North Carolina License LawIntermediateNorth Carolina Exam
The NCREC can take disciplinary action against a licensee for all of the following EXCEPT:
AMisrepresentation to a client
BCommingling trust funds
CFiling for personal bankruptcyCorrect
DFailing to disclose a known material defect
Why Filing for personal bankruptcy Is Correct
Answer C: Filing for personal bankruptcy
Personal bankruptcy is not a grounds for license discipline by the NCREC. Misrepresentation, commingling, and failure to disclose material defects are all disciplinary violations.
Key North Carolina License Law Terms in This Question
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Math Concepts
State-Specific Concepts
Trust Account Rules
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