Terms in this set (50)The broker-in-charge of a real estate office is responsible for all of the following, EXCEPT: A Appointing a BIC at every location where the firm operates A BIC's are appointed by the Qualifying Broker who holds a firm's license. Jack, a licensee wants to make an offer to the seller on a property which Jack has listed on behalf of his firm ABC. Which of the following is CORRECT? A A licensee may not make an offer on a property which they have listed C Sally has had a buyer sign the Working with Real Estate Agents Brochure and execute an Exclusive Buyer Representation Agreement. How long does Sally have to deliver these documents to her Broker-in-Charge? A Immediately C All transaction documents must be delivered to the firm or the BIC within 3 calendar days of their receipt by a broker Regarding nonresident commercial licensees, all of the following statements are TRUE, EXCEPT: A They must affiliate
with an in-state brokerage firm. C A license is issued to nonresident commercial licensees who submit the application and meet other requirements. They do not have to take any courses or pass any examinations. The license does have to be renewed on an annual basis on June 30th. A real estate agent is representing a buyer under a written buyer agency agreement. The buyer would like to see a builder's home. The builder is offering a $1,000 bonus to agents who sell at least 3 homes in the neighborhood. The real estate agent has not yet made a sale in that neighborhood. Which of the following actions should the agent take regarding disclosure of the bonus? A Because the agent has not made a sale, they are not required to notify the buyer of a bonus until they are eligible for it. D Licensees can receive bonuses if they have disclosed the bonus to the principal and have their consent. This consent is required before the licensee writes an offer. When dealing with multiple offers, which of the following is a correct statement regarding North Carolina statutes and rules? A The existence of multiple offers is a material fact and must be disclosed D A licensee must always communicate all offers to their client. Multiple offers are not a material fact and their existence does not need to be disclosed to competing buyers unless the seller directs the licensee to do so. However, the terms and conditions of the offers cannot be disclosed without the consent of the offeror. A broker has received an offer from a prospective buyer on a property that the broker has listed for sale. How long does the broker have to deliver the offer to their seller/client? A Immediately, but never later than 5 banking days D All documents and offers in real estate transactions must be provided to the client, "immediately, but never later than 3 days." The three days are calendar days. Generally speaking, the time frames dealing with documents are always calendar days. The time frames dealing with deposits and money are always banking or business days. Under the NC Machinery Act, which of the following is a TRUE statement about North Carolina real property taxes? A They are not levied on an ad
valorem basis. C NC real estate taxes ARE levied on an ad valorem basis "according to value." They become a lien on January 1st and are due on September 1st. The Machinery Act requires an appraisal every 8 years (octennial appraisal). All of the following are true regarding the North Carolina Working With Real Estate Agents brochure, EXCEPT: A The consumer is not required to sign the brochure. C Use of the brochure is mandatory in all residential and commercial transactions. It is not mandatory in lease transactions. The North Carolina Working With Real Estate Agents brochure must be given: A to property owners upon initial contact D The timing for use of the brochure is "first substantial contact." First substantial contact is defined as when the client begins discussing personal, financial, confidential information or motivations, needs and wants. Which of the following can be contained in the Standard 2T Offer to Purchase & Contract? A A disclaimer of liability for actions of the firm or broker D The amounts of compensation and fees are properly contained in the agency employment agreements, not the purchase contract between the seller and buyer. Real estate licensees may not disclaim liability for their conduct in regard to the transaction. Such limitation of liability clauses may not be utilized in either the Offer to Purchase and Contract nor any agency employment agreements. Jane is a non-provisional broker who is affiliated with ABC Realty. Jane wants to form an LLC entity for legal or tax purposes and have her BIC make her commission checks payable to her LLC. Which of the following is correct? A A broker affiliated
with a firm is prohibited from forming their own entity B Every entity must obtain a firm license. So long as the entity is for compensation only it does not have to have a Broker-in-Charge After being active in the real estate business for three years, Broker Sallie wants to become a broker-in-charge. All of the following are requirements that Sallie must meet to become a BIC, EXCEPT: A have two out of the last five years of active real estate practice B Sallie must take the 12 hour BIC course, however, she does not have to complete the course before becoming a BIC. If she meets the other eligibility requirements she will have 120 days within which to take the 12 hour course. A licensee can act as the Broker-in-Charge of more than one firm, when: A the office is an approved national franchise C Usually each location has one BIC and there is only one BIC per location. There is an exception which allows a licensee to be a BIC for more than one firm when the two firms are in the same location. In regard to the use of standard forms and contracts by real estate professionals and the role of the North Carolina Real Estate Commission, NCREC: A requires the use of specific forms and
contracts C The NCREC does not create, write or prescribe the standard forms. Standard forms are created by a joint committee of the bar association and the REALTOR Association. However, the Commission does dictate that certain provisions must be included in the forms and contracts. Real estate licensees and firms can create entities. Which of the following is INCORRECT regarding real estate entities in North Carolina? A Every entity, other than a sole proprietorship must have a firm license C A licensee can create an entity such as an LLC or a Subchapter S corporation and be affiliated with a firm. However, every entity in NC that is involved in real estate brokerage must have a firm license. Which of the following is INCORRECT in regard to brokerage advertising? A Provisional brokers cannot advertise without
broker-in-charge approval and consent. B Brokers-in-Charge ARE required to supervise all firm advertising. Which of the following does NOT need a firm license in North Carolina? A a
national franchise that is licensed to do business in multiple states and has formed a corporation to do real estate business in North Carolina B A sole proprietorship does not need a firm license because it is not an entity. Every entity that is formed, such as a corporation, partnership or LLC must have a firm license. If a provisional broker terminates their affiliation with a BIC and does not reaffiliate with another BIC or firm, their license is considered: A terminated D A provisional broker may not engage in real estate brokerage activities or earn fees unless they are affiliated with a firm. If the provisional broker leaves the firm or their affiliation is terminated, they will become inactive. They may not engage in the practice of real estate or earn fees until they have re-affiliated with another firm. When can an unlicensed person receive fees for real estate referrals in North Carolina? A when the individual is a past client of the broker C The general rule is that an unlicensed person may never receive fees for the referral of real estate business to a licensee. The only exception is that a travel agent who does not have a real estate license may receive a referral fee when making a vacation rental referral. All of the following are required for an individual to become a broker-in-charge, EXCEPT: A They must complete a 12-hour BIC course taught by the Commission within 120 days of designation. D It is not possible to become a broker-in-charge until ALL post licensing requirements have been met and the licensee has removed their provisional status. A real estate licensee must notify the North Carolina Real Estate Commission of any changes in address within: A 3 days C Any change of address, name change or change in the affiliation of a provisional broker must be reported to NCREC within 10 days. A real estate licensee in North Carolina must comply with which of the following rules in regard to any criminal activity: A report all arrests within 60 days C Note that the 60 day reporting requirement is from the date of the conviction, not the date of the court hearing or the arrest. When must a firm practicing "designated agency" disclose to the seller the name of the agent representing the buyer. A at first substantial contact with the seller D This is different from "first substantial contact." First substantial contact mandates the use of the WWREA brochure. When a firm is practicing designated agency and one licensee is designated as the seller's representative and another licensee is designated as the buyer's representative in the same firm, in the same transaction, the disclosure of the name of the agent representing the buyer and their designated status is provided at the time of offer. When a provisional broker terminates their relationship with a firm or BIC, what is the requirement for notification of the termination to NCREC? B Brokers-in-Charge must notify NCREC within 10 days of changes in the affiliation of provisional brokers. A real estate broker is aware that the highway department has adopted a long range plan for a new interstate beltway to be constructed. Anticipating that such actions will increase the surrounding land values, the broker seeks out buyers and encourages them to buy property in that area, suggesting they would be able to make substantial profits. The broker begins submitting offers, but never discloses the proposed developments with any of the property owners. Which of the following statements is true? A The broker must disclose this information as a material fact even though acting as a buyer's agent. A The construction of the highway is a material fact. Material facts must always be disclosed to all parties in the transaction regardless of whom the licensee represents. All of the following statements is correct regarding "designated agency?, EXCEPT: A Only the agents in the transaction are designated,
the other agents are dual agents C A real estate broker is working with a buyer as a seller's subagent. All of the following are duties that the broker owes to the buyer, EXCEPT: A confidentiality A The agent is working for the seller. The licensee owes fiduciary duties to the seller including the duty of confidentiality. No such duty extends to customers which is the role of a buyer when the licensee is working as a subagent of the seller. A real estate broker is working with a buyer client. The broker wants to show a property that is listed with a competing real estate firm. When must the real estate broker, working with the buyer disclose their agency status to the listing licensee? A first substantial contact with the firm when the buyer shows serious interest in the property B Licensees must disclose their agency status to other licensees at initial contact. Other licensees deserve to know at the time of initial contact whom the agent represents. Charlene is an active sole proprietor independent broker who teaches school full time. Charlene gives referrals to brokers and she receives referrals. Charlene is not required to be a broker-in-charge or affiliated with a firm so long as she does not: A Receive any commissions D a full broker is not required to affiliate with or be a BIC unless they: 1) advertise or market in any way 2) maintain a trust account 3) hire other licensees Nonresident commercial licensees are allowed to conduct business in North Carolina if they obtain a limited non-resident commercial brokerage license. Which of the following statements is NOT correct regarding nonresident commercial licensees? A A nonresident licensee may advertise in North Carolina, but must indicate in the advertisement "limited nonresident commercial real estate broker." B A limited nonresident commercial licensee must be affiliated with a NC resident broker. All monies must pass through the firm and may not be paid directly to the non-resident licensee. They must file a declaration of affiliation, agree to be subject to the jurisdiction and discipline of the NCREC and their advertising must indicate that they have a "limited nonresident commercial broker license." With regard to brokers-in-charge, all of the following statements are correct, EXCEPT: A A broker-in-charge may supervise more than one firm as long as the firms are in the same building B A broker-in-charge is not required to take General Update. They must take Broker Update (BICUP) and one elective. The license is not cancelled. If any licensee fails to complete the proper and required CE, their license becomes "inactive." Even BIC's who do not represent clients must take the CE courses. There are no exceptions. If the BIC becomes inactive, the firm would also become inactive, because a firm cannot operate without a BIC. Which of the following is NOT a correct statement when describing agents and firms responsibilities regarding pocket cards: A an agent must keep their pocket card on them at all times when conducting real
estate business D All of the following statements are correct regarding commission rules, EXCEPT: A should a broker or
provisional broker change their name, address or broker affiliation, they must notify the NCREC within 30 days A Address changes by any licensee must be reported to the NCREC within 10 days. In the event that a licensee fails to deliver, within a reasonable time, a completed copy of any purchase agreement or offer to buy and sell real estate to the buyer and to the seller, the NCREC may take all of the following actions, EXCEPT: A revoke the agent's license D The NCREC does not set fines to inactive or expired status. These occur because a licensee failed to complete required education or renew the license, not as a result of disciplinary action A real estate broker is working for more than one firm and more than one broker-in-charge. This would not be a violation of licensing law and commission rules as long as: A the broker
has the consent of both firms and the broker is not a provisional broker A Which of the following would result in a conflict of interest for which the licensee could be disciplined by the NCREC? A an agent working for
the buyer notifies the listing agent that the buyer is their sister C The licensee is acting as an agent of the seller. They would need to disclose any family relationship with the buyer and should not be assisting the buyer because a licensee cannot be a sub-agent of the seller and a buyer representative at the same time A buyer's representative is required to reveal their agency status to the seller or listing agent: A no later than time of offer B The WWREA brochure must be provided to consumers at first substantial contact, however, a licensee is required to disclose their status to the other agent in the transaction at initial contact. An agent is working under an oral buyer's agency agreement. The agent knows the buyer is strongly interested in one of the homes seen by the buyer. The buyer is ready to write the offer, but refuses to sign a buyer's agency agreement. At this point, the agent may: A write the offer, but advise the buyer they are now a sub-agent of the seller and anything the buyer has revealed must be provided to the seller B Oral buyer agency (non-exclusive agency) may only exist up until the time that the buyer submits an offer. If the licensee does not have a written buyer representation agreement they may not write the offer. With regard to advertising, which of the following is INCORRECT? A a licensee must have a client's permission before placing a sign in a yard D A licensee may not advertise or market a property without a written listing agreement Which of the following ads would be considered a blind ad? I. A provisional broker advertises: "Call Sam Johnson at XYZ Realty to find out more about this home. II. a non-provisional broker advertises: "Call Mike Smith for your home buying needs. A Sheila Jones, REALTOR, is available for your assistance. B A blind ad is an advertisement which gives no indication that a licensee or brokerage is involved in the sale of the home. With regard to a real estate agent's pocket card, all of the following are CORRECT, EXCEPT: A The card indicates whether the agent is a provisional broker or
broker. B The pocket card contains the license number, license type and expiration date. It does not contain any information about whether the license is active or inactive. It does not contain the firm name and it does not indicate any education successfully completed by the licensee. All of the following would constitute an illegal action by an inactive broker who is not affiliated with a firm, EXCEPT: A telling members of a networking club that they are a broker and offering members of the club their services C A licensee who is inactive cannot engage in real estate activity including hosting open houses, advertising and marketing An agent must discuss agency with a prospective buyer or seller at "first substantial contact." This is the moment the consumer begins talking about confidential information, motivation, personals wants, needs and desires or any terms and conditions they would accept regarding purchase of the home. All of the following information is required to be discussed/provided, EXCEPT: A the agent must discuss their compensation C It is not required for the consumer to sign the brochure panel, but the agent must indicate that it was provided, date the panel and place it in the real estate transaction folder In a NC real estate development subject to the NC subdivision requirements all of the following can occur prior to approval or recordation of the final plat map, EXCEPT: A offers to purchase and contract may be written and accepted D Transfer of title, closing and coveyance cannot occur until approval of the final plat map John, a North Carolina licensee has completed all of his required post-licensing courses and is currently an active and current North Carolina Broker. He just terminated his affiliation with a BIC. Which of the following is TRUE regarding John. A He must reaffiliate with a BIC in order to engage in the practice of real estate and in the meantime his license is inactive D John can engage in real estate without affiliation and without becoming a BIC so long as he does not: 1) maintain a trust account 2) hire other licensees or 3) engage in advertising or marketing of any kind A BIC must retain records for the firm for how long? A 5 years D Under the NC Residential Property Disclosure Act, a licensee should inform and request that all of the following sellers complete the Mineral, Oil & Gas (MOG) disclosure, EXCEPT: A an investor selling a SFR vacation rental unit B The NC Residential Property Disclosure Act applies to all sellers of residential 1-4 unit properties. The MOG disclosure is not required on the transfer of vacant land because it is not considered residential property A buyer has requested that their real estate broker make substantial changes to the offer to purchase and contract. What should the licensee do? A make certain that any and all changes properly reflect the direction and instructions of their client D Licensees are prohibited from the drafting of contracts and these changes and alterations should be made by an attorney How long does a provisional broker have to dispose of the earnest money check once it has been delivered to them? A the provisional broker must deposit the money in the trust account no later than 3 banking days from the date of receipt of the money B All monies received by a provisional broker must be delivered to the BIC immediately. The deposit and holding rules are for full brokers and the BIC, not provisional brokers Sets found in the same folderLicense Law 1 (FLASH CARDS with REVIEW NOTES)50 terms Jennbanda84 License Law 350 terms Jennbanda84 NC License Law 0250 terms arebee1988 License Law 250 terms vaipooh Other sets by this creatorReview 5 Ancillary Concepts (Ch.16-19) Engrade Pra…27 terms Jennbanda84 Chapter 19 Basic Real Estate Investment11 terms Jennbanda84 Chapter 18- Federal Taxation of Home Ownership8 terms Jennbanda84 Chapter 13- Property Valuation15 terms Jennbanda84 Verified questionseconomics How were Keynes's ideas different from what is in practice today? Verified answer
finance Boscan Corporation purchased machinery on January 1, 2014, at a cost of $250,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of$30,000. The company is considering different depreciation methods that could be used for financial reporting purposes. ***Instructions*** (b) Which method would result in the higher reported 2014 income? In the highest total reported income over the 4-year period? Verified answer
question In 2009, the average charge for tax preparation by H\&R Block, Inc. was $\$ 187$. Assuming a normal distribution and a standard deviation of $\sigma=\$ 20$, what proportion of H\&R Block's tax preparation fees were b. between $\$ 147$ and $\$ 227$ ? Verified answer algebra $6,000 -$4,333.83 Verified answer Recommended textbook solutions Mathematics with Business Applications6th EditionMcGraw-Hill Education 3,760 solutions Social Psychology10th EditionElliot Aronson, Robin M. Akert, Samuel R. Sommers, Timothy D. Wilson 525 solutions American Government1st EditionGlen Krutz 412 solutions The Cultural Landscape: An Introduction to Human Geography, AP Edition13th EditionJames M. Rubenstein 216 solutions Other Quizlet setsOcclusion Relationships PPT101 terms Casandra_Castillo1 TIA24 terms Melissa_Montalvo Lisa_Le9 pain final388 terms Lisa_Le9 What is not a requirement to become a broker in Virginia quizlet?What is NOT a requirement to become a broker in Virginia? (minimum qualifications for individual licenses) A broker candidate must have 180 credit-hours of classroom, correspondence, or distance learning study. Buying, selling, or leasing on your own behalf does not require licensure.
Which of the following is not required for a broker from a state with a reciprocity agreement with New York?Which of the following is Not required for a broker from a state with a reciprocity agreement with New York? The broker must maintain an office in his or her home state.
Which of the following is a requirement of a brokerWhich of the following is a requirement of a broker-in-charge in South Carolina? c. Must have an ownership interest in the brokerage and be actively engaged in its management and operations.
Which of the following is a requirement for brokerYou must be 18 years old and above. You must have a Social Security Number (SSN) You must have a high school diploma or its equivalent. You must have two years full-time real estate brokerage experience within the last five years.
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Which of the following firm licenses is not required to have a broker in charge? quizlet
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