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NEW QUESTION # 60
A homeowner signs a contract with a broker stating that the homeowner will pay the broker a commission if the broker finds a ready, willing, and able buyer for the house in the next 60 days. What is the BEST way to describe this contract as of the day they sign it?
Answer: D
Explanation:
This is anexpresscontract because terms are clearly stated, andexecutorybecause performance (finding a buyer) is yet to occur. It is not executed until the broker succeeds. Thus, it's anexpress, executorycontract as defined in contract law and Broker#N study materials.
NEW QUESTION # 61
A North Carolina broker just received an offer to purchase a home they have listed. According to the North Carolina Real Estate License Law and the Real Estate Commission Rules, the broker must present the offer to the seller immediately but no later than:
Answer: A
Explanation:
According to the North Carolina Real Estate Commission Rules, a broker must present all offers
"immediately, but in no event later than three calendar days from the date of receipt." This rule ensures timely communication with clients, particularly in fast-moving markets. While best practice is to present the offer as soon as possible, the legal maximum is three calendar days. Therefore, the correct answer is D.
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NEW QUESTION # 62
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 # 63
According to the North Carolina Tenant Security Deposit Act, if a tenant signs a one-year lease to rent a single-family home for $1,500 a month, what is the most the property owner can charge the tenant as a security deposit?
Answer: D
Explanation:
Under the NC Tenant Security Deposit Act, for leases longer than month-to-month, landlords may charge a maximum security deposit equal to two months' rent. In this case:
$1,500 × 2 = $3,000 maximum allowed.
However, the correct answer option closest to this is C: $2,250. Let's re-check.
Upon review:
If the lease is longer than month-to-month (e.g., annual lease), the maximum deposit is 2 months' rent:
$1,500 × 2 = $3,000 # Correct answer is D.
NEW QUESTION # 64
A real estate broker has assisted an investor with the purchase of a number of commercial properties. The investor will be out of the country for part of the year and asks the broker to manage all aspects of those properties during that time, including advertising and leasing. The real estate broker will be considered a(n):
Answer: D
Explanation:
A general agent is authorized to handle a broad range of matters for a client, such as property management or handling day-to-day operations of a business or estate. In this case, the broker is managing all aspects of the investor's real estate portfolio, which qualifies as a general agency relationship. A special agent performs only specific tasks (like listing or selling a single property), and a universal agent has unlimited authority, which is rare. Therefore, the correct answer is B.
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NEW QUESTION # 65
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