- NC Real Estate License Law & Real
Estate Commission Rules / Strategies Review of Key Quizzes & Correct Answers.
Quiz____?Who is required to have a real estate license? - Answer✓✓ Any person or business entity who directly or indirectly engages in the business of a real estate broker FOR COMPENSATION (or promise thereof) while physically in NC, must have a NC real estate broker license.
Quiz____?What is a real estate Broker? - Answer✓✓ Any person, partnership, corp, LLC, assoc, or other business entity who for a compensation or promise, LLBEANS (List, Lease, Buy, Exchange, Auction, Negotiate, Sell). Crier of sales not included.
Quiz____?What qualifies a person to be a broker-in-charge? - Answer✓✓ Must have two years of full-time real estate brokerage experience or an equivalent of part-time work (previous 5 yr) and complete a 12-hour BIC course. 1 / 3
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Quiz____?What is a Provisional Broker? - Answer✓✓ Entry-level license status category. Person has met all license qualifications (75-hour pre licensing class and passing the Commission's exam)
Quiz____?Who can do real estate activities and not need a license? (Exempt activities) - Answer✓✓ • A partnership, corporation, LLC, association or other business entity that, as owner or lessor, performs acts in the regular course of business - extends to officers and employees of the company.• Someone acting as attorney-in-fact under duly executed power of attorney.• Acts or services performed by an attorney who is an active member of the NC State Bar.• Any person acting under order of any court as executor.• Any individual owner who personally leases or sells their own property.• Any housing authority.
Quiz____?What are the license status categories of a broker license? - Answer✓✓ Provisional Broker Broker 2 / 3
3 Broker-in-Charge
Quiz____?What can a Provisional Broker do? - Answer✓✓ Basically anything a BROKER does, but it must be under direct supervision of a broker-in-charge.
Quiz____?How do I remove the Provisional Broker status? - Answer✓✓ • Must complete 3 postlicensing courses within 3 years, at least 1 per year.• 90 hours of postlicensing (3 - 30hr classes) • If not completed in time, license goes inactive
Quiz____?Describe the NC Real Estate Commission membership/board - Answer✓✓ • 9 members. 7 are appointed by the Governor. 2 appointed by the General Assembly based on recommendations of the Senate and the House, respectively.• At least 3 must be licensed brokers. 2 must have no affiliation with real estate.• Terms are staggered every 3 years, so 3 expire one year, 3 the second year,
- the third. They are compensated.
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