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Practice Of Real EstateLicense LawMEDIUM

A broker-in-charge in Charlotte is sorting out a file issue involving firm, office, BIC, and entity requirements. Which statement best applies under current North Carolina law?

Correct Answer

D) A qualifying broker or BIC remains responsible for ensuring the firm's licensed activities are conducted through properly licensed offices and entities.

A qualifying broker or BIC remains responsible for ensuring the firm's licensed activities are conducted through properly licensed offices and entities.

Answer Options
A
Only the bookkeeper needs to know whether the entity is licensed under current North Carolina rules
B
Once an LLC is formed, no broker needs to monitor whether the entity is active.
C
A closing attorney becomes the responsible broker for the entity by handling settlement.
D
A qualifying broker or BIC remains responsible for ensuring the firm's licensed activities are conducted through properly licensed offices and entities.

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Related Topics & Key Terms

Key Terms:

core_rules_and_definitionsdifficulty_3entityfirm_office_bic_and_entity_requirementsnc_commission_rulesnc_statenorth_carolinaoffice_compliancequalifying_broker
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