NC Licensing ad Commission Laws

Question 1

NCREC consists of how may members

Answer 1

9

7 appointed by the governor, 2 by the general assembly

Question 2

NCREC serve

Answer 2

3 year staggered terms

Question 3

NCREC Chair is

Answer 3

voted

Question 4

How many NCREC are licensed

Answer 4

3 are licensed, at least two not associated with real estate or appraisal

Question 5

Primary purpose of NCREC

Answer 5

to protect the public in their dealings with real estate licensees

Question 6

NCREC powers incluse

Answer 6

licensing real estate brokers
approving schools and courses
educating schools and courses
regulating the business activities of licensees
Discipline licensees

Question 7

NCREC can take the following disciplinary actions

Answer 7

reprimand, censure, suspend, or revoke

NCREC canNOT fine licensees or impression licensees

Question 8

Licensees responsibities

Answer 8

all actions concerning real estate including buying selling or leasing properties

Question 9

Powers not granted to the NCREC

Answer 9

cannot practice law
canot rule on the validity of real estate contracts
cannot regulate commission or salaries
cannot fine licensees
cannot draft or prescribe contracts
cannot arbitrate between contracts
cannot order licensees to reimburse for lost monies

Question 10

NCREC funding

Answer 10

through license renewal and license application fees

Question 11

How to get a provisional license

Answer 11

complete application pay the application fee
18 years or odler
good moral character
no NC residence is required
pass approved 75 hour course or prove equivalency
pass state exam

Question 12

Real estate provisional status broker

Answer 12

completed pre-license class
submitted background check 
passed licensing exam
has an assigned BIC

Question 13

Must remove provisional status by when

Answer 13

3 years

Question 14

removing provisional status includes

Answer 14

30 hours classes, total 90 hours post license education

Must complete one class per year

if not completed after 3 years license will go on inactive status

Post license courses are not required in order to keep a current license

Question 15

Activities that do not require a real estate license

Answer 15

FISBO
Mere Crier at an auction
Persons acting under a POA
Attorney in the course of practicing law
Appraiser
Persons negotiating financing
Trustee in a bankruptcy, trust agreement, deed of trust, executor of estates
Corporations or other businesses entities buying selling leasing their OWN properties
Resident manager of a property manager on a salary basis

Question 16

Limited nonresident commercial license can be issued as long as

Answer 16

License in another state or country is in good standing
Enter NC to negotiate commercial real estate transitions only
Must have a brokerage agreement with a NC broker
NC broker must supervise and will be responsible for record keeping

Question 17

What can an unlicensed employee do in a firm

Answer 17

place signs on properties
submit MLS information
Receive and forward phone calls 
Order repairs 
Schedule showings and appointments
create advertising for the broker
show rental units (not sale)
Act as a bookkeeper
Assemble Documents 
Compute commission checks

Question 18

If a provisional broker leaves a firm the

Answer 18

Firm must notify the commission

Question 19

Independent broker requirements

Answer 19

Don’t require BIC

Two years of full time experience

Question 20

Must report if convicted of a felony or misdemeanor within

Answer 20

60 days

Question 21

CE must be completed by every licensee by

Answer 21

June 10th

prior to the second renewal and every year thereafter

Question 22

CE Consist of

Answer 22

4 update class and 4 hour elective

Question 23

Reinstatement of expired license costs

Answer 23

$90 and no further action is required if reinstated within 6 Months

Question 24

Every business other than a sole proprietorship must require

Answer 24

A firm License before engaging in real estate

Question 25

Agents must cary their

Answer 25

pocket card

Question 26

Licensees must notify the commission of any name, business, or residence, change within

Answer 26

10 days

Question 27

All ads must

Answer 27

Contain firm name

Question 28

Licensee must not advertise without

Answer 28

permission of the BIC

Question 29

Copies of all instruments must be delivered within how many days? Including closing statement

Answer 29

5 days

Question 30

Records must be kept for

Answer 30

3 years