Appendix A Flashcards
License Law and Rule Comments and Real Estate Licensing in North Carolina
What does a licensee pocket card contain?
- name
- license number
- expiration date (ALWAYS June 30th)
- license type
- signature
How long do you have to report to NCREC?
10 days for name or address change
60 days for convictions, discipline of another occupational license
Failure to do so can result in restriction, suspension or revocation
What are the qualifications of a BIC
Must:
- be active non-provisional broker with at least 2 years full time experience out of the last 5 years
- complete a 12 hour BIC course taught by NCREC within 120 days of designation as the BIC
How does a broker get off of “provisional status”?
A provisional broker has to complete 90 hours of post-licensing education within 3 years of receiving their license. 30 hours by each anniversary
What activities require a real estate license?
LLBEANS
listing, leasing, buying, exchanging, auctioning, negotiating, or selling real estate requires a license
referring a party to a real estate licensee, if done for comparison, requires a licencse
What activities are unlicensed employees NOT permitted to do?
show property for sale and
Who is exempted from the requirement for real estate licensure?
Attorney-in-fact
Attorney-at-law
trustee
guardian
certain salaried employees of broker-property managers
housing authority
business entity selling or leasing real estate owned by the entity
How many members does the Real Estate Commission consist of?
9 members serving 3-year terms. Seven members are appointed by the Governor and two are appointed by the General Assembly. At least 3 members must be licensed brokers. At least 2 members must be public members who are not involved directly or indirectly in the real estate brokerage or appraisal businesses
What is the main purpose of the Real Estate Commission?
To protect the members of the general public in their dealings with real estate brokers
What is the Real Estate Commission NOT permitted to do?
regulate commissions, salaries or fees charged by licensees; arbitrating disputes between parties regarding matters of contract
Who requires a real estate license?
A person or entity who performs a brokerage service in even one transaction must be licensed
When real estate licensees violate License law or Commission Rules, what is the Real Estate Commission allowed to do?
reprimand, censure, license suspension, and license revocation
They can fine time share DEVELOPERS ONLY
