Superior 303 NC Law and Rules Questions & Answers 100% Solved!

sole proprietor - ANSWERSFull broker not affiliated with another firm Can not Advertise Can not hire other licensees Can not hold a trust account Would have to become a BIC in order to 'do it all' How long is BIC eligible status valid for? - ANSWERS12 months must take BIC update instead of general update each year that will renew eligibility to continue being BIC eligible Who is responsible for the advertising? - ANSWERSBIC Who is responsible to inform the NCREC of an address change for the firm? - ANSWERSQualifying broker Which of the following will require a firm license? LLC Sole Proprietor Corporation Partnership - ANSWERSall except Sole Proprietor (not an entity) all entities must have a firm license Who informs the NCREC of an assumed business name? change of firm name or entity? - ANSWERSQualifying broker Can the BIC pay a licensee when they are inactive? - ANSWERSIf they were current and active when they earned it. Can the BIC pay a licensees entity? - ANSWERSIf the entity has a firm real estate license Can I as an agent receive a bonus from a builder? - ANSWERSYes, so long as it is disclosed in writing, prior to showing the property, included in the agent agreement and included on the closing disclosure How is office building space rent calculated? - ANSWERSRENTABLE AREA = Usable area (your specific space) + Core area (common areas, elevator, bathrooms) priced $'s per square foot per year Residential Property owners disclosure statement right of recision - ANSWERS3 calendar days from date of receipt or date of contract, whichever is sooner also applies to MOG