NC Post Licensing – 303 ACTUAL PRACTICE FINAL EXAM NEWEST EXAM WITH COMPLETE QUESTIONS AND CORRECT DETAILED ANSWERS|| VERIFIED 100% ALREADY GRADED A+

NC Post Licensing – 303 ACTUAL PRACTICE FINAL
EXAM NEWEST EXAM WITH COMPLETE QUESTIONS
AND CORRECT DETAILED ANSWERS|| VERIFIED
100% ALREADY GRADED A+



All of the following require an active real estate license EXCEPT:


Referral of business for compensation
Selling your own home
Providing Brokerage services
Assisting another buy or sell property for compensation


ANSWERS: Selling your own home


Which of the following is NOT a form of business ownership:


Partnership
Corporation
Referral agent
Sole proprietorship


ANSWERS: Referral agent

,A legal entity where general partners have full liability and limited
partners are liable to the extent of their investment is a:


Partnership
LLC
Sole Proprietorship
Corporation


ANSWERS: Partnership


What is an exemption from licensure:


Conducting an auction
Leasing or renting
Attorney at law performing practice of law
Listing, selling, or buying


ANSWERS: Attorney at law performing practice of law


Which of the following regarding obtaining a firm license is TRUE:


Provisional brokers may serve as the qualifying broker
Sole Proprietorships do not need a firm license
May advertise in the entity's name
A BIC is always required


ANSWERS: Sole Proprietorships do not need a firm license

,A licensee who is responsible for an office location is a:


BIC
BIC Eligible
Full broker
Provisional Broker


ANSWERS: BIC


The supervision of provisional brokers in a manner which reasonably
assures that the provisional broker complies with license law and rules is
the responsibility of:


Police
BIC
The provisional broker
NCREC


ANSWERS: BIC

, Notifying the commission of registration of any assumed names adopted
by the firm, preserving and securing trust account records and
transaction records, and notifying the commission of any record or trust
account discrepancies is the obligation of the:


Share Holders
General Partners
Qualifying Broker
BIC


ANSWERS: Qualifying Broker


BIC and BIC Eligible status can be maintained by:


Renewing license by June 3rd and taking BICUP plus one elective by
June 10th
Renewing license by midnight June 30th and taking BICUP plus an
elective by June 10th
Renewing license by June 3rd and taking BICUP by June 10th
Renewing license by midnight June 30th and taking BICUP by June 10th


ANSWERS: Renewing license by June 3rd and taking BICUP plus one
elective by June 10th