303 - Practice Tests Questions & answers 100% Correct!

If the firm is a corporation, a general partner if a partnership, or a manager if a limited liability company. - ANSWERSThe Qualifying Broker is required to possess an active North Carolina Real Estate Broker License and must be a corporate officer. Grandson managing a rental property for FREE rent - ANSWERSWhat activities require an active real estate license Unlicensed employees - ANSWERSMaintenance, clerical or administrative, collection of rents payable to owner, showing rental units, furnishing published information, providing apps & forms. Can not Draft Leases Inactive non-provisional broker - ANSWERSCannot Handout Business Cards BIC Eligible - ANSWERSActive Non - Provisional Broker Status BIC "NOT" responsible - ANSWERSNotify Commission of Brokers Address Change Don't Need a Firm License - ANSWERSSole Proprietor BIC with other licensed brokers Limited nonresident commercial license - ANSWERSA Limited nonresident commercial broker does not have a NC BIC. The LNCB must enter into a "notification of broker affiliation" and a "brokerage cooperation agreement" with a resident NC broker not on provisional status. The NC broker must supervise the LNCB while performing commercial real estate. To Remain Current, "Currency" - ANSWERSPayment on June 30th of your broker license Need a Firm license - ANSWERSWhen a TEAM affiliates as a LLC Active License - ANSWERSMust have to receive a referral commission Must have Authority from the Secretary of State - ANSWERSNeed to apply for a Firm License Does not need a Firm license - ANSWERSVolunteer Group of Brokers A person managing their grandparents' rental property in exchange for free use of a rental unit. - ANSWERS1. Which of the following activities require an active NC real