Independent Contractor - Issued a 1099 for compensation earned. Responsible for paying business expenses and income taxes., Unlicensed Assistant - May perform secretarial duties - schedule appointments, obtain public records, show a property for rent, and perform bookkeeping duties under the supervision of a BIC., Trigger for Firm License - Creation of an entity engaged real estate brokerage (partnership, LLC, or Corporation), Current - Status of a license when the licensee pays the renewal fee by the June 30th deadline,  Inactive - License status when a broker completes 8-hours of elective CE courses but fails to take the GENUP, Requirement to regain active status when a license is inactive for more than 2 years - GENUP, an elective, and two postlicense courses, Regaining an active license after expiring for more than 2 years - Start all over - take the prelicense class, make application, pass the license exam, Inactive Provisional Broker - Status of a license after a person passes the license exam, Triggers the BIC requirement - Multiple brokers, hiring an unlicensed assistant, or engaging in a transaction that requires a trust account, Limited Non-Resident Commercial Broker License - Must affiliate with a North Carolina broker, services are limited to one area of real estate practice, among other restrictions, June 10th - CE deadline, June 10th after first license renewal - CE deadline for a newly licensed provisional broker, Requirements to regain active status when license is inactive for over two years - Complete two postlicense courses and eight hours of continuing education,

Unit 1 Review

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