Exam (elaborations)
NC RE POST LICENSE 303 exam with correct solutions
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NC RE POST LICENSE 303 exam with correct solutions
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NC RE POST LICENSE 303 exam withcorrect solutions
Timeshare 4x5 Rule - ANSWER: ➡ 5 or more time periods, over 5 yrs, 5 day right of rescission,
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$500 fine per violation
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Can an unlicensed assistant cold call prospects and solicit business? - ANSWER: ➡ No
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5 Things Unlicensed Assistants CAN'T do - ANSWER: ➡ Assist others in the sale or lease, Hold
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open houses without a licensee, Cold call prospects and solicit business, Make referrals for a
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fee, Create and publish advertisements
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How long does a sole proprietorship have to get their firm license? - ANSWER: ➡ Trick
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Question. Sole Proprietorships do NOT need a firm license.
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Can PB's be on a Sole Proprietorship team? - ANSWER: ➡ Yes. Sole Proprietorships do not have
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a BIC, so they would only be under the FIRM'S BIC.
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If a team question is given, what key evidence are you looking for? - ANSWER: ➡ ENTITY! Was
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an entity formed?
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Steps to Form an Entity - ANSWER: ➡ Every entity must be legally created, REGISTER WITH
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THE SECRETARY OF STATE, provided with a Secretary of State ID Number, Obtain a firm
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license from NCREC.
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What needs to be registered with the Secretary of State? - ANSWER: ➡ An entity.
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Bill and Ted form a team within TIME TO BUY REALTY. Their team is called Most Excellent
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Team. Their Advertising is "Most Excellent Team of Time to Buy Realty". Can they hire a PB? -
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, ANSWER: ➡ YES! We are looking for the word "entity". It's not here, Ergo, they have formed a
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Sole Proprietorship.
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Is a Sole Propriety an Entity? - ANSWER: ➡ NO!
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My daughter is helping manage my rental properties in exchange for free use of a rental unit.
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Does she need a license? - ANSWER: ➡ Yes! Anyone assisting another with real estate needs a
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license.
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Do I need to disclose if I am helping a family member? - ANSWER: ➡ Yes! Must disclose familial
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relationship of the client.
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Do I need a RE License to receive compensation for a referral? - ANSWER: ➡ Yes!
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Exemptions from Licensure - ANSWER: ➡ You own the property (FSBOs), ATTORNEY IN FACT
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(POA) limited to the final consummation of performance of the contract, Attorney at law
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performing practice of law, Court ordered (bankruptcy, guardian, executors), Trustees in
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foreclosures, Housing authorities.
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What is an Attorney in Fact (POA) limited to? - ANSWER: ➡ Limited to the final consummation
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of performance of the contract.
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What Court Ordered things are exempt from licensure? - ANSWER: ➡ Bankruptcy, Guardian,
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Executors
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Does a non-residential commercial agent's active license need to be similar to a NC License? -
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ANSWER: ➡ No! They have to have a license, but no requirement is given as to similarity.
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Non-Resident Limited Commercial Broker's License requirements: - ANSWER: ➡ Must be ag g g g g g g gg g g g
Non-Resident of NC. Must have an active License in another state. File and application (no
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education or test required). Must affiliate with a NC Broker. Limited to commercial practice.
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