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NC Real Estate
Exam terms NC
| Question | Answer |
|---|---|
| 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
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