Real Estate Licensing in North Carolina

Question 1

Under which circumstances is a real estate license required ?

Answer 1

1) LLBEANS

• List
• Lease
• Buy
• Exchange
• Auction
• Negotiate
• Sell

2) For OTHERS
3) For COMPENSATION

Question 2

What are the exemptions from licensure?

Answer 2

1) Individual buying/selling their own property (FSBO)
2) Entity (property owned or leased by the entity)
3) W2 salaried brokerage employee acting as an unlicensed assistant for a real estate broker

4) Attorney at law
5) Attorney in fact (person appointed to perform legal acts under a POA)

6) Trustees under a deed of trust or will
7) Trustees, guardians, and executors under court order

8) Housing authorities

Question 3

Unlicensed assistants in residential sales offices may not?

Answer 3

1) Cold call or prospect for clients
2) Show properties or hold open houses
3) Work directly with clients

Question 4

Unlicensed assistants in property management offices may not?

Answer 4

1) NEGOTIATE leases or lease terms

2) NEGOTIATE deposits or payments

Question 5

How many members serve on the NC real estate commission?

Answer 5

9 Members

Question 6

How long are the terms served on the NCREC?

Answer 6

3 years (staggered terms)

Question 7

How many members of the NCREC are appointed by the Governor?

Answer 7

7 members are appointed by the Governor

Question 8

How many of the members of the NCREC are appointed by legislature?

Answer 8

2 members are appointed by legislature

Question 9

Of the 7 members appointed by the Governor serving on the NCREC, how many must have a real estate license?

Answer 9

3 members must be brokers

Question 10

Of the 7 members appointed by the Governor serving on the NCREC, how many must not have a license?

Answer 10

2 members must be laypeople

Question 11

How is the Chairman of the NCREC selected?

Answer 11

Chairman gets elected by the commission

Question 12

What are the disciplinary action enacted by the NCREC?

Answer 12

1) Reprimand
2) Revoke
3) Suspend
4) Censure

Question 13

What is the role of the NCREC?

Answer 13

To protect and promote the interests of the public

Question 14

How many total hours of post-ed must a Provisional Broker complete?

Answer 14

90 hours of post-ed

Question 15

What is the minimum hour requirement of post-ed per year for a provisional broker?

Answer 15

30 hours per year

Question 16

How long does a provisional broker have to complete all hours of post-ed?

Answer 16

3 years from anniversary to complete 90 hours of post-ed

Question 17

By what date must at least one post-ed class be completed?

Answer 17

ANNIVERSARY DATE (1 YEAR)

Question 18

In order to maintain your real estate license you must complete how many hours of continuing education each year?

Answer 18

8 HOURS of CE per year

Question 19

CE must be completed by what date for renewal?

Answer 19

June 10th annually

Question 20

When must a provisional broker have completed their first 8 hours of CE?

Answer 20

PRIOR to the 2nd renewal of their license

Question 21

When do you have to renew your real estate license ?

Answer 21

ANNUALLY, as early as May 15 but NLT June 30th

Question 22

How much is the fee to renew your license?

Answer 22

$45.00

Question 23

What causes a real estate license to expire?

Answer 23

If you fail to renew the license or fail to pay the renewal fee

Question 24

How is your initial real estate broker license issued?

Answer 24

INACTIVE

Question 25

How do you activate your provisional broker license?

Answer 25

Affiliate with a BIC | BIC must file activation form

Question 26

When a provisional broker is not affiliated with a BIC their license is...?

Answer 26

INACTIVE

Question 27

If a provisional Broker does not complete post licensing education their license becomes...?

Answer 27

INACTIVE

Question 28

Failure of a provisional broker to complete CE by their 2nd renewal date (JUNE 10th) and failure of brokers to complete their CE by June 10th (annually) will cause their license to become __________?

Answer 28

INACTIVE

Question 29

If your license is expired less than 6 months you can __________?

Answer 29

Renew and pay an additional $45.00 late fee

Question 30

If your license is expired more than 6 months you must __________?

Answer 30

- Reapply plus criminal background check | - Take additional education

Question 31

If your license is expired for more than two years, what must you do?

Answer 31

Re-take the 75 hour broker pre-licensing course