Real Estate Licensing in North Carolina Flashcards
Under which circumstances is a real estate license required ?
1) LLBEANS
- List
- Lease
- Buy
- Exchange
- Auction
- Negotiate
- Sell
2) For OTHERS
3) For COMPENSATION
What are the exemptions from licensure?
1) Individual buying/selling their own property (FSBO)
2) Entity (property owned or leased by the entity)
3) W2 salaried brokerage employee acting as an unlicensed assistant for a real estate broker
4) Attorney at law
5) Attorney in fact (person appointed to perform legal acts under a POA)
6) Trustees under a deed of trust or will
7) Trustees, guardians, and executors under court order
8) Housing authorities
Unlicensed assistants in residential sales offices may not?
1) Cold call or prospect for clients
2) Show properties or hold open houses
3) Work directly with clients
Unlicensed assistants in property management offices may not?
1) NEGOTIATE leases or lease terms
2) NEGOTIATE deposits or payments
How many members serve on the NC real estate commission?
9 Members
How long are the terms served on the NCREC?
3 years (staggered terms)
How many members of the NCREC are appointed by the Governor?
7 members are appointed by the Governor
How many of the members of the NCREC are appointed by legislature?
2 members are appointed by legislature
Of the 7 members appointed by the Governor serving on the NCREC, how many must have a real estate license?
3 members must be brokers
Of the 7 members appointed by the Governor serving on the NCREC, how many must not have a license?
2 members must be laypeople
How is the Chairman of the NCREC selected?
Chairman gets elected by the commission
What are the disciplinary action enacted by the NCREC?
1) Reprimand
2) Revoke
3) Suspend
4) Censure
What is the role of the NCREC?
To protect and promote the interests of the public
How many total hours of post-ed must a Provisional Broker complete?
90 hours of post-ed
What is the minimum hour requirement of post-ed per year for a provisional broker?
30 hours per year
How long does a provisional broker have to complete all hours of post-ed?
3 years from anniversary to complete 90 hours of post-ed
By what date must at least one post-ed class be completed?
ANNIVERSARY DATE (1 YEAR)
In order to maintain your real estate license you must complete how many hours of continuing education each year?
8 HOURS of CE per year
CE must be completed by what date for renewal?
June 10th annually
When must a provisional broker have completed their first 8 hours of CE?
PRIOR to the 2nd renewal of their license
When do you have to renew your real estate license ?
ANNUALLY, as early as May 15 but NLT June 30th
How much is the fee to renew your license?
$45.00
What causes a real estate license to expire?
If you fail to renew the license or fail to pay the renewal fee
How is your initial real estate broker license issued?
INACTIVE
How do you activate your provisional broker license?
Affiliate with a BIC
BIC must file activation form
When a provisional broker is not affiliated with a BIC their license is…?
INACTIVE
If a provisional Broker does not complete post licensing education their license becomes…?
INACTIVE
Failure of a provisional broker to complete CE by their 2nd renewal date (JUNE 10th) and failure of brokers to complete their CE by June 10th (annually) will cause their license to become __________?
INACTIVE
If your license is expired less than 6 months you can __________?
Renew and pay an additional $45.00 late fee
If your license is expired more than 6 months you must __________?
- Reapply plus criminal background check
- Take additional education
If your license is expired for more than two years, what must you do?
Re-take the 75 hour broker pre-licensing course
