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PRE LICENSING REAL ESTATE > APPENDIX A > Flashcards

APPENDIX A Flashcards

1
Q

TRUE OR FALSE; THE NORTH CAROLINA REAL ESTATE COMMISSION MAY, AFTER A HEARING, TAKE DISCIPLINARY ACTION AGAINST A NORTH CAROLINA LICENSE WHO HAS VIOLATED ANY OF THE PROVISIONS OF THE NORTH CAROLINA LICENSE LAW

A

TRUE

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2
Q

TRUE OR FALSE; THE NORTH CAROLINA REAL ESTATE COMMISSION MAY, AFTER A HEARING, TAKE DISCIPLINARY ACTION AGAINST A NORTH CAROLINA LICENSE WHO HAS COMMITTED ACTS PROHIBITED BY LICENSE LAW WHEN LICENSED INDIVIDUALS SELL OR BUY THEIR OWN PROPERTIES

A

TRUE

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3
Q

TRUE OR FALSE; A PERSON NEEDS AN ACTIVE NORTH CAROLINA REAL ESTATE LICENSE TO RENT AND MANAGE RENTAL APARTMENTS FOR A RELATIVE WHO PAYS $100 PER MONTH FOR THE HELP

A

TRUE

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4
Q

TRUE OR FALSE; A PERSON NEEDS AN ACTIVE NORTH CAROLINA REAL ESTATE LICENSE TO RENT AND MANAGE RENTAL APARTMENTS FOR A CORPORATION AS PART OF A SALARIED CORPORATE JOB

A

FALSE

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5
Q

TRUE OR FALSE; A PERSON NEEDS AN ACTIVE NORTH CAROLINA REAL ESTATE LICENSE TO RENT AND MANAGE RENTAL APARTMENTS FOR AN OUT-OF-STATE FRIEND FOR NO COMPENSATION

A

FALSE

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6
Q

TRUE OR FALSE; A PERSON NEEDS AN ACTIVE NORTH CAROLINA REAL ESTATE LICENSE TO RENT AND MANAGE RENTAL APARTMENTS FOR HIMSELF OR HERSELF

A

FALSE

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7
Q

A REAL ESTATE LICENSE MUST BE RENEWED NO LATER THAN EVERY

A

JUNE 30

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8
Q

TRUE OR FALSE; A LICENSEE’S NORTH CAROLINA REAL ESTATE LICENSE MAY BE SUSPENDED OR REVOKED FOR PLACING A FOR SALE SIGN ON A PROPERTY WITHOUT A SIGNED LISTING AGREEMENT

A

TRUE

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9
Q

TRUE OR FALSE; A LICENSEE’S NORTH CAROLINA REAL ESTATE LICENSE MAY BE SUSPENDED OR REVOKED FOR BUYING A PROPERTY FOR PERSONAL USE THAT IS LISTED BY THE LICENSEE’S FIRM

A

FALSE

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10
Q

TRUE OR FALSE; A LICENSEE’S NORTH CAROLINA REAL ESTATE LICENSE MAY BE SUSPENDED OR REVOKED FOR ADVERTISING PROPERTIES IN MULTIPLE COUNTIES

A

FALSE

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11
Q

TRUE OR FALSE; A LICENSEE’S NORTH CAROLINA REAL ESTATE LICENSE MAY BE SUSPENDED OR REVOKED FOR SHARING COMMISSION WITH THE BUYER-CLIENT

A

FALSE

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12
Q

TRUE OR FALSE; A COURT-ORDERED GUARDIAN SELLING PROPERTY OWNED BY HIS CHARGE, WOULD NEED AN ACTIVE NORTH CAROLINA REAL ESTATE LICENSE

A

FALSE

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13
Q

TRUE OR FALSE; AN ATTORNEY THAT SERVES AS A RELIEF AGENT ON THURSDAYS IN A NEW HOMES SUBDIVISION, WOULD NEED AN ACTIVE NORTH CAROLINA REAL ESTATE LICENSE

A

TRUE

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14
Q

TRUE OR FALSE; A REAL ESTATE ASSISTANT SHOWING LISTED PROPERTY TO THE BUYER-CLIENTS OF HER BROKER-BOSS, WOULD NEED AN ACTIVE NORTH CAROLINA REAL ESTATE LICENSE

A

TRUE

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15
Q

TRUE OR FALSE; AN ON-SITE LEASING AGENT THAT NEGOTIATES RENTAL AMOUNTS WHEN REQUESTED BY POTENTIAL TENANTS, WOULD NEED AN ACTIVE NORTH CAROLINA REAL ESTATE LICENSE

A

TRUE

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16
Q

TRUE OR FALSE; IF A LICENSEE VIOLATES ANY OF THE PROVISIONS OF THE NORTH CAROLINA REAL ESTATE LICENSE LAW, THE NORTH CAROLINA REAL ESTATE COMMISSION MAY ALLOW THE LICENSE TO REMAIN ACTIVE IF A SPECIFIED FINE IS PAID

A

FALSE

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17
Q

TRUE OR FALSE; IF A LICENSEE VIOLATES ANY OF THE PROVISIONS OF THE NORTH CAROLINA REAL ESTATE LICENSE LAW, THE NORTH CAROLINA REAL ESTATE COMMISSION MAY REQUIRE THE LICENSEE TO TAKE PRESCRIBED EDUCATION COURSES BEFORE REINSTATEMENT OF THE LICENSE

A

TRUE

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18
Q

TRUE OR FALSE; IF A LICENSEE VIOLATES ANY OF THE PROVISIONS OF THE NORTH CAROLINA REAL ESTATE LICENSE LAW, THE NORTH CAROLINA REAL ESTATE COMMISSION MAY SUSPEND THE LICENSE FOR A SPECIFIED PERIOD OF TIME

A

TRUE

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19
Q

TRUE OR FALSE; IF A LICENSEE VIOLATES ANY OF THE PROVISIONS OF THE NORTH CAROLINA REAL ESTATE LICENSE LAW, THE NORTH CAROLINA REAL ESTATE COMMISSION MAY REVOKE THE LICENSE PERMANENTLY

A

TRUE

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20
Q

TRUE OR FALSE; REGARDING A BROKER LICENSE ON PROVISIONAL STATUS, THE LICENSEE MUST SATISFY A 90-HOUR POST-LICENSING EDUCATION REQUIREMENT IN ORDER TO REMOVE THE PROVISIONAL LICENSE STATUS

A

TRUE

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21
Q

TRUE OR FALSE; REGARDING A BROKER LICENSE ON PROVISIONAL STATUS, THE PROVISIONAL BROKER LICENSE IS CONVERTED TO A BROKER-IN-CHARGE LICENSE UPON COMPLETION POST-LICENSING REQUIREMENTS

A

FALSE

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22
Q

TRUE OR FALSE; REGARDING A BROKER LICENSE ON PROVISIONAL STATUS, THE LICENSEE MUST COMPLETE AT LEAST ONE POST-LICENSING COURSE NO LATER THAN ONE YEAR FROM LICENSURE IN ORDER TO AVOID CANCELLATION OF LICENSE

A

FALSE

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23
Q

TRUE OR FALSE; REGARDING A BROKER LICENSE ON PROVISIONAL STATUS, THE PROVISIONAL LICENSE STATUS MAY BE REMOVED BY COMPLETING 16 HOURS OF CONTINUING EDUCATION CREDITS

A

FALSE

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24
Q

TRUE OR FALSE; IN NORTH CAROLINA, ALL REAL ESTATE BROKERS MUST INCLUDE THEIR FIRM’S NAME IN ADVERTISEMENTS OF A CLIENT’S PROPERTY

A

TRUE

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25
Q

TRUE OR FALSE; IN NORTH CAROLINA, ALL REAL ESTATE BROKERS MUST COMPLETE CONTINUING EDUCATION EACH YEAR IN ORDER TO KEEP THE LICENSE CURRENT

A

FALSE

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26
Q

TRUE OR FALSE; IN NORTH CAROLINA, ALL REAL ESTATE BROKERS MUST BELONG TO THE LOCAL ASSOCIATION OF REALTORS

A

FALSE

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27
Q

TRUE OR FALSE; IN NORTH CAROLINA, ALL REAL ESTATE BROKERS MUST MAINTAIN A TRUST ACCOUNT

A

FALSE

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28
Q

TRUE OR FALSE; AN ACTIVE NON-PROVISIONAL REAL ESTATE BROKER IN NORTH CAROLINA MAY SPLIT THE COMMISSION WITH A BUYER-CLIENT IF IT IS DISCLOSED TO THE LENDER AND NOTED ON THE SETTLEMENT STATEMENT

A

TRUE

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29
Q

TRUE OR FALSE; AN ACTIVE NON-PROVISIONAL REAL ESTATE BROKER IN NORTH CAROLINA MAY PLACE AN AD TODAY FOR A LISTING THAT SHE ANTICIPATES GETTING NEXT WEEK

A

FALSE

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30
Q

TRUE OR FALSE; AN ACTIVE NON-PROVISIONAL REAL ESTATE BROKER IN NORTH CAROLINA MAY INTERPRET PROTECTIVE COVENANTS FOR A BUYER-CLIENT

A

FALSE

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31
Q

TRUE OR FALSE; AN ACTIVE NON-PROVISIONAL REAL ESTATE BROKER IN NORTH CAROLINA MAY PREPARE DEEDS FOR SELLER-CLIENTS

A

FALSE

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32
Q

A REAL ESTATE LICENSEE RECEIVED HER FIRST LICENSE IN NOVEMBER 2019. IF SHE WANTS TO MAINTAIN ACTIVE STATUS, SHE MUST COMPLETE HER FIRST CONTINUING EDUCATION COURSE BY

A

JUNE 10, 2021

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33
Q

TRUE OR FALSE; AN ACTIVELY-LICENSED PROVISIONAL BROKER MUST WORK UNDER THE SUPERVISION OF A BROKER-IN-CHARGE

A

TRUE

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34
Q

TRUE OR FALSE; AN ACTIVELY-LICENSED PROVISIONAL BROKER MUST COMPLETE CONTINUING EDUCATION REQUIREMENTS EVERY YEAR BEGINNING WITH THE SECOND PERIOD OF LICENSURE

A

TRUE

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35
Q

TRUE OR FALSE; AN ACTIVELY-LICENSED PROVISIONAL BROKER MUST COMPLETE THREE POST-LICENSING COURSES WITHIN THREE YEARS OF LICENSURE

A

TRUE

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36
Q

TRUE OR FALSE; ALL NORTH CAROLINA REAL ESTATE LICENSEES ARE LEGALLY BOUND BY NORTH CAROLINA REAL ESTATE LAW

A

TRUE

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37
Q

TRUE OR FALSE; ALL NORTH CAROLINA REAL ESTATE LICENSEES ARE LEGALLY BOUND BY THE REALTORS CODE OF ETHICS

A

FALSE

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38
Q

TRUE OR FALSE; ALL NORTH CAROLINA REAL ESTATE LICENSEES ARE LEGALLY BOUND BY BOTH THE REALTORS CODE OF ETHICS AND NORTH CAROLINA REAL ESTATE LICENSE LAW

A

FALSE

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39
Q

TRUE OR FALSE; ALL NORTH CAROLINA REAL ESTATE LICENSEES ARE LEGALLY BOUND BY NEITHER THE REALTORS CODE OF ETHICS NOR NORTH CAROLINA REAL ESTATE LICENSE LAW

A

FALSE

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40
Q

TRUE OR FALSE; AN INDIVIDUAL WHO OFFERS HIS OFFICE COMPLEX FOR SALE, IS EXEMPT FROM NEEDING A NORTH CAROLINA REAL ESTATE LICENSE WHEN PERFORMING REAL ESTATE SERVICES FOR OTHERS

A

TRUE

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41
Q

TRUE OR FALSE; A SALARIED REAL ESTATE ASSISTANT WHO SHOWS LISTED PROPERTY TO INTERESTED BUYER PROSPECTS, IS EXEMPT FROM NEEDING A NORTH CAROLINA REAL ESTATE LICENSE WHEN PERFORMING REAL ESTATE SERVICES FOR OTHERS

A

FALSE

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42
Q

TRUE OR FALSE; AN INDIVIDUAL WHO RECEIVES A GIFT CERTIFICATE FROM A BROKER FOR REFERRING THE BROKER TO A FRIEND, IS EXEMPT FROM NEEDING A NORTH CAROLINA REAL ESTATE LICENSE WHEN PERFORMING REAL ESTATE SERVICES FOR OTHERS

A

FALSE

43
Q

TRUE OR FALSE; A NEPHEW WHO FINDS A BUYER FOR HIS UNCLE’S HOUSE AND IS PAID A FINDER’S FEE, IS EXEMPT FROM NEEDING A NORTH CAROLINA REAL ESTATE LICENSE WHEN PERFORMING REAL ESTATE SERVICES FOR OTHERS

A

FALSE

44
Q

TRUE OR FALSE; APPOINTMENTS TO THE NORTH CAROLINA REAL ESTATE COMMISSION ARE MADE BY THE GOVERNOR, THE PRESIDENT PRO TEMPORE OF THE STATE SENATE, AND THE SPEAKER OF THE STATE HOUSE OF REPRESENTATIVES

A

TRUE

45
Q

TRUE OR FALSE; APPOINTMENTS TO THE NORTH CAROLINA REAL ESTATE COMMISSION ARE MADE FOR THREE-YEAR STAGGERED TERMS

A

TRUE

46
Q

TRUE OR FALSE; THE MEMBERS OF THE NORTH CAROLINA REAL ESTATE COMMISSION MUST INCLUDE AT LEAST THREE LICENSED REAL ESTATE BROKERS

A

TRUE

47
Q

TRUE OR FALSE; THE MEMBERS OF THE NORTH CAROLINA REAL ESTATE COMMISSION MUST FORM AN ARBITRATION APPEAL BOARD FOR LICENSEES DEALING WITH COMPENSATION DISPUTES

A

FALSE

48
Q

TRUE OR FALSE; AN UNLICENSED SALARIED EMPLOYEE OF A BROKER MAY SHOW PROPERTIES FOR SALE

A

FALSE

49
Q

TRUE OR FALSE; AN UNLICENSED SALARIED EMPLOYEE OF A BROKER MAY ACT AS A COURIER TO DELIVER DOCUMENTS

A

TRUE

50
Q

TRUE OR FALSE; AN UNLICENSED SALARIED EMPLOYEE OF A BROKER MAY ASSEMBLE DOCUMENTS FOR CLOSINGS

A

TRUE

51
Q

TRUE OR FALSE; AN UNLICENSED SALARIED EMPLOYEE OF A BROKER MAY CONFIRM APPOINTMENTS FOR LICENSEES

A

TRUE

52
Q

TRUE OR FALSE; IN NORTH CAROLINA, A REAL ESTATE LICENSEE’S LICENSE EXPIRES IF THE RENEWAL FEES ARE NOT RECEIVED BY NORTH CAROLINA REAL ESTATE COMMISSION BY JUNE 30

A

TRUE

53
Q

TRUE OR FALSE; IN NORTH CAROLINA, A REAL ESTATE LICENSEE’S LICENSE EXPIRES IF THE CONTINUING EDUCATION REQUIREMENTS ARE NOT MET BY JUNE 10

A

FALSE

54
Q

TRUE OR FALSE; IN NORTH CAROLINA, A REAL ESTATE LICENSEE’S LICENSE EXPIRES IF THE POST-LICENSING REQUIREMENTS HAVE NOT BEEN MET BY THE LICENSE ANNIVERSARY DATE

A

FALSE

55
Q

TRUE OR FALSE; IN NORTH CAROLINA, A REAL ESTATE LICENSEE’S LICENSE EXPIRES IF THE LICENSES IS NO LONGER SUPERVISED BY A BROKER-IN-CHARGE

A

FALSE

56
Q

IN NORTH CAROLINA, A WRITTEN COMPLAINT AGAINST A LICENSEE SHOULD BE SENT TO THE

A

NORTH CAROLINA REAL ESTATE COMMISSION

57
Q

TRUE OR FALSE; A PROPERTY MANAGER BROKER MUST DEPOSIT ALL RENTS COLLECTED FOR OTHERS INTO A TRUST ACCOUNT WITHIN THREE BANKING DAYS AFTER RECEIPT

A

TRUE

58
Q

TRUE OR FALSE; A PROPERTY MANAGER BROKER MUST DEPOSIT ALL RENTS COLLECTED FOR OTHERS INTO A TRUST ACCOUNT THAT CANNOT BE AN INTEREST-BEARING ACCOUNT

A

FALSE

59
Q

TRUE OR FALSE; A PROPERTY MANAGER BROKER MUST DEPOSIT ALL RENTS COLLECTED FOR OTHERS INTO A TRUST ACCOUNT UNLESS DIRECTED OTHERWISE BY A PARTY TO THE TRANSACTION

A

FALSE

60
Q

TRUE OR FALSE; A PROPERTY MANAGER BROKER MUST DEPOSIT ALL RENTS COLLECTED FOR OTHERS INTO A TRUST ACCOUNT THAT IS RECONCILED ON A QUARTERLY BASIS

A

FALSE

61
Q

TRUE OR FALSE; EARNEST MONEY DEPOSITS OTHER THAN CASH MUST BE DEPOSITED INTO THE BROKER’S TRUST ACCOUNT NO LATER THAN THREE BANKING DAYS FOLLOWING CONTRACT ACCEPTANCE

A

TRUE

62
Q

TRUE OR FALSE; EARNEST MONEY DEPOSITS OTHER THAN CASH MUST BE DEPOSITED INTO THE BROKER’S TRUST ACCOUNT WITHIN 24 HOURS OF THEIR RECEIPT

A

FALSE

63
Q

TRUE OR FALSE; EARNEST MONEY DEPOSITS OTHER THAN CASH MUST BE DEPOSITED INTO THE BROKER’S TRUST ACCOUNT ONLY IF THE SELLER AUTHORIZES THE BROKER TO DO SO

A

FALSE

64
Q

TRUE OR FALSE; EARNEST MONEY DEPOSITS OTHER THAN CASH MUST BE DEPOSITED INTO THE BROKER’S TRUST ACCOUNT NO LATER THAN THREE BANKING DAYS AFTER THEIR RECEIPT

A

FALSE

65
Q

TRUE OR FALSE; ALL WRITTEN AGREEMENTS ARE REQUIRED BY LICENSE LAW TO CONTAIN A NONDISCRIMINATION PROVISION, DESCRIBE THE AGENT’S DUTIES AND LIST THE AUTHORIZATIONS GIVEN BY THE CLIENT, AND INCLUDE THE INDIVIDUAL BROKER’S LICENSE NUMBER

A

TRUE

66
Q

TRUE OR FALSE; ALL WRITTEN AGREEMENTS ARE REQUIRED BY LICENSE LAW TO INCLUDE THE INCLUDE THE INDIVIDUAL BROKER’S LICENSE NUMBER

A

FALSE

67
Q

TRUE OR FALSE; ALL WRITTEN AGREEMENTS ARE REQUIRED BY LICENSE LAW TO DESCRIBE THE AGENT’S DUTIES AND LIST THE AUTHORIZATIONS GIVEN BY THE CLIENT

A

FALSE

68
Q

TRUE OR FALSE; ALL WRITTEN AGREEMENTS ARE REQUIRED BY LICENSE LAW TO CONTAIN A NONDISCRIMINATION PROVISION

A

FALSE

69
Q

TRUE OR FALSE; A BROKER’S TRUST ACCOUNT MUST BE A SEPARATE CUSTODIAL ACCOUNT

A

TRUE

70
Q

TRUE OR FALSE; A PROPERTY MANAGEMENT TRUST ACCOUNT MUST PROVIDE FOR WITHDRAWAL ON DEMAND

A

TRUST

71
Q

TRUE OR FALSE; ALL TRUST ACCOUNT FUNDS MUST BE LOCATED IN AN INSURED BANK OR SAVINGS ASSOCIATION LAWFULLY DOING BUSINESS IN NORTH CAROLINA

A

TRUST

72
Q

TRUE OR FALSE; BROKERS RESPONSIBLE FOR PROPERTY MANAGEMENT ACCOUNTS, IN ADDITION TO A TRUST ACCOUNT, MUST BE BONDED AS REQUIRED BY COMMISSION RULE

A

FALSE

73
Q

TRUE OR FALSE; A BROKER HAS AUTHORIZED HIS BOOKKEEPER TO WITHDRAW FUNDS FROM HIS TRUST ACCOUNT. THE BOOKKEEPER EMBEZZLES AN AMOUNT EQUAL TO LESS THAN 10% OF THE TOTAL BALANCE OF THE TRUST ACCOUNT, THE BROKER IS ALWAYS RESPONSIBLE FOR THE MISUSE OF TRUST FUNDS FOR WHICH HE MAINTAINS OR IS REQUIRED TO MAINTAIN CUSTODY

A

TRUE

74
Q

TRUE OR FALSE; A BROKER HAS AUTHORIZED HIS BOOKKEEPER TO WITHDRAW FUNDS FROM HIS TRUST ACCOUNT. THE BOOKKEEPER EMBEZZLES AN AMOUNT EQUAL TO LESS THAN 10% OF THE TOTAL BALANCE OF THE TRUST ACCOUNT, ONLY THE BOOKKEEPER IS LIABLE FOR THE MISUSE OF THE FUNDS BECAUSE THE BROKER DELEGATED THIS RESPONSIBILITY

A

FALSE

75
Q

TRUE OR FALSE; A BROKER HAS AUTHORIZED HIS BOOKKEEPER TO WITHDRAW FUNDS FROM HIS TRUST ACCOUNT. THE BOOKKEEPER EMBEZZLES AN AMOUNT EQUAL TO LESS THAN 10% OF THE TOTAL BALANCE OF THE TRUST ACCOUNT, ONLY THE BOOKKEEPER IS LIABLE FOR THE MISUSE OF THE FUNDS BECAUSE THE LOSS WAS FOR LESS THAN 10% OF THE ENTIRE BALANCE

A

FALSE

76
Q

TRUE OR FALSE; A BROKER HAS AUTHORIZED HIS BOOKKEEPER TO WITHDRAW FUNDS FROM HIS TRUST ACCOUNT. THE BOOKKEEPER EMBEZZLES AN AMOUNT EQUAL TO LESS THAN 10% OF THE TOTAL BALANCE OF THE TRUST ACCOUNT, THE COMMISSION WILL ISSUE A LETTER TO THE OWNER OF THE TRUST FUNDS, EXPLAINING THE PROBLEM, AND RELIEVING THE BROKER OF RESPONSIBILITY

A

FALSE

77
Q

TRUE OR FALSE; A BROKER -IN-CHARGE MUST HAVE AN ACTIVE NON-PROVISIONAL BROKER’S LICENSE

A

TRUE

78
Q

TRUE OR FALSE; A BROKER -IN-CHARGE MUST HAVE A MINIMUM OF THREE YEARS’ FULL-TIME REAL ESTATE BROKERAGE EXPERIENCE

A

FALSE

79
Q

TRUE OR FALSE; A BROKER -IN-CHARGE MUST HAVE A BONDED BOOKKEEPER

A

FALSE

80
Q

TRUE OR FALSE; A BROKER -IN-CHARGE MUST HAVE A TRUST ACCOUNT FOR EACH OFFICE HE SUPERVISES

A

FALSE

81
Q

TRUE OR FALSE; A BROKER-IN-CHARGE IS RESPONSIBLE FOR SUPERVISION OF ALL PROVISIONAL BROKERS IN THE PRINCIPAL OFFICE AND ANY BRANCH OFFICES

A

FALSE

82
Q

TRUE OR FALSE; A BROKER-IN-CHARGE IS RESPONSIBLE FOR AGENCY COMPLIANCE BY ALL LICENSEES IN THE FIRM

A

TRUE

83
Q

TRUE OR FALSE; A BROKER-IN-CHARGE IS RESPONSIBLE FOR ALL ADVERTISING BY OR ON BEHALF OF THE FIRM

A

TRUE

84
Q

TRUE OR FALSE; A BROKER-IN-CHARGE IS RESPONSIBLE FOR RETENTION AND MAINTENANCE OF ALL RECORDS REQUIRED BY COMMISSION RULE

A

TRUE

85
Q

TRUE OR FALSE; A NON-PROVISIONAL BROKER’S REAL ESTATE LICENSE HAS BEEN ON INACTIVE STATUS FOR 12 YEARS. THE BROKER HAS TAKEN NO REAL ESTATE EDUCATION COURSE DURING THAT TIME. IN ORDER TO ACTIVATE THE LICENSE, THE BROKER WOULD HAVE TO SUCCESSFULLY COMPLETE TWO 30 HOUR POST-LICENSING COURSES; COMPLETE THE CURRENT YEAR’S CE REQUIREMENT IN FULL; AND SUBMIT THE APPROPRIATE FORM

A

TRUE

86
Q

TRUE OR FALSE; A NON-PROVISIONAL BROKER’S REAL ESTATE LICENSE HAS BEEN ON INACTIVE STATUS FOR 12 YEARS. THE BROKER HAS TAKEN NO REAL ESTATE EDUCATION COURSE DURING THAT TIME. IN ORDER TO ACTIVATE THE LICENSE, THE BROKER WOULD HAVE TO SUCCESSFULLY COMPLETE EIGHT HOURS OF CONTINUING EDUCATION FOR EACH INACTIVE YEAR

A

FALSE

87
Q

TRUE OR FALSE; A NON-PROVISIONAL BROKER’S REAL ESTATE LICENSE HAS BEEN ON INACTIVE STATUS FOR 12 YEARS. THE BROKER HAS TAKEN NO REAL ESTATE EDUCATION COURSE DURING THAT TIME. IN ORDER TO ACTIVATE THE LICENSE, THE BROKER WOULD HAVE TO SUCCESSFULLY COMPLETE ALL THREE POST-LICENSING COURSES

A

FALSE

88
Q

TRUE OR FALSE; A NON-PROVISIONAL BROKER’S REAL ESTATE LICENSE HAS BEEN ON INACTIVE STATUS FOR 12 YEARS. THE BROKER HAS TAKEN NO REAL ESTATE EDUCATION COURSE DURING THAT TIME. IN ORDER TO ACTIVATE THE LICENSE, THE BROKER WOULD HAVE TO START OVER AS THOUGH HE WAS NEVER LICENSED

A

FALSE

89
Q

TRUE OR FALSE; A BROKER’S TRUST ACCOUNT CAN BE LOCATED IN A CREDIT UNION LAWFULLY DOING BUSINESS IN NORTH CAROLINA

A

FALSE

90
Q

TRUE OR FALSE; A BROKER’S TRUST ACCOUNT CAN INCLUDE UP TO $100 OF THE BROKER’S MONEY TO COVER BANK CHARGES

A

TRUE

91
Q

TRUE OR FALSE; A BROKER’S TRUST ACCOUNT CAN BE INTEREST-BEARING WITH FULL DISCLOSURE AND PERMISSION OF ALL PARTIES THAT HAVE FUNDS IN THE ACCOUNT

A

TRUE

92
Q

TRUE OR FALSE; A BROKER’S “TRUST ACCOUNT” OR “ESCROW ACCOUNT” MUST BE PREPRINTED ON THE CHECKS AND DEPOSIT SLIPS

A

TRUE

93
Q

TRUE OR FALSE; THE BROKER SERVING AS ESCROW AGENT MAY DISBURSE DISPUTED TRUST FUNDS WHEN THE CONTRACT TERMS ARE VERY CLEAR ABOUT WHO RECEIVES FUNDS

A

FALSE

94
Q

TRUE OR FALSE; THE BROKER SERVING AS ESCROW AGENT MAY DISBURSE DISPUTED TRUST FUNDS WHEN THE PARTIES HAVE SIGNED A WRITTEN DISBURSEMENT PLAN

A

TRUE

95
Q

TRUE OR FALSE; THE BROKER SERVING AS ESCROW AGENT MAY DISBURSE DISPUTED TRUST FUNDS AT THE DIRECTION OF THE COURT THAT HEARD THE LAWSUIT BETWEEN THE PARTIES

A

TRUE

96
Q

TRUE OR FALSE; THE BROKER SERVING AS ESCROW AGENT MAY DISBURSE DISPUTED TRUST FUNDS WHEN THE BROKER SENDS FUNDS TO COUNTY CLERK OF COURT AFTER APPROPRIATE NOTIFICATION OF THE PARTIES

A

TRUE

97
Q

TRUE OR FALSE; TO RETAIN BROKER-IN-CHARGE ELIGIBILITY, A BROKER MUST MAINTAIN AN ACTIVE LICENSE AT ALL TIMES

A

TRUE

98
Q

TRUE OR FALSE; TO RETAIN BROKER-IN-CHARGE ELIGIBILITY, A BROKER MUST TAKE THE SPECIAL CONTINUING EDUCATION CLASS FOR BROKERS-IN-CHARGE EVERY OTHER YEAR

A

FALSE

99
Q

TRUE OR FALSE; TO RETAIN BROKER-IN-CHARGE ELIGIBILITY, A BROKER MUST COMPLETE THE 12-HOUR BROKER-IN-CHARGE COURSE ONCE EVERY FIVE YEARS

A

FALSE

100
Q

TRUE OR FALSE; TO RETAIN BROKER-IN-CHARGE ELIGIBILITY, A BROKER MUST NEVER HAVE A BREAK IN HIS OR HER SERVICE AS A BROKER-IN-CHARGE

A

FALSE

101
Q

TRUE OR FALSE; A BROKER WHO IS A SOLE PROPRIETOR MUST DESIGNATE HIMSELF OR HERSELF AS A BROKER-IN-CHARGE IF THE BROKER ENGAGES IN ANY TRANSACTION WHERE THE BROKER IS REQUIRED TO DEPOSIT AND MAINTAIN MONIES BELONGING TO OTHERS IN A TRUST ACCOUNT

A

TRUE

102
Q

TRUE OR FALSE; A BROKER WHO IS A SOLE PROPRIETOR MUST DESIGNATE HIMSELF OR HERSELF AS A BROKER-IN-CHARGE IF THE BROKER IS INVOLVED IN MORE THAN ONE TRANSACTION A YEAR

A

FALSE

103
Q

TRUE OR FALSE; A BROKER WHO IS A SOLE PROPRIETOR MUST DESIGNATE HIMSELF OR HERSELF AS A BROKER-IN-CHARGE IF THE BROKER REFERS CONSUMERS TO BROKERS IN NORTH CAROLINA FOR A REFERRAL FEE

A

FALSE

104
Q

TRUE OR FALSE; A BROKER WHO IS A SOLE PROPRIETOR MUST DESIGNATE HIMSELF OR HERSELF AS A BROKER-IN-CHARGE EVEN IF HE OR SHE SUPERVISES NO LICENSEES

A

FALSE

PRE LICENSING REAL ESTATE (12 decks)

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