Appendix C

Question 0

Time shares

Answer 0

•must have an NC broker license to sell

Question 1

Inactive status

Answer 1

Can’t do anything that you need a license to do
Must submit a written request to commission
Can be changed to inactive when a PB is not under supervision of BIC
Did not complete 8 hrs of continuing Ed
Did not complete post licensing classes by aniversary

Question 2

A licensee shall not advertise the sale purchase exchange rent or lease of real estate for another or others in a manner indicating the offer to sell purchase exchange rent or lease is being made by licensees principle
Every such advertisement shall conspicuously indicate that is the advertisement of a broker of brokerage firm and shall not be confined to publication of only a post office number telephone numbers street address Internet web address or email address

Answer 2

Blind ads

Question 3

• retention and display of all current renewal pocket cards of all brokers in the firm
• proper notification of NCREC of changes in from info.
• proper conduct in all advertisements affiliated with firm
• proper maintenance of trust accounts and associated records
• proper retention of all agency and transaction records
• proper supervision of all PB associated with firm
• supervision of all licensees associated with firm in regard compliance with agency agreements and disclosures

Answer 3

BIC responsibilities

Question 4

• bank insured and legally business in nc
• checks and deposit slips must say trust account or escrow account
• separate account only hold trust funds no commingling
• $100 of firms money
• interest bearing can be
• 30 days
• firms only need one trust account
• separate trait account for each property managed if needed

Answer 4

Trust account (rules)

Question 5

Any person or business entity who directly or indirectly engages in the business of a real estate broker for compensation or the promise thereof while physically in the state of NC must have a NC broker license

Answer 5

Requirements for a license

Question 6

Unlicensed assistant activities

Answer 6

Clerical work

Calls paperwork copies for sale signs basic factual info

Question 7

NCREC disciplinary actions

Answer 7

Reprimand
Censure
License suspension
License revocation

Question 8

When and who do you notify of a misdemeanor or other reprimands from another affiliation?

Answer 8

Within 60 days of the final judgement

Notify the NCREC

Question 9

You must present all offers to seller!

Answer 9

Multiple offer presentation