PreLicensing NC State Prep

The broker-in-charge of a real estate office is responsible for all of the following, EXCEPT:

• A Appointing a BIC at every location where the firm operates

• B Maintaining all records for at least 3 years

• C Maintaining the trust account

• D Active and direct supervision of all provisional brokers

**Jack, a licensee wants to make an offer to the seller on a property which Jack has listed on behalf of his firm ABC. Which of the following is CORRECT?

• A A licensee may not make an offer on a property which they have listed

• B Jack can only proceed with an offer if he obtains full and proper consent for dual agency

• C Jack must withdraw as the listing agent prior to making an offer. If the seller wants to continue representation by the firm, the BIC can appoint another licensee to handle the listing

• D So long as Jack discloses his status as a licensee and treats the seller fairly he may proceed with an offer

Sally has had a buyer sign the Working with Real Estate Agents Brochure and execute an Exclusive Buyer Representation Agreement. How long does Sally have to deliver these documents to her Broker-in-Charge?

• A Immediately

• B Prior to Sally Being Paid Compensation

• C Within 3 Calendar Days

• D Within 5 Calendar Days

A broker has received an offer from a prospective buyer on a property that the broker has listed for sale. How long does the broker have to deliver the offer to their seller/client?

• A Immediately, but never later than 5 banking days

• B Immediately, but never later than 5 calendar days

• C Immediately, but never later than 3 banking days

• D Immediately, but never later than 3 calendar days

Under the NC Machinery Act, which of the following is a TRUE statement about North Carolina real property taxes?

• A They are not levied on an ad valorem basis.

• B They become a lien on the property on September 1st.

• C They become a lien on the property on January 1st and are due on September 1st

• D The Machinery Act requires reappraisal of the property every four years.

After being active in the real estate business for three years, Broker Sallie wants to become a broker-in-charge. All of the following are requirements that Sallie must meet to become a BIC, EXCEPT:

• A have two out of the last five years of active real estate practice

• B complete the 12 hour BIC course prior to becoming a BIC

• C file a designation form with the NCREC

• D have completed all of her post-licensing requirements and not be in provisional status

Which of the following is INCORRECT in regard to brokerage advertising?

• A Provisional brokers cannot advertise without broker-in-charge approval and consent.

• B Brokers-in-charge are not required to review and approve all firm advertising.

• C Real estate professionals cannot create blind advertising.

• D All real estate ads must include the name of the firm or the BIC

Which of the following is NOT a correct statement when describing agents and firms responsibilities regarding pocket cards

• A an agent must keep their pocket card on them at all times when conducting real estate business

• B all licenses expire on June 30th of each year. At that time, a new card will be issued once the agent pays their annual fee to the NCREC

• C once the licensee removes their provisional broker status, they will be issued a new card

• D a firm must display all pocket cards prominently

In the event that a licensee fails to deliver, within a reasonable time, a completed copy of any purchase agreement or offer to buy and sell real estate to the buyer and to the seller, the NCREC may take all of the following actions, EXCEPT:

• A revoke the agent's license

• B suspend the agent's license

• C censure or reprimand the licensee

• D set the agent's license to inactive status

A buyer's representative is required to reveal their agency status to the seller or listing agent:

• A no later than time of offer

• B at "initial contact"

• C no later than contract

• D at "first substantial contact"