Hot Topics Flashcards
(T/F) you can receive referrals without a License
False
(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
False
What type of license does a auctioneer need?
Real estate license AND auctioneer license
(T/F) Attorneys and designated attorneys are exempt from a license
True
(T/F) If you are a salaried employee of a property manager you are exempt from a license
True
(T/F) You need a license if you are selling you OWN property
False
(T/F) Trustees and others acting under court need a license
False
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?
If they are salaried and not paid per transactions
Who is a limited non-resident commercial brokers license for?
Non-residents
(T/F) A limited non-resident commercial broker license requires application AND proper renewal
True
(T/F) you can use a limited non-resident commercial broker license for residential transactions
False, limited to commercial activity only
Who is a limited non-resident commercial broker license supervised by?
NC BIC/broker
Where do trust monies stay for someone using a limited non-resident commercial broker license?
All trust monies stay in NC
90 hours (3 30 hour courses is which education requirement?
post licensing
How many 30 hour post licensing classes must you take a year?
At least 1 course per year
What is the deadline for post license?
Date of licensure, but can complete earlier
How many hours are required for CE? and what is the deadline date?
8 hours
june 10
What is the license renewal deadline
june 30th
what happens when you don’t renew your license?
expired
What happens when you renew, but fail to do CE?
inactive
How many firms are in a dual agency?
one
When designated agency exists, the other agents are what type of agents?
dual agents
When does the property owner agency agreements (listings and Property management) need to be in writing?
from the time the agreement was initially made
When is oral agency expressed with buyer permitted until?
the time an offer is submitted
When is the working with agents brochure required?
first substantial contact
When must the sellers agent and buyers agent disclose status to the other (seller agent and prospective buyer)?
first substantial contact
When is the deadline for written consent to dual agency?
must be disclosed at the formation of the relationship
(T/F) in dual agency WRITTEN disclosure must exist prior to the submission of any offers
True
(T/F) seller is required to provide an addendum with basic info
true
As a broker, what must you inform the buyer to do when asked protective covenant questions
informs buyer to complete due diligence and request the form
Due diligence includes name of association……..(blank,Blank,blank)
contact person, services and dues
when do PB deliver earnest money to BIC?
immediately
When does earnest money get deposited?
immediately
earnest money goes into trust account within how many days from when?
3 days from the acceptance of offer (except cash)
How must compensation be received in disclosure of a builder bonus?
compensation receipt must be disclosed in writing (before making or accepting offer)
When must a compensation receipt of a builder bonus (in writing) be received?
before making or accepting an offer
(T/F) agents must always disclose material facts?
True
What are anything that may affect the decision to buy or sell a house?
material facts
(T/F)Sex offender location, death,or serious illness are not material facts
True
What must you disclose conflicts of interests?
must disclose interest in the property
and must disclose relationships to parties
what happens if you don’t pay license fees?
expired license(not inactive) may result in denial,suspension, or revocation
How often are ta rates adjusted?
annually
When can tax values be adjusted horizontally?
every 4 years
property must be reappraised every how many years?
8 years
what is the official evaluation of a properties value called?
assessment
(T/F) assessed value is based on comps at 100% of market value
True
Are flood certifications required by lenders?
Yes
(T/F) flood certifications are necessary on cash transactions
False
Where to flood certifications come from?
FEMA based on army corp of engineers maps
(T/F) agents have an obligation for accuracy and delivery of closing disclosure
True
The borrower has a right under (blank) to see closing disclosure (Blank) day(s) prior to closing
RESPA,1
Final closing disclosure must be delivered (Blank), never later than (Blank) day(s) after closing
immediately, 5
(T/F) You are able to disburse funds prior to recordation
False
(T/F) You are able to disperse funds at settlement or closing
False
According to statute of frauds related to leases, leases longer than (blank) year(s) must be in writing
3
