NC Test Prep Unit XI - Contracts & Closing in NC (S)

Any provisional broker who fails to complete the postlicensing education requirement within the prescribed period of time

• will have his or her license cancelled.

• will have his or her license converted to inactive status.

• must apply for a time extension to complete the requirement.

• will be permanently barred from broker licensure in North Carolina.

Harold, a broker, filed his request for license activation from inactive status exactly two weeks ago. To date he has not heard from the NCREC regarding his filing. What is the status of Harold's license?

• It is inactive until he receives acknowledgment.

• It remains inactive for a 45-day period following the filing, regardless of acknowledgment.

• It remains active during a 45-day probationary period, after which the license becomes inactive if the NCREC does not acknowledge the filing.

• It is active immediately upon filing unless the NCREC fails to acknowledge within 30 days from the date on the activation form.

Provisional brokers are required to

• complete a 30-hour postlicensing education requirement within 3 years of the first license renewal.

• complete 2 annual postlicense classes of 45 hours apiece within 2 years of the first license renewal.

• complete a 90-hour postlicensing education requirement within 3 years of initial licensure.

• complete a 90-hour postlicensing requirement and a 24-hour broker transition course.

The North Carolina Real Estate Commission consists of

• seven members nominated by the Governor and appointed by the General Assembly.

• nine members, all appointed by the Governor.

• nine members, seven appointed by the Governor and two appointed by the General Assembly.

• seven members appointed by the Governor.

Broker-in-charge Allison failed to complete her continuing education requirement for the current license period. What are the consequences for this?

• Her license is cancelled.

• She will be on inactive status and lose her BIC status at the end of the license period.

Which of the following is the most accurate definition of real estate broker?

• A person who buys and sells real estate for others, regardless of compensation.

• A person who buys, sells and manages real estate for a broker-in-charge for compensation.

• A person who buys or sells real estate on behalf of others for compensation.

• A person who buys or sells real estate investment trust stocks.

James is unhappy as a broker-in-charge with Johnson Realty. James decides to quit and go to work immediately for a competitor, Benson Realty. What must James do to qualify as a broker-in-charge for Benson?

• He must re-satisfy all the educational requirements, since his BIC status with Johnson was terminated.

• He must notify the Commission of the change.

• He must now demonstrate 2 year's prior full-time experience to qualify.

• He must re-take the 12-hour BIC course.

To initially activate or reactivate a provisional broker's license, the provisional broker and the broker-in-charge must certify that the provisional broker

• Has completed the prelicensing requirement.

• Has completed the continuing education requirement and has sold at least five properties in the last two years.

• Has completed the CE requirement and any postlicensing if required.

• Has not previously been a broker-in-charge.

To qualify to be a broker-in-charge, a licensee must

• Have a broker’s license, two years' full-time experience or its equivalent within the 5 prior years and satisfy an educational requirement.

• Satisfy an experience requirement and complete the 90-hour postlicensing education requirement.

• Have five years of full-time experience or its equivalent.

• Complete the 24-hour broker transition course within 120 days after obtaining the designation.

A property manager leases and sells his own apartment buildings. An attorney handles a purchase for a client. A professional negotiator assists clients in obtaining the best price for their properties. A guardian acts under court order.

• A property manager leases and sells his own apartment buildings.

• An attorney handles a purchase for a client.

• A professional negotiator assists clients in obtaining the best price for their properties.

• A guardian acts under court order.