North Carolina License LawIntermediateNorth Carolina Exam
A NC broker is required to notify all parties in writing of any ownership interest or financial stake they have in a transaction. This is required by:
ARESPA
BNC General Statutes Chapter 93A and NCREC rules on disclosureCorrect
CThe NC Deceptive Trade Practices Act only, under this approach
DOnly the NAR Code of Ethics
Why NC General Statutes Chapter 93A and NCREC rules on disclosure Is Correct
Answer B: NC General Statutes Chapter 93A and NCREC rules on disclosure
NC license law and NCREC rules require brokers to disclose any personal financial interest in a transaction to all parties in writing, fulfilling the fiduciary duty of disclosure.
Key North Carolina License Law Terms in This Question
People Also Study
Related North Carolina Questions
- The NC Real Estate Commission's rules (NCREC Rule 58A .0104) require a broker to provide an agency disclosure WHENEVER they:North Carolina License Law
- Which of the following best describes a listing broker's duty to disclose a seller's financial distress?Agency
- If a NC broker accepts an offer on behalf of the seller but does not promptly notify the seller, this violates the fiduciary duty of:North Carolina License Law
- A NC seller is required to disclose on the Residential Property Disclosure Statement whether the property is subject to:Environmental
- A NC real estate broker who has a personal financial interest in a property they are recommending to a client must:Agency
- When a NC buyer's agent presents an offer on behalf of their buyer, they are fulfilling which fiduciary duty?Agency
- A NC broker who has an ownership interest in a property they are selling to a client must disclose this to the client:North Carolina License Law
- A NC listing broker who also has a personal financial interest in the property being listed (such as being a lender to the seller) must:Agency
Key Terms to Know
Fiduciary Duty
The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Promissory NoteA written promise to repay a loan under specified terms — the borrower's personal financial obligation in a real estate transaction.
State-Specific Concepts
License Law
Practice More North Carolina Real Estate Questions
1,400+ questions covering all exam topics. Start free — no signup required.
Take the Free North Carolina Quiz →