North Carolina Real Estate Broker Exam — All Questions

In North Carolina, from whom may an affiliated broker lawfully accept a commission for a real estate transaction?

• a.From any party who offers to pay them
• b.From the opposing brokerage firm directly
• c.Directly from the buyer with no firm involvement
• d.Only from their own broker-in-charge or firm✓

A provisional broker or affiliated broker in North Carolina may accept compensation for brokerage activity only through their own firm or broker-in-charge, not directly from clients or other firms. This keeps compensation flowing through the supervising firm, which is responsible for the broker's conduct. Accepting money directly from a client or the other firm would violate License Law.

A North Carolina provisional broker personally receives a tenant's rent payment. What must the provisional broker do with it?

• a.Deliver them to his affiliated broker upon receipt✓
• b.Deposit them in his own trust account within three banking days
• c.Hold them until the landlord authorizes a disbursement
• d.Deliver them directly to the landlord who owns the property

The three-banking-day trust deposit rule does not apply to a provisional broker: all monies received by a provisional broker must be delivered upon receipt to the broker with whom he or she is affiliated, who then handles the deposit. Cite: 21 NCAC 58A .0116(b)(1).

From whom may a North Carolina provisional broker accept compensation for brokerage services?

• a.From any cooperating firm that agrees to share a fee
• b.From his broker-in-charge or employing licensed broker✓
• c.From the seller directly, at the closing table
• d.From the buyer, if the buyer agency agreement allows it

Accepting a commission or valuable consideration from anyone other than the provisional broker's broker-in-charge or the licensed broker by whom he or she is employed is a ground for discipline under the License Law. Cite: N.C.G.S. 93A-6(a)(5).

A North Carolina broker stops serving as broker-in-charge of an office. When must the Commission be notified in writing?

• a.Within 30 days of ceasing to serve as broker-in-charge
• b.At the firm's next annual license renewal, in writing
• c.Within 10 days of ceasing to serve as broker-in-charge✓
• d.Only if the Commission requests confirmation of the change

A designated BIC must notify the Commission in writing that he or she is no longer serving as BIC of a particular office within 10 days following the change. A provisional broker and BIC likewise report a supervision termination within 10 days. Cite: 21 NCAC 58A .0110(g)(8); .0506(e).

How many brokers-in-charge may supervise a single North Carolina provisional broker at one time?

• a.One, subject to a narrow co-listing exception✓
• b.Two, in every case, so supervision is never absent
• c.As many as the provisional broker chooses to serve
• d.None, once Postlicensing education is completed

A provisional broker is supervised by one BIC at a time. The single exception allows two BICs of two licensed affiliated firms in the same physical location acting as co-listing or co-selling agents, and then both bear full supervisory responsibility. Cite: 21 NCAC 58A .0506(a).