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North Carolina Real Estate Law and Rules Exam Review: Questions and Answers, Quizzes of Commercial Law

A comprehensive review of key concepts and regulations related to north carolina real estate law. It presents a series of questions and verified answers covering various aspects of real estate practice, including agent responsibilities, property ownership types, disclosure requirements, and licensing regulations. Valuable for individuals preparing for the north carolina real estate licensing exam or seeking to refresh their knowledge of relevant laws and rules.

Typology: Quizzes

2024/2025

Available from 02/05/2025

ExcelHub
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SUPERIOR 303 NC LAW AND RULES EXAM REVIEW
QUESTIONS AND VERIFIED ANSWERS
"Can I as an agent receive a bonus from a builder? - CORRECT ANSWER=> Yes, so long as it is disclosed
in writing, prior to showing the property, included in the agent agreement and included on the closing
disclosure"
"Difference between Condo and townhome ownership - CORRECT ANSWER=> Condo air space, town
home owns the structure and the land it sits on and around it"
"NCREC shows up at our office, do we have to have records immediately available for them? - CORRECT
ANSWER=> Yes. They do not have to give notice that they are coming.
If they mail and request them, we have 14 days to provide them. Arrive within 14 days."
"How is office building space rent calculated? - CORRECT ANSWER=> RENTABLE AREA = Usable area
(your specific space) + Core area (common areas, elevator, bathrooms)
priced $'s per square foot per year"
"Residential Property owners disclosure statement
right of recision - CORRECT ANSWER=> 3 calendar days from date of receipt or date of contract,
whichever is sooner
also applies to MOG
if they rescind, get dd fund back"
"If a buyer wants to install a fence, do you as an agent showing this property now have a responsibility to
check and find out? - CORRECT ANSWER=> check zoning, ccrs and find out and disclose it
same for sellers subagent, still a material fact"
"Do we have to disclose wether the roads are public or private?
Does the developer have to disclose it? - CORRECT ANSWER=> yes"
"An absorption study is..... - CORRECT ANSWER=> how much office space is available and how much is
being used in a given time period."
"Manufactured homes, personal or real? - CORRECT ANSWER=> Personal until permanently placed,
axis and wheels etc removed. Must get an
affidavit of a fixture - title is cancelled at DMV"
"What must we present for a Timeshare - CORRECT ANSWER=> present Public Offering Statement POS
prior to any contract"
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SUPERIOR 303 NC LAW AND RULES EXAM REVIEW

QUESTIONS AND VERIFIED ANSWERS

"Can I as an agent receive a bonus from a builder? - CORRECT ANSWER=> Yes, so long as it is disclosed

in writing, prior to showing the property, included in the agent agreement and included on the closing disclosure"

"Difference between Condo and townhome ownership - CORRECT ANSWER=> Condo air space, town

home owns the structure and the land it sits on and around it"

"NCREC shows up at our office, do we have to have records immediately available for them? - CORRECT

ANSWER=> Yes. They do not have to give notice that they are coming.

If they mail and request them, we have 14 days to provide them. Arrive within 14 days."

"How is office building space rent calculated? - CORRECT ANSWER=> RENTABLE AREA = Usable area

(your specific space) + Core area (common areas, elevator, bathrooms) priced $'s per square foot per year" "Residential Property owners disclosure statement

right of recision - CORRECT ANSWER=> 3 calendar days from date of receipt or date of contract,

whichever is sooner also applies to MOG if they rescind, get dd fund back" "If a buyer wants to install a fence, do you as an agent showing this property now have a responsibility to

check and find out? - CORRECT ANSWER=> check zoning, ccrs and find out and disclose it

same for sellers subagent, still a material fact" "Do we have to disclose wether the roads are public or private?

Does the developer have to disclose it? - CORRECT ANSWER=> yes"

"An absorption study is..... - CORRECT ANSWER=> how much office space is available and how much is

being used in a given time period."

"Manufactured homes, personal or real? - CORRECT ANSWER=> Personal until permanently placed,

axis and wheels etc removed. Must get an affidavit of a fixture - title is cancelled at DMV"

"What must we present for a Timeshare - CORRECT ANSWER=> present Public Offering Statement POS

prior to any contract"

"Can home owners association have a reserve fund? - CORRECT ANSWER=> Yes, to cover road repair,

land scapping, common areas"

"Commercial lean available to - CORRECT ANSWER=> listing broker only"

"Do we ever mess with the Ernest money? - CORRECT ANSWER=> NO or can be disciplined by the

NCREC"

"Does Unlicensed assistant = inactive licensee - CORRECT ANSWER=> can act as assistant

show rentals no cold calls no homes for sale"

"Can a licensee from another state take one trip to NC to show a Residential Property? - CORRECT

ANSWER=> No, must be licensed in NC!

can earn a referral fee"

"Need a license to - CORRECT ANSWER=> Get paid a commission on a sale

to lease, advertise for someone else"

"Can a PB be on a team? - CORRECT ANSWER=> YES, unless the team has an entity and then they

would be dual affiliated and you cant do that."

"When I pay my license... it makes me... - CORRECT ANSWER=> current / expired when I don't

think currency $'s= current"

"When I complete my Continued Education... it makes me... - CORRECT ANSWER=> active / inactive

when I don't" "Salaried employee of a management company, do they need a license to show properties for rent? -

CORRECT ANSWER=> No"

"W2 employee of a corporation needs a license to show properties owned by the entity..... true or false?

  • CORRECT ANSWER=> false"

"Renew by - CORRECT ANSWER=> 30th June

"CE by - CORRECT ANSWER=> June 10th

8 hours"

"Commercial real Estate from another State to do business in NC - CORRECT ANSWER=> $200 fee to

NCREC