Broker-in-Charge Annual Review Focuses on Agency, Disclosure

Effective July 1, 2006, most, if not all, brokers-in-charge must take the new Broker-in-Charge Annual Review Course each year in order to remain a broker-in-charge.

The Broker-in-Charge Annual Review is a four-hour elective written by the Commission each year, but taught by the Commission’s approved Update course instructors. All brokers who were designated as a broker-in-charge prior to July 1, 2006 must take the 2006-2007 BIC Annual Review course prior to June 10, 2007.

Only brokers who are, in fact, brokers-in-charge should register for the BICAR course.  A list of sponsors teaching the BIC Annual Review course can be found on the Commission’s website under “Continuing Education” and then click on “Schedule.”  To register, the broker should contact the sponsor directly.

The 2007-2008 Broker-in-Charge Annual Review course will focus on agency and include discussion of the common law of agency, historical background, requirements of the Commission rules and their implementation in daily brokerage practice. Topics will include the use of the Working with Real Estate Agents brochure, written agency agreements, dual agency and designated agency.

A broker-in-charge who is required to, but fails to take the BIC Annual Review course by June 10 in any given year, will be removed as broker-in-charge the following July 1.  While perhaps able to re-designate as a broker-in-charge, the broker will be required to take the 12-hour Broker-in-Charge Course within 120 days of being re-designated.

Generally, any broker designated as a broker-in-charge on or after April 1, 2006 must take the 12-hour Broker-in-Charge course within 120 days of becoming a broker-in-charge, unless the person has had the 12-hour class within the preceding three years. Registration for the BIC Course may be completed online at the Commission’s website, www.ncrec.state.nc.us, under “Course Registration.”

Once a person has completed the Broker-in-Charge Course, he or she may never need to repeat the 12-hour class, so long as he or she always remains a broker-in-charge somewhere.  (Note: if the broker is transferring from one office to another with no lapse in status as BIC, he or she may be exempt from the 12-hour class.  See Rule A.0110(d)).

Once initial BIC educational requirements are satisfied, the broker must take the Broker-in-Charge Annual Review course each year beginning the first full license year following designation.

 

ALL active licensees must take the annual RE Update course each year. No exception.

This article came from the March 2007-Vol37-3 edition of the bulletin.