Podcast
Questions and Answers
Is a license required to receive compensation?
Is a license required to receive compensation?
True (A)
Is a license required to conduct an auction?
Is a license required to conduct an auction?
True (A)
A Provisional Broker's license becomes inactive if they do not finish their post-licensing within how long?
A Provisional Broker's license becomes inactive if they do not finish their post-licensing within how long?
18 months
How long do you have to take the exam after notice of Exam Eligibility?
How long do you have to take the exam after notice of Exam Eligibility?
To engage in real estate brokerage, what is required?
To engage in real estate brokerage, what is required?
According to the flashcard, what activities require a real estate license?
According to the flashcard, what activities require a real estate license?
What are the 4 types of License Statuses?
What are the 4 types of License Statuses?
Who does NOT need a license to practice real estate?
Who does NOT need a license to practice real estate?
The only non-licensed exemption that can accept payments of commission is who?
The only non-licensed exemption that can accept payments of commission is who?
Auctioneers need a license, but a _______ does not.
Auctioneers need a license, but a _______ does not.
Salaried W2 Employees in Residential Sales CAN:
Salaried W2 Employees in Residential Sales CAN:
Which task can a Salaried W2 Employee in Property Management do?
Which task can a Salaried W2 Employee in Property Management do?
Do you need a License to deal with your own property?
Do you need a License to deal with your own property?
Can you receive a referral fee by referring a client to a broker in a state you are unlicensed in?
Can you receive a referral fee by referring a client to a broker in a state you are unlicensed in?
Can an unlicensed person obtain compensation for a referral?
Can an unlicensed person obtain compensation for a referral?
How many members make up the NC Real Estate Commission?
How many members make up the NC Real Estate Commission?
What is the breakdown of the 9 members of the NC Real Estate Commission?
What is the breakdown of the 9 members of the NC Real Estate Commission?
Which is a role of the NC Real Estate Commission?
Which is a role of the NC Real Estate Commission?
An audit allows the NC Real Estate Commission to:
An audit allows the NC Real Estate Commission to:
Which of the following is a NC Real Estate Commission disciplinary act?
Which of the following is a NC Real Estate Commission disciplinary act?
The NC Real Estate Commission can take disciplinary actions because a broker:
The NC Real Estate Commission can take disciplinary actions because a broker:
Provisional Brokers have how long from licensure to complete all post-licensing courses?
Provisional Brokers have how long from licensure to complete all post-licensing courses?
If the Broker fails to complete post-licensing courses within the allotted time, the Brokers license shall be placed on what status?
If the Broker fails to complete post-licensing courses within the allotted time, the Brokers license shall be placed on what status?
Every licensee must complete how many hours of CE a Year?
Every licensee must complete how many hours of CE a Year?
By what date must your yearly CE be completed by?
By what date must your yearly CE be completed by?
If a Broker fails to pay or renew their license it will do what?
If a Broker fails to pay or renew their license it will do what?
By what date should your license be renewed yearly?
By what date should your license be renewed yearly?
When you get your license it comes in what status?
When you get your license it comes in what status?
To activate a license a Licensee must do what?
To activate a license a Licensee must do what?
A licensee whose license has been expired for LESS than 6 months can do what?
A licensee whose license has been expired for LESS than 6 months can do what?
A licensee whose license has been expired for MORE than 6 months can:
A licensee whose license has been expired for MORE than 6 months can:
You cannot EARN fees for commissions or referrals when your license is Expired or Inactive.
You cannot EARN fees for commissions or referrals when your license is Expired or Inactive.
You can RECEIVE fees for commissions or referrals earned WHILE the license was Current and Active
You can RECEIVE fees for commissions or referrals earned WHILE the license was Current and Active
What is the minimum age to get your Real Estate License?
What is the minimum age to get your Real Estate License?
Can the NC Real Estate Commission fine agents?
Can the NC Real Estate Commission fine agents?
Do you need a license to manage an HOA?
Do you need a license to manage an HOA?
By Law, how long must an office keep a copy of a clients file?
By Law, how long must an office keep a copy of a clients file?
Flashcards
License required to receive compensation?
License required to receive compensation?
Yes, compensation requires a license.
License required to conduct an auction?
License required to conduct an auction?
Yes, conducting an auction requires a real estate license and auctioneer license
Provisional Broker post-licensing timeframe
Provisional Broker post-licensing timeframe
Provisional Brokers have 18 months to complete post-licensing.
Exam eligibility timeframe
Exam eligibility timeframe
Signup and view all the flashcards
Engaging in real estate brokerage
Engaging in real estate brokerage
Signup and view all the flashcards
Activities requiring a license
Activities requiring a license
Signup and view all the flashcards
License Statuses
License Statuses
Signup and view all the flashcards
Exemptions from needing a real estate license to practice
Exemptions from needing a real estate license to practice
Signup and view all the flashcards
Non-licensed exception
Non-licensed exception
Signup and view all the flashcards
Auctioneer Exception
Auctioneer Exception
Signup and view all the flashcards
Salaried W2 Employees in Residential Sales CAN:
Salaried W2 Employees in Residential Sales CAN:
Signup and view all the flashcards
Salaried W2 Employees in Residential Sales can NOT:
Salaried W2 Employees in Residential Sales can NOT:
Signup and view all the flashcards
Salaried W2 Employees in Property Management CAN
Salaried W2 Employees in Property Management CAN
Signup and view all the flashcards
Salaried W2 Employees in Property Management can NOT:
Salaried W2 Employees in Property Management can NOT:
Signup and view all the flashcards
License needed for own property?
License needed for own property?
Signup and view all the flashcards
Referral fee across state lines?
Referral fee across state lines?
Signup and view all the flashcards
Unlicensed Referral Fee
Unlicensed Referral Fee
Signup and view all the flashcards
NC Real Estate Commission
NC Real Estate Commission
Signup and view all the flashcards
Composition of NC Real Estate Commission
Composition of NC Real Estate Commission
Signup and view all the flashcards
Roles of the NC Real Estate Commission
Roles of the NC Real Estate Commission
Signup and view all the flashcards
NC Real Estate Commission Audit Powers
NC Real Estate Commission Audit Powers
Signup and view all the flashcards
NC Real Estate Commission Disciplinary Actions
NC Real Estate Commission Disciplinary Actions
Signup and view all the flashcards
Reasons for NC Real Estate Commission Disciplinary Actions
Reasons for NC Real Estate Commission Disciplinary Actions
Signup and view all the flashcards
Provisional Broker post-licensing timeframe
Provisional Broker post-licensing timeframe
Signup and view all the flashcards
License status if post-licensing is not completed on time
License status if post-licensing is not completed on time
Signup and view all the flashcards
Continuing Education Hours
Continuing Education Hours
Signup and view all the flashcards
CE Deadline
CE Deadline
Signup and view all the flashcards
License when not renewed
License when not renewed
Signup and view all the flashcards
Yearly License Renewal Date
Yearly License Renewal Date
Signup and view all the flashcards
License is initially what?
License is initially what?
Signup and view all the flashcards
Study Notes
- A license is mandatory to receive compensation and conduct auctions, and auctioneers need to be licensed as well.
Provisional Broker License
- A Provisional Broker's license becomes inactive if post-licensing requirements aren't met within 18 months.
Exam Eligibility
- You have 180 days to take the real estate exam after receiving your Notice of Exam Eligibility.
Real Estate Brokerage
- Engaging in real estate brokerage requires a license and being in the state where the property is located.
Activities Requiring a License
- A license is needed to List, Lease, Buy, Exchange, Auction, Negotiate, or Sell real estate (LLBEANS).
License Statuses
- The four types of license statuses are: Broker in Charge (BIC), BIC-Eligible, Full Broker (B), and Provisional Broker (PB).
Exemptions from Licensure
- Partnerships, LLCs, Corporations, and Trustees are exempt from needing a license to practice real estate.
- A travel agent is the only non-licensed exemption that can receive commission payments.
- A crier of sales does not need a license, unlike auctioneers.
Salaried W2 Employees in Residential Sales
- CAN perform administrative duties, complete forms, assist licensed brokers, schedule appointments, and place lock boxes/signage.
- CANNOT cold call, prospect clients, show properties, hold open houses, work directly with clients, or create advertisements.
Salaried W2 Employees in Property Management
- CAN accept applications, execute preprinted leases, accept deposits/payments, show properties, and rental units.
- CANNOT negotiate leases/terms, deposits, or payments.
Property Ownership
- A license is not required to deal with one's property.
Referral Fees
- Referral fees are permissible when referring a client to a broker in a state where one is unlicensed.
- Receiving compensation for a referral is not allowed for unlicensed individuals.
NC Real Estate Commission
- The NC Real Estate Commission consists of 9 members.
- 7 members are appointed by the Governor, and 2 are appointed by the Legislature.
- At least 3 members must be licensed, and at least 2 must be laypeople
- The chair is elected by the commission
Roles of the NC Real Estate Commission
- The NC Real Estate Commission creates rules and regulations, provides information, sets educational guidelines, investigates complaints, and imposes discipline.
Audits
- Audits allow the NC Real Estate Commission to investigate (announced or unannounced), subpoena records, and seek court orders.
Disciplinary Actions
- Disciplinary actions the NC Real Estate Commission may take include reprimanding, revocation, suspension, and censure.
Broker Disciplinary Reasons
- Brokers may face disciplinary actions for misrepresentation, false promises, acting without consent, improper commissions, failure to account for trust monies, unworthiness/incompetence, dishonest dealing, discriminatory practices, practicing law, commingling funds, failure to deliver copies of agreements/offers/closing statements, rule violations, and unlicensed activity.
Provisional Brokers Post-Licensing
- Provisional Brokers have 18 months from licensure to complete all post-licensing courses.
- Failure to complete post-licensing courses results in an inactive license status.
Continuing Education (CE)
- Every licensee must complete 8 hours of CE annually by June 10th.
License Renewal
- Failure to pay or renew a license will cause it to expire, renewal should be completed by June 30th yearly.
- A license is initially issued as inactive and requires affiliation with a BIC to become active.
Expired License
- If a license expires, the following applies:
- Less than 6 months expired: Renew late with an additional fee.
- More than 6 months expired: Reapply and take additional education.
Earning and Receiving Fees
- Earning fees for commissions or referrals is prohibited with an expired or inactive license.
- Receiving fees for commissions or referrals earned while the license was current and active is allowed.
Minimum Age
- The minimum age to obtain a Real Estate License is 18.
Fines
- The NC Real Estate Commission cannot fine agents.
HOA Management
- A license is not needed to manage an HOA.
Client Files
- By law, an office must keep a copy of a client's file for 3 years.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Understand real estate license requirements, including provisional broker rules and activities needing a license. Learn about exam eligibility, license statuses, and exemptions from licensure. Essential information for real estate professionals.
