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NC RE POST LICENSE 303 Exam Questions and Answers
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NC RE POST LICENSE 303 Exam Questions and Answers
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NC RE POST LICENSE 303 ExamQuestions and Answers
5 or more time periods, over 5 yrs, 5 day right of rescission, $500 fine per violation - Answer -
Timeshare 4x5 Rule
No - Answer -Can an unlicensed assistant cold call prospects and solicit business?
Assist others in the sale or lease, Hold open houses without a licensee, Cold call prospects and
solicit business, Make referrals for a fee, Create and publish advertisements - Answer -5 Things
Unlicensed Assistants CAN'T do
Trick Question. Sole Proprietorships do NOT need a firm license. - Answer -How long does a sole
proprietorship have to get their firm license?
Yes. Sole Proprietorships do not have a BIC, so they would only be under the FIRM'S BIC. -
Answer -Can PB's be on a Sole Proprietorship team?
ENTITY! Was an entity formed? - Answer -If a team question is given, what key evidence are you
looking for?
Every entity must be legally created, REGISTER WITH THE SECRETARY OF STATE, provided with a
Secretary of State ID Number, Obtain a firm license from NCREC. - Answer -Steps to Form an
Entity
, An entity. - Answer -What needs to be registered with the Secretary of State?
YES! We are looking for the word "entity". It's not here, Ergo, they have formed a Sole
Proprietorship. - Answer -Bill and Ted form a team within TIME TO BUY REALTY. Their team is
called Most Excellent Team. Their Advertising is "Most Excellent Team of Time to Buy Realty".
Can they hire a PB?
NO! - Answer -Is a Sole Propriety an Entity?
Yes! Anyone assisting another with real estate needs a license. - Answer -My daughter is
helping manage my rental properties in exchange for free use of a rental unit. Does she need a
license?
Yes! Must disclose familial relationship of the client. - Answer -Do I need to disclose if I am
helping a family member?
Yes! - Answer -Do I need a RE License to receive compensation for a referral?
You own the property (FSBOs), ATTORNEY IN FACT (POA) limited to the final consummation of
performance of the contract, Attorney at law performing practice of law, Court ordered
(bankruptcy, guardian, executors), Trustees in foreclosures, Housing authorities. - Answer -
Exemptions from Licensure
Limited to the final consummation of performance of the contract. - Answer -What is an
Attorney in Fact (POA) limited to?
Bankruptcy, Guardian, Executors - Answer -What Court Ordered things are exempt from
licensure?
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