QB’s, BIC’s Renew Firm, Broker Licenses

As a qualifying broker and/or broker-in-charge of a real estate firm, you have certain responsibilities to assure that firm and individual licenses are renewed by the June 30 deadline.

Qualifying brokers should be certain to renew both the firm license and their own. When you renew the firm license but fail to renew your personal license, the firm’s license will be placed on inactive status July 1.

Since a firm on inactive status cannot have agents associated with it, broker licenses are changed to reflect their home addresses and the absence of firm affiliation. And provisional brokers are placed on inactive status.

Brokers-in-charge should verify that all licensees under their supervision have renewed between May 15 and June 30. You can accomplish this at the Commission’s website, www.ncrec.state.nc.us.

The “BIC Only” tab on the website gives you access to a variety of current data on those under your supervision. To view and print the information, click on the tab and enter your license number and PIN (the last four digits of your Social Security number unless you have changed it).

In addition to your personal information), you will find the following:

• A listing of all licensees which, according to Commission records, are affiliated with you or under your supervision.

• The “level of their licenses – “PB” (Provisional Broker), or “B” (Broker).

• Their license renewal date.

• Their continuing education and postlicensing credits (if needed).

If any of your agents have not renewed their licenses, you may renew them.

This is important because you, as broker-in-charge, are subject to disciplinary action if a broker at your office continues to list, sell, etc. real estate after his or her license is expired.

This article came from the May 2009-Vol40-1 edition of the bulletin.