SUPERIOR 303 NC LAW AND RULES
EXAMINATION TEST 2026 COMPLETE
QUESTIONS AND SOLUTIONS 100% CORRECT
● How long is BIC eligible status valid for? Answer: 12 months
must take BIC update instead of general update each year
that will renew eligibility to continue being BIC eligible
● Who is responsible for the advertising? Answer: BIC
● Who is responsible to inform the NCREC of an address change for the
firm? Answer: Qualifying broker
● Which of the following will require a firm license?
LLC
Sole Proprietor
Corporation
Partnership Answer: all except Sole Proprietor (not an entity)
all entities must have a firm license
, ● Who informs the NCREC of an assumed business name? change of
firm name or entity? Answer: Qualifying broker
● Can the BIC pay a licensee when they are inactive? Answer: If they
were current and active when they earned it.
● Can the BIC pay a licensees entity? Answer: If the entity has a firm
real estate license
● Can I as an agent receive a bonus from a builder? Answer: Yes, so
long as it is disclosed in writing, prior to showing the property, included
in the agent agreement and included on the closing disclosure
● How is office building space rent calculated? Answer: RENTABLE
AREA = Usable area (your specific space) + Core area (common areas,
elevator, bathrooms)
priced $'s per square foot per year
● Residential Property owners disclosure statement
right of recision Answer: 3 calendar days from date of receipt or date of
contract, whichever is sooner
also applies to MOG
if they rescind, get dd fund back
EXAMINATION TEST 2026 COMPLETE
QUESTIONS AND SOLUTIONS 100% CORRECT
● How long is BIC eligible status valid for? Answer: 12 months
must take BIC update instead of general update each year
that will renew eligibility to continue being BIC eligible
● Who is responsible for the advertising? Answer: BIC
● Who is responsible to inform the NCREC of an address change for the
firm? Answer: Qualifying broker
● Which of the following will require a firm license?
LLC
Sole Proprietor
Corporation
Partnership Answer: all except Sole Proprietor (not an entity)
all entities must have a firm license
, ● Who informs the NCREC of an assumed business name? change of
firm name or entity? Answer: Qualifying broker
● Can the BIC pay a licensee when they are inactive? Answer: If they
were current and active when they earned it.
● Can the BIC pay a licensees entity? Answer: If the entity has a firm
real estate license
● Can I as an agent receive a bonus from a builder? Answer: Yes, so
long as it is disclosed in writing, prior to showing the property, included
in the agent agreement and included on the closing disclosure
● How is office building space rent calculated? Answer: RENTABLE
AREA = Usable area (your specific space) + Core area (common areas,
elevator, bathrooms)
priced $'s per square foot per year
● Residential Property owners disclosure statement
right of recision Answer: 3 calendar days from date of receipt or date of
contract, whichever is sooner
also applies to MOG
if they rescind, get dd fund back
