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NC Real Estate > Hot Topics > Flashcards

Hot Topics Flashcards

1
Q

(T/F) you can receive referrals without a License

A

False

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2
Q

(T/F) you can receive fees,gifts,coupons, or small items of value without a license from a client if you don’t have a real estate license

A

False

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3
Q

What type of license does a auctioneer need?

A

Real estate license AND auctioneer license

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4
Q

(T/F) Attorneys and designated attorneys are exempt from a license

A

True

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5
Q

(T/F) If you are a salaried employee of a property manager you are exempt from a license

A

True

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6
Q

(T/F) You need a license if you are selling you OWN property

A

False

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7
Q

(T/F) Trustees and others acting under court need a license

A

False

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8
Q

Unlicensed assistance MAY

  • receive and forward calls
  • submit MLS info
  • secure public records
  • put up signs and install lock boxes
  • order and supervise minor property repairs
  • act as a courier
  • communicate appointments
  • show rental properties and execute pre-printed forms
  • type offers,contracts,forms
  • record and deposit earnest money
  • assemble documents
  • compute commission checks, conduct book keeping

Under what circumstance?

A

If they are salaried and not paid per transactions

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9
Q

Who is a limited non-resident commercial brokers license for?

A

Non-residents

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10
Q

(T/F) A limited non-resident commercial broker license requires application AND proper renewal

A

True

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11
Q

(T/F) you can use a limited non-resident commercial broker license for residential transactions

A

False, limited to commercial activity only

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12
Q

Who is a limited non-resident commercial broker license supervised by?

A

NC BIC/broker

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13
Q

Where do trust monies stay for someone using a limited non-resident commercial broker license?

A

All trust monies stay in NC

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14
Q

90 hours (3 30 hour courses is which education requirement?

A

post licensing

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15
Q

How many 30 hour post licensing classes must you take a year?

A

At least 1 course per year

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16
Q

What is the deadline for post license?

A

Date of licensure, but can complete earlier

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17
Q

How many hours are required for CE? and what is the deadline date?

A

8 hours

june 10

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18
Q

What is the license renewal deadline

A

june 30th

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19
Q

what happens when you don’t renew your license?

A

expired

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20
Q

What happens when you renew, but fail to do CE?

A

inactive

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21
Q

How many firms are in a dual agency?

A

one

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22
Q

When designated agency exists, the other agents are what type of agents?

A

dual agents

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23
Q

When does the property owner agency agreements (listings and Property management) need to be in writing?

A

from the time the agreement was initially made

24
Q

When is oral agency expressed with buyer permitted until?

A

the time an offer is submitted

25
Q

When is the working with agents brochure required?

A

first substantial contact

26
Q

When must the sellers agent and buyers agent disclose status to the other (seller agent and prospective buyer)?

A

first substantial contact

27
Q

When is the deadline for written consent to dual agency?

A

must be disclosed at the formation of the relationship

28
Q

(T/F) in dual agency WRITTEN disclosure must exist prior to the submission of any offers

A

True

29
Q

(T/F) seller is required to provide an addendum with basic info

A

true

30
Q

As a broker, what must you inform the buyer to do when asked protective covenant questions

A

informs buyer to complete due diligence and request the form

31
Q

Due diligence includes name of association……..(blank,Blank,blank)

A

contact person, services and dues

32
Q

when do PB deliver earnest money to BIC?

A

immediately

33
Q

When does earnest money get deposited?

A

immediately

34
Q

earnest money goes into trust account within how many days from when?

A

3 days from the acceptance of offer (except cash)

35
Q

How must compensation be received in disclosure of a builder bonus?

A

compensation receipt must be disclosed in writing (before making or accepting offer)

36
Q

When must a compensation receipt of a builder bonus (in writing) be received?

A

before making or accepting an offer

37
Q

(T/F) agents must always disclose material facts?

A

True

38
Q

What are anything that may affect the decision to buy or sell a house?

A

material facts

39
Q

(T/F)Sex offender location, death,or serious illness are not material facts

A

True

40
Q

What must you disclose conflicts of interests?

A

must disclose interest in the property

and must disclose relationships to parties

41
Q

what happens if you don’t pay license fees?

A 
expired license(not inactive)
may result in denial,suspension, or revocation
42
Q

How often are ta rates adjusted?

A

annually

43
Q

When can tax values be adjusted horizontally?

A

every 4 years

44
Q

property must be reappraised every how many years?

A

8 years

45
Q

what is the official evaluation of a properties value called?

A

assessment

46
Q

(T/F) assessed value is based on comps at 100% of market value

A

True

47
Q

Are flood certifications required by lenders?

A

Yes

48
Q

(T/F) flood certifications are necessary on cash transactions

A

False

49
Q

Where to flood certifications come from?

A

FEMA based on army corp of engineers maps

50
Q

(T/F) agents have an obligation for accuracy and delivery of closing disclosure

A

True

51
Q

The borrower has a right under (blank) to see closing disclosure (Blank) day(s) prior to closing

A

RESPA,1

52
Q

Final closing disclosure must be delivered (Blank), never later than (Blank) day(s) after closing

A

immediately, 5

53
Q

(T/F) You are able to disburse funds prior to recordation

A

False

54
Q

(T/F) You are able to disperse funds at settlement or closing

A

False

55
Q

According to statute of frauds related to leases, leases longer than (blank) year(s) must be in writing

A

3

NC Real Estate (2 decks)

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