NC License Law Flashcards
Provisional broker may begin practicing real estate in NC when…
the NCREC receives notification of the provisional broker’s activation with a BIC
Unlicensed Assistants can…
show rental property, but not residential properties for sale
To sell a timeshare…
You must be licensed
The timeshare must be registered with the NCREC prior to sale
NCREC may not fine a real estate licensee. However, the can fine a timeshare developer _____
$500 per violation of the Timeshare Act
If license is inactive…
agent may not earn any fees or represent others in a real estate transaction
Time money was earned, not when it was received
Failure to renew your license
License expires, licensee may renew up to 6 months late with a late fee; after 6 months, NCREC may impose additional educational requirements
Members of the NCREC serve for ____ year terms
3 year terms and may be reappointed at end of their term
“Shelf Life” for licensee to remain on inactive status?
Indefinitely, only 16 hours of CE required to reactivate
Auctioneer
Must have a NC real estate license
Criers of sales are exempt
NC Homestead Exemption
Applies to personal residences and provides protection against judgment creditors
