Real Estate Licensing in North Carolina Flashcards Preview

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Flashcards in Real Estate Licensing in North Carolina Deck (31)
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1

Under which circumstances is a real estate license required ?

1) LLBEANS

- List
- Lease
- Buy
- Exchange
- Auction
- Negotiate
- Sell

2) For OTHERS
3) For COMPENSATION

2

What are the exemptions from licensure?

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

3

Unlicensed assistants in residential sales offices may not?

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

4

Unlicensed assistants in property management offices may not?

1) NEGOTIATE leases or lease terms
2) NEGOTIATE deposits or payments

5

How many members serve on the NC real estate commission?

9 Members

6

How long are the terms served on the NCREC?

3 years (staggered terms)

7

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

7 members are appointed by the Governor

8

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

2 members are appointed by legislature

9

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

3 members must be brokers

10

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

2 members must be laypeople

11

How is the Chairman of the NCREC selected?

Chairman gets elected by the commission

12

What are the disciplinary action enacted by the NCREC?

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

13

What is the role of the NCREC?

To protect and promote the interests of the public

14

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

90 hours of post-ed

15

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

30 hours per year

16

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

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

17

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

ANNIVERSARY DATE (1 YEAR)

18

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

8 HOURS of CE per year

19

CE must be completed by what date for renewal?

June 10th annually

20

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

PRIOR to the 2nd renewal of their license

21

When do you have to renew your real estate license ?

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

22

How much is the fee to renew your license?

$45.00

23

What causes a real estate license to expire?

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

24

How is your initial real estate broker license issued?

INACTIVE

25

How do you activate your provisional broker license?

Affiliate with a BIC
BIC must file activation form

26

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

INACTIVE

27

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

INACTIVE

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 __________?

INACTIVE

29

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

Renew and pay an additional $45.00 late fee

30

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

- Reapply plus criminal background check
- Take additional education