A real estate broker’s permissible role in a short sale transaction and the newly revised addenda to the standard residential Offer to Purchase and Contract form will be major topics of the 2011-2012 Real Estate Update Course.
Other topics will address when it is acceptable for a real estate broker to provide a broker price opinion and not risk violating North Carolina appraiser license laws, pertinent issues in residential property management, changes in the North Carolina Real Estate License Law that impact licensees, resources relating to green building, and the requirements to maintain a current, active license.
Given the increasing frequency of short sale transactions, brokers should develop a firm understanding of the limitations on services they may provide to sellers and buyers to avoid the unauthorized practice of law. Issues relating to short sales are discussed in this issue of the Bulletin on page 4. A general discussion of the topic appeared in the May 2009 issue of the Bulletin and may be quickly accessed from the Commission Web site search page by typing in “short sales” in the Google search field.
While the current year’s Update Course addresses the January 2011 Standard Form 2-T, Offer to Purchase and Contract, the 2011-2012 Update Course will discuss key addenda including the Back-Up Contract, and the Contingent Sale, Short Sale, and possibly Additional Provisions addenda, as well as the Due Diligence Request and Agreement.
Discussion of residential property management issues will cover summary ejectment actions and issues relating to it and other recent changes in landlord-tenant law.
The 2011-2012 Update Course will be available as of July 1, to allow any inactive licensee wants to reactivate their license to first complete necessary education.
Brokers who practice primarily in the commercial arena are reminded that there is a commercial version of the mandatory Update Course usually available by September of each license year. All brokers, without exception, must have either the Real Estate Update Course or the “Real Estate Update-Commercial” Course as one of their two required continuing education courses every year in order to have a license on active status the following July 1.
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2011-2012 BICAR COURSE
The Commission has asked sponsors not to schedule the 2011-2012 BICAR Course prior to August 2011 as no broker will need the class immediately. Any broker, who loses BIC status or eligibility as of July 1, should:
1) Do whatever is necessary to go back to active status on Commission records; 2) Re-declare as a BIC by sending Form 2.04; 3) Wait to receive a letter from the Commission telling the broker what special BIC education is needed within 120 days of re-declaring as a BIC.
Do not take any special BIC education until after you have officially re-declared as BIC by sending Form 2.04 to the Commission.
This article came from the May 2011-Vol42-1 edition of the bulletin.