Exam (elaborations)
POST-LICENSING 303 KAHOOTS QUESTIONS
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POST-LICENSING 303 KAHOOTS QUESTIONS
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POST-LICENSING 303 KAHOOTS QUESTIONSWhich of the following is correct regarding a commercial broker lien according to the NC
Real Estate Broker Lien Act? - Answers- A lien is only allowed for listing or leasing
services of commercial broker
Only a listing agent may file a commercial broker lien
If a broker's license expired on July 1st and he continued to act as an agent in a
transaction that closes July 15th - Answers- the BIC cannot legally pay the broker a
commission
A full broker at ABC Realty forms a team with 4 agents called "The Super Star Team
LLC." - Answers- Provisional Brokers may dually affiliate with Super Star LLC and ABC
Realty
If a business entity applies for a real estate firm license, the qualifying broker MUST: -
Answers- be a member manager or owner of the firm if the business is an LLC
A limited, non-residential commercial real estate broker working in NC - Answers- must
be actively licensed in his/her home state throughout any NC transactions
A provisional broker who fails to complete all 90 hours of POST licensing within 18
months of original license date: - Answers- Will have an inactive license
A provisional broker leaves firm A and joins firm B. When a listing they obtained while at
firm A closes: - Answers- Commission can be paid to the Provisional Broker and not
through new BIC
A provisional broker may NOT engage in brokerage activities unless she: - Answers-
activates her license on her own.
To qualify for BIC Eligible status, a licensee must: - Answers- have at least 2 years of
full time brokerage experience within the past 5 years.
The NC Real Estate Commssion rules require the BIC of real estate firm to: - Answers-
Retain all advertising used to market office listings for 3 years
What is required to issue a real estate firm license? - Answers- An entity must be
registered with the secretary of state in NC.
Which of the following activity would not require a NC real estate license? - Answers- A
person acting under a POA for completion of the performance of a contract.
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