NC Real Estate Exam Study Guide Questions & Answers Updated 2026/2027 – Complete A+ Graded North Carolina Real Estate License Exam Prep, NCREC, Broker Licensing, Provisional Broker, BIC, Agency, Dual Agency, Designated Agency, Trust Accounts, BPO, CMA, Ap

# NC Real Estate Exam Study Guide Questions & Answers Updated 2026/2027 Prepare for the **North Carolina Real Estate License Exam** with this comprehensive NC-focused study resource covering **NCREC licensing law, brokerage activities, provisional brokers, BIC requirements, agency relationships, dual agency, designated agency, advertising rules, trust accounts, BPOs, CMAs, appraisal regulations, contracts, disclosures, records, fair housing, and North Carolina real estate law**. This resource is designed for students preparing for the **NC Real Estate Exam, North Carolina Real Estate License Exam, NC Broker Exam, North Carolina Provisional Broker Exam**, and related real estate licensing coursework. ## NORTH CAROLINA REAL ESTATE LICENSING Review important North Carolina licensing concepts, including: * North Carolina Real Estate Commission (NCREC) * Real estate license requirements * Brokerage activities requiring a license * Activities exempt from licensing * Referral compensation and licensing * Broker licensing * Provisional broker * Broker-in-Charge (BIC) * Limited non-resident commercial broker * Firm license * Active and inactive licenses * License certificates * Renewal pocket cards * License numbers * License renewal * License reinstatement * Duplicate licenses * License history * Name and address changes * Criminal conviction reporting * License expiration * Licensing fees ## ️ NORTH CAROLINA REAL ESTATE COMMISSION — NCREC Master the role and authority of the **North Carolina Real Estate Commission**, including: * Purpose of NCREC * Commission membership * Appointment of commission members * Terms of office * Chairman * Vacancies * Removal of members * Licensing brokers and firms * Time-share registration * Postlicensing education * Continuing education * Public education * Regulation of brokerage activity * Disciplinary authority * Reprimand * Censure * License suspension * License revocation * Injunctive relief ## PROVISIONAL BROKER & BROKER-IN-CHARGE Understand the NC broker licensing structure and supervision requirements: * Provisional broker * Broker * Broker-in-Charge * BIC designation * BIC qualifications * Active license requirements * Full-time brokerage experience * Part-time equivalent experience * BIC course * Provisional broker supervision * Postlicensing education * NC firm affiliation * Limited non-resident commercial broker * Firm license This section is particularly useful for questions involving **provisional broker supervision, BIC responsibilities, broker licensing, and North Carolina brokerage firms**. ## BROKERAGE ACTIVITIES & LICENSING EXEMPTIONS Review which activities constitute licensed brokerage activity in North Carolina: * Listing real estate * Offering property for sale * Offering property for rent * Buying and selling real estate * Leasing and renting * Real estate auctions * Business interests involving real estate * Assignment and exchange of real estate interests Also review licensing exemptions involving: * Property owners and lessors * Attorneys-in-fact * Receivers * Trustees * Guardians * Administrators * Executors * Persons acting under court order * NC attorneys * Salaried employees * Business entities ## UNLICENSED SALARIED EMPLOYEE ACTIVITIES Study the activities that may be performed by qualifying unlicensed salaried employees, including: * Receiving and forwarding calls * Submitting MLS information * Obtaining public records * Placing signs and lockboxes * Delivering documents * Providing basic information * Coordinating appointments * Showing rental properties * Completing leases * Typing preprinted forms * Recording earnest money * Depositing earnest money * Assembling closing documents * Distributing commission checks ## NC REAL ESTATE AGENCY Master North Carolina agency concepts and disclosure requirements: * Agency relationships * Seller agency * Buyer agency * Listing agency * Subagency * Buyer agency agreements * Seller agency agreements * Written agency agreements * Oral agency agreements * Power of attorney agency * Agency disclosure * Working with Real Estate Agents brochure * First substantial contact * Disclosure to buyers * Disclosure to sellers * Confidential information * Agency contracts * Agency termination * Agency documentation ## ⚖️ DUAL AGENCY & DESIGNATED AGENCY Prepare for important NC agency questions covering: * Dual agency * Written dual agency agreement * Oral dual agency * Dual agency disclosure * In-house sales * Dual agency of a firm * Designated agency * Designated agents * Buyer and seller representation * Confidentiality * Client advocacy * Consent of parties * Agency disclosure timing Understand the distinction between **dual agency and designated agency**, including when written authorization and disclosure are required. ## WORKING WITH REAL ESTATE AGENTS Review North Carolina's **Working with Real Estate Agents** disclosure requirements, including: * First substantial contact * Agency brochure * Agent name * License number * Seller representation disclosure * Buyer representation disclosure * Written and oral disclosures * Disclosure deadlines * Offer delivery * Auction exceptions ## AUCTION SALES Study special agency rules for auction transactions: * Seller representation * Buyer representation * Auction agency disclosure * Agency brochure exceptions * Disclosure to auction buyers * Disclosure by buyer's agent * Written disclosure requirements ## NC REAL ESTATE ADVERTISING Review important advertising rules and prohibited practices: * Provisional broker advertising * BIC consent * Firm identification * Broker/firm name requirements * Blind advertisements * Licensee identification * For-sale signs * Owner's agent consent * Advertising compliance Understand what constitutes a **blind ad** and the requirements for provisional broker advertising. ## CONTRACTS, FORMS & DOCUMENTS Review NC rules concerning brokerage documents and contracts: * Agency agreements * Sales contracts * Offers * Leases * Options * Preprinted forms * Legal instruments * Contract delivery * Copies of executed documents * Offer copies * Agency agreement retention * Contract records The material emphasizes the distinction between completing authorized preprinted forms and improperly drafting legal instruments. ## ️ RECORD RETENTION Prepare for questions involving North Carolina broker recordkeeping: * Transaction records * Trust account records * Sales contracts * Leases * Offers * Agency agreements * Earnest money receipts * Disclosure documents * Closing statements * Cooperation agreements * BPOs * CMAs * Record retention periods * Terminated agency agreements ## TRUST MONEY & ESCROW ACCOUNTS Study one of the most important NC real estate exam areas: * Trust money * Earnest money deposits * Down payments * Tenant security deposits * Rent * HOA dues * HOA assessments * Final settlement funds * Resort rental deposits * Reservation deposits * Rental sales taxes * Trust accounts * Escrow accounts * Demand deposit accounts * Federally insured depository institutions * Custodial funds * Separate accounts * Funds available on demand Understand the three primary characteristics of trust accounts: **Separate — Custodial — Available on Demand** ## BPO & CMA Review North Carolina rules concerning **Broker Price Opinions (BPOs)** and **Comparative Market Analyses (CMAs)**: * BPO definition * CMA definition * Estimated selling price * Selling-price range * Income analysis * Sales comparison * Gross Rent Multiplier * Broker competency * Written BPO/CMA * Compensation restrictions * Mortgage loan origination restrictions * Provisional broker restrictions * NC Appraisers Act * BPO vs appraisal * CMA vs BPO ##