Real Estate License

State approved forms: correct answers 1. Purchasing property 2. Seller financing NOT Agency agreements or lease agreements Responsibilities of an associate broker correct answers Negotiate leases, take listings, and prepare closing documents. Not: Pay commissions Who owns the supporting structure in condos? correct answers All tenants own it as tenants in common. The owner owns the airspace of his or her own unit, and an undivided interest in the common area(including structure)...

Tab le of Contents CHAPTER 1: INTRODUCTION TO AGENCY .............................................................. 5 CHAPTER TOPICS ...................................................................................................... 5 CHAPTER LEARNING OBJECTIVES .................................................................................. 5 INTRODUCTION ........................................................................................................ 6 AGENCY AND AGENCY LAW .....

Licensing of Real Estate Brokers and Real Estate Salespersons Article 12-A Real Property Law Section 440 Definitions 440-a License required for real estate brokers and salespersons 440-b Licenses in Putnam County 441 Application for license 441-a License and pocket card 441-b License fees 441-c Revocation and suspension of licenses 441-d Salesperson’s license suspended by revocation or suspension of employer’s license 441-e Denial of license; complaints; notice of hearing 441-f J...

Principal Broker correct answers A principal real estate broker is an individual who may or may not be responsible for the professional real estate activity conducted by himself and others working in the same office. Principal Broker must be correct answers 18 years of age; background check; educational requirements; real estate license for 3 years; passed brokers exam To become eligible for a principal broker license, a broker must have held an active real estate license for a period of n...

Makeup of Commission Consists of nine members - 7 appointed by governor; one by Speaker of the House; one by President Pro-Tem of the Senate; 3 must be brokers in the real estate business; 2 cannot be involved directly or indirectly in the real estate business; serve 3 year staggered terms 6 powers granted to the North Carolina Real Estate Commission licensing real estate brokers in NC. approving schools that conduct real estate courses. approving instructors that teach real estate courses. con...

A licensed RE broker finds a ready, willing and able buyer for the seller. The seller initial signs and accepts the buyer's written offer, then later changes his mind and withdraws the acceptance of the offer. In this scenario, the broker is... still entitled to collect a commission. After the initial listing agreement btw. a seller & broker has expired, the seller lists the property w/ a different broker. If the original listing broker then finds a ready, willing and able buyer, the broker is...

The Commission's authority is based upon: correct answerStatutory law Agency can best be described as: correct answerA written representation agreement between Broker and client. Charging advance brokerage fees is: correct answerA duty of a broker. The Commission rules and regulations may be adopted under what circumstances? correct answerThey must fall under the "umbrella" of the license law.

Applying for the State Exam. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 How the DRE licensing exam works. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 What the exam looks like. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Acceptable forms of identification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....

15 days - correct answerAREC must give __?____ days notice of the hearing? 30 days - correct answerHow many days does AREC have to give before their decision is stated? 30 days - correct answerHow many days does the licensee have to decide if they will accept the decision of AREC or appeal it? conversion - correct answerspending earnest money = theft misuse of trust accounts - correct answerWhat is the #1 violation that would cause a license to be revoked or suspended? detailed cl...

After passing state exam, you have ___ days to apply for a Temporary License, either on an Active or Inactive basis. - correct answer90 Temporary Licenses are only valid for ___ year(s), and cannot be renewed. - correct answer1 For an Original License, you must pass a ___ hour post-license course. - correct answer30 If Temporary License is ACTIVE, the post-license course must be completed within ___ months. - correct answer6.