303 NC POST LICENSING EXAM 2024
WELL RESEARCHED ACTUAL EXAM
COMPLETE ACCURATE EXAM
QUESTIONS WITH 100% DETAILED
VERIFIED AND CORRECT ANSWERS
ACTUAL BRAND-NEW EXAM
ALREADY GRADED A+
Partnership - ....ANSWER...Legal entity owned by
general partners
Entity with the greatest liability
General partners are responsible for all debts and
liabilities.
May have limited partners with liability limited to the
amount of their actual capital investment.
Every entity created must obtain a, -
....ANSWER...Firm license
A full broker may gain tax benefits and liability
protection by forming an entity solely for the purposes
of - ....ANSWER...receipt of compensation.
1
,Steps for full broker creating an entity -
....ANSWER...- Must obtain a firm license as a qualifying
broker.
- Do not need to become a BIC or BIC-eligible
- May not advertise or use this entity name in
marketing or advertising.
- May not affiliate other brokers under this entity
name if not a BIC.
- Provisional brokers may NOT create an entity for the
receipt of compensation.
In order to be a qualifying broker, the licensee must be? -
....ANSWER...- Full broker on active statues
- Principal of the entity seeking the firm license
Obligations of qualifying broker - ....... ANSWER...-
Renew firm license
- Appoint BIC in each location
- Maintain firm certificate and pocket card
- Notify NCREC within 10 days of change of qualifying
broker, firm name, or registration of any assumed
adopted firm name.
2
,A fixed rent is also known as a gross lease and is
typically used when dealing with? -
....ANSWER...Residential property
When it comes to actual eviction, the only way to regain
possession is through a.. -
....ANSWER...judicial legal process
A landlord gets a right to hearing within how many days
- ....ANSWER...A landlord gets a right to hearing within
7 days
A writ must be issued to the sheriff within -
....ANSWER...5 days of the hearing.
A landlord must hold the personal property of a tenant
for.. - ....ANSWER...7 days if the property is worth over
$500, and 5 days if it is valued under
$500.
A tenant has a ____ month defense to an eviction
when they have asserted a legal right. -
3
, ....ANSWER...12 month
1. Helmets and automobile airbags work because the
Licensee must report all changes of address to real
estate commission within how many days? -
....ANSWER...Within 10 days.
Licensee must report all of the following to the
commission within 60 days of the conviction,
judgement, order, or adjudication.. -
....................................................................ANSWER...
-
Felony or misdemeanor convictions
- Disciplinary actions against other professional
licenses
- Revocation or suspension of a notorial
commission.
Provisional brokers who are not affiliated are considered -
....ANSWER...Inactive
Full broker may either - ....ANSWER...- Affiliate with a
BIC/Firm
- Activate as a Sole Proprietor
4
WELL RESEARCHED ACTUAL EXAM
COMPLETE ACCURATE EXAM
QUESTIONS WITH 100% DETAILED
VERIFIED AND CORRECT ANSWERS
ACTUAL BRAND-NEW EXAM
ALREADY GRADED A+
Partnership - ....ANSWER...Legal entity owned by
general partners
Entity with the greatest liability
General partners are responsible for all debts and
liabilities.
May have limited partners with liability limited to the
amount of their actual capital investment.
Every entity created must obtain a, -
....ANSWER...Firm license
A full broker may gain tax benefits and liability
protection by forming an entity solely for the purposes
of - ....ANSWER...receipt of compensation.
1
,Steps for full broker creating an entity -
....ANSWER...- Must obtain a firm license as a qualifying
broker.
- Do not need to become a BIC or BIC-eligible
- May not advertise or use this entity name in
marketing or advertising.
- May not affiliate other brokers under this entity
name if not a BIC.
- Provisional brokers may NOT create an entity for the
receipt of compensation.
In order to be a qualifying broker, the licensee must be? -
....ANSWER...- Full broker on active statues
- Principal of the entity seeking the firm license
Obligations of qualifying broker - ....... ANSWER...-
Renew firm license
- Appoint BIC in each location
- Maintain firm certificate and pocket card
- Notify NCREC within 10 days of change of qualifying
broker, firm name, or registration of any assumed
adopted firm name.
2
,A fixed rent is also known as a gross lease and is
typically used when dealing with? -
....ANSWER...Residential property
When it comes to actual eviction, the only way to regain
possession is through a.. -
....ANSWER...judicial legal process
A landlord gets a right to hearing within how many days
- ....ANSWER...A landlord gets a right to hearing within
7 days
A writ must be issued to the sheriff within -
....ANSWER...5 days of the hearing.
A landlord must hold the personal property of a tenant
for.. - ....ANSWER...7 days if the property is worth over
$500, and 5 days if it is valued under
$500.
A tenant has a ____ month defense to an eviction
when they have asserted a legal right. -
3
, ....ANSWER...12 month
1. Helmets and automobile airbags work because the
Licensee must report all changes of address to real
estate commission within how many days? -
....ANSWER...Within 10 days.
Licensee must report all of the following to the
commission within 60 days of the conviction,
judgement, order, or adjudication.. -
....................................................................ANSWER...
-
Felony or misdemeanor convictions
- Disciplinary actions against other professional
licenses
- Revocation or suspension of a notorial
commission.
Provisional brokers who are not affiliated are considered -
....ANSWER...Inactive
Full broker may either - ....ANSWER...- Affiliate with a
BIC/Firm
- Activate as a Sole Proprietor
4
