12-hour BIC course taught by the Commission within 120

NC License Law 02 Flashcards The broker-in-charge of a real estate office is responsible

for all of the following, EXCEPT:A Appointing a BIC at

every location where the firm operatesB Maintaining all records for at least 3 yearsC Maintaining the trust accountD Active and direct supervision of all provisional brokers A All of the following are required for an individual to become

a broker-in-charge, EXCEPT:A They must complete a

12-hour BIC course taught by the Commission within 120 days of designation.B They must have at least 2 years full-time practice or the equivalentC The experience must have been attained within the last 5 years.D They must have completed at least 75% of their postlicensing requirements as a provisional broker.D With regard to a real estate agent's pocket card, all of the

following are CORRECT, EXCEPT:A The card indicates

whether the agent is a provisional broker or broker.B The card indicates the postlicensing education the agent has taken and whether the agent is active or not.C The pocket card displays the license expiration date.D The pocket card displays the license number and the agent's signature.B All of the following statements is correct regarding

"designated agency?, EXCEPT:A Only the agents in the

transaction are designated, the other agents are dual agentsB If the Broker-in-Charge is not one of the designated agents, then the BIC is in dual agencyC A BIC and a provisional broker in the same transaction must be designated agentsD A BIC and a provisional broker may never act as designated agents in the same transaction C Which of the following would result in a conflict of interest for which the licensee could be disciplined by the NCREC?A an agent working for the buyer notifies the listing agent that the buyer is their sisterB a licensee notifies the listing agent that they are self-representing and are interested in purchasing the listingC a sub-agent to the seller assists their sister in the purchase of a home but keeps the information confidential because they are representing the sellerD an agent working as a sub-agent of the seller notifies the seller of confidential information the buyer shared C A broker has received an offer from a prospective buyer on a property that the broker has listed for sale. How long

does the broker have to deliver the offer to their seller/client?A Immediately, but never later than 5 banking daysB Immediately, but never later than 5 calendar daysC Immediately, but never later than 3 banking daysD Immediately, but never later than 3 calendar days D

Sally has had a buyer sign the Working with Real Estate Agents Brochure and execute an Exclusive Buyer Representation Agreement. How long does Sally have to deliver these documents to her Broker-in-Charge?A ImmediatelyB Prior to Sally Being Paid CompensationC Within 3 Calendar DaysD Within 5 Calendar Days C A real estate broker is working with a buyer as a seller's subagent. All of the following are duties that the broker

owes to the buyer, EXCEPT:A confidentialityB fairnessC

honestyD disclosure of material facts A A BIC must retain records for the firm for how long?A 5 yearsB 3 years from the date of closingC 3 years from the termination of the relationshipD 3 years from the date of closing, the termination of the relationship or the distribution of all funds, whichever is later.D Real estate licensees and firms can create entities. Which of the following is INCORRECT regarding real estate entities in North Carolina?A Every entity, other than a sole proprietorship must have a firm licenseB Firm licenses must be renewed annually no later than June 30thC A licensed broker working for a firm cannot create their own legal entityD Partnerships create the most liability for the general partners involved C In the event that a licensee fails to deliver, within a reasonable time, a completed copy of any purchase agreement or offer to buy and sell real estate to the buyer and to the seller, the NCREC may take all of the following

actions, EXCEPT:A revoke the agent's licenseB suspend

the agent's licenseC censure or reprimand the licenseeD set the agent's license to inactive status D All of the following would constitute an illegal action by an

inactive broker who is not affiliated with a firm, EXCEPT:A

telling members of a networking club that they are a broker and offering members of the club their servicesB handling out business cards at a social gatheringC telling a new acquaintance that they are a broker, but they are on inactive statusD hosting an open house for another agent C With regard to brokers-in-charge, all of the following

statements are correct, EXCEPT:A A broker-in-charge may

supervise more than one firm as long as the firms are in the same buildingB A broker-in-charge is required to take the General Update update course and the Broker Update (BICUP) course each year before June 10th or their license is cancelled.C A broker-in-charge is required to have two years of experience out of the last five years and may not

be a provisional broker.D A broker-in-charge is required to take the 12- hour initial broker-in-charge course either within the last three years or within 120 days of becoming the broker-in-charge.B In a NC real estate development subject to the NC subdivision requirements all of the following can occur prior

to approval or recordation of the final plat map, EXCEPT:A

offers to purchase and contract may be written and acceptedB reservations may be taken and acceptedC deposits may be accepted and heldD transfer of title can occur D