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"
