303 Nc Post Licensing Exam 2024 With Questions And
g g g g g g g g g
Correct Answers g
Licenseegmustgreportgallgofgthegfollowinggtogthegcommissiongwithing60gdaysgofgth
egconviction,judgement,gorder,gorgadjudication..g-gCORRECTgANSWERg-
gFelonygorgmisdemeanorgconvictions
- Disciplinarygactionsgagainstgothergprofessionalglicenses
- Revocationgorgsuspensiongofgagnotorialgcommission.
Licenseegmustgreportgallgchangesgofgaddressgtogrealgestategcommissiongwithinghowgm
anygdays?g-CORRECTgANSWERgWithing10gdays.
Provisionalgbrokersgwhogaregnotgaffiliatedgaregconsideredg-g CORRECTgANSWERgInactive
Fullgbrokergmaygeitherg-gCORRECTgANSWERg-gAffiliategwithgagBIC/Firm
- ActivategasgagSolegProprietor
IfgfullgbrokergisgnotgaffiliatedgwithgagBICgtheygCANNOT:g-gCORRECTgANSWERg-
gMaintaingatrustgaccountgforgothers
- Hire/Supervisegothergbrokers
- Offergservices,gadvertise,gorgmarketginganygway
AngindividualgcangbegthegBICgofgmoregthangonegfirm,gonlygif?g-
gCORRECTgANSWERgOnlygifthegfirmsgaregatgthegsamegphysicalgofficeglocation.
ProvisionalgbrokergcangonlygaffiliategwithgmoregthangonegBICgif,g-
gCORRECTgANSWERgtheyhavegmutualgconsent/permissiongofgbothgBICs
,303 Nc Post Licensing Exam 2024 With Questions And
g g g g g g g g g
Correct Answers g
WhengshouldgagprovisionalgbrokergdelivergmoniesgtogBIC?g-g CORRECTgANSWERgImmediately
Allgdepositsgmustgbegmadegtogthegtrustgaccountgwithin..g-
gCORRECTgANSWERg3gbankinggdaysofgreceiptgorgcontractgacceptance,gwhichevergis
glater.
Trustgaccountsgmaygearnginterestgsoglonggas,g-
gCORRECTgANSWERgThegbrokerghasgwrittenconsentgofgthegclientgandgagwrittengagre
ementgspecifiesgwhoggetsgtheginterest.
BICsgmaygtransfergearnestgmoneygforgclosinggnogmoregthang-
gCORRECTgANSWERg10gdayspriorgtogsettlement
Trustgaccountsgmustgbegbalancedgevery:g-g CORRECTgANSWERgEveryg30gdays
Trustgaccountgrecordsgmustgbegmaintainedgforg-g CORRECTgANSWERg3gyears
SolegProprietorshipg-
gCORRECTgANSWERgNogcreationgofgangentitygbutgmaygoperategundergatradegname.
Personallygliablegforgallgdebtsgandgliabilities.
Incomegtaxedgasgregulargincome,gnogsheltergofgtaxgliability.
Corporationg-
g CORRECTgANSWERgLegalgentitygownedgbygstockholdersgCouldgbegangSgc
orpgorgCgcorp
Angexpiredglicensegmeansgthatgtheglicenseghasgtogbeg-g CORRECTgANSWERgReinstated
Ifgexpiredgforglessgthang6gmonthsg-g CORRECTgANSWERg-gFilegreinstatementgapplicationgform
- Payg$90greinstatementgfee
,303 Nc Post Licensing Exam 2024 With Questions And
g g g g g g g g g
Correct Answers g
Ifgexpiredgmoregthang6gmonthsgbutglessgthang2gyearsg-gCORRECTgANSWERg-
gFilegreinstatementform
- Payg$90greinstatementgfee
- Completegoneg30-hrgclass
Ifgexpiredgmoregthang2gyearsg-g CORRECTgANSWERg-gCompleteg75ghrgprelicensinggcourse
- RetakegNCgexam
- Completeg90ghrsgofgpostglicensing
IfginactivegduegtogCEgdeficiencyglessgthang2gyearsg-gCORRECTgANSWERg-
gCompletegcurrentyearsgofgCEg-g8ghrs
- Completegpreviousgyearsgdeficiencyg(4-8ghrsgCE)
- Fileglicensegactivationgform
IfginactivegduegtogCEgdeficiencygmoregthang2gyearsg-gCORRECTgANSWERg-
gCompletegcurrentyearsgCE
- Completeg60ghoursgofgPostg-g2gpostgclasses
- Fileglicensegactivationgform
Thegtwogkeygquestionsgtogaskganygteamgare?g-
gCORRECTgANSWERg1.gHavegyougcreatedganentity?
2. Isgthegentitygnamegbeinggusedgingmarketinggandgads?
Creatinggagteamgwithoutgcreatinggangentity..g-gCORRECTgANSWERg-
gTeamgnamegandglicenseestogbegapprovedgbygthegBICgofgthegfirm.
- AllglicenseesgaffiliatedgwithgthegBICgofgthegfirm.
- Brokeragegfirmgnamegtogbegusedgongallgdisclosuresgandgcontracts
- Nogcompensationgmaygbegpaidgtogthegteamgname.
- AllgcompensationgmustgbegpaidgbygthegBIC
, 303 Nc Post Licensing Exam 2024 With Questions And
g g g g g g g g g
Correct Answers g
- ThegteamgmaygusegthegteamgnamegingadvertisinggwithgpermissiongofgthegBIC,gbutg
allgadvertisingmustgalsogincludegthegfirmgname.
Referralgfilegmustgconsistgofg-g CORRECTgANSWERg-gWrittengagreement
- Licensuregproofgofgreferralgsource
- W9gissuancegofgag1099
Commercialgbrokergliengactg-
g CORRECTgANSWERgAgliengmaygbegplacedgagainstgcommercialpropertiesgforgc
ommercialgservicesgrenderedgingeithergagsalegorgleasegtransaction.
Requirementsgtogfilgagbrokergliengare?g-gCORRECTgANSWERg-
gWrittengagreementgspecifyingservicesgandgcompensation.
- Mustgbegaglistinggagent.
Timegrequirementsgforgcommercialgbrokerglieng-gCORRECTgANSWERg-
gItgcannotgbegfiledguntilitgisgwithing30gdaysgofgclosinggorgpossession.
- Forgleases,gthegtimegisg90gdaysgofgpossessiongorgwithing60gdaysgofgnon-payment.
Howglonggdoesgbrokerghavegtogenforcegcommercialgbrokerglien?g-
gCORRECTgANSWERgBrokerhasg18gmonthsgtogenforcegtheglein.
Whatgprioritygdoesgagcommercialgbrokerglienghave?g-gCORRECTgANSWERg-
gCommercialbrokerglienghasgprioritygasgofgthegdategofgrecordation,gitgdoesgnotggetganyg
specialgpriority.
- Mechanicsgliensgalwaysghavegsuperioritygovergthegbrokersgliengregardlessgofgwhe
ngtheygwerefiled.
LNCLg-gCORRECTgANSWERgLimitedgNorthgCarolinagLicensee
LimitationsgongLNCLg-g CORRECTgANSWERg-gMaygnotgresidegingNC
- Maygonlygbrokergcommercialgrealgestategtransactions
- MustgentergintogagbrokeragegcooperationgagreementgwithgagresidentgNCgbroker.
g g g g g g g g g
Correct Answers g
Licenseegmustgreportgallgofgthegfollowinggtogthegcommissiongwithing60gdaysgofgth
egconviction,judgement,gorder,gorgadjudication..g-gCORRECTgANSWERg-
gFelonygorgmisdemeanorgconvictions
- Disciplinarygactionsgagainstgothergprofessionalglicenses
- Revocationgorgsuspensiongofgagnotorialgcommission.
Licenseegmustgreportgallgchangesgofgaddressgtogrealgestategcommissiongwithinghowgm
anygdays?g-CORRECTgANSWERgWithing10gdays.
Provisionalgbrokersgwhogaregnotgaffiliatedgaregconsideredg-g CORRECTgANSWERgInactive
Fullgbrokergmaygeitherg-gCORRECTgANSWERg-gAffiliategwithgagBIC/Firm
- ActivategasgagSolegProprietor
IfgfullgbrokergisgnotgaffiliatedgwithgagBICgtheygCANNOT:g-gCORRECTgANSWERg-
gMaintaingatrustgaccountgforgothers
- Hire/Supervisegothergbrokers
- Offergservices,gadvertise,gorgmarketginganygway
AngindividualgcangbegthegBICgofgmoregthangonegfirm,gonlygif?g-
gCORRECTgANSWERgOnlygifthegfirmsgaregatgthegsamegphysicalgofficeglocation.
ProvisionalgbrokergcangonlygaffiliategwithgmoregthangonegBICgif,g-
gCORRECTgANSWERgtheyhavegmutualgconsent/permissiongofgbothgBICs
,303 Nc Post Licensing Exam 2024 With Questions And
g g g g g g g g g
Correct Answers g
WhengshouldgagprovisionalgbrokergdelivergmoniesgtogBIC?g-g CORRECTgANSWERgImmediately
Allgdepositsgmustgbegmadegtogthegtrustgaccountgwithin..g-
gCORRECTgANSWERg3gbankinggdaysofgreceiptgorgcontractgacceptance,gwhichevergis
glater.
Trustgaccountsgmaygearnginterestgsoglonggas,g-
gCORRECTgANSWERgThegbrokerghasgwrittenconsentgofgthegclientgandgagwrittengagre
ementgspecifiesgwhoggetsgtheginterest.
BICsgmaygtransfergearnestgmoneygforgclosinggnogmoregthang-
gCORRECTgANSWERg10gdayspriorgtogsettlement
Trustgaccountsgmustgbegbalancedgevery:g-g CORRECTgANSWERgEveryg30gdays
Trustgaccountgrecordsgmustgbegmaintainedgforg-g CORRECTgANSWERg3gyears
SolegProprietorshipg-
gCORRECTgANSWERgNogcreationgofgangentitygbutgmaygoperategundergatradegname.
Personallygliablegforgallgdebtsgandgliabilities.
Incomegtaxedgasgregulargincome,gnogsheltergofgtaxgliability.
Corporationg-
g CORRECTgANSWERgLegalgentitygownedgbygstockholdersgCouldgbegangSgc
orpgorgCgcorp
Angexpiredglicensegmeansgthatgtheglicenseghasgtogbeg-g CORRECTgANSWERgReinstated
Ifgexpiredgforglessgthang6gmonthsg-g CORRECTgANSWERg-gFilegreinstatementgapplicationgform
- Payg$90greinstatementgfee
,303 Nc Post Licensing Exam 2024 With Questions And
g g g g g g g g g
Correct Answers g
Ifgexpiredgmoregthang6gmonthsgbutglessgthang2gyearsg-gCORRECTgANSWERg-
gFilegreinstatementform
- Payg$90greinstatementgfee
- Completegoneg30-hrgclass
Ifgexpiredgmoregthang2gyearsg-g CORRECTgANSWERg-gCompleteg75ghrgprelicensinggcourse
- RetakegNCgexam
- Completeg90ghrsgofgpostglicensing
IfginactivegduegtogCEgdeficiencyglessgthang2gyearsg-gCORRECTgANSWERg-
gCompletegcurrentyearsgofgCEg-g8ghrs
- Completegpreviousgyearsgdeficiencyg(4-8ghrsgCE)
- Fileglicensegactivationgform
IfginactivegduegtogCEgdeficiencygmoregthang2gyearsg-gCORRECTgANSWERg-
gCompletegcurrentyearsgCE
- Completeg60ghoursgofgPostg-g2gpostgclasses
- Fileglicensegactivationgform
Thegtwogkeygquestionsgtogaskganygteamgare?g-
gCORRECTgANSWERg1.gHavegyougcreatedganentity?
2. Isgthegentitygnamegbeinggusedgingmarketinggandgads?
Creatinggagteamgwithoutgcreatinggangentity..g-gCORRECTgANSWERg-
gTeamgnamegandglicenseestogbegapprovedgbygthegBICgofgthegfirm.
- AllglicenseesgaffiliatedgwithgthegBICgofgthegfirm.
- Brokeragegfirmgnamegtogbegusedgongallgdisclosuresgandgcontracts
- Nogcompensationgmaygbegpaidgtogthegteamgname.
- AllgcompensationgmustgbegpaidgbygthegBIC
, 303 Nc Post Licensing Exam 2024 With Questions And
g g g g g g g g g
Correct Answers g
- ThegteamgmaygusegthegteamgnamegingadvertisinggwithgpermissiongofgthegBIC,gbutg
allgadvertisingmustgalsogincludegthegfirmgname.
Referralgfilegmustgconsistgofg-g CORRECTgANSWERg-gWrittengagreement
- Licensuregproofgofgreferralgsource
- W9gissuancegofgag1099
Commercialgbrokergliengactg-
g CORRECTgANSWERgAgliengmaygbegplacedgagainstgcommercialpropertiesgforgc
ommercialgservicesgrenderedgingeithergagsalegorgleasegtransaction.
Requirementsgtogfilgagbrokergliengare?g-gCORRECTgANSWERg-
gWrittengagreementgspecifyingservicesgandgcompensation.
- Mustgbegaglistinggagent.
Timegrequirementsgforgcommercialgbrokerglieng-gCORRECTgANSWERg-
gItgcannotgbegfiledguntilitgisgwithing30gdaysgofgclosinggorgpossession.
- Forgleases,gthegtimegisg90gdaysgofgpossessiongorgwithing60gdaysgofgnon-payment.
Howglonggdoesgbrokerghavegtogenforcegcommercialgbrokerglien?g-
gCORRECTgANSWERgBrokerhasg18gmonthsgtogenforcegtheglein.
Whatgprioritygdoesgagcommercialgbrokerglienghave?g-gCORRECTgANSWERg-
gCommercialbrokerglienghasgprioritygasgofgthegdategofgrecordation,gitgdoesgnotggetganyg
specialgpriority.
- Mechanicsgliensgalwaysghavegsuperioritygovergthegbrokersgliengregardlessgofgwhe
ngtheygwerefiled.
LNCLg-gCORRECTgANSWERgLimitedgNorthgCarolinagLicensee
LimitationsgongLNCLg-g CORRECTgANSWERg-gMaygnotgresidegingNC
- Maygonlygbrokergcommercialgrealgestategtransactions
- MustgentergintogagbrokeragegcooperationgagreementgwithgagresidentgNCgbroker.
