AgencyIntermediateNorth Carolina Exam

In North Carolina, the term 'broker-in-charge' (BIC) refers to:

AAny licensed broker who has passed the state exam

BThe supervising broker responsible for the operations of a real estate officeCorrect

CA broker who exclusively represents buyers

DA broker appointed by the NCREC to investigate complaints, under this approach

Why The supervising broker responsible for the operations of a real estate office Is Correct

Answer B: The supervising broker responsible for the operations of a real estate office

A BIC in NC is the supervising broker designated as responsible for the real estate operations of a specific office location and the supervision of affiliated brokers.

Exam Tip: Agency

Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.

People Also Study

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.

Dual Agency

A situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.

Fiduciary Duty

The highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.

Listing Agreement

A contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.

State-Specific Concepts

Broker Supervision

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Agency Law Guide

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