Test Your Knowledge!

Written By:
Bill Gallagher, Owner/President
Superior School of Real Estate
bgallagher@superiorschoolnc.com

Test your knowledge with these True or False questions.

1. In North Carolina, murder and suicide is a material fact.
   False
2. In North Carolina, sexual offenders are a material fact.
   False
3. In North Carolina, “pending foreclosure” of a property is a material fact.
   True
4. In North Carolina, if a seller is four months behind on their house payment, the listing agent is to always disclose this information.
   False
5. If a sale “falls thru” because the seller is not willing to make repairs listed on an inspection report, and the listing agent places the property back on the market, the repairs not corrected would be a material fact for disclosure.
   True
6. If a property has a septic tank and the septic permit states “3 Bedrooms”, the listing agent must list the property as “3 Bedrooms” even though the seller wants to list the bonus room over the double garage as a bedroom in addition to the 3 bedrooms.
   True
7. All offers must be delivered immediately to all parties but no later than 5 calendar days.
   True
8. The NC Real Estate Commission requires records to be retained for 3 years.
   True
9. All licensees are REALTORS.
   False
10. If the Board of Directors of a homeowner’s association forms a committee to determine the amount of money for a “pending roofing assessment”, this pending assessment is a material fact and is to be disclosed.
    True