303 Part Two

In order to obtain a real estate firm license you must have authority from the Secretary of State to engage in business

An active broker license is required to compute commission checks for licensees within a firm

The QB of a firm is responsible for maintaining copies of all advertising done in the name of the firm

When conducting real estate as part of a team only the team name must appear on all agency agreements

An unlicensed assistant may conduct an open house for the broker they work for

As a buyer's agent you must disclose to a seller or their agent if your buyer cannot qualify for their loan

Timeshare sales does not require an active broker license

A manufactured home automatically becomes real property when placed on a lot owned by the purchaser

The terms floor plate, core area, and usable area are most often associated with retail space

To qualify to serve as a BIC you must hold an active and current broker license not on provisional status

The duties afforded under the Residential Rental Agreements Act cannot be waived by the parties

A subdivision is defined as a division of land into 5 or more lots

Condominium ownership includes the land beneath, a town house does not

The QB of a firm must be a manager of the entity if the business is an LLC

A BIC may not legally compensate a broker who continues to practice after their license has expired

When the NCREC receives a written complaint about a broker, the broker will be asked to respond to a motion

When cooperating with an unknown/out-of-town broker you must verify the broker is licensed before sharing compensation

Failure to complete a postlicensing course on time will result in your license being place on expired status

Joint tenancy in NC requires all owners to have equal shares in the property

The rental of rooms in a single-sex dormitory is exempt from the NC fair Housing Laws