NC Real estate review appendix A

Term
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NC Real Estate Commission inception
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Terms in this set (50)
NC Real Estate Commission inception
July 1957
Commission's Primary Duty
Protect the public in dealings with real estate
NCREC powers
Licensing brokers
Approve schools& courses
Conduct educational programs
Disciplines licenses who violate license law
Regulates time shares
Investigate licensees upon complaint
Investigate licensees without cause
Who can not fine you?
NCREC
NCREC
Can take your license
NCREC disciplinary actions
Reprimand
Censure
Suspend
Revoke
Take license
Not fine you
NCREC funded by
Licensing fee of $45
NCREC license expires
June 30
NCREC can not
Practice law
Regulate commissions
Regulate salaries
Arbitrate between parties
Order monies returned
Real estate broker
Any person, partnership, Corp, LLC, association of business that conducts activities required a real estate license
Activities requiring licensureListFSBODoesn't need a licenseMere crier at an auctionDoesn't need a licensePerson acting under POADoesn't need a licenseActivities requiring licensureLeaseAttorney in course of law practiceDoesn't need a licenseActivities requiring licensureBuys real estate for othersActivities requiring licensureAuction real estate for compensationActivities requiring licensureNegotiate for othersActivities requiring licensureSell for othersPersons negotiating financeDoesn't need a licenseTrustee in bankruptcyDoesn't need a licenseCorps or partnerships selling own propertyDoesn't need a licenseResidential manger employed by propertyDoesn't need licenseResidential manager that negotiates rent or security depositActivities requiring licensureLicense requirementsComplete written applicationLicense requirementsPay $100License requirements18 years oldLicense requirementsGood moral characterLicense requirementsDoesn't need to be resident or have citizenshipLicense requirementsPass 75 hour course or equivalent experienceLicense requirementsPass state licensing examLicense requirementsHave a social security numberLicense requirementsMust obtain a "firm" license and register trade nameInactive licenseMay request not to have licenseInactive licenseIf you don't renew each yearInactive LicenseIf provisional broker not under supervision of BicInactive LicenseUntil: update continuing ed to return statusinstrumentsWritten agency agreementInstrumentsContractInstrumentsOffer leaseInstrumentsOption to purchaseHow long to deliver instrumentASAP no later than 5 daysCopies of closing statementsNo later than 5 daysRetention of records3 years successful or unsuccessful completion or transaction or fundsBlind adAd that does not indicate property is listed with broker or firm RESTRICTEDAdvertising restrictionShall not advertise without bic consentNo sign or advertising untilSigned listing agreementDisplay of licensesCarry pocket card in personDisplay of licensesFirm must display in assigned office