Exam (elaborations)
NC REAL ESTATE POST-LICENSING 303 QUESTIONS AND ANSWERS
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NC REAL ESTATE POST-LICENSING 303 QUESTIONS AND ANSWERS
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NC REAL ESTATE POST-LICENSING 303 QUESTIONSAND ANSWERS
When is an active NC real estate license required? - Answers- When any person or
entity is performing brokerage activities for consideration (payment) as an agent for
others
What brokerage activities require a person or firm to have a NC real estate license? -
Answers- Listing, leasing, buying, exchanging, auctioning, negotiating, referring, and
selling. Also selling timeshares in advertising real property property in any manner.
What activities do not require NC real estate license? - Answers- 1.business entity,
selling or leasing entity, owned property
2. attorney in fact
3. Court appointed
4. Trustee
5. W-2 employee of broker property management.
When is a newly licensed provisional broker required to complete their first annual
continuing education requirements? - Answers- after their first license renewal (before
June 10 of the first full license year and before their second license renewal)
What are the requirements to obtain or be issued a firm license? - Answers- Authority
from the NC Secretary of State to engage in business in North Carolina, Firm
application, Entity principles must satisfy character requirements, Qualifying broker, BIC
at every location.
What is required to be a qualifying broker? - Answers- Qualifying brokers must be a
principle of the entity(work for them) and have an active real estate license.
What are the responsibilities of the qualifying broker? - Answers- A point brokers in
charge, renew the firm license annually, notify the commission within 10 days of any
changes. The firms pocket card, Secure, transactional and trust account records when
the BIC changes.
What is a limited non-residential commercial license? - Answers- A licensed that allows
another state to enter NC for the purpose of engaging in commercial brokerage.
What are the requirements to obtain a limited non-residential commercial license? -
Answers- Must not be a resident of North Carolina, must have an active real estate
license, and must be an individual not an entity or company
, What documents are required before a limited non-residential commercial broker can
enter North Carolina to engage in commercial brokerage? - Answers- Brokerage
cooperation, agreement, and declaration of affiliation with a resident NC broker
How much commercial brokerage experience must be limited non-residential
commercial license have? - Answers- None
When does a team require a BIC? - Answers- When it becomes a firm with its own
license and is advertising its team name
What must be shown in marketing materials and an agency agreement when
advertising a entity? - Answers- Both the teams name and the name of the firm the
team is associated with
Can a provisional broker be on a team organized as an entity with a team BIC -
Answers- Yes, provisional brokers can be affiliated with two BIC's as long as they are at
the same physical location.
What must happen for a licensed to receive their commission for a transaction that
closes after their license becomes an active? - Answers- The brokerage activity must
have been completed while the brokers license was still current and active
Can a provisional broker be paid for a listing that sells after year she leaves one firm
and goes to work for another firm - Answers- Yes, as long as the provisional brokers
employment contract allows it the provisional broker may be directly paid by his or her
BIC from their previous firm
Who can receive referral fees? - Answers- Actively licensed brokers
What is an example of permitted activities for an unlicensed assistant or inactive
licensee - Answers- Clerical and administrative function, such as scheduling
appointments, computing commission checks for licenses receiving and forwarding
phone calls assisting with assembling documents for closing showing properties for
lease filling in the blank on standard forms under the direction of and with information
provided by a licensed broker
What are examples of activities that an unlicensed assistant cannot perform? -
Answers- Conducting an open house. Writing or creating promotional material, showing
properties for sale. receiving compensation for referring a customer to a real estate
licensee, soliciting listings
What does a full broker need in order to affiliate with multiple firms? - Answers-
Permission from BICs at both firms
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