North Carolina Real Estate Rules and Regulations - Appendix C

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broker-in-charge
a real estate broker who has been designated as the broker having responsibility for the supervision of brokers on provisional status
provisional broker
a real estate broker who must be supervised by a broker in charge
North Carolina Real Estate Commission
made up of 9 members
@ least 3 shall be licensed brokers
@ least 2 shall not be involved in the real estate business
serve 3 year terms and are staggered
requirements for new brokers
-must be @ least 18 years old
-must complete a 75 hour education program
-w/I 3 years of licensure provisional broker must complete 90 hours of classroom instruction
R.E. license expiration date
30th day of June following issuance (shall become invalid after that date unless reinstated)
fee for reinstatement of an expires license
$55; if the licensee fails to obtain reinstatement , such person will be subject to re-examination
broker-in-charge qualification
- shall possess at least 2 years of full-time real estate brokerage experience
- a course of study no to exceed 12 classroom hours
disciplinary action by commission (power to suspend or revoke license)
- willful or negligent misrepresentation
- false promises of a character likely to influence
- acting for more than one party in a transaction (unless everyone approves)
-accepting a commission from someone other than your broker in charge
- failure to remit trust monies promptly
- cannot practice law
- commingling
- failure to deliver purchase agreement within a reasonable time
North Carolina Timeshare Act
- must have a real estate license to engage in business
- must obtain a certificate of registration before time share developer may sell
developerany person which creates a time share and is engaged int he business of sellingenrolledmeans paid membership in exchange programexchange companyany person operating and exchange programexchange programany opportunity for the exchange of time shares among purchasersindependent escrow agenta licensed attorney located in this State or a financial institution located in this Statemanaging agenta person who undertakes the duties, responsibilities of the management of a time share programproject brokera natural person licensed as a real estate broker and designated by the developer to supervise brokers at the time share projecttime sharea right to occupy a unit or several units during five or more separated time periods over a period of at least five yearstime instrumentan instrument transferring a time sharethe developer shall record a time share instrument1 - not less than six days not more than 45 days following execution of the contract of sale or; 2 - not later than 180 days following the execution of the contract of sale by the purchaser, provided that all payments made by the purchaser shall be placed by the developer with an independent escrow agent upon the expiration of the 10-day escrow period 3 - if both developer and purchaser agree the escrow period may be extended by 120 dayspublic offering statementeach developer shall fully and conspicuously disclose thispurchaser right to cancelcontract of sale is voidable by the purchaser for five days after the execution of the contractproof of licensure- carry pocket card -qualifying broker of a firm shall retain the firms renewal pocket card - every licensed real estate entity shall prominently display license certification in officeauthority to advertise- provisional broker shall not advertise w/o the consent of the BICblind adevery advertisement shall conspicuously indicate that it is the advertisement od a broker or brokerage firmdelivery of instrumentsevery broker shall immediately but in no event later than 5 days from the date of execution deliver to the parties copies of any required written agency agreement, contract, offer, lease etc.retention of recordsbrokers shall retain any and all records for 3 yearsbrokerage fees and compensationa licensee shall not receive any commission, rebate, gift, etc. over $25 without the principals WRITTEN consentofficeany place of business where acts are performed for which a real estate license is requiredprincipal officethe office so designated in the Commission's records by the qualifying brokerage or broker in chargebroker in charge requirements- have a license on active status (not provisional) - possess @ least 2 years (full time) or 5 years (part time) brokerage experience - complete the Commission's 12 classroom hours BIC course w/I 3 years prior to designation or within 120 days following designation as BICoffers and sales contractsa broker shall not use a pre-printed offer that has any provision concerning payment or any provision that attempts to disclaim the liability of a broker for her representation in a transactionrecording criminal convictions and disciplinary actionsany broker convicted of any crime shall file with the Commission a written report w/I 60 days of final judgmenthandling of trust moneyall monies shall be deposited in turs (escrow) account no later than 3 banking days following the broker's receipt of such moniesearnest money deposita broker may transfer from his escrow account to the closing attorney no more than 10 days prior to anticipated settlement daterequirements for purchaser to cancel contractclient must personally deliver or mail written notice of decision w/I 3 calendar days following receipt of the disclosure statementmaximum amount maintained in a company trust fundamount of money in trust account for purpose of paying service chargeslicense renewalcan renew as early as 05/15 must be done by 06/30; renewal fee $45reinstatement of a revoked licenseconsidered upon submission of application and $30termination of provisional and BIC relationshipshall provide written notification w/I 10 days of said terminationcontinuing education requirementw/I 1 year complete 8 classroom hours; 4 hours of updated course developed by the commission; remaining 4 hours Commission approved elective (must be completed by 06/10 @ midnight)attendance and participation requirementsmust attend 90% of the classeslimited non-resident real estate licenseany realtor that performs real estate transactions in the commercial market shall have thisretention of time share recordsperiod of 3 yearstime share purchaser cancels contractrefunded monies in 30 days by developerrealtora licensed real estate agent belonging to the National Association of REALTORSprovisional brokerentry level license category; completed 75 hours pre-licensing course; must complete one 30 hour course for each year of the 3 following initial licensure (90 hours) to remove provisional statuslicensing of business entitiesmust obtain a separate real estate FIRM broker licenseexemptions from requirement for real estate licensure1 - business entity 2 - attorney-at-law 3 - a person acting as a receiver 4 - trustee 5 - attorney-in-fact (power of attorney) 6 - certain salaried employees of broker-property managers 7 - an individual owner selling or leasing the owner's OWN property 8 - a housing authorituProvisional broker license reinstatement requirements 6 months or less (length of time license has been expired, revoked, cancelled or surrendered)- no education or exam required - no application req. $55 reinstatement fee may be paid online - status when reinstated = inactive PB - to be active must be current w/ CE and post licensing ed. and affiliate with BICProvisional broker license reinstatement requirements More than 6 months and up to 5 yearsED. REQ. - complete any/all post licensing courses not taken w/I previous 3 years - ALL courses must be completed by June 30th of 5th year Reinstatement App - YES must be filed with reinstatement fee, criminal check on or before June 30 of 5th year Status when reinstated - active brokerProvisional broker license reinstatement requirements More than 5 yearsEd. Req. - complete 75 hour prelicensing class and pass both national and state exam - if applicant holds active license in another state only state exam req. (no class or nat'l. exam) Reinstatement App -YES must be filed with reinstatement fee, criminal check Status when reinstated - Inactive provisional broker - to be active must affiliate w/ BIC - if active license in another state and passes NC exam will become "active broker"BROKER License length of expired license 6 months or lessed. req. - no ed. or exam req. reinstatement app. req. - NO $55 fee may be paid online status when reinstated - inactive broker to be active must correct all CE deficienciesBROKER License length of expired license More than 6 months up to 2 yearsEd. Req. - 1 post licensing course w/I 6 months prior to submitting app -or- pass national and stat exam sections of license exam Reinstatement App. Req. - YES must be filed w/ fee and check on or before June 30 of 2nd year Status when reinstated - Active brokerBROKER License length of expired license More than 2 years and up to 5 yearsEd. Req. - complete all 3 post licensing courses or pass state and national exam Reinstatement Appl. -YES filed w/ fee and check on or before June 30 of 2nd year Status when reinstated - Active BrokerBROKER License More than 5 yearsEd. Req. - 75 hour prelicensing course AND pass nat'l. and state exam Reinstatement App. Req. - YES filed w/ fee and b.g. check Status when reinst. - Inactive PB - must affiliate w/ BIC and complete post licensing courses