NC RE POST LICENSE 303 Questions & Answers 100% Correct!

5 or more time periods, over 5 yrs, 5 day right of rescission, $500 fine per violation - ANSWERSTimeshare 4x5 Rule No - ANSWERSCan an unlicensed assistant cold call prospects and solicit business? Assist others in the sale or lease, Hold open houses without a licensee, Cold call prospects and solicit business, Make referrals for a fee, Create and publish advertisements - ANSWERS5 Things Unlicensed Assistants CAN'T do Trick Question. Sole Proprietorships do NOT need a firm license. - ANSWERSHow long does a sole proprietorship have to get their firm license? Yes. Sole Proprietorships do not have a BIC, so they would only be under the FIRM'S BIC. - ANSWERSCan PB's be on a Sole Proprietorship team? ENTITY! Was an entity formed? - ANSWERSIf a team question is given, what key evidence are you looking for? Every entity must be legally created, REGISTER WITH THE SECRETARY OF STATE, provided with a Secretary of State ID Number, Obtain a firm license from NCREC. - ANSWERSSteps to Form an Entity An entity. - ANSWERSWhat needs to be registered with the Secretary of State? YES! We are looking for the word "entity". It's not here, Ergo, they have formed a Sole Proprietorship. - ANSWERSBill and Ted form a team within TIME TO BUY REALTY. Their team is called Most Excellent Team. Their Advertising is "Most Excellent Team of Time to Buy Realty". Can they hire a PB? NO! - ANSWERSIs a Sole Propriety an Entity? Yes! Anyone assisting another with real estate needs a license. - ANSWERSMy daughter is helping manage my rental properties in exchange for free use of a rental unit. Does she need a license? Yes! Must disclose familial relationship of the client. - ANSWERSDo I need to disclose if I am helping a family member? Yes! - ANSWERSDo I need a RE License to receive compensation for a referral?