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Post 303- NC Laws, Rules, and Legal Concepts -questions and answers
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Post 303- NC Laws, Rules, and Legal Concepts -questions and answers
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Post 303- NC Laws, Rules, and LegalConcepts -questions and answers
All of the following describe a sole proprietorship EXCEPT:
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a) Owned by stock holders
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b) taxed as regular income
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c) no shelter and no limit of liability
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d) personally liable for debts and liabilities - ANSWER: ➡ a) Owned by stock holders
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The Principal of the entity being licensed can be all of the following EXCEPT?
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a) Provisional broker
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b) officer of a corporation
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c) manager of an LLC
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d) general partner of a partnership - ANSWER: ➡ a) Provisional broker
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Which of the following regarding obtaining a firm license is TRUE?
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a) Provisional brokers may serve as the qualifying broker
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b) Sole proprietorships do not need a firm license
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c) may advertise in the entity's name
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d) a BIC is always required - ANSWER: ➡ b) Sole proprietorships do not need a firm license
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Which of the following is NOT a form of business ownership?
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a) partnership
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b) corporation
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c) referral agent
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d) sole proprietorship - ANSWER: ➡ c) referral agent
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, A Licensee who has completed all post licensing courses is a:
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a) BIC g
b) BIC Eligible
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c) Full Broker
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d) Provisional Broker - ANSWER: ➡ c) Full Broker
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An LLC is: - ANSWER: ➡ A simple business entity with liability protection
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If a team forms an entity, the team must obtain: - ANSWER: ➡ A firm license
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Renewing the firm license, designated a BIC in each location, and maintaining the firm's
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certificate and pocket card are all the duties of a: - ANSWER: ➡ Qualifying Broker
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Of the forms of business ownership, which one is NOT an entity?
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a) LLC g
b) Partnership
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c) Corporation
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d) sole proprietorship - ANSWER: ➡ d) sole proprietorship
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Every broker must renew their license BEFORE: - ANSWER: ➡ 12 am on July 1st
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Any provisional broker who is not affiliated with a BIC is: - ANSWER: ➡ Inactive
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If a team forms an entity, the name on all contracts and disclosures will be the name of the: -
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ANSWER: ➡ Firm
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