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NEW QUESTION # 95
In North Carolina, a buyer agent must disclose their agency status to the seller or the seller's agent:
Answer: B
Explanation:
North Carolina License Law and Rules state that a buyer's agent must disclose their agency statusat initial contactwith the seller or the seller's agent. The statute explicitly requires agency disclosure at the earliest interaction. Thus,option Ais correct.
NEW QUESTION # 96
In North Carolina, an earnest money deposit that is paid by check must be deposited into a trust account no later than:
Answer: B
Explanation:
According to North Carolina Real Estate Commission rules, if an earnest money deposit is received with an offer and held by the broker, it must be deposited in the trust account no later than 3 banking days after the broker has received notice of contract acceptance (i.e., when the offer becomes a binding contract). Therefore, the correct answer is B.
NEW QUESTION # 97
An investor bought a small office building for $500,000. They sold it 10 years later for $480,000. What is their percentage of loss?
Answer: B
Explanation:
To calculate the percentage of loss:
Loss = Original Price # Sale Price = $500,000 # $480,000 = $20,000
Percentage loss = ($20,000 ÷ $500,000) × 100 = 4%
Correct answer: A
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NEW QUESTION # 98
Which statement about postlicensing education requirements for North Carolina provisional brokers is TRUE?
Answer: C
Explanation:
North Carolina provisional brokers are required to complete three postlicensing courses, each 30 hours in length, for a total of 90 hours. These must be completed within 18 months of licensure. Failure to complete these results in the license status being changed to inactive-not revoked. Additionally, postlicensing is not required to activate a license initially, but must be completed to remove the "provisional" status. Therefore, the correct answer is C.
NEW QUESTION # 99
According to the North Carolina Good Funds Settlement Act, when can a broker expect to receive their commission following completion of a real estate transaction?
Answer: D
Explanation:
The North Carolina Good Funds Settlement Act requires that no disbursement of funds-including broker commissions-can be made until the deed and any deed of trust are recorded in the public records. Only once the documents are recorded can the closing attorney legally disburse funds. Thus, brokers should expect to be paid only after recording, making answer C correct.
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NEW QUESTION # 100
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