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A contractor has submitted a bid to perform work on a home for $30,000.00. iIN accordance with NC's general statute 87-1 has this contractor acted correctly? correct answersNO Contractor's cannot bid on projects $30,000 OR ABOVE. You are the qualifying party for the GC firm that you work for. You have been offered a better position with another company. Your current employer has ___ days to obtain another qualifying licensee. correct answers90 days A home owner has built a home on the...

A brokerage relationship is a correct answerscontractual one A brokerage relationship is between the correct answersbrokerage and the client, even if the salesperson initiated the relationship A brokerage agreement must be signed before the licensee performs any correct answerslicensed activities for the client Licensees must disclose that they work for their brokerage when they have correct answerstheir first substantive discussion with a client about a specific property Limited ser...

what happens to Lease transactions: security deposits. Any security deposit held by a firm or sole proprietorship? correct answersshall be placed in an escrow account by the end of the fifth business banking day following receipt, unless otherwise agreed to in writing by the principals to the transaction. Each such security deposit shall be treated in accordance with the security deposit provisions of the Virginia Residential Landlord and Tenant Act, Chapter 12 (§ 55.1-1200 et seq.) of Title 55...

Which president made this pledged to Veterans "To care for him who shall have borne the battle and for his widow, and his orphan."? correct answersPresident Lincoln How does the VA assess the satisfaction of Veteran care? correct answersA.Through direct patient interviews B.from mystery shoppers C.From data collected by surveys D.All of the above The I CARE principles of Integrity, Commitment, Advocacy, Respect, and Excellence reflects VA's: correct answersA.Core values and service s...

VA: Respondeat Superior correct answersthe principal is liable for torts committed by agents if (1) there is a principal agent relationship and (2) the tort occurs within the scope of that relationship. VA: Principal - Agent Relationship correct answersNEED ALL THREE: (1) Assent: an informal agreement between the principal (with capacity) and the agent (voluntary and assenting, albeit informal) (2) Benefit: the agent's conduct is for the principal's benefit. (3) Control: the ...

An applicant must meet which of the following requirements in order to become a salesperson or broker? Select one: A. Be at least 18 years of age B. Be a US citizen C. Hold degree in real estate D. Be a Virginia resident for at least 1 year correct answersBe at least 18 years of age A salesperson contacts a neighborhood FSBO about listing the house with her firm. When is agency disclosure required? Select one: A. At the first meeting between the FSBO and the agent B. Before the ...

The members of a limited liability company are insureds under a businessowners policy (BOP) if correct answersThe limited liability company is designated as the named insured. An endorsement added to a businessowners policy that provides coverage for direct damage caused by utility service disruption stemming from a covered peril is called correct answersUtility Services - Direct Damage. Which of the following would be the insured's duty in the event of a loss according to the duties in e...

Even after an offer has been accepted and is binding, the buyer and seller may still choose to sign mutual release papers rather than proceed to closing. Which of the following circumstances would NOT give either party a justifiable reason to insist on a mutual release? 1. The buyer finds a better property for better terms. 2. A title defect that will take months to clear is discovered. 3. A basement fire causes damage that requires extensive repairs. 4. The buyer is unable to obtain finan...

When purchasing the property, the owners disclosed that they received permission from the local municipality to build their deck onto the setback lines. This is an example of a: A:conditional use B:nonconforming use C:variance D:permitted use correct answersA variance grants permission to deviate from a zoning restriction. Where must a firm deposit client funds? A:Mandatory interest-bearing real estate common trust account (IBRETA) B:Required business account C:Mandatory non-interest b...

The Fair Housing Board of Virginia has just issued a charge of discrimination. What is true about this situation? The charge is moved on to the Real Estate Board of Virginia. The charge is referred to the attorney general's office. The defendant must now hire an attorney. This means that the fair housing complaint involved a real estate agent. The next step in this process is that the charge is referred to the attorney general's office. correct answersThe charge is referre...