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Questions and Answers
Questions and Answers
Which statute governs the ad valorem taxation of property? (Select one)
Which statute governs the ad valorem taxation of property? (Select one)
- The Ad Valorem Act
- Real Estate Taxation Act
- Machinery Act (correct)
- General Statute
Which type of valuation technique applies a standard percentage increase or decrease to all property in a specified location? (Select one)
Which type of valuation technique applies a standard percentage increase or decrease to all property in a specified location? (Select one)
- Mass appraisal (correct)
- Valuation
- There is no such appraisal
- County appraisal
What is an octennial reappraisal? (Select one)
What is an octennial reappraisal? (Select one)
- Grouping reappraisals by square footage and year built
- The statutory reappraisal of all real property in North Carolina for tax purposes (correct)
- Reappraisals done in groups of eight
- None of the above
The ______ is responsible for real estate licensing. (Select one)
The ______ is responsible for real estate licensing. (Select one)
Which type of lien provides security to persons that work on real property owned by others? (Select one)
Which type of lien provides security to persons that work on real property owned by others? (Select one)
Which of the following is a requirement to become a real estate broker in North Carolina? (Select all that apply)
Which of the following is a requirement to become a real estate broker in North Carolina? (Select all that apply)
Which type of broker license status category is 'entry level' and requires supervision? (Select one)
Which type of broker license status category is 'entry level' and requires supervision? (Select one)
Which statement is true about the North Carolina Real Estate Commission? (Select one)
Which statement is true about the North Carolina Real Estate Commission? (Select one)
Which non-profit trade association represents 46 local real estate associations in North Carolina? (Select one)
Which non-profit trade association represents 46 local real estate associations in North Carolina? (Select one)
Which of the following statements is true about reciprocity in North Carolina? (Select one)
Which of the following statements is true about reciprocity in North Carolina? (Select one)
Real estate applicants must provide proof that they possess ________. (Select one)
Real estate applicants must provide proof that they possess ________. (Select one)
A _________ is a licensee who has the responsibility of supervision in real estate. (Select one)
A _________ is a licensee who has the responsibility of supervision in real estate. (Select one)
Which of the following statements is true about brokers in the state of North Carolina? (Select one)
Which of the following statements is true about brokers in the state of North Carolina? (Select one)
Which of the following statements is true about real estate education in North Carolina? (Select one)
Which of the following statements is true about real estate education in North Carolina? (Select one)
All personal property in the state of North Carolina is appraised at its true value. Which of the following is an exception to this? (Select one)
All personal property in the state of North Carolina is appraised at its true value. Which of the following is an exception to this? (Select one)
Which of the following is a state North Carolina does not have reciprocity with? (Select one)
Which of the following is a state North Carolina does not have reciprocity with? (Select one)
A real estate license in North Carolina is issued for a _______. (Select one)
A real estate license in North Carolina is issued for a _______. (Select one)
There is only one type of real estate license in North Carolina which is ___________. (Select one)
There is only one type of real estate license in North Carolina which is ___________. (Select one)
Which type of lien is given higher priority? (Select one)
Which type of lien is given higher priority? (Select one)
North Carolina requires all counties to conduct reappraisals at least every ______________. (Select one)
North Carolina requires all counties to conduct reappraisals at least every ______________. (Select one)
How many hours of continuing education must be completed during the renewal period? (Select one)
How many hours of continuing education must be completed during the renewal period? (Select one)
Which of the following types of persons are exempt from real estate licensure? (Select one)
Which of the following types of persons are exempt from real estate licensure? (Select one)
The _____ are exempt from licensure in a partnership. (Select one)
The _____ are exempt from licensure in a partnership. (Select one)
Which of the following job duties is a non-licensed employee of a real estate agency not allowed to do? (Select one)
Which of the following job duties is a non-licensed employee of a real estate agency not allowed to do? (Select one)
Which of the following is true about unlicensed real estate assistants in North Carolina? (Select one)
Which of the following is true about unlicensed real estate assistants in North Carolina? (Select one)
In which of the following situations can a North Carolina broker file a lien to secure payment of brokerage fees? (Select one)
In which of the following situations can a North Carolina broker file a lien to secure payment of brokerage fees? (Select one)
Ad valorem property tax rates can be adjusted every _______. (Select one)
Ad valorem property tax rates can be adjusted every _______. (Select one)
Which of the following duties can an unlicensed assistant in property management offices do? (Select one)
Which of the following duties can an unlicensed assistant in property management offices do? (Select one)
Who chooses the members of the NCREC? (Select one)
Who chooses the members of the NCREC? (Select one)
How many members of the NCREC must be licensed brokers? (Select one)
How many members of the NCREC must be licensed brokers? (Select one)
The members of the NCREC shall not do which of the following? (Select one)
The members of the NCREC shall not do which of the following? (Select one)
North Carolina requires a broker to have a demand deposit in a ____________. (Select one)
North Carolina requires a broker to have a demand deposit in a ____________. (Select one)
The NCREC has the authority to issue a _______ for the appearance of witnesses deemed necessary to testify. (Select one)
The NCREC has the authority to issue a _______ for the appearance of witnesses deemed necessary to testify. (Select one)
An unlicensed person is practicing real estate in North Carolina, what action can the NCREC take? (Select one)
An unlicensed person is practicing real estate in North Carolina, what action can the NCREC take? (Select one)
Who is responsible for setting guidelines for real estate education? (Select one)
Who is responsible for setting guidelines for real estate education? (Select one)
A licensee may face disciplinary action if they do which of the following? (Select one)
A licensee may face disciplinary action if they do which of the following? (Select one)
Who elects the NCREC chairman? (Select one)
Who elects the NCREC chairman? (Select one)
How many members of the NCREC are not allowed to be directly or indirectly involved in real estate or the real estate appraisal business? (Select one)
How many members of the NCREC are not allowed to be directly or indirectly involved in real estate or the real estate appraisal business? (Select one)
How many members does the NCREC consist of? (Select one)
How many members does the NCREC consist of? (Select one)
Which of the following is not a requirement of the North Carolina mechanics liens? (Select one)
Which of the following is not a requirement of the North Carolina mechanics liens? (Select one)
Questions and Answers
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Study Notes
Study Notes
Ad Valorem Taxation
- Governed by the Machinery Act, which outlines the process for listing, appraising, and assessing both real and personal property.
- Ad valorem property tax rates can be adjusted annually.
Valuation Techniques
- Mass appraisal applies a uniform percentage adjustment to all properties in a specific area, used primarily for tax assessments.
Reappraisal
- Octennial reappraisal is required by law in North Carolina, mandating all counties to reappraise properties every eight years.
Licensing Authorities
- North Carolina Real Estate Commission (NCREC) oversees the licensing and regulation of real estate agents in the state.
Lien Types
- Mechanic's lien guarantees payment to builders and contractors for their services.
- Current real estate taxes take precedence over other lien types.
Broker Licensing
- Requirements for becoming a real estate broker in North Carolina include being at least 18 years old, completing 90 hours of approved real estate courses, and paying an application fee.
- A provisional broker is an entry-level status requiring supervision and completion of 75 hours of pre-licensing education.
Real Estate Association
- The North Carolina Association of Realtors represents local real estate associations and offers resources and opportunities to its members.
Reciprocity
- North Carolina allows reciprocity with several states but not with Virginia, and licensees must pay a fee for a nonresident license.
License Renewal
- Real estate licenses in North Carolina expire annually on June 30th, with a requirement of 8 hours of continuing education each renewal period.
Exemptions from Licensure
- Property owners, their family members, and certain unlicensed individuals are exempt from real estate licensure requirements.
NCREC Membership and Guidelines
- NCREC consists of nine members, three of whom must be licensed brokers.
- The governor appoints seven members, while two are appointed by the general assembly.
- The NCREC creates guidelines for real estate education and can issue subpoenas for required witness testimony.
Unlicensed Activity
- An unlicensed individual practicing real estate may be subjected to a cease-and-desist order by the NCREC.
- Unlicensed assistants can perform various tasks in property management but cannot negotiate leases.
Mechanic's Lien Requirements
- A mechanic's lien must be filed within 120 days following the last delivery of materials or labor. A lien agent is not required for owner-occupied single-family homes.
Disciplinary Actions
- Licensees may face disciplinary action for misrepresenting facts, failing to account for funds, or representing others without consent.
- NCREC cannot regulate commission salaries but can suspend or revoke licenses when necessary.
Continuing Education and Training
- Continuing education courses must be taken at an approved real estate school and are mandatory for license renewal.
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