Post License 303--Nc Law, Rules And Legal Concepts Study Guide Questions And Correct Answers

Definition of a subdivision {Ans: One partial split into two or more lots for sale or development and the dedication of a new/existing road (does not have to be a public road)}When must agents be listed as "dual Affiliation" on agency agreements {Ans: When they are associated with two entities in a transaction and both entities must be listed as agents on all agency agreements.}Does a person selling time shares in North Carolina need a license? {Ans: Yes}Permitted assistant duties {Ans: 1-Show rental units 2-Fill in blanks on rental agreement 3-Collect and deposit monies 4-Keep books and records}Can an out-of-area broker be compensated? {Ans: Yes. Must verify they have an active NC Brokers license.}Core Factor {Ans: Percentage of the overall building footage that the core covers}