Real Estate Licensing in North Carolina Flashcards
License Categories
pb, broker, bic, lncl, firm
A non-BIC broker can work as a sole proprietor, but their permissible activities are limited to:
Receiving referral fees from another brokerage or entity
Buying, selling, or renting property for themself
Representing someone as a buyer or seller ONLY IF they did not solicit that client (so, for example, a relative or friend)
A sole proprietor without a BIC license cannot:
Solicit business, advertise, or promote their services
List properties (that they don’t own)
Have other licensees affiliated with their business
Be responsible for holding any money that needs to be deposited in a trust account
A broker who wants to level up to BIC needs to:
Hold an active broker’s license not on provisional status
Have two years’ full-time brokerage experience or four years’ part-time brokerage experience within the previous five years
Submit a Request for BIC Eligible Status and/or BIC Designation Form (REC 2.25) to the Commission
Complete the Commission’s 12-hour Broker-in-Charge Course within one year prior to or within 120 days after submitting form REC 2.25
BICs are responsible for a ton of things in a brokerage, including:
Making sure that all of the brokers affiliated with the office are maintaining current, active licenses and up-to-date information in Commission records
Notifying the Commission if the company’s name or address changes
Advertising
Maintaining trust and/or escrow accounts
Retaining records
Supervising provisional brokers
Making sure that all affiliated brokers adhere to agency agreement and disclosure requirements
Notifying the Commission in writing that they are no longer serving as BIC of a particular office within 10 days of leaving
To allow plenty of time to submit a license application, students are
encouraged to wait to order their background check until they are successfully
through at least…
half of the Prelicensing course because the report is only valid
for 6 months.
How to get a limited nonresident commercial real estate license:
An out-of-state broker or salesperson must enter into a Declaration of Affiliation and a Brokerage Cooperation Agreement with a resident NC broker responsible for supervising the nonresident. 2 documents
Who is allowed to get a firm real estate license?
a BIC broker or a group of investors
