Exam (elaborations)
NC Real Estate Post-licensing 303 exam with correct answers 2024
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NC Real Estate Post-licensing 303 exam with correct answers 2024
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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
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performing brokerage activities for consideration (payment) as an agent for others
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What brokerage activities require a person or firm to have a NC real estate license? - ANSWER:
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➡ Listing, leasing, buying, exchanging, auctioning, negotiating, referring, and selling. Also
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selling timeshares in advertising real property property in any manner.
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What activities do not require NC real estate license? - ANSWER: ➡ 1.business entity, selling or
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leasing entity, owned property
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2. attorney in fact
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3. Court appointed
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4. Trustee
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5. W-2 employee of broker property management.
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What is an example of permitted activities for an unlicensed assistant or inactive licensee -
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ANSWER: ➡ Clerical and administrative function, such as scheduling appointments,
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computing commission checks for licenses receiving and forwarding phone calls assisting
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with assembling documents for closing showing properties for lease filling in the blank on
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standard forms under the direction of and with information provided by a licensed broker
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What are examples of activities that an unlicensed assistant cannot perform? - ANSWER: ➡
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Conducting an open house. Writing or creating promotional material, showing properties for
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sale. receiving compensation for referring a customer to a real estate licensee, soliciting
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listings
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What does a full broker need in order to affiliate with multiple firms? - ANSWER: ➡
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Permission from BICs at both firms
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, What are the annual continuing education requirements? - ANSWER: ➡ For Provisional
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Brokers and Brokers: GENUP and 4-hour elective by June 10; For BIC Eligible Brokers and
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Designated BICs: BICUP and 4-hour elective by June 10.
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What happens when a broker charges license is not renewed on time? - ANSWER: ➡ The firms
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license becomes inactive for brokers affiliated with the BIC are still active, but at their home
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address and provisional brokers affiliated with the BIC become inactive.
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When is a newly licensed provisional broker required to complete their first annual continuing
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education requirements? - ANSWER: ➡ after their first license renewal (before June 10 of the
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first full license year and before their second license renewal)
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What are the requirements to obtain or be issued a firm license? - ANSWER: ➡ Authority from
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the NC Secretary of State to engage in business in North Carolina, Firm application, Entity
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principles must satisfy character requirements, Qualifying broker, BIC at every location.
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What is required to be a qualifying broker? - ANSWER: ➡ Qualifying brokers must be a
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principle of the entity(work for them) and have an active real estate license.
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What are the responsibilities of the qualifying broker? - ANSWER: ➡ A point brokers in charge,
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renew the firm license annually, notify the commission within 10 days of any changes. The
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firms pocket card, Secure, transactional and trust account records when the BIC changes.
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What is a limited non-residential commercial license? - ANSWER: ➡ A licensed that allows
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another state to enter NC for the purpose of engaging in commercial brokerage.
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What are the requirements to obtain a limited non-residential commercial license? - ANSWER:
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➡ Must not be a resident of North Carolina, must have an active real estate license, and must be
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an individual not an entity or company
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