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North Carolina Supervision & Compensation — Printable Practice Pack
North Carolina state portion · NC Commission rules, provisional broker status and agency agreements · 20 questions · Answer key on the last page · agentexamcoach.com
(B)Collecting and distributing commissions to provisional brokers
(C)Conducting annual performance reviews of provisional brokers
(D)Supervising all real estate transactions conducted by provisional brokers
5.What is the primary responsibility of a broker-in-charge in North Carolina?
(A)To supervise provisional brokers and ensure compliance with regulations
(B)To negotiate contracts and close transactions
(C)To manage the brokerage's finances and accounting
(D)To train new brokers
6.What is the primary requirement for a broker to receive a referral fee in North Carolina?
(A)The broker must have a written agreement with the client
(B)The broker must disclose the referral fee to the client
(C)The broker must be licensed in the state where the referral is made
(D)The broker must have a written agreement with the other broker
7.How may a provisional broker in North Carolina receive compensation for their services?
(A)Directly from a client
(B)From an unlicensed assistant
(C)From another broker's firm
(D)Through their own firm's broker-in-charge
8.A provisional broker in North Carolina may be paid a commission by:
(A)Any brokerage firm
(B)A title insurance company
(C)Their own brokerage firm
(D)A mortgage lender
9.How may a provisional broker in North Carolina be compensated for their services?
(A)Directly by the client
(B)Through a referral agent
(C)Only through their own firm
(D)Through a third-party vendor
10.What is a key responsibility of a Broker-in-Charge in supervising provisional brokers in North Carolina?
(A)Setting sales goals
(B)Providing marketing support
(C)Reviewing and approving contracts
(D)Conducting open houses
11.An unlicensed assistant may
(A)show properties to prospective buyers
(B)prepare contracts and closing documents
(C)answer phones and respond to general inquiries
(D)negotiate the terms of a real estate transaction
12.To be eligible for a Broker-in-Charge designation in North Carolina, a broker must have how many years of full-time experience and complete a BIC course?
(A)2 years of experience and BIC course
(B)1 year of experience and BIC course
(C)3 years of experience and BIC course
(D)5 years of experience and BIC course
13.How may a provisional broker be compensated for their real estate services?
(A)Directly by the client
(B)Through a referral fee from another broker
(C)Through their own firm or BIC
(D)Through a third-party vendor
14.What is the requirement for a broker to become a broker-in-charge in North Carolina?
(A)1 year of full-time experience and a BIC course
(B)2 years of full-time experience and a BIC course
(C)5 years of part-time experience and a BIC course
(D)No experience or course required
15.What is the consequence for a Broker-in-Charge (BIC) in North Carolina who fails to properly supervise a provisional broker?
(A)Loss of BIC designation
(B)Fine and/or suspension of license
(C)Requirement to take additional education courses
(D)No consequence
16.What is the requirement for a Broker-in-Charge (BIC) to supervise provisional brokers in North Carolina?
(A)The BIC must be physically present at all times
(B)The BIC must review and approve all transactions before they are completed
(C)The BIC must provide regular training and guidance to provisional brokers
(D)The BIC must only supervise provisional brokers on a part-time basis
17.Can a Broker-in-Charge (BIC) supervise multiple provisional brokers at the same time?
(A)Yes, with no restrictions
(B)Yes, but only up to 5 provisional brokers
(C)No, a BIC can only supervise one provisional broker at a time
(D)It depends on the size of the firm
18.May a Broker-in-Charge in North Carolina supervise provisional brokers from another firm?
(A)Yes, with the other firm's permission
(B)Yes, without any restrictions
(C)No, only within their own firm
(D)Only with prior approval from the NC Real Estate Commission
19.How often must a Broker-in-Charge (BIC) review and verify the trust account records of their firm?
(A)Monthly
(B)Quarterly
(C)Annually
(D)At the end of each transaction
20.How may a North Carolina real estate broker ensure compliance with the supervision requirements for provisional brokers?
(A)By having regular meetings with the provisional broker
(B)By reviewing all transactions and contracts
(C)By providing ongoing training and education
(D)All of the above
Answer key & explanations
1. A — Negotiating the terms of a real estate transaction is a prohibited activity for an unlicensed assistant in North Carolina, as it requires a real estate license.
2. A — A BIC in North Carolina is responsible for ensuring that all provisional brokers under their supervision comply with all North Carolina Real Estate Commission rules and regulations.
3. A — An unlicensed assistant in a North Carolina real estate firm is permitted to prepare marketing materials, but not engage in activities that require a license.
4. D — The primary responsibility of a BIC is to supervise all real estate transactions conducted by provisional brokers to ensure compliance with North Carolina real estate laws and regulations.
5. A — The primary responsibility of a broker-in-charge is to supervise provisional brokers and ensure compliance with regulations.
6. D — To receive a referral fee, a broker must have a written agreement with the other broker or firm.
7. D — A provisional broker may only receive compensation through their own firm's broker-in-charge.
8. C — A provisional broker in North Carolina may only be paid a commission by their own brokerage firm.
9. C — In North Carolina, a provisional broker may only be compensated for their services through their own firm.
10. C — A key responsibility of a Broker-in-Charge is reviewing and approving contracts to ensure compliance with laws and regulations.
11. C — An unlicensed assistant may perform administrative tasks such as answering phones and responding to general inquiries, but may not engage in activities that require a real estate license.
12. A — A broker must have 2 years of full-time experience and complete a BIC course to be eligible for a Broker-in-Charge designation.
13. C — In North Carolina, a provisional broker may only be compensated for their real estate services through their own firm or BIC.
14. B — A broker must have 2 years of full-time experience and complete a BIC course to become a broker-in-charge.
15. B — A BIC in North Carolina who fails to properly supervise a provisional broker may face a fine and/or suspension of their license.
16. C — The BIC must provide regular training and guidance to provisional brokers to ensure they are aware of and comply with North Carolina real estate laws and regulations.
17. A — A BIC in North Carolina can supervise multiple provisional brokers at the same time, with no specific restrictions.
18. C — A Broker-in-Charge may only supervise provisional brokers within their own firm, not from another firm.
19. A — A BIC must regularly review and verify the trust account records of their firm to ensure compliance with North Carolina real estate laws and regulations, and monthly is the most frequent option provided.
20. D — A broker-in-charge may ensure compliance with supervision requirements by having regular meetings, reviewing transactions and contracts, and providing ongoing training and education.
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