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North Carolina Real Estate License Law and Rules: Questions and Answers, Exams of Law

Louisiana College (LC)Law

A comprehensive overview of north carolina's real estate license law and rules, including key definitions, requirements, and exemptions. It features a series of questions and answers covering various aspects of real estate brokerage, licensing, and regulations in north carolina. Valuable for individuals seeking to understand the legal framework and requirements for obtaining and maintaining a real estate license in the state.

Typology: Exams

2024/2025

Available from 01/28/2025

bryanryan
bryanryan 🇺🇸

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NORTH CAROLINA LICENSE LAW AND RULES
COMMENTS QUESTIONS WITH COMPLETE
SOLUTIONS
___members of the Real Estate Commission are appointed by
the governor and two are appointed by the General Assembly
upon the recommendation of the Speaker of the House of
Representatives and the President Pro Tempore of the senate.
Correct Answers 7
A broker or salesperson residing in a state other than North
Carolina who holds an active broker or salesperson license in the
state where his or her primary place of real estate business is
located may apply for and obtain a North Carolina..... Correct
Answers Limited Nonresident Commercial Broker License
A licensed Real Estate Agent is a Realtor only if he/she belongs
to the_____________________________. Correct Answers
National Association of Realtors
A Limited Nonresident Commercial Broker License IS a...
Correct Answers Separate License
A person who has met all the license qualifications
requirements(including a 75-hour pre licensing course and
passing the commissions license examination) is initially issued
a brokers license on ____________________ status and is
referred to as a "_______________broker" Correct Answers
Provisional
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NORTH CAROLINA LICENSE LAW AND RULES

COMMENTS QUESTIONS WITH COMPLETE

SOLUTIONS

___members of the Real Estate Commission are appointed by the governor and two are appointed by the General Assembly upon the recommendation of the Speaker of the House of Representatives and the President Pro Tempore of the senate. Correct Answers 7 A broker or salesperson residing in a state other than North Carolina who holds an active broker or salesperson license in the state where his or her primary place of real estate business is located may apply for and obtain a North Carolina..... Correct Answers Limited Nonresident Commercial Broker License A licensed Real Estate Agent is a Realtor only if he/she belongs to the_____________________________. Correct Answers National Association of Realtors A Limited Nonresident Commercial Broker License IS a... Correct Answers Separate License A person who has met all the license qualifications requirements(including a 75-hour pre licensing course and passing the commissions license examination) is initially issued a brokers license on ____________________ status and is referred to as a "_______________broker" Correct Answers Provisional

A provisional broker must be supervised by a designated "_____________________". Correct Answers Broker-in- charge An applicant who holds a current real estate license in another U.S. Jurisdiction that is equivalent to NCs brokers license and has been on active status within the previous ______years may pass the state portion of the license examination and be issued a broker license. Correct Answers 3 An unlicensed employee may perform certain designated tasks so long as they are paid...... Correct Answers On a salary or hourly paid and not on a per-transaction basis. An unlicensed, salaried employee MAY: Correct Answers Receive and forward phone calls Submit listings and changes to a multiple listing service as long as the listings are compiled by a licensee Secure copies of public records Place "for sale" or "for rent" sings and lock boxes Order and supervise routine and minor repairs at the direction of a licensee Act as a courier to deliver and pick up documents Provide to prospects basic, factual information Schedule appointments Schedule appointments for showing property listed for sale or rent Communicate with licensees, property owners, prospects, inspectors, etc.

Broker Correct Answers A "provisional broker" who satisfies all post licensing education requirements to terminate the "provisional" status of such license becomes a_____________. Broker-In-Charge is a separate... Correct Answers License status category Brokerage Activities include..... Correct Answers Listing(or offering to list) Real Estate for sale or Rent Selling or Buying(or offering to sell or buy) real estate Leasing or Renting(or offering to lease or rent) real estate Conducting(or offering to conduct) a real estate auction Selling, buying, leasing, assigning or exchanging any interest in real estate, including a leasehold interest, in connection with the sale or purchase of a business. Referring a party to a real estate licensee, if done for compensation. Commission Rule A .01 10 required that each real estate office must have a broker who meets the qualification requirements to serve as "________________" of the office and who has designated himself or herself as the "______________" of that office. Correct Answers Broker-in-charge G.S. 93A-1 and 2- In addition to individuals(persons), "_______________________" also must be licensed in order to engage in real estate brokerage. Correct Answers Business entities G.S. 93A-2(a1) defines a broker-in-charge as... Correct Answers A real estate broker who has been designated as the

broker having responsibility for the supervision of real estate provisional brokers engaged in real estate brokerage at a particular real estate office and for other administrative supervisory duties as the commission shall prescribe by rule. G.S. 93A-2(a2) defines a provisional broker as.... Correct Answers A real estate broker who, pending acquisition an documentation to the Commission of the education or experience prescribed by G.S. 93A-4(a1), must be supervised by a broker-in-charge when performing any act for which a real estate license is required. In North Carolina a real estate license may only engage in brokerage as an _____________for a party to a transaction. Correct Answers Agent License Categories (G.S. 93A-2)- There is only one type of license, a ____________license. However there are several license status categories. Correct Answers Broker NOTE- A real estate licensee is NOT automatically a ____________. Correct Answers Realtor Persons and business entities who for consideration or the promise thereof perform the activities listed as an agent for others are considered to be performing brokerage activities and must have a......... Correct Answers Real estate license unless specifically exempted by the statute Provisional Broker is a_____________license status category. Correct Answers Temporary

The following persons and organizations are specifically exempted from the requirement for real estate licensure.... Correct Answers A business entity selling or leasing real estate owned by the business entity when the acts performed are in the regular course of or are incident to the management of that real estate and the investment therein. 1 The following persons and organizations are specifically exempted from the requirements for real estate licensure..... Correct Answers A person acting as a receiver, trustee in bankruptcy, guardian, administrator or executor or any person under a court order. 4 The following persons or organizations are specifically exempted from the requirement for real estate licensure. 8 Correct Answers A housing authority organized under Chapter 157 of the General Statutes and any salaried employee with regard to the sale or lease of the property owned by the housing authority or the subletting of property which the housing authority holds as tenant. 8 The goal of the Real Estate Commission is accomplished through.... Correct Answers Licensing real estate brokers and brokerage firms and registering time share projects. Establishing and administering pre licensing education programs for prospective licensees and post licensing and continuing education programs for licensees. Providing education and information relating to the real estate brokerage business for licensees and the general public.

Regulating the business activities of brokers and brokerage firms, including disciplining licensees who violate the License Law or Commission rules The principle purpose of the Real Estate Commission is to.. Correct Answers Protect the interests of members of the general public in their dealings with real estate brokers. The Real Estate Commission consists of ___ members who serve 3 year terms. Correct Answers 9 There is _____exemption for engaging in a limited number of transactions. Correct Answers no To qualify for designation as a BIC, the broker must have.... Correct Answers 2 years full time or 4 years part time brokerage experience within the previous 5 years. To qualify for designation as BIC a brokers license must be on active status but NOT ___________status. Correct Answers Provisional To qualify for designation as BIC the broker must complete a..... Correct Answers 12 Hour Broker-In-Charge Course no earlier then one year prior or 120 days after designation. While a non-resident limited broker will remain affiliated with his/her out of state real estate company and will not have a NC broker-in-charge, the non-resident licensee must enter into a "notification of broker affiliation" and a "brokerage cooperative agreement" with a resident.... Correct Answers North Carolina