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IMPORTANT!!!
License Law and Commission Rules
| Question | Answer |
|---|---|
| There are __ real estate commissioners; __ must have a real estate license; __ must not have a real estate license. | 9/3/2 |
| __ commissioners are appointed by the governer, __ by the house and __ is appointed by the senate | 7/1/1 |
| How many years so the commisioners serve? | 3 years and every year 3 commissioners come on and 3 come off. |
| Who elects the chairman of the Real Estate Commission? | The members of the commission |
| What does the commission have the powers to do? | make bylaws and rules that are consistent with and support the law. |
| When does the commission employ the use of the Attorney General and the use of the courts for injuctive relief? | To stop an unlicensed entity from engaging in real estate transactions illegally |
| What can the commission NOT do? | Fine an agent |
| What CAN the commission do? | Reprimand, revoke,suspend or censure an agent. |
| When will the commission discipline an agents? | Misresprenstations, Ommissions, False Promises, Undisclosed dual agency, accept a commission from anyone but a broker when PB, fail to account for money, incompetent, writing a contract and failure to deliver HUD statement |
| Who is the only one that can revoke an agents license? | The commission |
| What does 93A-7 state? | The power of the courts can fine or imprison the agent. |
| After ____ it shall be unlawful for any person, partnership, corporation or LLC to help others buy, sell, auction, or lease property for compensationor the promise of compensation w/out first obtaining a real estate license. | 1957 |
| Compensation can take the form of.... | money, goods or service. Anything of value. |
| Who does NOT need a license? | Corporate owned land sold by one of it's employees, a person acting as an attorney-in-fact, a trustee to a trust account, a salaried employee of a property management company, the crier of an auction and an unlicensed assistant to a real estate agent. |
| What can an employee of a property management company NOT do? | Negotiate |
| What can an assistant of a real estate agent NOT do? | Show houses, or host open house or solicit sales. |
| When do all licenses issued by the real estate commission expire? | June 30th |
| What does the pocket card NOT state? | Level of education or the status of their license (active or inactive) |
| What DOES the packet card indicate? | PB or B and date of expiration |
| Should a licensee change their name, address or broker affiliation,they must notify the commission within __ days. | 10 days |
| If the licensee is convicted of a crime they must notify the commission within __ days. | 60 days |
| All PB's must complete ___ hrs of education within the 1st __ yrs from the date of their license. | 90/3 |
| What happens if you a PB does not do their post-licensing classes in time? | Thier license is set to "inactive" status |
| Does post licensing count towards CEU's? | No |
| Can all post-licensing classes be taken in the 1st year? | YES |
| How many CEU's classes are required each year? | 8 |
| When does the commission stop CE classes? | June 10th |
| CE is composed of 4 hrs of ________ and 4 hrs of _____. | Mandatory update / electives |
| How many hours can be carried over to the next year? | 4 |
| What is a Broker-In-Charge's automatic elective? | The BIC Annual Review (BICAR) |
| What does time share mean? | the right to occupy a unir or any of several units during 5 or more seperate periods of time over a period of at least 5 years. |
| What do time shares include? | vacation license, prepaid hotel reservations, club memberships, limited partnerships, or vacation bonds. |
| Time shares are considered _______ in NC and are regulated by the _________. | real estate / real estate commision |
| A time share _____ may be fined by the real estate commission for up to ___ per violation. | developer / $500 |
| Can a time share broker be fined? | No |
| The developer must provide to a buyer a copy of a public offering statement no later than the _______. | Date of contract execution |
| The buyer must be given a ___ day right of _______ to cancel the contract. | 5 / recission |
| What must a time share salesperson have? | a real estate license |
| What is the BIC known as in timeshare sales? | Project broker |
| All monies received by a time share developer or project broker must be deposited in a trust account within ________ days from receipt. | 3 banking |
| If a buyer timely and correctly cancels a purchase, the refund of monies to the buyer shall be made no later than ___ days form contract execution. | 30 days |
| What is a qualifying broker/BIC responsible for? | assuring firms license is renewed on time, reatining a firm's pocket card and producing it upon request |
| Every physcial location/office must have __ BIC. | 1, even if there are 5 companies in the same physical location. |
| What does the BIC need to prominently display in the real estate office? | the firms license and their license. |
| What does the BIC keep copies of and produce upon request? | each licensees pocket card |
| What must be done in order to become a BIC? | You must have been working 2 years out of the last 5 and must go to a 12 hour BIC course plus an additional 4 hr BICAR course |
| All license are issued on a _____ status and all new licensees are _____. | inactive / Provisional Brokers |
| A commerical licensee who is licensed in another state may come to NC and conduct business so long as: | The affliate with an in-state firm, do not live in NC, keep all monies belonging to others in NC, sign an affidavit allowing the commision to pursue legal action against them if necessary and indicate that a limited nonresident commerical brokers. |
| A commerical licensee merely_____________________. | applies for a temporary license and pays a fee to the real estate commission. |
| Do a commerical licensee's have to take the state examination? | NO |
| If an agent fails to pay their renewal fee by July 1st then their licensee is set to _____ status. | Expired |
| Licenses expired less than ___ months may be reinstated by paying the fee plus a late fee. | 6 months |
| Any license that is expired more than 6 months must be considerd by the commission upon submission of a _____________. | Complete and accurate application and a payment fee. |
| If a licesnsee bounces their renewal fee check, the real estate commissionn may ______________. | deny licensee renewal, suspend the license, or revoke the license. |
| When must a PB turn in monies to their BIC? | immediatley |
| If a firm receives cash, they must deposit it within _________. | 3 banking days from receipt. |
| If the firm receives a check, they must deposit it within ______ | 3 banking days from contract formation |
| What is a banking day? | When the Federal Reserve is open. |
| Where must a property manager deposit all rents and security deposits? | In a trust account |
| A real estate firm is allowed to keep _____ or whatever amount is necessary of the firm's money in the trust account to keep an open account. | $100 |
| From the last day of a lease or an eviction, a property manager has ___ days to provide an initial accounting and ___ days to provide a final account statement. | 30/60 |
| What is considered co-mingling and illegal and a violation of commission rules? | Any of the firm's money beyond the allowed amount in the trust account or any money belonging to others that is in the firm's business or personal checking account. |
| A real estate firm may transfer money from their trust account to an attorney for the purposes of closing the transaction no more than ____ days before closing | 10 days |
| Does the commision have the authority to force a BIC to reimburse the firm's trust account if money is found to be missing due to embezzlement, poor acounting practices, or any other reason for missing money. | NO |
| Can a firm keep all moneies from various clients in the same trust account? | Yes, except HOA trust accounts |
| Can the commission require a licensee to pay or reimburse a member of the public for any damages in connection with a real estate transaction? | No |
| What is the commission not imvolved in? | disputed commissions between agents or disputed funds between buyers/sellers/agents. |
| In the event of a dispute between buyers and sellers over earnest money, the broker holding the earnest money must______. | hold the money in the trust account until they resolve their dispute or send a letter to both clients and after 90 days, giver the money to the clerk of courts. |
| In the event of a dispute over money between a broker and a client, the broker must______. | give all the money to the client and then sue the client for the portion they believe they are entitled to. |
| A blind ad is one in which: | a PB does noth include their firms name and/or the name of their BIC. |
| A PB shall not advertise without _______. | the consent/permission of their BIC. |
| If non-pb did not indiciate they are a broker and/or did not include their firm name's in an adevertisment, then this is also known as a ____. | Blind ad |
| Every agreement for brokerage services must _______. | be in writing. |
| What kind of agreement can be an oral agreement? | a buyers agency agreement, must it must be in writing before submiting the first offer. |
| What must be in writing from its inception? | Listing agreement. It can NEVER be an oral agreement. |
| When must dual agency be in writing? | Before presenting an offer. |
| When must a buyers agent tell a seller or seller agent that they are representing the buyer? | At intial contact and must be in writing no later than the 1st offer is presented. |
| All paperwork must be delivered to all parties within ________ days. | 5 calendar |
| How long does a property manger have, with the owner's permission, to provide a summary of events? | 45 days. |
| All records must be retained for ____. | 3 years |
| Must a broker disclose compensation, bonuses, rebates, incentives or any other compensation to it's client? | Yes and has to be put in writingbefore the client makes or accepts an offer to buy or sell. |
| Is a broker required to disclose compensations, bonuses and incentives to a buyer customer? | No |
| Can a broker receive a refrral fee if their license is inactive? | Yes, as long as it was active when they put the buyer and/or seller under contract |
| Can a travel agent receive a referral fee? | Yes, if the introduce a tenant to a property manager for a short-term vacation rental. |
| Can an agent draft a contract for someone else? | No |
| Can an agent draft a contract for themselves? (i.e. they are purchasing their own home? | Yes |
| Can a real estate agent share the offer of another without their consent? | No |
| All licensees shall include _________ on all contract and disclosures. | their license number |
| In NC what must all sellers (including FSBO's) complete? | a NC Residential Property Disclosure report |
| How many exemptions are there for the Disclosure report? | 11 |
| A buyer may cancel a contract within _________________. | 3 days of receipt of disclosure form or 3 days from the contract, whichever occurs first. |
| Must a seller disclose material facts about their home? | No |
| A real estate agent is required to _____ the seller in the proper completino of the report. | assist |
| Can an agent fill out the disclosure form for a seller? | No |
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