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NC Real Estate License Law and Commission Rules Exam Prep

NC Real Estate License Law and Commission Rules Exam Prep

In NC real estate, there is one type of license and it is:
- Broker
- Provisional broker
- Property Manager
- Broker-in-charge
Brokers are required to retain records pertaining to their brokerage transactions, either to a successful or unsuccessful conclusion, for:
- 3 years
- 5 years
- 10 years
- No need to retain
Copies of any signed sales contract or lease must be delivered:
- Not at all
- Immediately
- Within 5 days
- Within 10 days
A broker-in-charge is responsible for:
- Serving as a commissioner for the NCREC
- Testing real estate students
- Provisional brokers engaged in real estate brokerage at a particular real estate office
- Home Owner Association
The non-resident licensee must enter into a:
- Residential property disclosure form
- Agency agreement
- "Declaration of affiliation" and a "brokerage cooperation agreement" with a resident NC broker not on provisional status
- Offer to purchase and contract
The Real Estate Commission consists of:
- 12 members
- 3 members
- 9 members
- 6 members
Conducting or offering to conduct a real estate auction:
- Requires a driver's license
- Requires the broker to be broker-in-charge or broker-in-charge eligible
- Requires a real estate license and auctioneer's license
- Requires a real estate license
If the broker's agency agreement is terminated, this file must be retained for:
- 5 years
- 10 years
- 3 years
- Not at all
A real estate broker may act as an attorney-in-fact:
- Only if they are a broker-in-charge or broker-in-charge eligible
- A real estate may not act as an attorney-in-fact
- Because they have an active real estate license
- Under a power of attorney from the owner authorizing final consummation of any contract for the sale, lease or exchange of real estate
A broker-in-charge must have:
- Two years of experience
- Two years active experience
- Two years full time or part time equivalent but not as a provisional broker within the last few years
- Be a commercial agent
Brokerage activities include everything listed below except:
- Listing (or offering to list) real estate for sale or rent
- Referring a party to a real estate licensee, if done to compensation
- Attending a real estate auction
- Selling, buying, leasing, assigning or exchanging any interest in real estate, including a leasehold interest, in connection with the sale or purchase of a business
The members of the NCREC serve terms that are:
- 5 years
- 1 year
- 3 years
- 4 years
Real estate records must be retained for how long after the disbursement of trust monies?
- 1 year
- 10 years
- 3 years
- 5 years
Two members of the NCREC are appointed by:
- Senate
- Housing Authority
- House of Representatives
- General Assembly
Who is exempt from having a real estate license when conducting a real estate business?
- An individual owner selling or leasing the owner's own property
- Paralegal
- Provisional broker
- Unlicensed assistant
The Governor appoints to the NCREC:
- 10 members
- 3 members
- 7 members
- 1 member
Provisional brokers must complete an additional 90 hours of education to become a broker. This education must be completed:
- Within twelve months of the individual's initial licensure
- Additional education is not needed
- At least 30 hours each year for three years by the anniversary date of the individual's licensing
- Within three years
A licensed broker in another US jurisdiction, may be licensed directly as a NC broker:
- By taking the NC Commercial exam
- By working under a broker-in-charge for two years
- Not on provisional status by passing the "State" section of the NC license examination
- By completing ten residential deals
A broker or salesperson licensed and residing in another state may apply for and obtain a NC:
- Driver's license
- Privilege license
- Property management license
- Limited non-resident commercial broker license
An unlicensed, salaried employee may not:
- Record and deposit earnest money
- Negotiate a lease
- Place "for sale" and lock boxes on property
- Secure copies of public records from the register of deeds office

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High Point

2212 Eastchester Dr,

High Point, NC 27265

Kernersville

202 W Mountain St

Kernersville, NC 27284

Lexington

7224 Old U.S. Hwy 52

Lexington, NC 27295

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