NC Post-Licensing 303 Updated Actual Exam
Question and Answer (2026/2027) | 100%
Verified Answers
• The believed owners of 40 acres of land that has passed by intestate succession
from the two prior owners hire an attorney to confirm title, which he does.
The attorney discovers that the tract is landlocked due to an out-conveyance by a
prior owner.
The attorney negotiates easement rights with an adjoining property owner, records
the easement, and is paid for his time based on his hourly rate. -✓✓ Deal
• The owners now ask the attorney, having resolved the title and access issues,
whether he know someone who would be interested in purchasing the property?
The attorney, on the owners' behalf, contacts two different developers, both of
whom compete for the property.
The owners accept an offer, the transaction closes, and pay the attorney 2% of the
purchase price for his services. -✓✓ No Deal
• Sellers are under contract to sell but must begin their new jobs in another state
two weeks prior to settlement and won't be able to attend.
The sellers sign a power of attorney giving the wife's unlicensed brother authority
to sign the deed, the settlement statement, and any other documents required at
closing. -✓✓ Deal
• A fully competent owner of several rental properties doesn't like to be burdened
with "details" and persuades her tax preparer to handle the leasing and rent
collections for her rental properties, since he reports all income and expenses when
he prepares her taxes each year.
The tax preparer is authorized to withhold 8% of all rents collected as his fee. -✓✓
• A fully competent owner of several rental properties doesn't like to be burdened
with "details" and persuades her tax preparer to handle the leasing and rent
collections for her rental properties, since he reports all income and expenses when
he prepares her taxes each year.
The tax preparer is authorized to withhold 8% of all rents collected as his fee. -✓✓
No Deal
,• Son lives rent-free in one-half of a duplex owned by his parents. He mows the
yard, maintains the property, answers repair requests, collects the monthly rent and
conveys to his parents, and provides access to prospective tenants during
transitions. -✓✓ No Deal
• A listing agent receives a full-price offer from an unlicensed and unrepresented
buyer. A condition of the offer is that the listing agent share $5,000 of their
commission with the buyer, which is significantly less than what the listing
company would pay a buyer agent.
May the listing company (with the seller's consent and lender disclosure) pay the
buyer $5000? -✓✓ Deal
• A broker manages two 200-unit apartment complexes owned by different entities,
as well as 40 single-family homes for multiple owners. The broker hires unlicensed
salaried persons to staff the office at each apartment complex. They show the units,
accept rent applications and money, fill in blanks on preprinted lease forms, and
create binding contracts. -✓✓ Deal
• The broker/property manager also hires unlicensed salaried persons to help her
manage the 40 single-family homes. They show the properties to prospective
tenants, answer questions, do move-in/move-out and routine inspections, and can
negotiate a lower rental price than advertised if they know the broker has accepted
less in the past. -✓✓ No Deal
• A broker has management agreements with several corporate or LLC owners to
manage multi-tenant retail space each entity owns. The broker hires unlicensed, but
well-trained, individuals as W-2 employees to staff the office at each retail center.
They show available space, quote rental prices and terms, answer questions,
complete and sign preprinted lease forms, and oversee maintenance and repair
services. -✓✓ Deal
• Property is owned by four unlicensed individuals as tenants-in-common who
agree that one of them will handle all marketing, showing, and negotiating of
offers and will be entitled to receive 5% of the sales price for her efforts.
The cotenants also agree that no offer will be binding until it is signed by all four
cotenants. -✓✓ Deal
• A municipal housing authority is the tenant under several long-term leases for
multi-family dwellings and also owns several properties. It leases or subleases and
,manages these properties through regular salaried employees of the housing
authority as permitted under NCGS Chapter 157. -✓✓ Deal
• Adult child is appointed as the guardian for a parent who is suffering dementia
and no longer can manage their financial affairs.
The guardian advertises the parent's home for lease, shows it, and after carefully
vetting an applicant enters into a written lease agreement, begins collecting the
monthly rent, and uses it to pay any property-related expenses. -✓✓ Deal
• A fully competent owner of several rental properties doesn't like to be burdened
with "details" and persuades her tax preparer to handle the leasing and rent
collections for her rental properties, since he reports all income and expenses when
he prepares her taxes each year.
The tax preparer is authorized to withhold 8% of all rents collected as his fee. -✓✓
No Deal
• Of the forms of business ownership, which one is NOT an entity: -✓✓ Sole
proprietorship
Entities: LLC, Partnership and Corporation
• A licensee who is responsible for an office location is a: -✓✓ BIC
• Regarding firm licenses the following are true: -✓✓ Failure to have a BIC with a
firm license results in an inactive license.
Failure to renew a firm license results in an expired license.
Every firm license must be renewed each year by June 30th.
• All of the following is true regarding a BIC: -✓✓ Full brokers may work for
more than one BIC with mutual consent of all BICs.
A BIC can only be the BIC of more than one firm provided they share the same
location.
Every real estate location must have a BIC.
, • BIC and BIC eligible status can be maintained by: -✓✓ Renewing license by
June 3rd and taking BICUP plus one elective by June 10th.
• Regarding a BICs: -✓✓ A BIC is responsible for an office location.
• An active real estate license is required for: -✓✓ Providing brokerage services.
**Selling could be FSBO and salaried employees are allowed to show units
without having a license.
• A broker who is qualified to serve as a BIC but not currently serving as the BIC
of any office location is: -✓✓ BIC Eligible
• A successful broker with a broker's assistant, closing coordinator and brokers
exclusively for listing and buyers describes the: -✓✓ Evolution of a team.
• The NCREC BIC Update recommends that BICs do all of the following
EXCEPT: -✓✓ X Take the blame for a provisional broker's mistake.
• Following a sale, the broker representing the buyer is surprised to learn that the
listing brokerage, which isn't a member of the same cooperative listing service,
will not share any compensation for the transaction. The broker should have: -✓✓
Requested a fee sharing agreement with the brokerage before submitting the
buyer's offer.
• An active broker works for a firm whose license expired on July 1. Which of the
following statements are true: -✓✓ The broker may no longer be entitled to
compensation for services performed before July 1.
• A broker recommends a plumber to new tenants. The broker and the plumber
have an agreement that the plumber will the broker 5% of the first fee paid by
referred clients. The broker is required to inform the tenants of: -✓✓ The kickback
arrangement orally. Brokers must disclose kickback arrangements to any relevant
party. Altough written disclosure is highly recommended, it is not required.
• When is a broker required to share some of the brokerage fee with the party
principal: -✓✓ Never. Though a broker can share a portion of a brokerage fee with
Question and Answer (2026/2027) | 100%
Verified Answers
• The believed owners of 40 acres of land that has passed by intestate succession
from the two prior owners hire an attorney to confirm title, which he does.
The attorney discovers that the tract is landlocked due to an out-conveyance by a
prior owner.
The attorney negotiates easement rights with an adjoining property owner, records
the easement, and is paid for his time based on his hourly rate. -✓✓ Deal
• The owners now ask the attorney, having resolved the title and access issues,
whether he know someone who would be interested in purchasing the property?
The attorney, on the owners' behalf, contacts two different developers, both of
whom compete for the property.
The owners accept an offer, the transaction closes, and pay the attorney 2% of the
purchase price for his services. -✓✓ No Deal
• Sellers are under contract to sell but must begin their new jobs in another state
two weeks prior to settlement and won't be able to attend.
The sellers sign a power of attorney giving the wife's unlicensed brother authority
to sign the deed, the settlement statement, and any other documents required at
closing. -✓✓ Deal
• A fully competent owner of several rental properties doesn't like to be burdened
with "details" and persuades her tax preparer to handle the leasing and rent
collections for her rental properties, since he reports all income and expenses when
he prepares her taxes each year.
The tax preparer is authorized to withhold 8% of all rents collected as his fee. -✓✓
• A fully competent owner of several rental properties doesn't like to be burdened
with "details" and persuades her tax preparer to handle the leasing and rent
collections for her rental properties, since he reports all income and expenses when
he prepares her taxes each year.
The tax preparer is authorized to withhold 8% of all rents collected as his fee. -✓✓
No Deal
,• Son lives rent-free in one-half of a duplex owned by his parents. He mows the
yard, maintains the property, answers repair requests, collects the monthly rent and
conveys to his parents, and provides access to prospective tenants during
transitions. -✓✓ No Deal
• A listing agent receives a full-price offer from an unlicensed and unrepresented
buyer. A condition of the offer is that the listing agent share $5,000 of their
commission with the buyer, which is significantly less than what the listing
company would pay a buyer agent.
May the listing company (with the seller's consent and lender disclosure) pay the
buyer $5000? -✓✓ Deal
• A broker manages two 200-unit apartment complexes owned by different entities,
as well as 40 single-family homes for multiple owners. The broker hires unlicensed
salaried persons to staff the office at each apartment complex. They show the units,
accept rent applications and money, fill in blanks on preprinted lease forms, and
create binding contracts. -✓✓ Deal
• The broker/property manager also hires unlicensed salaried persons to help her
manage the 40 single-family homes. They show the properties to prospective
tenants, answer questions, do move-in/move-out and routine inspections, and can
negotiate a lower rental price than advertised if they know the broker has accepted
less in the past. -✓✓ No Deal
• A broker has management agreements with several corporate or LLC owners to
manage multi-tenant retail space each entity owns. The broker hires unlicensed, but
well-trained, individuals as W-2 employees to staff the office at each retail center.
They show available space, quote rental prices and terms, answer questions,
complete and sign preprinted lease forms, and oversee maintenance and repair
services. -✓✓ Deal
• Property is owned by four unlicensed individuals as tenants-in-common who
agree that one of them will handle all marketing, showing, and negotiating of
offers and will be entitled to receive 5% of the sales price for her efforts.
The cotenants also agree that no offer will be binding until it is signed by all four
cotenants. -✓✓ Deal
• A municipal housing authority is the tenant under several long-term leases for
multi-family dwellings and also owns several properties. It leases or subleases and
,manages these properties through regular salaried employees of the housing
authority as permitted under NCGS Chapter 157. -✓✓ Deal
• Adult child is appointed as the guardian for a parent who is suffering dementia
and no longer can manage their financial affairs.
The guardian advertises the parent's home for lease, shows it, and after carefully
vetting an applicant enters into a written lease agreement, begins collecting the
monthly rent, and uses it to pay any property-related expenses. -✓✓ Deal
• A fully competent owner of several rental properties doesn't like to be burdened
with "details" and persuades her tax preparer to handle the leasing and rent
collections for her rental properties, since he reports all income and expenses when
he prepares her taxes each year.
The tax preparer is authorized to withhold 8% of all rents collected as his fee. -✓✓
No Deal
• Of the forms of business ownership, which one is NOT an entity: -✓✓ Sole
proprietorship
Entities: LLC, Partnership and Corporation
• A licensee who is responsible for an office location is a: -✓✓ BIC
• Regarding firm licenses the following are true: -✓✓ Failure to have a BIC with a
firm license results in an inactive license.
Failure to renew a firm license results in an expired license.
Every firm license must be renewed each year by June 30th.
• All of the following is true regarding a BIC: -✓✓ Full brokers may work for
more than one BIC with mutual consent of all BICs.
A BIC can only be the BIC of more than one firm provided they share the same
location.
Every real estate location must have a BIC.
, • BIC and BIC eligible status can be maintained by: -✓✓ Renewing license by
June 3rd and taking BICUP plus one elective by June 10th.
• Regarding a BICs: -✓✓ A BIC is responsible for an office location.
• An active real estate license is required for: -✓✓ Providing brokerage services.
**Selling could be FSBO and salaried employees are allowed to show units
without having a license.
• A broker who is qualified to serve as a BIC but not currently serving as the BIC
of any office location is: -✓✓ BIC Eligible
• A successful broker with a broker's assistant, closing coordinator and brokers
exclusively for listing and buyers describes the: -✓✓ Evolution of a team.
• The NCREC BIC Update recommends that BICs do all of the following
EXCEPT: -✓✓ X Take the blame for a provisional broker's mistake.
• Following a sale, the broker representing the buyer is surprised to learn that the
listing brokerage, which isn't a member of the same cooperative listing service,
will not share any compensation for the transaction. The broker should have: -✓✓
Requested a fee sharing agreement with the brokerage before submitting the
buyer's offer.
• An active broker works for a firm whose license expired on July 1. Which of the
following statements are true: -✓✓ The broker may no longer be entitled to
compensation for services performed before July 1.
• A broker recommends a plumber to new tenants. The broker and the plumber
have an agreement that the plumber will the broker 5% of the first fee paid by
referred clients. The broker is required to inform the tenants of: -✓✓ The kickback
arrangement orally. Brokers must disclose kickback arrangements to any relevant
party. Altough written disclosure is highly recommended, it is not required.
• When is a broker required to share some of the brokerage fee with the party
principal: -✓✓ Never. Though a broker can share a portion of a brokerage fee with
