Superior 303 NC Law and Rules Exam Questions and Answers

Superior 303 NC Law and Rules Exam Questions and Answers sole proprietor -Answer-Full broker not affiliated with another firm Can not Advertise Can not hire other licensees Can not hold a trust account Would have to become a BIC in order to 'do it all' How long is BIC eligible status valid for? -Answer-12 months must take BIC update instead of general update each year that will renew eligibility to continue being BIC eligible Who is responsible for the advertising? -Answer-BIC Who is responsible to inform the NCREC of an address change for the firm? -Answer-Qualifying broker Which of the following will require a firm license? LLC Sole Proprietor Corporation Partnership -Answer-all except Sole Proprietor (not an entity) all entities must have a firm license Who informs the NCREC of an assumed business name? change of firm name or entity? - Answer-Qualifying broker Can the BIC pay a licensee when they are inactive? -Answer-If they were current and active when they earned it. Can the BIC pay a licensees entity? -Answer-If the entity has a firm real estate license Can I as an agent receive a bonus from a builder? -Answer-Yes, so long as it is disclosed in writing, prior to showing the property, included in the agent agreement and included on the closing disclosure