NC POST LICENSING 303 TEST BANK FULL
QUESTIONS AND CORRECT ANSWERS
EXPERT VERIFIED REVIEW SHEET GRADED
A+
⩥ True or False: Regarding the MOG, the disclosure form issued
by the NCREC cannot be altered.
Answer: True
⩥ To qualify for BIC Eligible Status you must:.
Answer: Have 2 years of full time experience of the last 5 years,
completed the 12 hour BIC class, submit the form
⩥ NCREC rules require the BIC to do what things?.
Answer: review and retain all advertisements, ensure all
licensees take CE and renew license, notify the commission of
firm changes within 10 days, manage trust fund
⩥ Which of the following is required for NCREC to issue a real
estate firm license (2 things).
, Answer: register the entity with the secretary of state of North
Carolina, apply for a firm license
⩥ For subdivision approval, a subdivision is when land is
divided into.
Answer: two or more lots
⩥ What is required if Broker Betty is affiliated with ABC Realty
and has recently created "Team Betty" within ABC Realty as an
LLC for use by her and 3 other agents from ABC Realty who
have all joined the team. All team advertising reads "Team Betty
of ABC Realty".
Answer: BIC, firm license, all members must be dually affiliated
with ABC Realty, PBs only allowed if the location is the same
for the team and ABC Realty
⩥ YES or NO: A Broker affiliated with a BIC in May and
attends his first closing on July 6th. The broker's license expired
on July 1st and he continued to act as an agent in the transaction
afterwards. The BIC can legally pay commission to the broker..
Answer: NO - continuation of brokerage activities AFTER
expiration
QUESTIONS AND CORRECT ANSWERS
EXPERT VERIFIED REVIEW SHEET GRADED
A+
⩥ True or False: Regarding the MOG, the disclosure form issued
by the NCREC cannot be altered.
Answer: True
⩥ To qualify for BIC Eligible Status you must:.
Answer: Have 2 years of full time experience of the last 5 years,
completed the 12 hour BIC class, submit the form
⩥ NCREC rules require the BIC to do what things?.
Answer: review and retain all advertisements, ensure all
licensees take CE and renew license, notify the commission of
firm changes within 10 days, manage trust fund
⩥ Which of the following is required for NCREC to issue a real
estate firm license (2 things).
, Answer: register the entity with the secretary of state of North
Carolina, apply for a firm license
⩥ For subdivision approval, a subdivision is when land is
divided into.
Answer: two or more lots
⩥ What is required if Broker Betty is affiliated with ABC Realty
and has recently created "Team Betty" within ABC Realty as an
LLC for use by her and 3 other agents from ABC Realty who
have all joined the team. All team advertising reads "Team Betty
of ABC Realty".
Answer: BIC, firm license, all members must be dually affiliated
with ABC Realty, PBs only allowed if the location is the same
for the team and ABC Realty
⩥ YES or NO: A Broker affiliated with a BIC in May and
attends his first closing on July 6th. The broker's license expired
on July 1st and he continued to act as an agent in the transaction
afterwards. The BIC can legally pay commission to the broker..
Answer: NO - continuation of brokerage activities AFTER
expiration
