North Carolina Licensing Lol Regulating The Business Of Real Estate Flashcards
Three different types of licenses
Provisional
Broker
Broker in charge
North Carolina real estate commission reporting
10 days to report name or address change
60 days to report convictions restrictions suspensions of a neutral commission
The broker can operate without a bic but …
If they deposit and maintain trust monies of another. Or engage in advertising and promotions then they must become a bic
Duties of a broker in charge
Copy of license pocket cards
Notify NCREC Address changes
Supervise all provisional broker activiy
Supervise conducting of all advertisement and maintain Of the trust account
Brokers must maintain records for three years
Tom measured from conclusion of the transaction or conclusion of the agency relation which ever occurs later
Forms of business ownership
Corporation
Sole proprietorship
Limited liability company
Partnership
Sole proprietorship
Just you and taxed as regular income
No limit of liability
Corporation
Owned by stockholders can be one or many
Double taxation
Limited liability company
Simple business entity
Liability protection
Each owner is a manager and reports income but pays no taxes
Partnership
General partners/limited partners
General partners are fully liable limited partners are only liable to the extent of investment
North Carolina licensing law notes
Every entity other than a soul proprietor ship needs a real estate licenses
License or obtained by filing the application and paying the fee and expire on June 30 every year
Limited commercial brokers license
For out-of-state residents but they must be license in another state and want to do business limited to commercial in North Carolina
Get one by filing an application and paying a fee
All handling of money Must stay in North Carolina
