Real estate superior school Exam Questions and Answers

Real estate superior school Exam Questions and Answers if you get compensation you need ______ -Answer-a license Forms of compensation -Answer-- gift card - money - free rent -ipad -concert tickets -etc. What are activies that require you to have a license -Answer-(LLBEANS) List Lease Buy Exchange Auction Negotiate Sell What activies exempt you from needing a license -Answer-(STAPLES) Self Trustor Apprasier Power of attorney Lawyer Executor Salaried employees (W2) Practicing real esate without a license is what -Answer-Felony Salary is an exemption from ______ -Answer-compensation Types of licenses -Answer-Provisional Broker Non-provisional Broker in charge Limited non resident commercial license Provisional -Answer-entry level license Must be supervised by BIC (broker in charge) can only be under one BIC at a time Must take 90 hours of post edu after is must be completed 3 years after on your anniversary date Non provisional -Answer-licensee who has completed all post licensing coures is also called a full broker can be under more than one BIC as long as all BIC agree What needs to be done June 10th of every year -Answer-8 hours of continuing education 4 hours of general update , 4 hours of electives Provisional brokers are exempt from the first june 10th) what needs to be done June 30th of every year -Answer-Renew your license and pay 45$ fee Not doing any of these things will make your license inactive -Answer-Not being affiliation with a BIC Not being current on your MCE( mandatory continuing edu) Not being current on your post licensing edu Not doing what will make your license expired -Answer-NOT PAYING YOUR 45$ fee to renew your license Limited non-resident Commerical Broker's License -Answer-limited to commercial transactions (lease or purchases) Inactive license status -Answer-does not require you to complete MCE or Post licensing BUT you must still pay the 45$ fee or your license will become expired you can receive a referral on inactive but you cannot ___ -Answer-be paid on the referral (you have to be on active) you have ____ amount of days to inform NCREC when you change your contact information - Answer-10 you have ____ amount of days to inform NCREC when you are convicted (crime) -Answer-60 days you have ____ amount of days to inform NCREC retention of records -Answer-3 yea