J.Y.Monk Real Estate School Unit 1 Star study & Vocabulary – Flashcards
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To maintain a ____ license, a licensee must pay a renewal fee.
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current
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In ____ license is required to engage in brokerage activities.
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Active
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The deadline for continuing education is ____.
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June 10
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A provisional broker must have a ____ to be on active status.
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BIC
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A provisional broker must have 90 hours of post license education to remove ____ status.
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Provisional
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Failing to complete continuing education (CE) will result in an ____ license.
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Inactive
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____ ____ involves real property, for others, for compensation
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Brokerage activity
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A provisional broker must complete continuing education before the broker's ____ ____.
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Second renewal
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The ncrec was created under the statute G.S. 93A in the yr. ____ to _____ in dealings with real estate brokers.
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1957 Protect the public
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All Brokers must complete required ____ hours of pre licensing course work.
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75
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Must be a ____ broker, on ____ status with ____ years of full-time experience to be a B-I-C which means____.
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Non provisional Active Two Broker in Charge
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The 3 license statutes are ____, ____ and ____.
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Active Inactive Expired
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A current license can not be used to engage in brokerage activity if it is ____.
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Inactive
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It must be reported when a broker is ____ of any ____ or ____. A written report must be filed within __ days of the final judgment or order in the case.
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Convicted Felony Misdemeanor 60
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A broker who fails to complete continuing education requirements has license placed on ____ status until the CE requirement is met
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Inactive
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If a license is expired ____ than 6 months, broker must submit a request to activate and pay the renewal fee.
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Less
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If a license is cancelled, Revolt, surrendered or expired for ____ the broker must file a license ____.
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More than six months Application
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If a license is expired for more than ____ you must start over.
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5 years
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NCREC strands for____ an is composed of __ members.
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North Carolina Real Estate Commission 9
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The three-pronged test for brokerage activity is...
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Real property for compensation for others
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LLBEANS
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Lists leases buys exchanges auctions negotiate sells
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A license is required for any person or business entity who for compensation...
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LLBEANS
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____ Has: - successfully completed 75 hours pre license education - passed the state licensing exam - submitted a background check - initial license issued as a broker license on provisional status
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A provisional broker
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NCREC powers: ____ real estate brokers, farms and registering timeshare projects ____ real estate schools and instructors ____ and informing the public and brokers ____ real estate business activities of brokers
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Licensing Approving Educating Regulating
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All licensees must notify the Commission in writing of each change of business address, residence address, personal name, or trade name within __ days of change.
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Ten
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All licensees must physically carry their ____ ____ or ____ in any real estate activity and for entry to (CE)
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Pocket card Engaging
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A broker who fails to pay a ____ on or before ____ will have an expired license on ____.
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Renewal fee June 30 July 1
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Brokers must complete __ hours of (CE) each license year following first licensed ____ to maintain ____ status.
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8 Renewal Active
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Provisional Brokers must complete ____ hours / __ classes of post license education within 3 years to remove provisional status.
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90 3
