NC Real Estate License Law; Questions with
Complete Solutions
Makeup of Commission ✔✔Consists of nine members - 7 appointed by
governor; one by
Speaker of the House; one by President Pro-Tem of the Senate; 3 must be
brokers in the real
estate business; 2 cannot be involved directly or indirectly in the real estate
business; serve 3
year staggered terms
6 powers granted to the North Carolina Real Estate Commission ✔✔licensing
real estate brokers
in NC. approving schools that conduct real estate courses. approving instructors
that teach real
estate courses. conducting education and information programs relating to the
real estate
brokerage business. regulating the business activities of brokers in NC. has the
power to
discipline licensees who violate the license law or commission rules.
, NC Real Estate License Law; Questions with
Complete Solutions
4 Disciplinary Actions Against Licensees ✔✔Reprimand - slap on the wrist
Censure - harder slap on the wrist
License suspension
License revocation
7 Powers Not Granted to the North Carolina Real Estate Commission ✔✔cannot
practice law.
cannot declare sales contracts, listing contracts or leases void. cannot regulate
commissions,
salaries or fees charged by licensees. cannot fine licensees for violations of
licensing law.cannot
draft or prescribe real estate contract forms. cannot act as a board of
arbitration.cannot order
brokers to reimburse trust funds or to compensate buyers or sellers for losses
who needs a Real Estate License? ✔✔any person or business entity who, for
compensation,
Complete Solutions
Makeup of Commission ✔✔Consists of nine members - 7 appointed by
governor; one by
Speaker of the House; one by President Pro-Tem of the Senate; 3 must be
brokers in the real
estate business; 2 cannot be involved directly or indirectly in the real estate
business; serve 3
year staggered terms
6 powers granted to the North Carolina Real Estate Commission ✔✔licensing
real estate brokers
in NC. approving schools that conduct real estate courses. approving instructors
that teach real
estate courses. conducting education and information programs relating to the
real estate
brokerage business. regulating the business activities of brokers in NC. has the
power to
discipline licensees who violate the license law or commission rules.
, NC Real Estate License Law; Questions with
Complete Solutions
4 Disciplinary Actions Against Licensees ✔✔Reprimand - slap on the wrist
Censure - harder slap on the wrist
License suspension
License revocation
7 Powers Not Granted to the North Carolina Real Estate Commission ✔✔cannot
practice law.
cannot declare sales contracts, listing contracts or leases void. cannot regulate
commissions,
salaries or fees charged by licensees. cannot fine licensees for violations of
licensing law.cannot
draft or prescribe real estate contract forms. cannot act as a board of
arbitration.cannot order
brokers to reimburse trust funds or to compensate buyers or sellers for losses
who needs a Real Estate License? ✔✔any person or business entity who, for
compensation,
