Nc Post Licensing - 303 |104 Questions| With Correct Answers.

Qualifying Brokers must - VIP {Ans: 1) Renew firm license 2) Appoint a BIC in each location 3) Maintain firm certificate 4) Notify NCREC within 10 days of location change 5) Notify NCREC within 10 days of a name change 6) Notify NCREC fo registration of assumed name}BICs are responsible for ensuring compliance by all affiliated brokers with: - VIP {Ans: 1) Compliance with agency policies 2) Maintain trust account 3) Adhere to advertising guidelines 4) Retention of records 5) Notify NCREC of changes in location of licensees}Transaction times in commercial real estate sales are {Ans: often longer than residential sales}In a Commercial Purchase a common practice is to {Ans: Use Letters of Intent before a final purchase contract is created by parties}Definition of TIMESHARE in NC {Ans: the sale or lease with a right to occupy the property or unit at least 1) 5 or more separate time periods 2) over a period of at least 5 years}Definition of Core area in a commercial building - VIP {Ans: area used for building functions. For Example Lobbies, stair, mechanical rooms, elevators, restrooms}