Be Aware of Repairs/Improvements/Additions Without a Permit

When listing a property, be aware of repairs/improvements/additions that might lack a required permit.  Look for red flags that indicate the work might have been done by the owner or unqualified workers without the proper permit.  If in doubt, ask the seller and inquire with the appropriate County or City permits department to discover and disclose any lack of permit.

License Renewal

The deadline for license renewal is June 30. If you are a Broker-in-Charge you should also verify that those licensees affiliated with your firm have properly renewed their licenses and have obtained the proper continuing education to avoid a change in license status on July 1. You may verify license status, continuing education credits and renewal dates for licensees affiliated with your firm here http://bit.ly/1izhPTe

New Broker-in-Charge Update Course Approved

New rule changes effective July 1, 2014, will replace the old Broker-in-Charge Annual Review Course (“BICAR”) with a newly developed Broker-in-Charge Update Course (“BICUP”). The new BICUP course will combine topics from the old BICAR course and the annual update course into a single 4-hour course.  Brokers-in-charge (“BIC”) and brokers wishing to remain BIC eligible must take the BICUP course and an elective CE course to fulfill the mandatory 8-hour CE requirement.

BICs and BIC eligible brokers who take the General Update Course (rather than the BICUP course) and an elective will receive CE credit for taking the courses and remain on active status, but must still take the BICUP course prior to June 10 of that license year to retain BIC eligibility.

Enrollment in the BICUP course is limited exclusively to current BICs and those who are BIC eligible.  Other brokers will not receive continuing education credit for attending the BICUP course.

The new BICUP course is described in Rule 21 NCAC 58E .0102, which can be viewed by clicking on the following link:  http://bit.ly/1pykFX7

Subchapter S Firm

If you are a broker-in-charge paying an associated broker their commissions in the name of a Subchapter S firm established solely for that purpose, you must first verify that the firm has obtained a license from the Commission.  Rule A.0109(g) prohibits compensating unlicensed persons or entities for acts in North Carolina for which a license is required.

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.