303 Nc Post Licensing Exam 2024 With Questions And
Correct Answers
Licensee must report all of the following to the commission within 60 days of the
conviction, judgement, order, or adjudication.. - CORRECT ANSWER - Felony or
misdemeanor convictions
- Disciplinary actions against other professional licenses
- Revocation or suspension of a notorial commission.
Licensee must report all changes of address to real estate commission within how
many days? - CORRECT ANSWER Within 10 days.
Provisional brokers who are not affiliated are considered - CORRECT ANSWER Inactive
Full broker may either - CORRECT ANSWER - Affiliate with a BIC/Firm
- Activate as a Sole Proprietor
If full broker is not affiliated with a BIC they CANNOT: - CORRECT ANSWER -
Maintain a trust account for others
- Hire/Supervise other brokers
- Offer services, advertise, or market in any way
An individual can be the BIC of more than one firm, only if? - CORRECT ANSWER
Only if the firms are at the same physical office location.
Provisional broker can only affiliate with more than one BIC if, - CORRECT ANSWER
they have mutual consent/permission of both BICs
,303 Nc Post Licensing Exam 2024 With Questions And
Correct Answers
When should a provisional broker deliver monies to BIC? - CORRECT ANSWER Immediately
All deposits must be made to the trust account within.. - CORRECT ANSWER 3
banking days of receipt or contract acceptance, whichever is later.
Trust accounts may earn interest so long as, - CORRECT ANSWER The broker has
written consent of the client and a written agreement specifies who gets the interest.
BICs may transfer earnest money for closing no more than - CORRECT ANSWER 10
days prior to settlement
Trust accounts must be balanced every: - CORRECT ANSWER Every 30 days
Trust account records must be maintained for - CORRECT ANSWER 3 years
Sole Proprietorship - CORRECT ANSWER No creation of an entity but may operate
under a trade name.
Personally liable for all debts and liabilities.
Income taxed as regular income, no shelter of tax liability.
Corporation - CORRECT ANSWER Legal entity owned by stockholders
Could be an S corp or C corp
An expired license means that the license has to be - CORRECT ANSWER Reinstated
If expired for less than 6 months - CORRECT ANSWER - File reinstatement application form
- Pay $90 reinstatement fee
,303 Nc Post Licensing Exam 2024 With Questions And
Correct Answers
If expired more than 6 months but less than 2 years - CORRECT ANSWER - File
reinstatement form
- Pay $90 reinstatement fee
- Complete one 30-hr class
If expired more than 2 years - CORRECT ANSWER - Complete 75 hr prelicensing course
- Retake NC exam
- Complete 90 hrs of post licensing
If inactive due to CE deficiency less than 2 years - CORRECT ANSWER - Complete
current years of CE - 8 hrs
- Complete previous years deficiency (4-8 hrs CE)
- File license activation form
If inactive due to CE deficiency more than 2 years - CORRECT ANSWER - Complete
current years CE
- Complete 60 hours of Post - 2 post classes
- File license activation form
The two key questions to ask any team are? - CORRECT ANSWER 1. Have you
created an entity?
2. Is the entity name being used in marketing and ads?
Creating a team without creating an entity.. - CORRECT ANSWER - Team name and
licensees to be approved by the BIC of the firm.
- All licensees affiliated with the BIC of the firm.
- Brokerage firm name to be used on all disclosures and contracts
- No compensation may be paid to the team name.
- All compensation must be paid by the BIC
, 303 Nc Post Licensing Exam 2024 With Questions And
Correct Answers
- The team may use the team name in advertising with permission of the BIC, but all
advertising must also include the firm name.
Referral file must consist of - CORRECT ANSWER - Written agreement
- Licensure proof of referral source
- W9 issuance of a 1099
Commercial broker lien act - CORRECT ANSWER A lien may be placed against
commercial properties for commercial services rendered in either a sale or lease
transaction.
Requirements to fil a broker lien are? - CORRECT ANSWER - Written agreement
specifying services and compensation.
- Must be a listing agent.
Time requirements for commercial broker lien - CORRECT ANSWER - It cannot be
filed until it is within 30 days of closing or possession.
- For leases, the time is 90 days of possession or within 60 days of non-payment.
How long does broker have to enforce commercial broker lien? - CORRECT ANSWER
Broker has 18 months to enforce the lein.
What priority does a commercial broker lien have? - CORRECT ANSWER -
Commercial broker lien has priority as of the date of recordation, it does not get any
special priority.
- Mechanics liens always have superiority over the brokers lien regardless of when
they were filed.
LNCL - CORRECT ANSWER Limited North Carolina Licensee
Limitations on LNCL - CORRECT ANSWER - May not reside in NC
- May only broker commercial real estate transactions
- Must enter into a brokerage cooperation agreement with a resident NC broker.
Correct Answers
Licensee must report all of the following to the commission within 60 days of the
conviction, judgement, order, or adjudication.. - CORRECT ANSWER - Felony or
misdemeanor convictions
- Disciplinary actions against other professional licenses
- Revocation or suspension of a notorial commission.
Licensee must report all changes of address to real estate commission within how
many days? - CORRECT ANSWER Within 10 days.
Provisional brokers who are not affiliated are considered - CORRECT ANSWER Inactive
Full broker may either - CORRECT ANSWER - Affiliate with a BIC/Firm
- Activate as a Sole Proprietor
If full broker is not affiliated with a BIC they CANNOT: - CORRECT ANSWER -
Maintain a trust account for others
- Hire/Supervise other brokers
- Offer services, advertise, or market in any way
An individual can be the BIC of more than one firm, only if? - CORRECT ANSWER
Only if the firms are at the same physical office location.
Provisional broker can only affiliate with more than one BIC if, - CORRECT ANSWER
they have mutual consent/permission of both BICs
,303 Nc Post Licensing Exam 2024 With Questions And
Correct Answers
When should a provisional broker deliver monies to BIC? - CORRECT ANSWER Immediately
All deposits must be made to the trust account within.. - CORRECT ANSWER 3
banking days of receipt or contract acceptance, whichever is later.
Trust accounts may earn interest so long as, - CORRECT ANSWER The broker has
written consent of the client and a written agreement specifies who gets the interest.
BICs may transfer earnest money for closing no more than - CORRECT ANSWER 10
days prior to settlement
Trust accounts must be balanced every: - CORRECT ANSWER Every 30 days
Trust account records must be maintained for - CORRECT ANSWER 3 years
Sole Proprietorship - CORRECT ANSWER No creation of an entity but may operate
under a trade name.
Personally liable for all debts and liabilities.
Income taxed as regular income, no shelter of tax liability.
Corporation - CORRECT ANSWER Legal entity owned by stockholders
Could be an S corp or C corp
An expired license means that the license has to be - CORRECT ANSWER Reinstated
If expired for less than 6 months - CORRECT ANSWER - File reinstatement application form
- Pay $90 reinstatement fee
,303 Nc Post Licensing Exam 2024 With Questions And
Correct Answers
If expired more than 6 months but less than 2 years - CORRECT ANSWER - File
reinstatement form
- Pay $90 reinstatement fee
- Complete one 30-hr class
If expired more than 2 years - CORRECT ANSWER - Complete 75 hr prelicensing course
- Retake NC exam
- Complete 90 hrs of post licensing
If inactive due to CE deficiency less than 2 years - CORRECT ANSWER - Complete
current years of CE - 8 hrs
- Complete previous years deficiency (4-8 hrs CE)
- File license activation form
If inactive due to CE deficiency more than 2 years - CORRECT ANSWER - Complete
current years CE
- Complete 60 hours of Post - 2 post classes
- File license activation form
The two key questions to ask any team are? - CORRECT ANSWER 1. Have you
created an entity?
2. Is the entity name being used in marketing and ads?
Creating a team without creating an entity.. - CORRECT ANSWER - Team name and
licensees to be approved by the BIC of the firm.
- All licensees affiliated with the BIC of the firm.
- Brokerage firm name to be used on all disclosures and contracts
- No compensation may be paid to the team name.
- All compensation must be paid by the BIC
, 303 Nc Post Licensing Exam 2024 With Questions And
Correct Answers
- The team may use the team name in advertising with permission of the BIC, but all
advertising must also include the firm name.
Referral file must consist of - CORRECT ANSWER - Written agreement
- Licensure proof of referral source
- W9 issuance of a 1099
Commercial broker lien act - CORRECT ANSWER A lien may be placed against
commercial properties for commercial services rendered in either a sale or lease
transaction.
Requirements to fil a broker lien are? - CORRECT ANSWER - Written agreement
specifying services and compensation.
- Must be a listing agent.
Time requirements for commercial broker lien - CORRECT ANSWER - It cannot be
filed until it is within 30 days of closing or possession.
- For leases, the time is 90 days of possession or within 60 days of non-payment.
How long does broker have to enforce commercial broker lien? - CORRECT ANSWER
Broker has 18 months to enforce the lein.
What priority does a commercial broker lien have? - CORRECT ANSWER -
Commercial broker lien has priority as of the date of recordation, it does not get any
special priority.
- Mechanics liens always have superiority over the brokers lien regardless of when
they were filed.
LNCL - CORRECT ANSWER Limited North Carolina Licensee
Limitations on LNCL - CORRECT ANSWER - May not reside in NC
- May only broker commercial real estate transactions
- Must enter into a brokerage cooperation agreement with a resident NC broker.
