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NC Real Estate
Terms in this set (10)
A broker who misrepresents or commits fraud in a real estate transaction may have violated criminal code but NOT real estate law
False - Both fraud and misrepresentation are violations of license law
A seller may directly pay a provisional broker a bonus check at closing with permission of the broker in charger of the NCREC
False - provisional brokers may only accept commissions from their broker in charge
Contracts must be delivered to all parties within 10 days
False - all contracts must be delivered immediately but in some cases no later than 5 days.
Someone acting in a fiduciary position such as an executor in a will or a trustee in a deed of trust does NOT need a license to buy or sell real estate while acting in that capacity
Corporations, LLCs and other entities acting as a brokerage firms do NOT need a separate firm license, only a designated broker in charge.
False - an entity needs a firm license before undertaking any real estate business for others
A sole proprietorship does NOT need a firm license
Any sole proprietorship conducting real estate business under a trade name must register that name in every county the company is doing business and send a copy of the registration to the NCREC
The seller of a listed property wants to change some of the terms of the listing agreement. Because the listing is considered and employment agreement, the brokerage firm must allow these changes.
False - Once seller agrees to terms and signs contract, they are obligated to perform as agreed.
In a designated agency, only the agents representing the buyer and the seller are exclusive agents; the rest of the brokers int he firm remain dual agents
Designated agency allows consumers to receive advocacy and representation from a single broker
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