North Carolina License LawIntermediateNorth Carolina Exam
Which of the following activities is EXEMPT from the North Carolina license requirement?
AA licensee managing apartments for a fee
BA property owner selling their own homeCorrect
CA company leasing office space on behalf of a landlord for a fee
DA broker helping a buyer find a home for compensation
Why A property owner selling their own home Is Correct
Answer B: A property owner selling their own home
Property owners may sell their own real estate without a license. The license is required when acting as an agent for another person for compensation.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
EasementA non-possessory right to use another person's land for a specific purpose.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
State-Specific Concepts
License Law
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