Exam (elaborations)
NC POST LICENSING 303 QUESTIONS AND ANSWERS
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NC POST LICENSING 303 QUESTIONS AND ANSWERS
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NC POST LICENSING 303 QUESTIONS AND ANSWERSActive & current real estate license - Answers- Required when assisting another for
compensation in providing brokerage services.
Unlicensed assistants MAY NOT - Answers- -Negotiate mgmt contracts
-Prepare advertisements
-Negotiate amounts of money
-Determine deductions from deposits
Unlicensed assistants MAY - Answers- -Accept applications
-Complete & execute preprinted leases
-Accept deposits & payments for delivery to BIC
-Show properties & rental units
-Place for rent signs
Full broker who is NOT a BIC can affiliate with a BIC/Firm & can activate as a Sole
Proprietor but CANNOT - Answers- -Maintain a trust account
-Supervise other licensees
-Offer services or advertise
BIC & BIC eligible status is maintained by - Answers- -Renewing License by June 30
-Taking BICUP & elective by June 10
BIC supervising responsibilities are - Answers- -Firm name on all ads
-No blind ads
-Permission for all signs
-Keep copies
Sole proprietor - Answers- Is not an entity & no firm license is needed
Non-resident limited commercial broker's license - Answers- Must affiliate with NC
broker and have co-op agreement
Current & active license is - Answers- Valid if renewed by June 30
Duties & obligations of qualifying broker - Answers- Notify commission of any assumed
name adopted by firm
A provisional broker - Answers- CANNOT be dual affiliated
You must have active license at the time the commission or referral fee is - Answers-
Earned
Every entity must have - Answers- A license
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