---------CORRECT
ANSWER-----------------7 days if the property is worth over $500, and 5 days if it is
valued under $500.
A tenant has a ____ month defense to an eviction when they have asserted a
legal right. ---------CORRECT ANSWER-----------------12 month
Tenant may terminate lease early if they have a ---------CORRECT ANSWER-----------
------court order of protection, or restraining order, and must give 30 days notice
to landlord
Members of the military may terminate a lease with 30 days notice due to the
following ---------CORRECT ANSWER------------------ Station changes order 50 miles
- Away involuntary or premature
- Discharged, deployed for 90 days or more death on active duty
pf3
pf4
pf5
pf8
pf9
pfa
pfd
pfe
pff
pf12
pf13
pf14
pf15
pf16
pf17
pf18
pf19
pf1a
pf1b
pf1c
pf1d
pf1e
pf1f
pf20
pf21
pf22
pf23
pf24
pf25
pf26
pf27
pf28
pf29
pf2a
pf2b
pf2c
pf2d
pf2e
pf2f
pf30
pf31
pf32
pf33
pf34
pf35
pf36
pf37
pf38
pf39
pf3a
pf3b
pf3c
pf3d
pf3e
pf3f
pf40
pf41
pf42
pf43

Partial preview of the text

Download NC Real Estate Post Licensing Exam Prep: Agent Relationships, Contract Law, License Status and more Exams Real Estate Management in PDF only on Docsity!

NC Post Licensing – 303 Exam | Featuring Agent

Relationships and Responsibilities, Contract Law,

and License Status | Just Released

A landlord must hold the personal property of a tenant for.. ---------CORRECT ANSWER-----------------7 days if the property is worth over $500, and 5 days if it is valued under $500. A tenant has a ____ month defense to an eviction when they have asserted a legal right. ---------CORRECT ANSWER-----------------12 month Tenant may terminate lease early if they have a ---------CORRECT ANSWER----------- ------court order of protection, or restraining order, and must give 30 days notice to landlord Members of the military may terminate a lease with 30 days notice due to the following ---------CORRECT ANSWER------------------ Station changes order 50 miles

  • Away involuntary or premature
  • Discharged, deployed for 90 days or more death on active duty

All tenant security deposits must be deposited in a ---------CORRECT ANSWER------- ----------Trust account, although a private owner who is not a licensee may obtain a bond. The maximum amount that can be collected as a security deposit; --------- CORRECT ANSWER-----------------depends on the length of the lease For leases of a weekly term, the maximum deposit is ---------CORRECT ANSWER---- -------------2 weeks worth of rent For leases of a monthly term, the maximum deposit is ---------CORRECT ANSWER--- --------------1 1/2 months For leases longer than a month, the maximum deposit is ---------CORRECT ANSWER-----------------2 months All trust accounts must meet the following requirements regarding the bank: ------ ---CORRECT ANSWER------------------ Legally doing business in NC

  • Designated trust or escrow
  • Be a demand account

Key factors that affect commercial retail space: ---------CORRECT ANSWER------------ ------ Location

  • Area demographics
  • Traffic patterns
  • Income levels
  • Growth
  • Trends There is no universally accepted standard for measuring of leasing retail space, but is usually leased; ---------CORRECT ANSWER-----------------Square foot as an annual dollar amount. When dealing with an industrial space, environmental issues are generally a major concern and sale or lease may involve environmental impact studies. The following are examples; ---------CORRECT ANSWER-----------------Phase I - Research and due diligence Phase II - Core drilling, samples, testing Phase III - Rem and clean up In commercial, A common practice is to use __________________________ before a final purchase contract is put together by the parties. ---------CORRECT ANSWER-----------------Letter of intent

Commercial purchase contracts usually contain an inspection period. When dealing with commercial property this is known as a.... ---------CORRECT ANSWER-- ---------------10 Day free look period When valuing an income-producing property, the best appraisal approach to utilize would be the ---------CORRECT ANSWER-----------------Income approach Real estate that has not been an owner-occupied residence for 2 out of the last 5 years prior to sale, is subject to: ---------CORRECT ANSWER-----------------Capital gains tax Property that is used in a trade or business may qualify for a tax credit in the form of: ---------CORRECT ANSWER-----------------Depreciation When an investor seeks to sell a property that is subject to capital gains tax and invests the money in another real estate investment, they may elect to defer the tax by using a.. ---------CORRECT ANSWER-----------------1031 Tax deferred exchange A tax-deferred exchange can never be utilized when dealing with ---------CORRECT ANSWER-----------------like kind property

In NC, active RE license is required when: ---------CORRECT ANSWER----------------- When assisting another broker for compensation in the providing of brokerage services. When can an unlicensed person engage in real estate activity? ---------CORRECT ANSWER------------------ Their own property

  • Attorney in fact
  • Attorney at law
  • Court-ordered sales
  • Trustees in foreclosure
  • Housing authorities "Power of attorney" exemption exists to allow: ---------CORRECT ANSWER------------ -----Allow others to use a power of attorney for final consummation in the performance of a contract. In a corporation, who is exempt from licensure when handling entity's own property? ---------CORRECT ANSWER-----------------Officers, directors, and W employees. In a LLC, who is exempt from licensure when handling entity's own property? ------ ---CORRECT ANSWER-----------------Managers and W2 employees.

In a partnership, who is exempt from licensure when handling entity's own property? ---------CORRECT ANSWER-----------------General partners, and W employees. Deadline for license renewal is midnight on? ---------CORRECT ANSWER--------------- --June 30 every year. License renewal fee $? ---------CORRECT ANSWER-----------------$ Deadline for all CE completion is: ---------CORRECT ANSWER-----------------June 10 Failure to renew license results in license being? ---------CORRECT ANSWER---------- -------Expired How many hours required for Post lisencing and when is the deadline? --------- CORRECT ANSWER-----------------90 hr post licensing, deadline is 18 months from date of licensure.

Provisional brokers who are not affiliated are considered ---------CORRECT ANSWER-----------------Inactive Full broker may either ---------CORRECT ANSWER------------------ Affiliate with a BIC/Firm

  • Activate as a Sole Proprietor If full broker is not affiliated with a BIC they CANNOT: ---------CORRECT ANSWER--- --------------- Maintain a trust account for others
  • Hire/Supervise other brokers
  • Offer services, advertise, or market in any way An individual can be the BIC of more than one firm, only if? ---------CORRECT ANSWER-----------------Only if the firms are at the same physical office location. Provisional broker can only affiliate with more than one BIC if, ---------CORRECT ANSWER-----------------they have mutual consent/permission of both BICs When should a provisional broker deliver monies to BIC? ---------CORRECT ANSWER-----------------Immediately

All deposits must be made to the trust account within.. ---------CORRECT ANSWER- ----------------3 banking days of receipt or contract acceptance, whichever is later. Trust accounts may earn interest so long as, ---------CORRECT ANSWER----------------

  • The broker has written consent of the client and a written agreement specifies who gets the interest. BICs may transfer earnest money for closing no more than ---------CORRECT ANSWER-----------------10 days prior to settlement Trust accounts must be balanced every: ---------CORRECT ANSWER----------------- Every 30 days Trust account records must be maintained for ---------CORRECT ANSWER------------- ----3 years Sole Proprietorship ---------CORRECT ANSWER-----------------No creation of an entity but may operate under a trade name. Personally liable for all debts and liabilities. Income taxed as regular income, no shelter of tax liability.

A full broker may gain tax benefits and liability protection by forming an entity solely for the purposes of ---------CORRECT ANSWER-----------------receipt of compensation. Steps for full broker creating an entity ---------CORRECT ANSWER------------------ Must obtain a firm license as a qualifying broker.

  • Do not need to become a BIC or BIC-eligible
  • May not advertise or use this entity name in marketing or advertising.
  • May not affiliate other brokers under this entity name if not a BIC.
  • Provisional brokers may NOT create an entity for the receipt of compensation. In order to be a qualifying broker, the licensee must be? ---------CORRECT ANSWER------------------ Full broker on active statues
  • Principal of the entity seeking the firm license Obligations of qualifying broker ---------CORRECT ANSWER------------------ Renew firm license
  • Appoint BIC in each location
  • Maintain firm certificate and pocket card
  • Notify NCREC within 10 days of change of qualifying broker, firm name, or registration of any assumed adopted firm name.

When QB fails to have a BIC in each office location, the firm license becomes ------ ---CORRECT ANSWER-----------------inactive BICs are selected by completing which form? ---------CORRECT ANSWER--------------- --Form 2.25 designation of BIC What unlicensed assistants may do ---------CORRECT ANSWER------------------ Receive and forward calls

  • Submit listing data
  • Search public records
  • Place signs and lockboxes
  • Order and supervise repairs
  • Act as courier
  • Gather factual data
  • Schedule appointments
  • Coordinate/confirm appointments
  • Complete basic forms What unlicensed assistants may NOT do ---------CORRECT ANSWER------------------ Assist others in sale/lease
  • Hold open house without license
  • Cold call or prospect
  • Make referrals for a fee

If inactive due to CE deficiency less than 2 years ---------CORRECT ANSWER----------- ------- Complete current years of CE - 8 hrs

  • Complete previous years deficiency (4-8 hrs CE)
  • File license activation form If inactive due to CE deficiency more than 2 years ---------CORRECT ANSWER--------- --------- Complete current years CE
  • Complete 60 hours of Post - 2 post classes
  • File license activation form The two key questions to ask any team are? ---------CORRECT ANSWER----------------
    1. Have you created an entity?
  1. Is the entity name being used in marketing and ads? Creating a team without creating an entity.. ---------CORRECT ANSWER---------------- -- Team name and licensees to be approved by the BIC of the firm.
  • All licensees affiliated with the BIC of the firm.
  • Brokerage firm name to be used on all disclosures and contracts
  • No compensation may be paid to the team name.
  • All compensation must be paid by the BIC
  • The team may use the team name in advertising with permission of the BIC, but all advertising must also include the firm name. Referral file must consist of ---------CORRECT ANSWER------------------ Written agreement
  • Licensure proof of referral source
  • W9 issuance of a 1099 Commercial broker lien act ---------CORRECT ANSWER-----------------A lien may be placed against commercial properties for commercial services rendered in either a sale or lease transaction. Requirements to fil a broker lien are? ---------CORRECT ANSWER------------------ Written agreement specifying services and compensation.
  • Must be a listing agent. Time requirements for commercial broker lien ---------CORRECT ANSWER------------- ----- It cannot be filed until it is within 30 days of closing or possession.
  • For leases, the time is 90 days of possession or within 60 days of non-payment.
  • Maintain firm certificate and pocket card
  • Notify NCREC within 10 days of change in firm name or qualifying broker
  • Notify NCREC of registration of any assumed name adopted by the firm.
  • Preserve and secure trust account records and transaction records.
  • Notify commission of any record or trust account deficiencies. A team may not use their name in advertising if ---------CORRECT ANSWER----------- ------the entity has no BIC PBs may only affiliate with two BICs if, ---------CORRECT ANSWER-----------------The BICs are with 2 different firms and in the same physical location and acting as co- listing/selling agents. Fair housing in North Carolina is enforced by? ---------CORRECT ANSWER-------------- ---NC Human relations commission. In NC the disciplinary process begins with? ---------CORRECT ANSWER----------------- The filing of a complaint Upon receipt of a complaint, NCREC is required to ---------CORRECT ANSWER-------- ---------investigate

An investigation results in ---------CORRECT ANSWER-----------------a letter of inquiry Respondents of a letter of inquiry must respond to NCREC withing --------- CORRECT ANSWER-----------------14 days Step by step plan for responding to letter of inquiry ---------CORRECT ANSWER------ ------------ Review the file

  • Write a narrative response
  • Attach documents
  • Identify witnesses NCREC may impose any of the following sanctions on a licensee as a result of a disciplinary investigation; ---------CORRECT ANSWER------------------ License revocation
  • License suspension
  • Reprimand
  • Conditions, restrictions, on the license When a provisional broker receives a letter of inquiry, who will be notified, --------- CORRECT ANSWER-----------------BIC