North Carolina Licensing Lol Regulating The Business Of Real Estate Flashcards Preview

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Flashcards in North Carolina Licensing Lol Regulating The Business Of Real Estate Deck (12)
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1
Q

Three different types of licenses

A

Provisional

Broker

Broker in charge

2
Q

North Carolina real estate commission reporting

A

10 days to report name or address change

60 days to report convictions restrictions suspensions of a neutral commission

3
Q

The broker can operate without a bic but …

A

If they deposit and maintain trust monies of another. Or engage in advertising and promotions then they must become a bic

4
Q

Duties of a broker in charge

A

Copy of license pocket cards

Notify NCREC Address changes

Supervise all provisional broker activiy

Supervise conducting of all advertisement and maintain Of the trust account

5
Q

Brokers must maintain records for three years

A

Tom measured from conclusion of the transaction or conclusion of the agency relation which ever occurs later

6
Q

Forms of business ownership

A

Corporation

Sole proprietorship

Limited liability company

Partnership

7
Q

Sole proprietorship

A

Just you and taxed as regular income

No limit of liability

8
Q

Corporation

A

Owned by stockholders can be one or many

Double taxation

9
Q

Limited liability company

A

Simple business entity

Liability protection

Each owner is a manager and reports income but pays no taxes

10
Q

Partnership

A

General partners/limited partners

General partners are fully liable limited partners are only liable to the extent of investment

11
Q

North Carolina licensing law notes

A

Every entity other than a soul proprietor ship needs a real estate licenses

License or obtained by filing the application and paying the fee and expire on June 30 every year

12
Q

Limited commercial brokers license

A

For out-of-state residents but they must be license in another state and want to do business limited to commercial in North Carolina

Get one by filing an application and paying a fee

All handling of money Must stay in North Carolina