NC Real Estate Exam- State Portion with complete solutions

NC REAL ESTATE EXAM- STATE
PORTION WITH COMPLETE
SOLUTIONS




Activities dRequiring da dLicense d- dcorrect danswers d-Persons dAND dbusiness
dentities, dwho dfor dCONSIDERATION dor dthe dpromise dthereof dperform
dBROKERAGE dACTIVITIES das dan dagent dFOR dOTHERS dare dconsidered dto dbe
dperforming dbrokerage dactivities dand dmust dhave da dlicense.


Referrals dfor dcompensation d- dcorrect danswers d-Requires dan dactive dlicense

Selling dtime dshares d- dcorrect danswers d-Requires dan dactive dlicense

Advertising d- dcorrect danswers d-In dANY dmanner d(to dinclude da dbusiness dcard),
drequires dan dactive dlicense


Business dEntities/Firm dLicense d- dcorrect danswers d-ANY dcorporation, dpartnership,
dLimited dLiability dCompany, dassociation dor dother dbusiness dentity d(other dthan da
dsole dproprietorship) dMUST dobtain da dseparate d(firm) dlicense.

, Exempt dActivities d- dcorrect danswers d--Business dentity
-Attorney din dFact
-Attorney dat dLaw
-Receiver/Trustee
-Salaried dEmployees dof dBroker-Property dManagers
-Owner
-Housing dAuthority
-Auctioneer d(the dmere d"crier" dof da dsale dis dexempt

Permitted dActivities dof dUnlicensed dAssistants d- dcorrect danswers d--SHOW d"rental"
dproperties dmanaged dby dthe demployee's dempoying dbroker dto dprospective dtenants
-COMPLETE dand dexecute dpre-printed dform dleases dfor drental dof dsuch dproperties
-TYPE doffers, dcontracts d& dleases dfrom ddrafts dof dpre-printed dforms dcompleted dby
da dlicensee. d
-MAY dact das da dbookkeeper dfor dthe dfirm's dTrust dAccount

What dkind dof dlicense ddo dI dneed? d- dcorrect danswers d-There dis donly done d"type"
dof dlicense din dNC, da dbroker dlicense; dhowever, dthere dare dseveral dlicense
dcategories.


Broker d- dcorrect danswers d-A dprovisional dbroker dwho dsatisfied dall dpostlicense
deducation drequirements dto dterminate dthe dprovisional dstatus dof dsuch dlicense
dbecomes da dbroker. d


-May daccept dcommissions dfrom dparties dOTHER dthat dthe dBIC
-May doperate dindependently das da dsole dproprietor dor dunder dsupervision dof dBIC

Provisional dBroker d- dcorrect danswers d-"Entry dlevel" dstatus dcategory- da dperson
dwho dhas dmet dall dlicense dqualification drequirements d


-Issued din dINACTIVE dstatus dand dMUST dbe dactivated dby dBIC, dmay dNOT doperate
dindependently d
-Must dbe dsupervised dby dBIC dwhen dperforming dany dact dfor dwhich da dreal destate
dlicense dis drequired


Limited dNonresident dCommercial dBroker d- dcorrect danswers d-A dbroker dresiding din
da dstate dOTHER dthan dNC dwho dholds dan dactive dbroker dlicense din dthe dstate din
dwhere dtheir dprimary dplace dof dreal destate dbusiness dis dlocated


-Entitled dto dengage din dtransactions dfor dcompensation dinvolving d"commercial" dreal
destate din dNC
-MUST denter dinto da d"declaration dof daffiliation" d& da d"brokerage dcompensation
dagreement" dwith da dresident dNC dbroker dNOT don dprovisional dstatus
-Visiting dbroker dMUST dbe dsupervised dby dNC dbroker