REAL ESTATE LAW VERSIONS 2025
NEWEST EXAM COMPLETE
QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT
ANSWERS) ||ALREADY GRADED A+
1. Who needs a real estate license in North Carolina? - ANSWER ✓ Anyone
performing real estate activities for others for a fee.
2. What are the requirements to get a real estate license in NC? - ANSWER ✓
Must be 18, pass background check, complete 75-hour pre-licensing course,
and pass NC State Exam.
3. Real Estate Firm Entities - ANSWER ✓ Firms must be licensed and have a
QB. QB handles compliance and hires a BIC.
4. Real Estate Firm Entities - ANSWER ✓ Corporation: Executive officer is
QB.
5. Real Estate Firm Entities - ANSWER ✓ LLC: Manager is QB.
6. Real Estate Firm Entities - ANSWER ✓ Partnership: General partner is QB.
7. Sole Proprietorship - ANSWER ✓ Sole proprietors do NOT need a firm
license.
8. Sole Proprietorship - ANSWER ✓ Exempt from firm license, but must be
BIC.
9. License Renewal - ANSWER ✓ Pay $45 fee by June 30 to remain current.
10.License Renewal - ANSWER ✓ If not paid by June 30, license is expired.
No activity allowed.
, 11.License Renewal - ANSWER ✓ If expired <6 months, pay $90 + $45 to
reinstate.
12.License Renewal - ANSWER ✓ If expired 6 months-2 years, pay $90 + $45
and possibly retake post-licensing.
13.License Renewal - ANSWER ✓ If expired >2 years, must retake pre-
licensing and all post classes.
14.Current vs Expired License - ANSWER ✓ Current = dues paid by June 30.
Expired = not paid.
15.Trust Funds - ANSWER ✓ Includes: earnest money, down payments, tenant
deposits.
16.Trust Funds Defined - ANSWER ✓ Custodial account allows withdrawal on
demand.
17.Trust Funds Defined - ANSWER ✓ Trust account must be designated by
bank and named as such.
18.Agent Requirements for Monies - ANSWER ✓ All monies must be
delivered to BIC immediately.
19.Trust Fund Cash - ANSWER ✓ BIC must deposit cash in trust account
within 3 banking days.
20.Trust Fund Checks - ANSWER ✓ Checks must be deposited within 3
banking days of contract acceptance.
21.Trust Funds Deposits - ANSWER ✓ Bank account must be for trust only,
FDIC insured, available for audit.
22.Trust Funds - ANSWER ✓ Broker may keep up to $100 of own money for
bank fees.
NEWEST EXAM COMPLETE
QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT
ANSWERS) ||ALREADY GRADED A+
1. Who needs a real estate license in North Carolina? - ANSWER ✓ Anyone
performing real estate activities for others for a fee.
2. What are the requirements to get a real estate license in NC? - ANSWER ✓
Must be 18, pass background check, complete 75-hour pre-licensing course,
and pass NC State Exam.
3. Real Estate Firm Entities - ANSWER ✓ Firms must be licensed and have a
QB. QB handles compliance and hires a BIC.
4. Real Estate Firm Entities - ANSWER ✓ Corporation: Executive officer is
QB.
5. Real Estate Firm Entities - ANSWER ✓ LLC: Manager is QB.
6. Real Estate Firm Entities - ANSWER ✓ Partnership: General partner is QB.
7. Sole Proprietorship - ANSWER ✓ Sole proprietors do NOT need a firm
license.
8. Sole Proprietorship - ANSWER ✓ Exempt from firm license, but must be
BIC.
9. License Renewal - ANSWER ✓ Pay $45 fee by June 30 to remain current.
10.License Renewal - ANSWER ✓ If not paid by June 30, license is expired.
No activity allowed.
, 11.License Renewal - ANSWER ✓ If expired <6 months, pay $90 + $45 to
reinstate.
12.License Renewal - ANSWER ✓ If expired 6 months-2 years, pay $90 + $45
and possibly retake post-licensing.
13.License Renewal - ANSWER ✓ If expired >2 years, must retake pre-
licensing and all post classes.
14.Current vs Expired License - ANSWER ✓ Current = dues paid by June 30.
Expired = not paid.
15.Trust Funds - ANSWER ✓ Includes: earnest money, down payments, tenant
deposits.
16.Trust Funds Defined - ANSWER ✓ Custodial account allows withdrawal on
demand.
17.Trust Funds Defined - ANSWER ✓ Trust account must be designated by
bank and named as such.
18.Agent Requirements for Monies - ANSWER ✓ All monies must be
delivered to BIC immediately.
19.Trust Fund Cash - ANSWER ✓ BIC must deposit cash in trust account
within 3 banking days.
20.Trust Fund Checks - ANSWER ✓ Checks must be deposited within 3
banking days of contract acceptance.
21.Trust Funds Deposits - ANSWER ✓ Bank account must be for trust only,
FDIC insured, available for audit.
22.Trust Funds - ANSWER ✓ Broker may keep up to $100 of own money for
bank fees.
