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NC Real Estate Pre-Licensing > Real Estate Licensing in North Carolina > Flashcards

Real Estate Licensing in North Carolina Flashcards

1
Q

Under which circumstances is a real estate license required ?

A

1) LLBEANS

  • List
  • Lease
  • Buy
  • Exchange
  • Auction
  • Negotiate
  • Sell

2) For OTHERS
3) For COMPENSATION

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2
Q

What are the exemptions from licensure?

A

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

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3
Q

Unlicensed assistants in residential sales offices may not?

A

1) Cold call or prospect for clients
2) Show properties or hold open houses
3) Work directly with clients

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4
Q

Unlicensed assistants in property management offices may not?

A

1) NEGOTIATE leases or lease terms

2) NEGOTIATE deposits or payments

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5
Q

How many members serve on the NC real estate commission?

A

9 Members

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6
Q

How long are the terms served on the NCREC?

A

3 years (staggered terms)

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7
Q

How many members of the NCREC are appointed by the Governor?

A

7 members are appointed by the Governor

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8
Q

How many of the members of the NCREC are appointed by legislature?

A

2 members are appointed by legislature

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9
Q

Of the 7 members appointed by the Governor serving on the NCREC, how many must have a real estate license?

A

3 members must be brokers

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10
Q

Of the 7 members appointed by the Governor serving on the NCREC, how many must not have a license?

A

2 members must be laypeople

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11
Q

How is the Chairman of the NCREC selected?

A

Chairman gets elected by the commission

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12
Q

What are the disciplinary action enacted by the NCREC?

A

1) Reprimand
2) Revoke
3) Suspend
4) Censure

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13
Q

What is the role of the NCREC?

A

To protect and promote the interests of the public

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14
Q

How many total hours of post-ed must a Provisional Broker complete?

A

90 hours of post-ed

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15
Q

What is the minimum hour requirement of post-ed per year for a provisional broker?

A

30 hours per year

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16
Q

How long does a provisional broker have to complete all hours of post-ed?

A

3 years from anniversary to complete 90 hours of post-ed

17
Q

By what date must at least one post-ed class be completed?

A

ANNIVERSARY DATE (1 YEAR)

18
Q

In order to maintain your real estate license you must complete how many hours of continuing education each year?

A

8 HOURS of CE per year

19
Q

CE must be completed by what date for renewal?

A

June 10th annually

20
Q

When must a provisional broker have completed their first 8 hours of CE?

A

PRIOR to the 2nd renewal of their license

21
Q

When do you have to renew your real estate license ?

A

ANNUALLY, as early as May 15 but NLT June 30th

22
Q

How much is the fee to renew your license?

A

$45.00

23
Q

What causes a real estate license to expire?

A

If you fail to renew the license or fail to pay the renewal fee

24
Q

How is your initial real estate broker license issued?

A

INACTIVE

25
Q

How do you activate your provisional broker license?

A

Affiliate with a BIC

BIC must file activation form

26
Q

When a provisional broker is not affiliated with a BIC their license is…?

A

INACTIVE

27
Q

If a provisional Broker does not complete post licensing education their license becomes…?

A

INACTIVE

28
Q

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 __________?

A

INACTIVE

29
Q

If your license is expired less than 6 months you can __________?

A

Renew and pay an additional $45.00 late fee

30
Q

If your license is expired more than 6 months you must __________?

A
  • Reapply plus criminal background check

- Take additional education

31
Q

If your license is expired for more than two years, what must you do?

A

Re-take the 75 hour broker pre-licensing course

NC Real Estate Pre-Licensing (2 decks)

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