License Law And Commission Rules

Front 1

All of the following are required to have a real estate license except?

Back 1

The employee who shows available apartments at an apartment complex.

Hint 1

Only showing units

Front 2

In what year were you first required to have a real estate license to help others buy and sell property?

Back 2

1957

Front 3

An employee of a corporation was found in violation of licensing law and commission rules because the employee assisted the corporation in selling corporate owned property. The reason for this violation was most likely because?

Back 3

The employer paid the agent a salary with a bonus for each property sold.

Hint 3

Bonus

Front 4

A real estate agent failed to complete their post - license courses by the end of their 3rd year. What is the status of their license?

Back 4

Inactive

Front 5

Which of the following individuals would not be allowed to show homes or host open houses?

Back 5

An unlicensed assistant of a broker.

Hint 5

unlicensed

Front 6

Which of the following are required to have a real estate license?

Back 6

A contractor assisting a builder with the sale of their corporate owned homes.

Front 7

With regard to the NC RE Commission, which of the following is an incorrect statement?

Back 7

Two are appointed by the senate.

Front 8

All of the following statements are true regarding trust accounts except?

Back 8

A firm is required to keep a minimum of $100.00 in the trust account.

Front 9

Regarding a licensee's pocket card, which of the following is correct?

Back 9

The pocket card reveals if the licensee has renewed their license and whether the licensee is a Provisional Broker or Broker.

Front 10

The NC RE Commission states very clearly that certain events must occur within certain days. Which of the following is not correct regarding the number of days required for an event to occur?

Back 10

A property management company, with the owner's permission, has up to 30 days to provide a general accounting of events.

Front 11

An agent regularly pays unlicensed neighbors and friends to help her find property owners looking to sell. This action is:

Back 11

Considered "bird dogging" and a violation of commission rules.

Front 12

Regarding fees and compensation, which of the following is not allowed?

Back 12

Unknown to the client, an agent receives a $100.00 referral fee from a local morgtage broker for each client the agent sends to the morgtage broker if that client does business with the morgtage broker.

Front 13

Regarding Brokers in Charge, which of the following statements is incorrect?

Back 13

The BIC is responsible for the direct and active supervision of all agents in the office.

Hint 13

provisional brokers not all agents

Front 14

All of the following are correct statements regarding licensure, except?

Back 14

An agent may not be paid a commission or referral fee if their license was active at the time of the referral but inactive at the time of closing.

Front 15

All of the following items are to be included in a firm's preprinted offer to purchase and contract, except?

Back 15

A provision that the property will be conveyed under a Special Warranty Deed.

Hint 15

General warranty deed on all contracts

Front 16

DUI after real estate license?

Back 16

Notify the NC RE Commission within 60 days from final judgement, order or disposition in the case.