Requirements For A License

Question 1

License Requirements

Answer 1

18 years of age
SSN 
Applicant fee 
Good character background check
Application: if denied 60 day to request hearing

Question 2

Business Entities (Exclude Sole proprietorships)

Answer 2

Must have license for any broker activities
Must have 1 principal qualified to be a BIC
-Must Reapply if entities changes form
-Partnership= BIC must be a general partner
-Corporation= Must be an officer
-LLC= Must be manager

Question 3

License

Answer 3

All License renewals all expire on June 30th
Renew between May15- June 30th.
CE must be completed prior to June 10th (except for 1st year)

Question 4

Exempt from licensure

Answer 4

Selling owned property
Business managing property owned
Attorneys under POA, Attorneys providing legal services.
Trustees, Receivers,

Question 5

Activities without license

Answer 5

Phone calls, Emails to licensees
Submit listings,Changes to MLS
Recording, depositing trust funds, Receipts, payments under BIC supervision.
Computing commission checks, book keep firms operating accounts.
Typing offers, contracts from drafts by licensee
Lock boxes, Placing signs, find public records

Question 6

License Types

Answer 6

Provisional Broker - Entry level 
Full Broker - PL done 
BIC - 2 years FT broker exp 
Firm license 
Limited Non- resident commercial license

Question 7

Provisional Broker

Answer 7

Entry level
Supervised under BIC until Provisional status is removed du to fulfilling he Post License Education requirement within 18 months. License stays inactive until BIC is involved.

Question 8

Broker In Charge

Answer 8

Broker with BIC eligible status
2 years FT experience or 4 years PT over prior 5 years
All real estate office location must have BIC

CE=

Question 9

Full Broker

Answer 9

Individual license
Un-supervised, independent license
May also work for another broker or firm, with consent of BIC’s

Question 10

Firm License

Answer 10

Issued to corporation, LLC, partnership

Exempt= Sole proprietorship

Question 11

LCB

Answer 11

Does not live in NC
Has active license in other state
Commercial transaction with affiliated agent with his/her brokerage.

Question 12

License Status

Answer 12

Active, Inactive,

Trigger inactive= Loss of BIC, no post education, firm loses BIC/broker. Voluntary request to inactivate license.

Question 13

Inactive - Active status changes

Answer 13

Provisional activiated to NCREC once BIC is acquired.

Change of employers notify NCREC 10 days to retain active status.

Question 14

License Reinstatement

Answer 14

6 months or less, broker must pay for reinstatement fee by Dec 31st.
Reinstatement= inactive
Meet education requirement and have BIC in place.

Question 15

Who is required to have a license in NC?

Answer 15

Any person or entity to transact real estate for Compensation. 
- Listing
- Selling 
- Leasing or renting
-Auction
-Any interest
Referring

Question 16

License Activities

Answer 16

Activities requiring license= individuals, business entities doing real estate for compensation.
compensation.

Listing 
Selling
Auction 
Negotiate
Selling lease
Referrals 
Property Management