NC Real Estate License Law & Real Estate
Commission Rules
Who is required to have a real estate license? - CORRECT ANSWER-Any
person or business entity who directly or indirectly engages in the business of a
real estate broker FOR COMPENSATION (or promise thereof) while physically in
NC, must have a NC real estate broker license.
What is a real estate Broker? - CORRECT ANSWER-Any person, partnership,
corp, LLC, assoc, or other business entity who for a compensation or promise,
LLBEANS (List, Lease, Buy, Exchange, Auction, Negotiate, Sell). Crier of sales
not included.
What qualifies a person to be a broker-in-charge? - CORRECT ANSWER-Must
have two years of full-time real estate brokerage experience or an equivalent of
part-time work (previous 5 yr) and complete a 12-hour BIC course.
What is a Provisional Broker? - CORRECT ANSWER-Entry-level license status
category. Person has met all license qualifications (75-hour pre licensing class
and passing the Commission's exam)
Who can do real estate activities and not need a license? (Exempt activities) -
CORRECT ANSWER-• A partnership, corporation, LLC, association or other
business entity that, as owner or lessor, performs acts in the regular course of
business - extends to officers and employees of the company.
• Someone acting as attorney-in-fact under duly executed power of attorney.
• Acts or services performed by an attorney who is an active member of the NC
State Bar.
• Any person acting under order of any court as executor.
• Any individual owner who personally leases or sells their own property.
• Any housing authority.
What are the license status categories of a broker license? - CORRECT
ANSWER-Provisional Broker
Broker
, Broker-in-Charge
What can a Provisional Broker do? - CORRECT ANSWER-Basically anything a
BROKER does, but it must be under direct supervision of a broker-in-charge.
How do I remove the Provisional Broker status? - CORRECT ANSWER-• Must
complete 3 postlicensing courses within 3 years, at least 1 per year.
• 90 hours of postlicensing (3 - 30hr classes)
• If not completed in time, license goes inactive
Describe the NC Real Estate Commission membership/board - CORRECT
ANSWER-• 9 members. 7 are appointed by the Governor. 2 appointed by the
General Assembly based on recommendations of the Senate and the House,
respectively.
• At least 3 must be licensed brokers. 2 must have no affiliation with real estate.
• Terms are staggered every 3 years, so 3 expire one year, 3 the second year, 3
the third. They are compensated.
Describe the rules for Limited Nonresident Commercial Brokers - CORRECT
ANSWER-• US Resident (no Corp) not residing in NC, active licensed broker in
another state supervised by BIC according to state rules.
• Good moral character
• Submit application and background check to Commission
• Must affiliate with a resident NC Broker
What are the requirements for Licensing of Individual Persons? - CORRECT
ANSWER-• Must be 18 or older
• Pass a RE Prelicensing course within 3 years
• Submit application, background check and fee
How much Continuing Education does a broker need each year? - CORRECT
ANSWER-At least 8 hours of continuing education must be completed by a
licensed broker each year. If not completed, the broker cannot practice real
estate.
What can a non-licensed employee of a real estate brokerage do? - CORRECT
ANSWER-Administrative work, accept leases, showing properties, accepting
Commission Rules
Who is required to have a real estate license? - CORRECT ANSWER-Any
person or business entity who directly or indirectly engages in the business of a
real estate broker FOR COMPENSATION (or promise thereof) while physically in
NC, must have a NC real estate broker license.
What is a real estate Broker? - CORRECT ANSWER-Any person, partnership,
corp, LLC, assoc, or other business entity who for a compensation or promise,
LLBEANS (List, Lease, Buy, Exchange, Auction, Negotiate, Sell). Crier of sales
not included.
What qualifies a person to be a broker-in-charge? - CORRECT ANSWER-Must
have two years of full-time real estate brokerage experience or an equivalent of
part-time work (previous 5 yr) and complete a 12-hour BIC course.
What is a Provisional Broker? - CORRECT ANSWER-Entry-level license status
category. Person has met all license qualifications (75-hour pre licensing class
and passing the Commission's exam)
Who can do real estate activities and not need a license? (Exempt activities) -
CORRECT ANSWER-• A partnership, corporation, LLC, association or other
business entity that, as owner or lessor, performs acts in the regular course of
business - extends to officers and employees of the company.
• Someone acting as attorney-in-fact under duly executed power of attorney.
• Acts or services performed by an attorney who is an active member of the NC
State Bar.
• Any person acting under order of any court as executor.
• Any individual owner who personally leases or sells their own property.
• Any housing authority.
What are the license status categories of a broker license? - CORRECT
ANSWER-Provisional Broker
Broker
, Broker-in-Charge
What can a Provisional Broker do? - CORRECT ANSWER-Basically anything a
BROKER does, but it must be under direct supervision of a broker-in-charge.
How do I remove the Provisional Broker status? - CORRECT ANSWER-• Must
complete 3 postlicensing courses within 3 years, at least 1 per year.
• 90 hours of postlicensing (3 - 30hr classes)
• If not completed in time, license goes inactive
Describe the NC Real Estate Commission membership/board - CORRECT
ANSWER-• 9 members. 7 are appointed by the Governor. 2 appointed by the
General Assembly based on recommendations of the Senate and the House,
respectively.
• At least 3 must be licensed brokers. 2 must have no affiliation with real estate.
• Terms are staggered every 3 years, so 3 expire one year, 3 the second year, 3
the third. They are compensated.
Describe the rules for Limited Nonresident Commercial Brokers - CORRECT
ANSWER-• US Resident (no Corp) not residing in NC, active licensed broker in
another state supervised by BIC according to state rules.
• Good moral character
• Submit application and background check to Commission
• Must affiliate with a resident NC Broker
What are the requirements for Licensing of Individual Persons? - CORRECT
ANSWER-• Must be 18 or older
• Pass a RE Prelicensing course within 3 years
• Submit application, background check and fee
How much Continuing Education does a broker need each year? - CORRECT
ANSWER-At least 8 hours of continuing education must be completed by a
licensed broker each year. If not completed, the broker cannot practice real
estate.
What can a non-licensed employee of a real estate brokerage do? - CORRECT
ANSWER-Administrative work, accept leases, showing properties, accepting
