Foreign Aircraft N-Numbers

I am a relatively new VFR pilot, and when I'm not flying a Cessna 172, I
like to practice flying using Microsoft Flight Simulator 2004. I recently
downloaded & installed on FS2004 a very nice French single engine
all-composite general aviation aircraft called an APM20 Lionceau (Lion cub).
This is just a great VFR aircraft, and I really love flying this virtual
aircraft on my PC. I would like to repaint it and give it a new call sign
and US-format N number. It already has a European ID number on the rear
fuselage and the top & bottom of the starboard wing. The ID number for this
aircraft is F-GRRF but I would like to put a US-format N-number on it like
N3456RL.
I would like this virtual airplane to be as close to real life as
possible, so here is my question: If someone from the US buys a foreign
general aviation aircraft that already has a foreign-format identification
already painted on it, then brings it to the US, does that person have to
have it licensed by the US FAA, and have a US-format N-number painted on the
fuselage? Does the foreign identification number have to be removed? Can
both numbers be displayed? I hope someone knows what the proper procedure is
& can fill me in. Thanks in advamce.

Randy L.

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Those who expect life to be "fair" are doomed to a life of disappointment.