Appendix C - License Law and NCREC Exam 2024 with Correct Solutions

Appendix C - License Law and NCREC Exam 2024 with Correct Solutions Real Estate Licensing Act - Answer -July 1, 1957 General Assembly enacted into law and created North Carolina Real Estate Commission. Purpose: Write and enforce reasonable rules and regulations. Has authority to approve real estate pre-licensing schools and publishes class syllabi. Publishes and updates booklet: Real Estate Licensing in North Carolina. "To protect the public from real estate brokers." North Carolina Real Estate Commission - Answer -Has 9 members; 7 appointed by governor and 2 appointed by General Assembly. Two members are not directly or indirectly involved in real estate or appraisal business. Three members shall be licensed real estate brokers. Serve three year terms which are staggered. Elect one member to serve as chairman for one year. Governor may remove members for misconduct, incompetency or willful neglect of duty. Governor has power to fill all vacancies. North Carolina Real Estate Commission Compensation - Answer -Compensated on a per diem basis; amount established by commission by rule and a mileage reimbursement for transportation by privately owned car, standard rate as set by IRS. North Carolina Real Estate Commission Powers - Answer -Make reasonable by laws, rules and regulations. Shall not make rules or regulations regulating commissions, salaries or fees to be charged by licensees. Seal - Answer -North Carolina Real Estate Commission Application of License - Answer --Make written application -Be 18 years of age -Within 3 years preceeding date of application satisfactorily completed education program of 75 hours -pay a fee not to exceed $30 Provisional Broker - Answer -On or after 4/1/06; each person issued a license is classified as a Provisional Broker. Within 3 years complete post licensing education of 90 hours. If post licensing education is not completed, license is placed on inactive status.