North Carolina Real Estate License Quiz

A licensee fails to pay the renewal fee by June 30th. After thirteen months, the individual realizes the mistake and wants to regain active status. The licensee may be required to do all of the following, EXCEPT:

• Pay a $45 renewal fee

• Pass the licensing exam

• Submit an updated background check

• Submit an updated application

Which of the following statements regarding property management is FALSE?

• A friend can screen tenants and collect rent on behalf of another in exchange for free rent

• Property managers are required to hold a real estate license only if the manager acts on behalf of another for compensation

• Certain salaried employees of a property management company can screen tenant applications for an available unit

• An unlicensed assistant can show a property for rent

Which of the following is TRUE regarding a corporation that owns real property and has an employee negotiate the sale?

• Neither the corporation nor its employees need a license

• An employee must hold an active real estate sales license

• Corporations are unable to acquire real estate licenses

• The corporation must hold an active real estate broker's license

Which of the following would require an active broker license?

• A family law attorney that sells real estate for another

• A trustee acting in accordance with a trust agreement

• An unlicensed assistant showing a property for rent to a prospective tenant

• An LLC renting more than five rental units with the assistance of a salaried employee

A real estate license issued on May 15th is valid until:

• June 30th of the current year

• May 15th of the following year

• June 30th of the following year

• Suspended or revoked

A full broker has three years of active brokerage experience. Which of the following will trigger the requirement to designate as a broker in charge?

• Making a buyer referral to an out-of-state broker

• Representing a relative in the purchase of a new home

• Representing a buyer in the purchase of a property

• Printing business cards

A newly licensed provisional broker desiring to remain on active status must take continuing education:

• By June 10th following the first license renewal

• Within 18 months of initial licensure

• By June 30th of the current license year

• By June 10th of the current license year

A non-resident commercial broker must affiliate with:

• A broker in charge

• A provisional broker

• A qualifying broker

• A broker

A newly licensed agent must remove provisional status within what timeframe to remain on active status?

• 3 years

• 5 years

• 1 year

• 18 months

How will a licensee be paid compensation in North Carolina?

• The licensee will receive compensation from the local REALTOR board according to the advertised splits

• Their supervising broker in charge will compensate the licensee

• The seller will pay the listing licensee directly

• The Real Estate Commission will pay the licensee based on standard practice