1.†† The Real Estate Commission may suspend or revoke a salespersonís license for all of the following except:
2.†† A salesperson may accept a $500 bonus for doing a good job:
B.† From the seller.
D.† Both A and B.
3.†† A sellerís agent must disclose his or her agency status to a buyer:
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?
5.†† The maximum payout for a claim against the Real Estate Recovery Fund for any one transaction is:
6.†† Which of the following is true concerning witnesses called before the Commission for a hearing?
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!
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.
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.
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.
4.†† Read the question carefully.† Watch out for the word ďnot.Ē† A 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.
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.
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.