303 NC POST LICENSING EXAM
Questions and Answers Latest
Version 2025 TOP RATED A+ 2025
When should a provisional broker deliver monies to BIC? - CORRECT
ANSWER Immediately
All deposits must be made to the trust account within.. - CORRECT
ANSWER 3 banking daysof receipt or contract acceptance, whichever
is later.
Trust accounts may earn interest so long as, - CORRECT ANSWER
The broker has writtenconsent of the client and a written agreement
specifies who gets the interest.
BICs may transfer earnest money for closing no more than -
CORRECT ANSWER 10 daysprior to settlement
Trust accounts must be balanced every: - CORRECT ANSWER Every
30 days
Trust account records must be maintained for - CORRECT ANSWER 3
years
Sole Proprietorship - CORRECT ANSWER No creation of an entity but
may operate under atrade name.
Personally liable for all debts and liabilities.
Income taxed as regular income, no shelter of tax liability.
Corporation - CORRECT ANSWER Legal entity owned by
stockholders Could be an S corp or C corp
,An expired license means that the license has to be - CORRECT
ANSWER Reinstated
If expired for less than 6 months - CORRECT ANSWER - File
reinstatement application form
- Pay $90 reinstatement fee
If expired more than 6 months but less than 2 years - CORRECT
ANSWER - File reinstatementform
- Pay $90 reinstatement fee
- Complete one 30-hr class
If expired more than 2 years - CORRECT ANSWER - Complete 75 hr
prelicensing course
- Retake NC exam
- Complete 90 hrs of post licensing
If inactive due to CE deficiency less than 2 years - CORRECT
ANSWER - Complete currentyears of CE - 8 hrs
- Complete previous years deficiency (4-8 hrs CE)
- File license activation form
If inactive due to CE deficiency more than 2 years - CORRECT
ANSWER - Complete currentyears CE
- Complete 60 hours of Post - 2 post classes
- File license activation form
The two key questions to ask any team are? - CORRECT ANSWER 1.
Have you created anentity?
2. Is the entity name being used in marketing and ads?
Creating a team without creating an entity.. - CORRECT ANSWER -
Team name and licenseesto be approved by the BIC of the firm.
,- All licensees affiliated with the BIC of the firm.
- Brokerage firm name to be used on all disclosures and contracts
- No compensation may be paid to the team name.
- All compensation must be paid by the BIC
- The team may use the team name in advertising with permission
of the BIC, but all advertisingmust also include the firm name.
Referral file must consist of - CORRECT ANSWER - Written
agreement
- Licensure proof of referral source
- W9 issuance of a 1099
Commercial broker lien act - CORRECT ANSWER A lien may be
placed against commercialproperties for commercial services rendered
in either a sale or lease transaction.
Requirements to fil a broker lien are? - CORRECT ANSWER - Written
agreement specifyingservices and compensation.
- Must be a listing agent.
Time requirements for commercial broker lien - CORRECT ANSWER -
It cannot be filed untilit is within 30 days of closing or possession.
- For leases, the time is 90 days of possession or within 60 days of
non-payment.
How long does broker have to enforce commercial broker lien? -
CORRECT ANSWER Brokerhas 18 months to enforce the lein.
What priority does a commercial broker lien have? - CORRECT
ANSWER - Commercialbroker lien has priority as of the date of
recordation, it does not get any special priority.
- Mechanics liens always have superiority over the brokers lien
regardless of when they werefiled.
, LNCL - CORRECT ANSWER Limited North Carolina Licensee
Limitations on LNCL - CORRECT ANSWER - May not reside in NC
- May only broker commercial real estate transactions
- Must enter into a brokerage cooperation agreement with a
resident NC broker.
Payment of fees regarding LNCL. - CORRECT ANSWER Payment of
fees earned as LNCLmust be paid to employing broker in qualifying
state.
Firm license qualifying broker obligations - CORRECT ANSWER -
Renew firm license
- Appoint BIC in each location
- Maintain firm certificate and pocket card
- Notify NCREC within 10 days of change in firm name or qualifying
broker
- Notify NCREC of registration of any assumed name adopted by
the firm.
- Preserve and secure trust account records and transaction
records.
- Notify commission of any record or trust account deficiencies.
A team may not use their name in advertising if - CORRECT ANSWER
the entity has no BIC
PBs may only affiliate with two BICs if, - CORRECT ANSWER The
BICs are with 2 differentfirms and in the same physical location and
acting as co-listing/selling agents.
Fair housing in North Carolina is enforced by? - CORRECT ANSWER
NC Human relationscommission.
Questions and Answers Latest
Version 2025 TOP RATED A+ 2025
When should a provisional broker deliver monies to BIC? - CORRECT
ANSWER Immediately
All deposits must be made to the trust account within.. - CORRECT
ANSWER 3 banking daysof receipt or contract acceptance, whichever
is later.
Trust accounts may earn interest so long as, - CORRECT ANSWER
The broker has writtenconsent of the client and a written agreement
specifies who gets the interest.
BICs may transfer earnest money for closing no more than -
CORRECT ANSWER 10 daysprior to settlement
Trust accounts must be balanced every: - CORRECT ANSWER Every
30 days
Trust account records must be maintained for - CORRECT ANSWER 3
years
Sole Proprietorship - CORRECT ANSWER No creation of an entity but
may operate under atrade name.
Personally liable for all debts and liabilities.
Income taxed as regular income, no shelter of tax liability.
Corporation - CORRECT ANSWER Legal entity owned by
stockholders Could be an S corp or C corp
,An expired license means that the license has to be - CORRECT
ANSWER Reinstated
If expired for less than 6 months - CORRECT ANSWER - File
reinstatement application form
- Pay $90 reinstatement fee
If expired more than 6 months but less than 2 years - CORRECT
ANSWER - File reinstatementform
- Pay $90 reinstatement fee
- Complete one 30-hr class
If expired more than 2 years - CORRECT ANSWER - Complete 75 hr
prelicensing course
- Retake NC exam
- Complete 90 hrs of post licensing
If inactive due to CE deficiency less than 2 years - CORRECT
ANSWER - Complete currentyears of CE - 8 hrs
- Complete previous years deficiency (4-8 hrs CE)
- File license activation form
If inactive due to CE deficiency more than 2 years - CORRECT
ANSWER - Complete currentyears CE
- Complete 60 hours of Post - 2 post classes
- File license activation form
The two key questions to ask any team are? - CORRECT ANSWER 1.
Have you created anentity?
2. Is the entity name being used in marketing and ads?
Creating a team without creating an entity.. - CORRECT ANSWER -
Team name and licenseesto be approved by the BIC of the firm.
,- All licensees affiliated with the BIC of the firm.
- Brokerage firm name to be used on all disclosures and contracts
- No compensation may be paid to the team name.
- All compensation must be paid by the BIC
- The team may use the team name in advertising with permission
of the BIC, but all advertisingmust also include the firm name.
Referral file must consist of - CORRECT ANSWER - Written
agreement
- Licensure proof of referral source
- W9 issuance of a 1099
Commercial broker lien act - CORRECT ANSWER A lien may be
placed against commercialproperties for commercial services rendered
in either a sale or lease transaction.
Requirements to fil a broker lien are? - CORRECT ANSWER - Written
agreement specifyingservices and compensation.
- Must be a listing agent.
Time requirements for commercial broker lien - CORRECT ANSWER -
It cannot be filed untilit is within 30 days of closing or possession.
- For leases, the time is 90 days of possession or within 60 days of
non-payment.
How long does broker have to enforce commercial broker lien? -
CORRECT ANSWER Brokerhas 18 months to enforce the lein.
What priority does a commercial broker lien have? - CORRECT
ANSWER - Commercialbroker lien has priority as of the date of
recordation, it does not get any special priority.
- Mechanics liens always have superiority over the brokers lien
regardless of when they werefiled.
, LNCL - CORRECT ANSWER Limited North Carolina Licensee
Limitations on LNCL - CORRECT ANSWER - May not reside in NC
- May only broker commercial real estate transactions
- Must enter into a brokerage cooperation agreement with a
resident NC broker.
Payment of fees regarding LNCL. - CORRECT ANSWER Payment of
fees earned as LNCLmust be paid to employing broker in qualifying
state.
Firm license qualifying broker obligations - CORRECT ANSWER -
Renew firm license
- Appoint BIC in each location
- Maintain firm certificate and pocket card
- Notify NCREC within 10 days of change in firm name or qualifying
broker
- Notify NCREC of registration of any assumed name adopted by
the firm.
- Preserve and secure trust account records and transaction
records.
- Notify commission of any record or trust account deficiencies.
A team may not use their name in advertising if - CORRECT ANSWER
the entity has no BIC
PBs may only affiliate with two BICs if, - CORRECT ANSWER The
BICs are with 2 differentfirms and in the same physical location and
acting as co-listing/selling agents.
Fair housing in North Carolina is enforced by? - CORRECT ANSWER
NC Human relationscommission.
