North Carolina License LawIntermediateNorth Carolina Exam
The NCREC's Recovery Fund provides compensation to members of the public who have suffered monetary losses due to:
AMarket value declines on purchased property, in general
BImproper acts by a licensed NC real estate brokerCorrect
CContractor defects in new construction
DHOA disputes
Why Improper acts by a licensed NC real estate broker Is Correct
Answer B: Improper acts by a licensed NC real estate broker
The NCREC Recovery Fund compensates members of the public who have suffered actual monetary losses as a result of fraudulent or improper conduct by a licensed NC real estate broker.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Math Concepts
State-Specific Concepts
License Law
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