Unit 12: NC License Law, Commission Rules, And Trust Account Guidelines Flashcards
LL BEANS
Lists
Leases
Buys
Exchanges
Auctions
Negotiations
Sells
Pocket cards
Agents are required to produce pocket cards upon request when engaging in brokerage activities
Three pronged test for brokerage activity
REAL PROPERTY for COMPENSATION for OTHERS. When answer is yes, a license is required
License NOT required
Owners of property selling or buying for themselves
Mere crier of sales at an auction
Person acting as attorney-in-fact under a power of attorney
Lawyer in the regular course of law practice
Real estate appraiser
Mortgage banker
Agent or fiduciary agent acting as trustee in bankruptcy, trustee in trust agreement, guardian/executor of an estate or any person under court order
Persons or corporations selling/leasing/buying own real estate
W2 employee of property mgr
