Prelicensing Flashcards
NC Licensing Law
Prelicensing
To Engage in Real Estate You Must:
TP
93A-1
Be licensed in the state where the real estate is located
Prelicensing
Who Needs a Real Esatate License?
TP
93A-2 (A)
Any person or “entity” conducting real estate transactions for other for compensation - FOR OTHERS
THE KEY IS “FOR OTHERS”. THIS DOES NOT INCLUDE YOUR OWN PROPERTY
Prelicensing
You Must Have a Real Esate License in Order to Conduct the Following Activities:
- List a property (or offering to)
- **Lease **or rents (or offers to)
- Buy (or offers to)
- Auction (or offers to)
- Negotiate the purchase or sale or exchange
- **Sell **(or offers to)
Also - receiving a referral fee for any of the above requires a real estate license
FOR OTHERS FOR COMPENSATION!
You need a license to receive a referral fee unless you are a travel agent
Prelicensing
License Statuses
Various types of real estate license statuses
- Broker in Charge (BIC)
- BIC-Eligible
- Full Broker (B)
- Provisional Broker (PB)
All statuses above are considered “Brokers”
Prelicensing
Broker in Charge (BIC)
Has designated responsibility for supervision of others in an office
BIC-Eligible
Has met the requirements for a BIC but is not actively serving as the BIC at an office location.
Full Broker (B)
Non-Provisional
Licensee who has completed all post licensing courses
Provisional Broker (PB)
Licensee who is gaining additional post licensing eductaion
Must be supervised by BIC to have their license on “active” status
Exemptions from Licensure
(1) An entity with property owned or leased by the entity
* For a partnership: general partners and employees
* For the LLC: managers and employees
* For the corpoartion: officers, directors, and employees
If you own the property or the coproation managing the property you are exempt from needing a real estate license.
Additional Exemptions from Licensure
- Attorney in fact
- Attorney at law
- Trustees, guardians and executors UNDER COURT ORDER
- Trustees undera deed of trust or will
- W2 salaries brokerage employees acting as unlicensed assistants for a licensed real estate broker
- Individuals owning or leasing their own property
- Housing authorities
Auctioneers
Auctioneers need both a real estate license AND an auctioners license
Criers of the auction do not need a license
The Role of an Unlicensed Assistant - what they MAY do
W2 employees of a broker
Unlicensed Assiatnat MAY:
* Perform admin duties for a broker or firm
* Fill out forms
* Assist a licensed broker
* Scheule appointments
* Place lock boxes and signage
The Role of an Unlicensed Assistant - what they may NOT do
They may NOT
Unlicensed Assistant May NOT:
* Cold call or prospect
* Show properties or open houses
* Work directly with clients
* Create or place ads
