North Carolina Real Estate Exam Prep -
Appendices
NCREC - requirements for square footage - CORRECT ANSWER-DOES not
require to report square footage of properties offered for sale or rent; but if they
do, be accurate!
Square Footage Guidelines - Living Area - CORRECT ANSWER-* Use heated
square feet (not air-conditioned) for living area;
* Finished areas (generally accepted materials for walls, ceiling at least 7 feet);
* not detached buildings (direct access from other living area);
* (bonus room / finished attics) - ceiling height criteria - sloped ceilings - measure
from 5-foot ceiling mark
*stairs - count square footage area twice (for upstairs & for downstairs)
TQ - Why does NCREC Exist? - CORRECT ANSWER-to protect the public
TQ - Can BIC be in charge of 2 different firms? - CORRECT ANSWER-Yes - if
they are in the same location
TQ - Can a Licensee be affiliated with 2 or more different firms? - CORRECT
ANSWER-Yes - as long as both (or all) BICs permit it!
Who's required to have a RE license in NC? - CORRECT ANSWER-Any person,
partnership, corporation, LLC, Assn., or other business entity which
directly/indirectly engages in the business of RE needs a license from the
NCREC (even if licensed in another state)
RE Broker definition - CORRECT ANSWER-Any person, partnership,
corporation, LLC, Assn., or other business entity who for COMPENSATION or
valuable CONSIDERATION lists (or offers to list), sells (offers, to sell - same for
each term...), buys, auctions, negotiates purchase or exchange, leases, sells,
rents any RE or improvements thereon for others.
, BIC Definition - CORRECT ANSWER-RE broker who has been designated as
broker having responsibilty for superivsion of brokers on provisional status
engaged in RE as well as other admin/supervisory roles
Provisional Broker - CORRECT ANSWER-RE prober who pending acquisition
and documents to the commission education or experience required and is
supervised by BIC when performing any act that is required by a license
Who does not need RE license in NC? - CORRECT ANSWER-officers or
employees working on behalf of partnership, corp, LLC, etc with regards to their
own property and are performed as a regular part of their business;
attorneys in fact under a POA from an owner;
NC state Bar attorney performing duties;
trustee, guardian or acting under court order;
salaried employee of RE brokerage firm (CAN'T NEGOTIATE CONTRACTS);
individual owner who leases/sells his own property;
housing authority
NC Commision - Members - CORRECT ANSWER-9 Members (serving 3-year
terms):
7 of which are appointed by the Governor;
1 appointed by the Senate in the General assembly;
1 appointed by House in the GA
(at least 3 must be real estate brokers; at least 2 who are not invovled in RE or
Re appraisal business)
License Status - Post License Requirements - CORRECT ANSWER-Three
30-hour courses (302, 301, 303) no order;
*Must complete a MINIMUM of 1 course per year for each of your first 3 years.
* Measured on the ANNIVERSARY date of your license
* If not completed, your license becomes INACTIVE
CE EDUCATION - (Active / Inactive) - CORRECT ANSWER-Have until June 10th
of each year to finish CE. If not, then license becomes INACTIVE. Between June
10-June 30th is a black-out period. So get your CE done before June 10.
First CE is due before SECOND renewal of license.
Appendices
NCREC - requirements for square footage - CORRECT ANSWER-DOES not
require to report square footage of properties offered for sale or rent; but if they
do, be accurate!
Square Footage Guidelines - Living Area - CORRECT ANSWER-* Use heated
square feet (not air-conditioned) for living area;
* Finished areas (generally accepted materials for walls, ceiling at least 7 feet);
* not detached buildings (direct access from other living area);
* (bonus room / finished attics) - ceiling height criteria - sloped ceilings - measure
from 5-foot ceiling mark
*stairs - count square footage area twice (for upstairs & for downstairs)
TQ - Why does NCREC Exist? - CORRECT ANSWER-to protect the public
TQ - Can BIC be in charge of 2 different firms? - CORRECT ANSWER-Yes - if
they are in the same location
TQ - Can a Licensee be affiliated with 2 or more different firms? - CORRECT
ANSWER-Yes - as long as both (or all) BICs permit it!
Who's required to have a RE license in NC? - CORRECT ANSWER-Any person,
partnership, corporation, LLC, Assn., or other business entity which
directly/indirectly engages in the business of RE needs a license from the
NCREC (even if licensed in another state)
RE Broker definition - CORRECT ANSWER-Any person, partnership,
corporation, LLC, Assn., or other business entity who for COMPENSATION or
valuable CONSIDERATION lists (or offers to list), sells (offers, to sell - same for
each term...), buys, auctions, negotiates purchase or exchange, leases, sells,
rents any RE or improvements thereon for others.
, BIC Definition - CORRECT ANSWER-RE broker who has been designated as
broker having responsibilty for superivsion of brokers on provisional status
engaged in RE as well as other admin/supervisory roles
Provisional Broker - CORRECT ANSWER-RE prober who pending acquisition
and documents to the commission education or experience required and is
supervised by BIC when performing any act that is required by a license
Who does not need RE license in NC? - CORRECT ANSWER-officers or
employees working on behalf of partnership, corp, LLC, etc with regards to their
own property and are performed as a regular part of their business;
attorneys in fact under a POA from an owner;
NC state Bar attorney performing duties;
trustee, guardian or acting under court order;
salaried employee of RE brokerage firm (CAN'T NEGOTIATE CONTRACTS);
individual owner who leases/sells his own property;
housing authority
NC Commision - Members - CORRECT ANSWER-9 Members (serving 3-year
terms):
7 of which are appointed by the Governor;
1 appointed by the Senate in the General assembly;
1 appointed by House in the GA
(at least 3 must be real estate brokers; at least 2 who are not invovled in RE or
Re appraisal business)
License Status - Post License Requirements - CORRECT ANSWER-Three
30-hour courses (302, 301, 303) no order;
*Must complete a MINIMUM of 1 course per year for each of your first 3 years.
* Measured on the ANNIVERSARY date of your license
* If not completed, your license becomes INACTIVE
CE EDUCATION - (Active / Inactive) - CORRECT ANSWER-Have until June 10th
of each year to finish CE. If not, then license becomes INACTIVE. Between June
10-June 30th is a black-out period. So get your CE done before June 10.
First CE is due before SECOND renewal of license.
