Reminder to QB’s, BIC’s Renew Licenses of Firm and Brokers

Are you a qualifying broker and/or broker-in-charge? Just a few minutes on the Commission’s Web site, www.ncrec.gov, will save you many hours of catch-up and correction and spare you a significant negative impact on your business during this license renewal period.

Qualifying brokers are responsible for the firm’s license along with their own. Brokers-in-charge must see that all agents associated with the firm have renewed between May 15 and June 30 and have completed their CE by June 10.

Your failure as a qualifying broker to renew your own license or timely complete CE will result in your firm’s license being placed on inactive status. Because an inactive firm cannot have agents associated with it, all agents’ records will be changed to reflect their home addresses and no firm affiliation. All provisional brokers will be placed on inactive status.

Brokers-in-charge can easily and quickly ascertain the status of each associated agent through the “BIC Only” tab on the Commission Web site. Log in with your license number and PIN (the last four digits of your Social Security number) to view and print the following:

•  Your personal information.

•  All licensees shown in the Commission’s records as being affiliated with you or under your supervision.

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

•  The renewal date of each license; and

•  Licensees’ continuing education and postlicensing credits.

As a broker-in-charge, you want to avoid having a supervised agent conducting real estate brokerage with an expired or inactive license, as it may result in your being subject to possible disciplinary action.

This article came from the May 2010-Vol41-1 edition of the bulletin.