Exam (elaborations)
NC POST-LICENSING 303 QUESTIONS AND ANSWERS
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NC POST-LICENSING 303 QUESTIONS AND ANSWERS
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NC POST-LICENSING 303 QUESTIONS AND ANSWERSIn NC, active RE license is required when: - Answers- When assisting another broker
for compensation in the providing of brokerage services.
When can an unlicensed person engage in real estate activity? - Answers- - Their own
property
- Attorney in fact
- Attorney at law
- Court-ordered sales
- Trustees in foreclosure
- Housing authorities
"Power of attorney" exemption exists to allow: - Answers- Allow others to use a power
of attorney for final consummation in the performance of a contract.
In a corporation, who is exempt from licensure when handling entity's own property? -
Answers- Officers, directors, and W2 employees.
In a LLC, who is exempt from licensure when handling entity's own property? -
Answers- Managers and W2 employees.
In a partnership, who is exempt from licensure when handling entity's own property? -
Answers- General partners, and W2 employees.
Deadline for license renewal is midnight on? - Answers- June 30 every year.
License renewal fee $ ? - Answers- $45
Deadline for all CE completion is: - Answers- June 10
Failure to renew license results in license being? - Answers- Expired
If full broker is not affiliated with a BIC they CANNOT: - Answers- - Maintain a trust
account for others
- Hire/Supervise other brokers
- Offer services, advertise, or market in any way
An individual can be the BIC of more than one firm, only if? - Answers- Only if the firms
are at the same physical office location.
Provisional broker can only affiliate with more than one BIC if, - Answers- they have
mutual consent/permission of both BICs
,When should a provisional broker deliver monies to BIC? - Answers- Immediately
All deposits must be made to the trust account within.. - Answers- 3 banking days of
receipt or contract acceptance, whichever is later.
Trust accounts may earn interest so long as, - Answers- The broker has written consent
of the client and a written agreement specifies who gets the interest.
BICs may transfer earnest money for closing no more than - Answers- 10 days prior to
settlement
Trust accounts must be balanced every: - Answers- Every 30 days
Trust account records must be maintained for - Answers- 3 years
Sole Proprietorship - Answers- No creation of an entity but may operate under a trade
name.
Personally liable for all debts and liabilities.
Income taxed as regular income, no shelter of tax liability.
Corporation - Answers- Legal entity owned by stockholders
Could be an S corp or C corp
LLC (Limited liability company) - Answers- Simple business entity owned by manager,
and members.
Income paid to members as draws using a 1099.
Partnership - Answers- Legal entity owned by general partners
Entity with the greatest liability
General partners are responsible for all debts and liabilities.
May have limited partners with liability limited to the amount of their actual capital
investment.
Every entity created must obtain a, - Answers- Firm license
A full broker may gain tax benefits and liability protection by forming an entity solely for
the purposes of - Answers- receipt of compensation.
Steps for full broker creating an entity - Answers- - Must obtain a firm license as a
qualifying broker.
- Do not need to become a BIC or BIC-eligible
- May not advertise or use this entity name in marketing or advertising.
- May not affiliate other brokers under this entity name if not a BIC.
- Provisional brokers may NOT create an entity for the receipt of compensation.
, In order to be a qualifying broker, the licensee must be? - Answers- - Full broker on
active statues
- Principal of the entity seeking the firm license
How many hours required for Post lisencing and when is the deadline? - Answers- 90
hr post licensing, deadline is 18 months from date of licensure.
All licensees must complete ______ hours of CE per year. - Answers- 8 Hours
8 Hrs CE breakdown. 4 hrs __________, 4 hrs___________. - Answers- 4 Hrs in
mandatory update course, 4 hrs of elective credit.
CE deadline - Answers- Midnight June 10 every year
CE requirement for provisional brokers starts? - Answers- Prior to 2nd renewal of the
license.
Licensee must report all changes of address to real estate commission within how many
days? - Answers- Within 10 days.
Licensee must report all of the following to the commission within 60 days of the
conviction, judgement, order, or adjudication.. - Answers- - Felony or misdemeanor
convictions
- Disciplinary actions against other professional licenses
- Revocation or suspension of a notorial commission.
Provisional brokers who are not affiliated are considered - Answers- Inactive
Full broker may either - Answers- - Affiliate with a BIC/Firm
- Activate as a Sole Proprietor
Obligations of qualifying broker - Answers- - Renew firm license
- Appoint BIC in each location
- Maintain firm certificate and pocket card
- Notify NCREC within 10 days of change of qualifying broker, firm name, or registration
of any assumed adopted firm name.
When QB fails to have a BIC in each office location, the firm license becomes -
Answers- inactive
BICs are selected by completing which form? - Answers- Form 2.25 designation of BIC
What unlicensed assistants may do - Answers- - Receive and forward calls
- Submit listing data
- Search public records
- Place signs and lockboxes
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