Post License 303--NC Law, Rules and Legal Concepts Exam 2024 Questions & Answers 100% UPDATED!

Absorption Study - ANSWERSHow much space is used for the number of sales in a given period of time Terms associated with commercial office space - ANSWERSFloor plate, core area, usable area and rentable area Residential Rental Agreement Act responsibilities - ANSWERS1-Property must be habitable at the time of possession 2-Habitability cannot be waived by the lease agreement 3-tenant cannot withhold rent even if the property is not habitable 4-At the beginning of the tenancy, landlord to replace the batteries in the smoke detector and carbon monoxide detector Broker-in-Charge duties - ANSWERS1-Retain all ads used to market listings 2-Supervise PBs 3-Make sure all brokers get required CE and annually renew license 4-Keep trust account records Permitted assistant duties - ANSWERS1-Show rental units 2-Fill in blanks on rental agreement 3-Collect and deposit monies 4-Keep books and records Forbidden assistant duties - ANSWERS1-Show listings 2-Conduct open houses 3-Write ads for listings 4-Negotiate rent amounts or lease terms What happens if a Provisional Broker does not fulfill their required 90 hours of post licensing in 3 years - ANSWERSStatus changes to inactive Qualifying Broker title for a business license - ANSWERSCorporation--Officer LLC--Manager Partnership--General/Full Partner Status of QB - ANSWERS- Does not have to be BIC. Business has to have both, but does not have to be same person