What is your niche?

Find or create your niche and become an expert in it.  Trying to be a “jack of all trades” may not serve your clients well – you may not be sufficiently competent in a particular geographic area, with a particular type of property, or with a particular type of transaction, to best protect and serve them.  When working outside of your niche, partner with an expert to facilitate better results.

Firm Renewal

Commission rule A.0502 puts the responsibility on the Qualifying Broker of a business entity to renew the firm’s real estate broker license.  Failure to renew causes all brokers associated with the firm to be changed to their home address and provisional brokers to be moved to inactive status. http://bit.ly/1iLwpS3

Timely Renewals for Brokers-in-Charge

Under Commission rule A.0110, a Broker-in-Charge has the responsibility to assure that each broker employed at the office for which he or she serves as a BIC has completed the required education and renewed his or her license in a timely manner for each license period.  In addition, a BIC who fails to renew or take the proper CE, causing his or her license to expire or to become inactive, will cause all licenses of any provisional brokers under his or her supervision to be placed on inactive status and licenses of all brokers to be changed to their home address.  The firm will be unable to conduct business until it retains a qualified Broker-in-Charge.

Beware of Online Rental Scams

You can help ensure a successful vacation when making your rental arrangements online by contacting the property owner or property manager directly. The Real Estate Commission cautions you that online rental scams are present and encourages you to take the extra steps necessary to avoid a vacation disaster. The following video is courtesy of WRAL TV, Raleigh:
http://www.wral.com/online-rental-scams-can-mean-vacation-disasters/13609192/

New Video Presentations

The Commission has created two new video presentations to assist its licensees: 1) “Are You Ready for a Spot Audit?” and “Residential Tenant Security Deposits”.  The Commission has a video library, which can be accessed from its HomePage under Resources, offering assistance with many of the day-to-day activities faced by licensees. [link to video library].

Bruce W. Moyer Named Director, Education and Licensing

The North Carolina Real Estate Commission is pleased to announce the appointment of Bruce W. Moyer as the Director of its Education and Licensing Division to fill the vacancy created by the retirement of Larry A. Outlaw.  Mr. Moyer joined the Education and Licensing Division in 2012 as Education and Licensing Officer.

BIC Course Cancelled

The Broker-in-Charge Course scheduled for Jan 29 & 30 at the McKimmon Center in Raleigh has been cancelled due to anticipated inclement weather that may threaten safe travel conditions. Licensees currently registered for this class may reschedule to another class online at the Commission’s website under “Course Registration,” but will need their confirmation number for the Raleigh class (beginning with 2007-826-*****). There are ample spaces available in the February 4 & 5 Greensboro class and in the February 10 & 11 Wilmington class. The next class in Raleigh will be March 5 & 6. The Commission regrets any inconvenience caused by this unexpected cancellation.

Miriam Baer Elected Sr. District Vice-President

ARELLO 2013 President Leon Lewis announced that Miriam J. Baer, NC District 2 Vice President, has been elected by the District Vice Presidents as the Senior District Vice President for 2014 and will serve as the Senior District Vice President member on the Executive Committee for 2014.

BICAR Improvement Plan

The Commission requires all brokers-in-charge (BICs) to take a Broker-in-Charge Annual Review (BICAR) course, along with the required Update course. This completes the BIC’s annual continuing education (CE) requirement. The Commission recently considered whether to change the requirement to a biennial review, so that BICs could choose an elective every other year. Mindful of its goal to provide BICs with timely information critical to their role, the Commission determined to retain the annual requirement, but to make improvements to the BICAR course.

The Commission will be convening a focus group to develop its plan for BICAR course improvements. The group will include BICAR educators and BICs representing sectors of the brokerage industry including:

• Residential brokerage
• Commercial brokerage
• Property management
• Solo practice
• Firms with multiple associates

The Commission may also survey BICs for more input. If you receive a survey, please respond to give the Commission direct feedback about what would be most useful to you as a BIC.

Watch the Commission’s Web site, blog, and social media for further developments.

Mandatory Disclosure of Mineral Rights with Real Estate Sales

With very few exceptions, state law now requires all sellers, even builders and sellers of new construction, to disclose in the sales contract the status of oil and gas rights regarding any property offered for sale. The limited exceptions deal primarily with transfers of property pursuant to court order or the administration of an estate, sales between co-owners of the property, and lease with option to purchase contracts where the lessee occupies the dwelling. Notably, parties negotiating a real estate sale cannot waive this oil and gas rights disclosure even if they agree not to complete a residential property disclosure statement pursuant to N.C. Gen. Stat. Chapter 47E.

To find the mandatory language to include in boldface type in your real estate contract, see N.C. Gen. Stat. § 47E-4(b2). The law requires the seller to answer three specific questions, and then obtain the buyer’s initials to acknowledge the oil and gas disclosure as part of the real estate contract. The seller must answer the following: 1) whether the oil and gas rights were severed from the property by a previous owner; 2) whether the seller has personally severed such rights from the property in the past; and, 3) whether the seller intends to sever said rights from the property prior to transfer of title to the potential buyer. All three questions must be answered “yes” or “no,” except that question 1) may be answered “no representation” by the seller.