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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.
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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
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
Key factors that affect commercial retail space: ---------CORRECT ANSWER------------ ------ Location
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
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
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----------------
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.
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
If inactive due to CE deficiency less than 2 years ---------CORRECT ANSWER----------- ------- Complete current years of CE - 8 hrs
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