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NC Real Estate

Exam terms NC

QuestionAnswer
How many days to notify Commission of change of personal name, firm name, trade name, address 10 days
Qualifications to BIC 2 years full time experience or part time equivalent actual experience in last 5 years, 12 hour BIC course within 120 days after designation
Things you need license for List real estate, Sell real estate, Auctioning, Referral
Need license to lease or rent which means advertising, showing rental property, give info other than basic facts, negotiating, assist filling out forms
Permitted activities for unlicensed employees if salaried, not commission Submit listings and changes to MLS
Permitted activities for unlicensed employees if salaried, not commission Place for sale, for rent, lock boxes on doors
Permitted aPermitted activities for unlicensed employees if salaried, not commission Order/Supervise routine/minor repairs
Permitted activities for unlicensed employees if salaried, not commission Provide basic factual information that can be found in ads, brochures, etc
Permitted activities for unlicensed employees if salaried, not commission Talk with owners, prospects, inspectors to coordinate appointments
Permitted activities for unlicensed employees if salaried, not commission Type offers, contracts and leases from drafts of preprinted forms completed by an agent.
Permitted activities for unlicensed employees if salaried, not commission Show rental properties and complete and execute prepringed form.
Exemptions to requirement of having license FSBO
Exemptions to requirement of having license Housing Authority
Limited Nonresident Commercial Broker Broker residing in another state can get this to engage in transactions for compensation involving commercial Real estate
What happens to license if you don't obtain 90 hours in 3 years inactive status
When does license expire June 30th
Duty of REC Establish pre licensing programs
Duty of REC Regulating business activities of brokers including disciplining licensees
Authority of REC Reprimand, Censure, suspension, revocation
Injunctive relief REC has the power to seek this to prevent any person from violating the license law or REC rules. Criminal offense
Composition of REC 9 members.
Requirements in written agreement for agent's services license number, definite period of time, and automatically terminate after that period
Provisional Broker may not do this when advertising consent of broker in charge and without including name of broker/firm
How many days do agents have to deliver copies of any written agency agreements, offers. 5 days from execution
Time Share Funds Funds that must be deposited into escrow within 3 days of receiving and held there for 10 days from date of sale, or cancellation by purchaser
public offering statement Statement that discloses all facts about a property. Developer is required to provide this.
Subdivisions all divisions for the purpose of sale or building development and includes all division of land involving dedication of new street.
Subdivision regulations protect purchasers from the city or county from significantly increased tax burdens resulting from the demands for services generated by a new subdivision.
Required Statutory provisions in contracts obtained after preliminary approval of subdivision Preliminary map must be attached to the contract before closing and conveyance
Required Statutory provisions in contracts obtained after preliminary approval of subdivision Buyer or lessee has at least five days to close after receiving from the seller a copy of a final recorded plat provided the prelimininary one has no material difference
Created by: stephavery