Exam (elaborations)
NC Real Estate Post-licensing 303 exam with correct answers 2024
- Course
- Institution
NC Real Estate Post-licensing 303 exam with correct answers 2024
[Show more]
Content preview
NC Real Estate Post-licensing 303 examwith correct answers 2024
When is an active NC real estate license required? - ANSWER: ➡ When any person or entity is
g g g g g g g g g g gg g g g g g g
performing brokerage activities for consideration (payment) as an agent for others
g g g g g g g g g g g
What brokerage activities require a person or firm to have a NC real estate license? - ANSWER:
g g g g g g g g g g g g g g g g g
➡ Listing, leasing, buying, exchanging, auctioning, negotiating, referring, and selling. Also
g g g g g g g g g g g
selling timeshares in advertising real property property in any manner.
g g g g g g g g g g
What activities do not require NC real estate license? - ANSWER: ➡ 1.business entity, selling or
g g g g g g g g g g gg g g g g
leasing entity, owned property
g g g g g
2. attorney in fact
g g g
3. Court appointed
g g
4. Trustee
g
5. W-2 employee of broker property management.
g g g g g g
What is an example of permitted activities for an unlicensed assistant or inactive licensee -
g g g g g g g g g g g g g g
ANSWER: ➡ Clerical and administrative function, such as scheduling appointments,
g gg g g g g g g g g
computing commission checks for licenses receiving and forwarding phone calls assisting
g g g g g g g g g g g
with assembling documents for closing showing properties for lease filling in the blank on
g g g g g g g g g g g g g g
standard forms under the direction of and with information provided by a licensed broker
g g g g g g g g g g g g g g
What are examples of activities that an unlicensed assistant cannot perform? - ANSWER: ➡
g g g g g g g g g g g g gg
Conducting an open house. Writing or creating promotional material, showing properties for
g g g g g g g g g g g g
sale. receiving compensation for referring a customer to a real estate licensee, soliciting
g g g g g g g g g g g g g
listings
g
What does a full broker need in order to affiliate with multiple firms? - ANSWER: ➡
g g g g g g g g g g g g g g gg
Permission from BICs at both firms
g g g g g g
, What are the annual continuing education requirements? - ANSWER: ➡ For Provisional
g g g g g g g g gg g g
Brokers and Brokers: GENUP and 4-hour elective by June 10; For BIC Eligible Brokers and
g g g g g g g g g g g g g g g
Designated BICs: BICUP and 4-hour elective by June 10.
g g g g g g g g g
What happens when a broker charges license is not renewed on time? - ANSWER: ➡ The firms
g g g g g g g g g g g g g gg g g
license becomes inactive for brokers affiliated with the BIC are still active, but at their home
g g g g g g g g g g g g g g g g
address and provisional brokers affiliated with the BIC become inactive.
g g g g g g g g g g
When is a newly licensed provisional broker required to complete their first annual continuing
g g g g g g g g g g g g g
education requirements? - ANSWER: ➡ after their first license renewal (before June 10 of the
g g g g gg g g g g g g g g g g
first full license year and before their second license renewal)
g g g g g g g g g g
What are the requirements to obtain or be issued a firm license? - ANSWER: ➡ Authority from
g g g g g g g g g g g g g gg g g
the NC Secretary of State to engage in business in North Carolina, Firm application, Entity
g g g g g g g g g g g g g g g
principles must satisfy character requirements, Qualifying broker, BIC at every location.
g g g g g g g g g g g
What is required to be a qualifying broker? - ANSWER: ➡ Qualifying brokers must be a
g g g g g g g g g gg g g g g g
principle of the entity(work for them) and have an active real estate license.
g g g g g g g g g g g g g
What are the responsibilities of the qualifying broker? - ANSWER: ➡ A point brokers in charge,
g g g g g g g g g gg g g g g g
renew the firm license annually, notify the commission within 10 days of any changes. The
g g g g g g g g g g g g g g g
firms pocket card, Secure, transactional and trust account records when the BIC changes.
g g g g g g g g g g g g g
What is a limited non-residential commercial license? - ANSWER: ➡ A licensed that allows
g g g g g g g g gg g g g g
another state to enter NC for the purpose of engaging in commercial brokerage.
g g g g g g g g g g g g g
What are the requirements to obtain a limited non-residential commercial license? - ANSWER:
g g g g g g g g g g g g g
➡ Must not be a resident of North Carolina, must have an active real estate license, and must be
g g g g g g g g g g g g g g g g g g g
an individual not an entity or company
g g g g g g g
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Fordenken. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.59. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72042 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now