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.

Residential Property Disclosure Form Undergoes Further Revision

The Residential Property and Owners’ Association Disclosure Statement, which was revised by legislative mandate in 2011, has undergone further revision. The new form will be required for all properties placed on the market on or after January 1, 2013. For those properties placed on the market prior to January 1, 2013 that require a corrected Disclosure Statement pursuant to G.S. § 47E-7, the new form will be used.

You will find the new form on the Forms page of this Web site under Consumer Forms. More information about the new form is available on page one of the October 2012 Bulletin.

Publications – New and Updated

The Commission has published a new Questions and Answers brochure, “N.C. Military Personnel Residential Lease Termination” and updated its Real Estate License Law and Commission Rules book.

The new brochure is free and focuses on questions regarding the rights of members of the U.S. Armed Services to terminate a lease contract under North Carolina and/or Federal law. It is part of an outreach program undertaken by the Commission to inform service members of these rights. Orders for the publication may be placed online using the order form for free publications linked from the Publications page of the Commission Web site or by printing and mailing or faxing the order form for free publications.

Updated to include all current law and rule changes, the July 2013 edition of the Real Estate License Law and Commission Rules is available for purchase online at $3 each using the order form for purchased publications. Its 116 pages include the Real Estate License Law, Commission Rules and the Commentary on the License Law and Commission Rules., The Commentary is provided to assist real estate licensees, prelicensing course students and others in understanding the law and the rules.

Schweidler, Little and Fisher Scholarships

At its June 2013 meeting, Chairman BC Cone and Vice Chairman Everett “Vic” Knight, on behalf of the Commission, together with North Carolina Real Estate Educational Foundation 2013 President Mitzi Malcolm, presented plaques to Ms. Geri M. Millinix (Charlotte) recipient of the Joe Schweidler Memorial Scholarship, and Ms. Katherine J. Pierce (Chapel Hill) recipient of the Blanton Little Memorial Scholarship.  Not able to attend was Mr. Richard P. Cooke (Hendersonville), recipient of the Phillip T. Fisher Scholarship.

These scholarships are awarded annually by the Real Estate Commission recognizing individuals for their academic achievements.  Ms. Mullinix and Ms. Pierce were selected by the North Carolina Real Estate Educational Foundation for achievement in REALTORS® Institute courses and Mr. Cooke was selected by the North Carolina Chapter of the National Association of REALTORS® Council of Residential Specialists for his achievements.

The Commission joined Mr. Cone, Mr. Knight and Ms. Malcolm in congratulating the recipients on their outstanding academic achievements.