303 nc Study guides, Class notes & Summaries

Post License 303--NC Law, Rules and Legal Concepts with Complete Solutions

303 NC POST LICENSING EXAM NEWEST 2024 ACTUAL EXAM 250 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A Mary, a woman of color, has filed a fair housing complaint after suspecting her real estate agent was only showing her homes in communities that were primarily made up of minorities. After completing its investigation, HUD found reasonable cause to believe that discrimination occurred. What will happen next? HUD will issue a charge of discrimination and will notif...

Superior 303 NC Law and Rules Exam with Verified Solutions 2024 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? - Answe...

NC Post Licensing – 303 Questions and Answers 2024 A Licensee may not earn compensation when there license - VIP - Answer -is INACTIVE or EXPIRED A Licensee can receive compensation that was earned WHEN - VIPterm-0 - Answer -the license was current and active even if inactive of expired after A BIC may NOT pay a licensee's ENTITY - Answer -unless the entity has a firm license. A Licensee can share commission with parties BUT - Answer -1) Must be in writing - as part of the agreement 2...

In NC, active RE license is required when: - ANSWER When assisting another broker for compensation in the providing of brokerage services. When can an unlicensed person engage in real estate activity? - ANSWER - Their own property - Attorney in fact - Attorney at law - Court-ordered sales - Trustees in foreclosure - Housing authorities

A Licensee may not earn compensation when there license - VIP - Answer-is INACTIVE or EXPIRED A Licensee can receive compensation that was earned WHEN - VIPterm-0 - Answer-the license was current and active even if inactive of expired after A BIC may NOT pay a licensee's ENTITY - Answer-unless the entity has a firm license. A Licensee can share commission with parties BUT - Answer-1) Must be in writing - as part of the agreement 2) Must be subject to Lender Approval in case of loans...

You will be presented with a series of scenarios. Indicate whether the activities performed are allowed (Deal) or not (No Deal). We will then walk through the scenarios together. An LLC homebuilder building in several subdivisions has W-2 employees in model homes in each subdivision who show available properties, discuss design options, answer consumers' questions, negotiate sales contracts, accept deposits, and otherwise service the transaction from beginning to end. - ANSWERSDeal The be...

A Licensee may not earn compensation when there license - VIP - is INACTIVE or EXPIRED A Licensee can receive compensation that was earned WHEN - VIPterm-0 - the license was current and active even if inactive of expired after A BIC may NOT pay a licensee's ENTITY - unless the entity has a firm license. A Licensee can share commission with parties BUT - 1) Must be in writing - as part of the agreement 2) Must be subject to Lender Approval in case of loans 3) Disclosed on the Clos...

A Licensee may not earn compensation when there license - VIP - ANSWERSis INACTIVE or EXPIRED A Licensee can receive compensation that was earned WHEN - VIPterm-0 - ANSWERSthe license was current and active even if inactive of expired after A BIC may NOT pay a licensee's ENTITY - ANSWERSunless the entity has a firm license. A Licensee can share commission with parties BUT - ANSWERS1) Must be in writing - as part of the agreement 2) Must be subject to Lender Approval in case of loans...