Unit 12: NC License Law, Commission Rules, And Trust Account Guidelines Flashcards Preview

NC Real Estate License > Unit 12: NC License Law, Commission Rules, And Trust Account Guidelines > Flashcards

Flashcards in Unit 12: NC License Law, Commission Rules, And Trust Account Guidelines Deck (4)
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0
Q

LL BEANS

A

Lists

Leases

Buys

Exchanges

Auctions

Negotiations

Sells

1
Q

Pocket cards

A

Agents are required to produce pocket cards upon request when engaging in brokerage activities

2
Q

Three pronged test for brokerage activity

A

REAL PROPERTY for COMPENSATION for OTHERS. When answer is yes, a license is required

3
Q

License NOT required

A

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