wrong questions Apendix A, unit 3 , 4 , 5 & 6

Which of the following statements regarding property management is/are true?

I. Property managers are required to hold a real estate license only if the manager is performing a management act on the behalf of someone other than themselves or their employer.

II. Certain salaried employees of property management companies are not required to hold a real estate license when their activities do not include negotiating contracts.

• I only

• II only

• Both I and II

• Neither I and II

Which of the following is TRUE regarding a corporation that owns real property and has an employee negotiate the sale?

• Which of the following is TRUE regarding a corporation that owns real property and has an employee negotiate the sale?

• The employee must hold a real estate sales license

• Corporations are unable to acquire real estate licenses

• Neither the corporation nor its employees need a license

The NC Real Estate Commission shall have the power to revoke or suspend a licensee’s license if he is found guilty of

I.  Making any false promises 

II. Acting for more than one party in a transaction without the knowledge of all parties

• I Only

• 
  II Only

• Both I and II

• Neither I nor II

All of the following are grounds for suspension or revoking a provisional broker's license, EXCEPT?

• With express consent of the seller of a listed property, a provisional broker accepts a finder’s fee directly from the purchaser of a property

• A provisional broker representing the buyer discloses confidential information about the seller

• A provisional broker advises a couple purchasing a residence to own it as tenants by the entirety

• A provisional broker drafts “listing contract” forms for use in his/her business

Which of the following statements regarding Trust Accounts is TRUE?

• A brokerage is required to maintain a trust account when they only list property for sale.

• The money must be held by an FDIC insured bank that has a physical location in North Carolina.

• The brokerage can maintain one account which has earnest money deposits and security deposits in the same account.

• The brokerage must deposit cash within 3 banking days from the effective date of contract or face action from the Commission.

Which of the following statements is UNTRUE regarding an easement in gross?

• A properly recorded easement in gross can involve a single property or many separate easements over contiguous neighboring properties to accomplish the goals of the easement holder.

• The beneficiary of the easement in gross is the dominant tenement.

• A utility company who is the beneficiary of an easement in gross may transfer this easement to a subsequent beneficiary if the utility company is sold or absorbed.

• A personal easement in gross is not transferrable to a subsequent beneficiary.

Which of the following is correct regarding the legal status of appurtenant easements in North Carolina?

• An appurtenant easement is subject to the restrictions of the Statute of Frauds but not covered under the Conner Act

• should the properties involved in the appurtenant easement be merged, the new owner shall have the option of keeping the easement or removing it.

• The easement itself is located on a piece of property known legally as the servient tenement.

• The dominant tenement will share in the cost burden of maintaining a shared driveway created by an appurtenant easement.

In North Carolina, the Machinery Act requires each parcel of real property to be reappraised for tax purposes every

• year

• 3 years

• 4 years

• 8 years

Ricky Sorrens purchased a home in 2013 which he financed with a properly recorded mortgage note and deed of trust to First Debt Savings and Loan Association. On September 15, 2014, Mr. Sorrens borrowed $10,000 from a finance company to send a child to college. To secure the $10,000 loan, the finance company placed a second mortgage on Mr. Sorrens property and recorded it on September 16, 2014. On October 1, 2015, Mr. Sorrens had a solar hot water system attached to his home, which he failed to pay for. If Mr. Sorrens defaulted on his second mortgage loan and the solar system installer properly filed a mechanic’s lien against Mr. Sorrens property, which of the following lien priority rankings is correct?

• First Debt Savings and Loan’s deed of trust, the finance company’s lien, the mechanics lien

• The finance company’s lien, First Debt Savings and Loan’s deed of trust, the mechanic’s lien

• The mechanic’s lien, First Debt Savings and loan’ s deed of trust, the finance company’s lien .

• The mechanic’s lien, the finance company’s lien, First Debt Savings and loan’s deed of trust

Mr. Gardener planted several trees near his property boundary. After years of growing, their roots and branches have extended over onto his neighbor’s property, and 

I. Are considered to be an encroachment 

II. Create an encumbrance

• I Only

• II Only

• Both I and II

• Neither I nor II