Blog

CE Deadline

      News

Per Rule A.1702, all * provisional and full brokers are required to take eight (8) classroom hours of real estate continuing education in courses approved by the Commission each license period in order to remain on Active status. Four (4) of the required eight classroom hours must be obtained by completing an Update course developed annually by the Commission and known as the “General Update Course”. Brokers-in-Charge or Brokers who are broker-in-charge eligible shall complete the “Broker-in-Charge Update Course” in lieu of the “General Update Course”.


*Licensees are required to take Continuing Education courses prior to the second renewal of their license following initial licensure. Thus, no CE is required prior to first renewal. Additional exceptions to the CE requirement are listed in Rules A.1708 and A.1711.

ATTORNEY GENERAL ALERT: Flood of Fake Tax Calls Targets NC Consumers

      News

Scammers posing as US Treasury officials are calling North Carolinians and demanding that you pay taxes right away or face a lawsuit or arrest. More than 500 consumers have reported these fraudulent calls to our office in the past week, with many of the reports coming from eastern North Carolina.

We’ve warned you about phony tax collector calls before. In the most recent version, the caller usually identifies himself as Steve Martin or David Gray, and many of the calls reported appear to come from the same number:  843-492-4165. The calls often begin with a pre-recorded message that you’re asked to return. Sometimes the caller says there’s an issue with your pension, and other times he says an action has been filed against you by the US Treasury.

Anyone who calls to demand immediate payment for taxes is trying to rip you off. If you get a call like this, remember:

If you have been contacted by a phone scammer, report it to the Attorney General’s Consumer Protection Division by calling 1-877-5-NO-SCAM or by filing a complaint online at ncdoj.gov.

By the NCDOJ

Hacker Scams Continue

      News

The North Carolina State Bar recently learned of another instance in which hackers diverted funds from a real estate transaction.  In this instance, criminals hacked into a real estate broker’s computer database to gather information about an impending closing, including the names of the closing lawyer and the seller.  Immediately before the closing, the hackers sent an email to the lawyer instructing the lawyer to wire the seller’s proceeds to a bank account other than the one originally identified.  That email came from an address that looked like the broker’s email address but a single character had been changed.  The lawyer wired the seller’s proceeds, more than $272,000.00, to the criminals’ account.  By the time the lawyer learned of this crime, the criminals had wired the funds to a foreign bank account.

The Real Estate Commission urges brokers to instruct the closing lawyer in each transaction not to disburse the seller’s proceeds other than as specifically authorized in a document signed by the seller.

Time Share Scams Use Licensee Names/Numbers

      News

Please be aware that scammers have used licensed real estate brokers’ names in various states to target consumers in time share scams. See this Ohio Department of Commerce Press Release for more details. Licensees are advised to periodically do web searches for their names/companies to catch improper use of their information.

Commission Publishes 2015-2016 Real Estate Manual

      News

The 2015-2016 edition of the North Carolina Real Estate Manual has just been published. Serving as the textbook for postlicensing education and as a reference work for individuals involved with the real estate industry, the Manual is available in printed and electronic formats.

Printed copies of the 893-page Manual, CD-ROM’s, or online subscriptions may be ordered online at the Commission website, www.ncrec.gov, or by using the order form in the Real Estate Bulletin.

Use of Unmanned Aircraft Systems

      News

Recently, the FAA sent the Commission a letter regarding guidance on the requirements for the use of Unmanned Aircraft Systems (AKA “Drones”).  Brokers considering using such means to photograph listings or otherwise view properties should be mindful of laws and regulations regarding the use of UAS devices.  The letter is available on the Commission’s website at www.ncrec.gov.

Preparing Offers and Agency Agreements

      News

Every blank space in a preprinted contract form or agency agreement is designed for the insertion of specific information.  Never insert vague or ambiguous information.  Never leave a space empty.  Any provision that does not apply to your particular transaction or situation should be marked “N/A.”

Brokers Managing HOAs or POAs

      News

A broker managing a Homeowner/Property Owners Association (HOA/POA) for compensation must be active, be a BIC or affiliated with a BIC, and must follow rule A.0118 & all trust account rules with respect to HOA/POA funds held on behalf of the HOA/POA.   The only exception is for a broker who acts without compensation for an HOA/POA in which the broker is a property owner.

Revised MOG Disclosure Form

      News

After receiving several requests, the Commission has revised its Mineral, Oil and Gas (MOG) Disclosure form to include the property address and initial lines for the seller on the first page.  There is no need to redo any disclosures made on the original form.

Deadline for reinstating a license that expired June 30, 2014 is December 31

      News

Commission rule A .0505 stipulates that licenses expired for less than six months may be reinstated by payment of the $55 reinstatement fee prior to the December 31 deadline. Further, licenses expired for more than six months are required, in addition to the reinstatement fee, to file a new application and all supporting documents, and may have to meet certain educational requirements. Don’t delay – reinstate today!