North Carolina State Law Quiz

 

1.†† The Real Estate Commission may suspend or revoke a salespersonís license for all of the following except:

 

A.Negligently omitting a material fact about a property.

B.Deliberately failing to disclose that the owner was infected with AIDS or HIV.

C.Giving legal advice to a client.

D.Accepting compensation for a transaction directly from the seller.

 

 

 

 

 

 

 

 

 

 

CORRECT!

 

2.†† A salesperson may accept a $500 bonus for doing a good job:

 

A.From their employing broker.

B.From the seller.

C.From a cooperating broker.

D.Both A and B.

E.†† Never.

 

 

 

 

 

 

 

 

 

 

CORRECT AGAIN!

 

3.†† A sellerís agent must disclose his or her agency status to a buyer:

 

A.At any initial face-to-face meeting.

B.At the first substantial contact with the buyer.

C.Prior to writing an offer to purchase a property.

D.Unless the seller requests that such information be kept confidential.

 

 

 

 

 

 

 

 

 

 

 

AND AGAIN!

 

4.†† A beautiful two-story colonial is listed for $350,000.The listing agent would not be required to submit a written offer to the sellers under which of the following circumstances?

 

A.There is already a ratified contract on the property.

B.An offer is submitted to the listing agent for $100,000 and the listing agent does not want to waste the sellersí time.

C.An offer is submitted for $330,000, after the sellerís have already rejected two higher offers.

D.None of the above.

 

 

 

 

 

 

 

 

 

 

 

OUI!

 

5.†† The maximum payout for a claim against the Real Estate Recovery Fund for any one transaction is:

 

A.$3,000

B.$25,000

C.$50,000

D.$100,000

 

 

 

 

 

 

 

 

 

 

 

 

 

SI!

 

6.†† Which of the following is true concerning witnesses called before the Commission for a hearing?

 

A.Witnesses may only be called by an attorney.

B.Witnesses may not be called during the first hearing.

C.Only licensed witnesses can be called.

D.The Commission may issue a court-enforceable subpoena to both licensed and unlicensed individuals.

 

 

 

 

 

 

 

 

 

 

 

 

 

RIGHT! And More Questions Are Coming Soon!

QUESTIONS WILL BE LIMITED, IF YOU KNOW OF A NORTH CAROLINA INSTRUCTOR WHO WOULD LIKE TO WRITE A FEW QUESTIONS, TELL HIM OR HER TO LET US KNOW†††† YDQ@yourdailyquiz.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

WRONG! WRONG! WRONG!

 

Explain to me please #†††† 1†††† 2†††† 3†††† 4†††† 5†††† 6

 

Return me please to #†††† 1†††† 2†††† 3†††† 4†††† 5†††† 6

 

You know, in all these state law quizzes, Iím letting you go back to the question you left off on.I must be getting soft in my old age.

 

 

 

 

 

 

 

 

 

1.†† AIDS or HIV is considered a handicap under both state and federal law, and may not be discussed under any circumstances, positive or negative.Agents are required to disclose any material facts about a property that they know or should have known; they may not give legal advice (unless they are a lawyer); and they may not accept compensation directly from anyone other than their broker.All of these violations could result in a temporary or permanent loss of their license.

 

Back†††† Back to Top†††† Back to Question #1

 

 

 

 

 

 

 

 

 

 

 

 

2.†† A salesperson may receive a bonus if it is handled legitimately, but the ONLY party that can EVER pay the salesperson is THEIR broker.

 

Back†††† Back to Top†††† Back to Question #2

 

 

 

 

 

 

 

 

 

 

 

 

 

3.†† A sellerís agent is required to disclose their agency status to any prospective buyer at the first substantial contact with that buyer.Substantial contact would include any conversation in which the buyers disclose confidential information about themselves, or reveals any information concerning their bargaining position in a potential transaction.The first substantial contact with a buyer could also include a telephone conversation.

 

Back†††† Back to Top†††† Back to Question #3

 

 

 

 

 

 

 

 

 

 

 

 

4.†† Read the question carefully.Watch out for the word ďnot.ĒA listing agent is required to submit ALL written offers to the seller, no matter how low the offer is, and even if there is already a ratified contract to purchase the property.The sellers have a right to make a legal effort to get out of the original contract in order to accept the other offer, no matter how much of a pain in the... ah, neck, it is to the agent.

 

Back†††† Back to Top†††† Back to Question #4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.†† The maximum payout for a claim against the Recovery Fund for any one transaction is $25,000.$50,000 is the minimum amount that may be in the fund at the end of any year without incurring any additional charge on licensees in North Carolina when they renew their license.

 

Back†††† Back to Top†††† Back to Question #5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.†† The Real Estate Commission may subpoena ANYONE, licensed or not, to testify at a hearing.In the event an individual fails to appear, the Commission may take that party to court to compel them to comply.

 

Back†††† Back to Top†††† Back to Question #6