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24 Cards in this Set
- Front
- Back
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Salaried employee |
Can show units, accept applications for lease, provide info, execute preprinted form leases, accept security deposits and rent (provided it's made out to owner) but SHALL NOT NEGOTIATE RENT OR LEASES OR SECURITY DEPOSITS)
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NCREC consists of ____ members, of which ____ members shall be licensed brokers |
9, 3 |
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NCREC powers include |
- Licensing brokers, salespersons
- Approving schools, courses - Conducting ed programs for public and licensees - Discipline licensees who violate license law |
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NCREC's primary duty is to... |
Protect the public in their dealings with real estate agents |
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NCREC has 9 members... |
- Seven appointed by Gov. - Two appointed by Gen. Assembly. - 3 year, staggered terms - At least 3 are licensees - At least 2 are general public - Rest can be whatever |
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NCREC Disciplinary Actions.. |
Reprimand Censure Suspension Revoke NCREC may NOT take your money |
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NCREC is funded through.. |
licensing fees, which are $40 |
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All licenses expire... |
June 30th |
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Resident managers.. |
employed by a prop. manager on salary do not need a license as long as they don't negotiate rents or security deposits. |
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All licensees must complete ____ hrs of continuing ed by ____ each year to renew and keep license active, beginning with their ____ renewal. |
8 hrs June 10th second renewal |
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Reinstatement of an expired license will cost ___. If license is expired more than ____ months, REC will require you to... If expired for more than 3 years... |
$55 6 months, retake course or licensing exam ..will be treated as if you never had a license |
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Licensees shall notify REC in writing within ____ days of any change in name, business, or residence. |
10 days |
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Blind Ad |
An ad that does not indicate that the property is listed with a broker or firm |
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BIC Permission |
No provisional broker may advertise without approval of his BIC |
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Copies of all contracts must be delivered.. |
as soon as possible, but no later than 5 days (mailbox) |
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Buyer agency agreements must be reduced to writing when.. |
an offer is made |
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Buyer agreements may be oral at first IF.. |
non exclusive, no time specified |
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BIC |
May only be one per location Responsible for all advertising Maintain trust accts Maintain all records |
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Time Shares... |
License needed to sell Developers must obtain certificate of registration first from NCREC |
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When to deposit earnest money... |
Other than currency....within 3 banking days of acceptance of offer Cash....within 3 banking days of receipt |
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When can earnest money transfer to the attorney for closing... |
Not earlier than 10 days prior to the anticipated closing date |
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Time Shares Public Offering Statement.. |
-Total financial obligations of purchaser - Who can raise or add charges the purchaser pays - Date of availability of uncompleted units - Specific term of the timeshare - Five day right of cancellation - All payments must be held in escrow for 10 days by developer |
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Earnest Money is Disbursed when... |
- an offer isn't accepted - breach of seller or contract isn't satisfied - breach by buyer - at closing |
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Salesperson must turn over earnest money.. |
IMMEDIATELY |
