NC RE POST LICENSE 303 QUESTIONS AND
ANSWERS
5 or more time periods, over 5 yrs, 5 day right of rescission, $500 fine per violation -
Answers- Timeshare 4x5 Rule
No - Answers- 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 - Answers- 5 Things Unlicensed Assistants CAN'T do
Trick Question. Sole Proprietorships do NOT need a firm license. - Answers- 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. - Answers- Can PB's be on a Sole Proprietorship team?
ENTITY! Was an entity formed? - Answers- 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. -
Answers- Steps to Form an Entity
An entity. - Answers- 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. - Answers- 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! - Answers- Is a Sole Propriety an Entity?
Yes! Anyone assisting another with real estate needs a license. - Answers- 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. - Answers- Do I need to disclose if I
am helping a family member?
Yes! - Answers- Do I need a RE License to receive compensation for a referral?
, Written notification. Before making an offer. - Answers- Fred's client, Barney, is
interested in new construction. The builder is offering a bonus. Fred needs to disclose.
How and when?
Listing Agent needs to confirm active license, but NOT obligated by MLS agreement. -
Answers- If an agent brings a buyer and they are not part of your mls, what are the
obligations of the listing agent for compensation?
Yes, with written permission from the owner. - Answers- Derrin, a property mngr, will
receive a rebate from a service provider. Can he receive this?
Built in sections, assembled on site and becomes real property immediately. - Answers-
Modular Home:
Personal property until permanently affixed with an "Affidavit of Affixture" - Answers-
Manufactured Home
Must own the land, remove hitch, wheels, and axels, GET AN AFFIDAVIT OF
AFFIXTURE, SOME loans require foundation. - Answers- PERMANENTLY AFFIXING a
Manufactured Home
Vehicle Title Registration on an manufactured home. - Answers- An Affidavit of Affixture
effectively cancels what?
No - Answers- Does a condo owner own the land underneath?
Yes - Answers- Does a townhouse owner own the land underneath?
A Licensed Agent - Answers- Who can sell a timeshare?
Yes! FSBO! - Answers- Can unlicensed Lamar sell a timeshare he owns?
Analysis of space leased and available over a particular period. Factors considered
include # of units, growth, market trends, and prices. - Answers- Absorption Studies
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. - Answers- Exemptions from Licensure
Limited to the final consummation of performance of the contract. - Answers- What is
an Attorney in Fact (POA) limited to?
Bankruptcy, Guardian, Executors - Answers- What Court Ordered things are exempt
from licensure?
ANSWERS
5 or more time periods, over 5 yrs, 5 day right of rescission, $500 fine per violation -
Answers- Timeshare 4x5 Rule
No - Answers- 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 - Answers- 5 Things Unlicensed Assistants CAN'T do
Trick Question. Sole Proprietorships do NOT need a firm license. - Answers- 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. - Answers- Can PB's be on a Sole Proprietorship team?
ENTITY! Was an entity formed? - Answers- 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. -
Answers- Steps to Form an Entity
An entity. - Answers- 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. - Answers- 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! - Answers- Is a Sole Propriety an Entity?
Yes! Anyone assisting another with real estate needs a license. - Answers- 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. - Answers- Do I need to disclose if I
am helping a family member?
Yes! - Answers- Do I need a RE License to receive compensation for a referral?
, Written notification. Before making an offer. - Answers- Fred's client, Barney, is
interested in new construction. The builder is offering a bonus. Fred needs to disclose.
How and when?
Listing Agent needs to confirm active license, but NOT obligated by MLS agreement. -
Answers- If an agent brings a buyer and they are not part of your mls, what are the
obligations of the listing agent for compensation?
Yes, with written permission from the owner. - Answers- Derrin, a property mngr, will
receive a rebate from a service provider. Can he receive this?
Built in sections, assembled on site and becomes real property immediately. - Answers-
Modular Home:
Personal property until permanently affixed with an "Affidavit of Affixture" - Answers-
Manufactured Home
Must own the land, remove hitch, wheels, and axels, GET AN AFFIDAVIT OF
AFFIXTURE, SOME loans require foundation. - Answers- PERMANENTLY AFFIXING a
Manufactured Home
Vehicle Title Registration on an manufactured home. - Answers- An Affidavit of Affixture
effectively cancels what?
No - Answers- Does a condo owner own the land underneath?
Yes - Answers- Does a townhouse owner own the land underneath?
A Licensed Agent - Answers- Who can sell a timeshare?
Yes! FSBO! - Answers- Can unlicensed Lamar sell a timeshare he owns?
Analysis of space leased and available over a particular period. Factors considered
include # of units, growth, market trends, and prices. - Answers- Absorption Studies
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. - Answers- Exemptions from Licensure
Limited to the final consummation of performance of the contract. - Answers- What is
an Attorney in Fact (POA) limited to?
Bankruptcy, Guardian, Executors - Answers- What Court Ordered things are exempt
from licensure?
