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
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
The Governor appoints to the NCREC:
- 10 members
- 3 members
- 7 members
- 1 member
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
If the broker's agency agreement is terminated, this file must be retained for:
- 5 years
- 10 years
- 3 years
- Not at all
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
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
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
The Real Estate Commission consists of:
- 12 members
- 3 members
- 9 members
- 6 members
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
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
Two members of the NCREC are appointed by:
- Senate
- Housing Authority
- House of Representatives
- General Assembly
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
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
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
Real estate records must be retained for how long after the disbursement of trust monies?
- 1 year
- 10 years
- 3 years
- 5 years
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
The members of the NCREC serve terms that are:
- 5 years
- 1 year
- 3 years
- 4 years
In NC real estate, there is one type of license and it is:
- Broker
- Provisional broker
- Property Manager
- Broker-in-charge

NC Real Estate License Law and Commission Rules Exam Prep

MANTLE REALTY