(Excerpted from remarks by Phillip T. Fisher, Executive Director, at a special meeting of the North Carolina Real Estate Commission in the House Chamber of the State Capitol Building in Raleigh on May 21, 2007.)
Fifty years ago today in this hallowed chamber, the members of the House of Representatives assembled to consider Senate Bill 277- AN ACT TO DEFINE, REGULATE AND LICENSE REAL ESTATE BROKERS AND REAL ESTATE SALESMEN IN NORTH CAROLINA AND TO CREATE THE NORTH CAROLINA REAL ESTATE LICENSING BOARD AND DEFINE ITS POWERS AND DUTIES, AND TO PROVIDE PENALTIES FOR THE VIOLATION OF THE PROVISIONS OF THE ACT.
Three decades earlier, similar legislation had been enacted but in 1939 was declared unconstitutional because it applied to only eight counties. Like its predecessor, the 1957 licensing bill was not without controversy.
According to newspaper accounts of the day, a Representative rose to offer an amendment to exempt anyone already licensed by another State licensing board. But Representative Childers of Gaston County, who was a sponsor of the bill, responded that “this will kill the whole thing”.
Not giving up, the other Representative offered another amendment to exempt “farmers, bankers, teachers, preachers, and members and former members of the Legislature”. But this brought Representative Gene Bost of CabarrusCounty to his feet to knock down the amendment and bring the debate to a close.
So, despite the critics, fortunately the bill had its supporters. And when the roll was called back yonder, they were there. By a vote of 69 to 24, the Real Estate License Law was enacted and the Real Estate Licensing Board (now the “Real Estate Commission”) created. Beginning in 1957 with its 2500 “grandfathered licensees”, the number of licensees under the Commission’s jurisdiction has now grown to more than 100,000. But through the years, its mission has remained the same: “To protect the interests of North Carolina real estate consumers”.
Blessed with the sound counsel of its dedicated members, the creative ideas and energy of its talented staff, and the cooperation and support of its friends and the organizations and institutions represented here today, the Commission has steadfastly pursued this objective. So that today, one-half century after its humble beginning in this very room, the North Carolina Real Estate Commission stands poised and prepared to confront the many challenges that still lie ahead in serving our fellow citizens.
For your valuable contribution to this worthy cause, real estate consumers and practitioners should be most grateful, and you all should be very, very proud.
This article came from the June 2007-Vol38-1 edition of the bulletin.
If you are affiliated with more than one firm as a broker-in-charge and/or full broker, you will soon be able to access the records of those multiple affiliations by logging onto the Real Estate Commission’s website.
Under Commission rules, you may be a broker-in-charge at more than one firm if the firms are located at the same physical address.
Until recently, all agents were reflected at the primary firm shown for the broker-in-charge. With the change, you will be correctly shown with the firm with which you are affiliated.
The database for the new Commission tracking system is now being developed based on current licensee records. Completion of this process is expected by mid-summer. The accuracy and completeness of the system will depend upon you fully and timely updating your records when changes occur, as required by Commission rules.
Brokers-in-charge and brokers will benefit primarily from being able to access their records, check them for accuracy, and then update them as needed.
If you are a broker-in-charge, you will be able to ascertain the affiliations of those brokers in your office(s) to better fulfill your administrative responsibilities for firm recordkeeping.
Updating of records is accomplished for the most part through the use of two Commission forms: 2.04 – Broker-in-Charge Declaration and 2.08 – a triple-purpose form that requests activation of a license, notifies of provisional broker supervision, and notifies of broker affiliation.
The Commission’s website, www.ncrec.state.nc.us, has a BIC Only area which allows a broker-in-charge to login using his or her PIN to verify the continuing education credits, post licensing credits and renewal of those they supervise.
This article came from the June 2007-Vol38-1 edition of the bulletin.
To assure the accuracy and completeness of your license records with the Real Estate Commission, you must inform the Commission of any changes of specific types of information.
That also includes being certain that your continuing education credits transmitted to the Commission from schools are correct and up-to-date. (Allow up to 15 days after completion of a class for the information to appear on your records.)
Following is a list of the types of changes that must be reported and the individuals and methods required to report the changes:
Addresses
• Residence – you must report any change in your residence address. You may do so by using the Commission’s website, by calling in, emailing, faxing, or mailing a written note. (You can also change your email address and fax number online.)
• Business – the broker-in-charge must report in writing any change of the business address of an office for which he or she serves as broker-in-charge and include his or her license number.
• Primary office of multi-office firm – the qualifying broker must report in writing any change in the business address of the primary office of a multi-office firm and include his or her license number.
Name Changes
• Individual Name Changes – you must report any change in your name (due to marriage or otherwise) using the “Name Change” form available on the Commission website and mail it in with a $10 fee.
• Firm Name Change – the qualifying brokert must report any change in the name of a firm by returning the license certificate with a $10 fee and copy of the name change amendment from the office of the North Carolina Secretary of State.
This article came from the June 2007-Vol38-1 edition of the bulletin.
DEBORAH H. BOWMAN (Pinebluff) – The Commission accepted the voluntary surrender of the broker license of Ms. Bowman for a period of two years effective April 12, 2007. The Commission dismissed without prejudice allegations that Ms. Bowman violated provisions of the Real Estate License Law and Commission rules. Ms. Bowman neither admitted nor denied misconduct.
TAMMIE D. BRISCOE (Fayetteville) – By Consent, the Commission revoked the broker license of Ms. Briscoe effective March 1, 2007. The Commission found that Ms. Briscoe, acting as a buyer agent, assisted her customers in entering into a contract to purchase a house and lot for $65,000 from a corporation owned by Ms. Briscoe when the corporation did not, in fact, own the property, but only had a contract to purchase it for $46,500. The Commission further found that Ms. Briscoe did not disclose to her buyers that the corporation would make a profit on the sale, instead falsely leading her buyers to believe that they were purchasing the property from the Veterans Administration following a foreclosure. Finally, the Commission found that Ms. Briscoe loaned her buyers approximately $9,000 for the down payment without disclosing to the lender that the money was borrowed in contravention of the lender’s instructions.
SANDRA H. BUCKERY (Wilmington) – By Consent, the Commission suspended the broker license of Ms. Buckery for a period of six months effective April 1, 2007. The Commission then stayed the suspension for a probationary period of six months. The Commission found that Ms. Buckery, as listing agent for her own property, failed to disclose in writing to the agent of buyers who contracted to purchase the property, that the property had been previously clad in synthetic stucco. The Commission noted that Ms. Buckery has resolved the matter with the buyers to their satisfaction.
KEVIN T. BURGESS (Burlington) – By Consent, the Commission revoked the broker license of Mr. Burgess effective May 1, 2007. The Commission found that Mr. Burgess, as a broker and manager of a homeowners’ association, failed to keep the association’s funds in a trust account and also made unauthorized transfers of funds from the association’s deposit account.
CRAFT HOMES USA, LLC (Monroe) – By Consent, the Commission suspended the firm license of Craft Homes for a period of two years effective March 1, 2007. The Commission then stayed the suspension for a probationary period of five years. The Commission found that Craft Homes employed a broker-in-charge and salesperson who knowingly provided false information to lenders in various transactions between 2001 and 2003. Craft Homes terminated their employment and has fully cooperated with the Commission’s investigator in this matter.
TONYA W. DIXON (Greenville) – By Consent, the Commission reprimanded Ms. Dixon effective February 26, 2007. The Commission found that Ms. Dixon, acting as listing agent for a property in foreclosure, failed to assure that a buyer who contracted to purchase the property was aware of the foreclosure. The buyer was unable to make timely arrangements to purchase it.
RICHARD H. FLEMING (Garner) – By Consent, the Commission reprimanded Mr. Fleming effective June 1, 2007. The Commission found that Mr. Fleming acted as a buyer agent in a transaction where the buyer did not have sufficient funds to close; that at closing, the seller paid approximately $2,000 to the buyer, with the understanding that the buyer would reimburse the seller after closing; and that the loan was not disclosed on the closing statement. The Commission further found that the seller learned afterward that the payment outside closing was illegal and refused to accept the funds.
ROBERT F. FRANEK (Charlotte) – The Commission accepted the voluntary surrender of the broker license of Mr. Franek for a period of two years effective May 1, 2007. The Commission dismissed without prejudice allegations that Mr. Franek violated provisions of the Real Estate License Law and Commission rules. Mr. Franek neither admitted nor denied misconduct.
JEREMY W. HARDISON (Wilmington) – By Consent, the Commission suspended the broker license of Mr. Hardison for a period of 30 days effective February 28, 2006. The Commission then stayed the suspension for a probationary period of one year. The Commission found that Mr. Hardison failed to disclose on his 2004 application for a salesperson license two misdemeanor convictions. The Commission noted that Mr. Hardison did disclose these offenses on his 2005 broker license application.
DONNA HARVEY (Surf City) – By Consent, the Commission suspended the broker license of Ms. Harvey for a period of 90 days effective March 1, 2007. The Commission then stayed the suspension for a probationary period of one year. The Commission found that Ms. Harvey, while acting as broker-in-charge of a real estate brokerage firm, made no effort to review or oversee trust account procedures and therefore failed to detect significant trust account problems and shortages.
ROBERT H. HEWSON (Wilmington) – By Consent, the Commission revoked the broker license of Mr. Hewson effective February 26, 2007. The Commission found that Mr. Hewson, on November 8, 2005, pled guilty toDischarging a Weapon in Occupied Property, Violating a Domestic Protection Order, and First Degree Murder and was sentenced to life imprisonment without parole.
FRED A. HOFFMAN (Gastonia) – The Commission accepted the permanent voluntary surrender of the broker license of Mr. Hoffman effective April 1, 2007. The Commission dismissed without prejudice allegations that Mr. Hoffman violated provisions of the Real Estate License Law and Commission rules. Mr. Hoffman neither admitted nor denied misconduct.
HOFFMAN SALES & DEVELOPMENT (Gastonia) – The Commission accepted the permanent voluntary surrender of the firm license of Hoffman Sales and Development effective April 1, 2007. The Commission dismissed without prejudice allegations that the firm violated provisions of the Real Estate License Law and Commission rules. The firm neither admitted nor denied misconduct.
LUCY P. JACOBS (Mooresville) – By Consent, the Commission suspended the broker license of Ms. Jacobs for a period of one year effective December 15, 2006. One month was active with the remainder stayed for a probationary term of 11 months. The Commission found that Ms. Jacobs submitted false documentation to a lender for the purpose of obtaining commission draws which were not due at the time she specified and, in one case, obtained $20,000 when she knew there was no commission due her at all. The Commission noted that Ms. Jacobs has since repaid the debt she incurred.
ELIZABETH M. JONES (Oak Island) – By Consent, the Commission revoked the broker license of Ms. Jones effective March 1, 2007. The Commission found that Ms. Jones, who was bookkeeper and property manager for a firm acting as rental agent for owners of residential rental property, converted client monies in the firm’s care and trust to her own use.
GORDON B. JONES (Kitty Hawk) – By Consent, the Commission suspended the broker license of Mr. Jones for a period of two years effective February 1, 2007. One month of the suspension was active with the remainder stayed under certain conditions. The Commission found that Mr. Jones, as principal broker and broker-in-charge of a real estate brokerage firm, failed to accurately calculate earned commissions withdrawn from client monies in the firm’s trust accounts, was unable to calculate accurate trial balances and was required to adjust commission payments to bring the trust account books and records into balance. The Commission noted that no client or customer suffered any loss or inconvenience.
SHERRY D. JORDAN (West Jefferson) – By Consent, the Commission suspended the broker license of Ms. Jordan for a period of six months effective January 1, 2007. Two months were active with the remainder stayed for a probationary period of 10 months. The Commission found that Ms. Jordan, serving as dual agent for the purchase of two parcels of land by an agent in her office, failed to enter into a written buyer agency agreement with the buyer or get a Dual Agency Addendum signed. The Commission also found that, after the contract for purchase was signed, Ms. Jordan created a new, fictitious contract showing a price increase of $10,000 to enable the buyer to obtain a loan for a higher amount. Finally, the Commission found that at closing Ms. Jordan signed her commission check to the buyer without disclosing this to the lender or documenting it on the closing statement and also failed to inform the buyer of an easement existing on the property.
JOSEPH D. KAZNOWSKI (Cary) – By Consent, the Commission revoked the broker license of Mr. Kaznowski effective February 26, 2007. The Commission found that Mr. Kaznowski managed a residential property without the knowledge of the firm where he was associated or its broker-in-charge, and did not maintain a trust account for the handling of the funds he collected, instead depositing them in the account of an unlicensed corporation under his control. The Commission also found that Mr. Kaznowski failed to turn over at least $8,600 to the property owner, failed to account to the tenants for their $2,000 tenant security deposit, and failed to provide to the Commission trust account and other records pertaining to his management of the property. Finally, the Commission found that Mr. Kaznowski was convicted in 1998 and again in 2000 of Driving While Impaired (DWI),and failed to report the convictions to the Commission.
SAMUEL C. LAVERGNE (Charlotte) – The Commission accepted the permanent voluntary surrender of the broker license of Mr. Lavergne effective February 26, 2007. The Commission dismissed without prejudice allegations that Mr. Lavergne had violated provisions of the Real Estate License Law and Commission rules. Mr. Lavergne neither admitted nor denied misconduct.
RICHARD A. MAKEPEACE (Cashiers) – By Consent, the Commission suspended the broker license of Mr. Makepeace for a period of five years effective April 1, 2007. The Commission found that that Mr. Makepeace contracted to purchase for full price two parcels of real property listed for sale; before closing, he learned the value of the two parcels was significantly more than the list/contract price and failed to disclose the value of the property to his seller/clients. The Commission also found that Mr. Makepeace, prior to closing, received an offer to purchase one of the lots for a price significantly more than he agreed to pay for both lots and failed to disclose this offer to his seller clients. Finally, the Commission found that Mr. Makepeace used simultaneous closings and a straw buyer to purchase both lots from the sellers at the lower price and sell one lot to the true buyer for a significant profit.
LINDA DIANE MARTIN (Banner Elk) – By Consent, the Commission suspended the broker license of Ms. Martin for a period of six months effective June 1, 2007. The Commission then stayed the suspension for a probationary period of six months under certain conditions. The Commission found that Ms. Martin managed a rental condominium unit for a client and failed to discover significant damage to the unit by tenants, failed to renew a co-sign agreement despite the tenant’s erratic payment history, and used security deposit funds to make up a rent shortage without obtaining permission from the owner. The Commission also found that after the management agreement ended, Ms. Martin directed a payment due the owner be sent to herself and failed to release the funds to the owner for several months.
SHERRON MCNEIL-MOBLEY (Charlotte) – By Consent, the Commission suspended the broker license of Ms. McNeil-Mobley for a period of six months effective January 1, 2007. The Commission found that Ms. McNeil-Mobley, acting as a buyer-agent, engaged an unlicensed person associated with a mortgage firm to show a buyer properties for sale and to assist the buyer in negotiating an offer to purchase a house and lot. Further, the Commission found that when the transaction did not close, the unlicensed person arranged to have another person acquire the property without informing the seller or the seller’s agent.
JOHN S. MCQUEEN (Huntersville) – By Consent, the Commission suspended the broker license of Mr. McQueen for a period of one year effective January 1, 2007. Ninety days of the suspension were active with the remainder stayed for a probationary term. The Commission found that Mr. McQueen acted as a buyer agent and could not supply the Commission with a copy of any written buyer agency agreement or agency disclosure. The Commission also found that Mr. McQueen agreed to buy out the buyer’s lease upon her purchase of a particular property, a payment not permitted by the buyer’s lender in the transaction, and had the closing attorney’s paralegal note the payment on her copy of the closing statement, which was not supplied to the lender. The Commission noted that Mr. McQueen subsequently paid a portion, but not all, of the money to the buyer’s former landlord.
RICHARD C. MILLER (Harbinger) – The Commission accepted the voluntary surrender of the broker license of Mr. Miller for a period of two years effective March 1, 2007. The Commission dismissed without prejudice allegations that Mr. Miller violated provisions of the Real Estate License Law and Commission rules. Mr. Miller neither admitted nor denied misconduct.
MOUNTAIN RETREATS REALTY, INC. (Banner Elk) – By Consent, the Commission suspended the firm license of Mountain Retreats Realty for a period of six months effective June 1, 2007. The Commission then stayed the suspension for a probationary period of six months. The Commission found that Mountain Retreats Realty managed a rental condominium unit for a client and failed to discover significant damage to the unit by tenants, failed to renew a co-sign agreement despite the tenant’s erratic payment history, and used security deposit funds to make up a rent shortage without obtaining permission from the owner. The Commission also found that after the management agreement ended, Mountain Retreats Realty directed a payment due the owner be sent to itself and failed to release the funds to the owner for several months.
BETTY H. NANTZ (Mount Pleasant) – By Consent, the Commission revoked the broker license of Ms. Nantz effective March 5, 2007. The Commission found that Ms. Nantz’s real estate appraiser certificate was revoked by the North Carolina Appraisal Board in 2004 and that the Board’s decision was upheld in Superior Court and the North Carolina Court of Appeals. The Commission further found that the Board’s decision was based in part upon a finding that Ms. Nantz communicated appraisals in a fraudulent manner.
CYNTHIA A. NEWSOME (Grandy) – The Commission revoked the broker license of Ms. Newsome effective February 20, 2007. The Commission found that Ms. Newsome failed, within a reasonable time, to account for and remit trust money coming into her possession which belonged to others. The Commission also found that Ms. Newsome failed to keep adequate journals and ledgers or to reconcile them to her bank statements or to otherwise maintain adequate records of the transactions she handled for others. Further, the Commission found that Ms. Newsome was convicted of writing worthless checks, commingled money of her principals with her own and failed to maintain and deposit in a trust or escrow account all money she received as a real estate licensee. Finally, the Commission found that Ms. Newsome failed to make records available to the Commission for inspection and failed, as broker-in-charge of her firm, to properly maintain the trust or escrow account of the firm and the records pertaining thereto.
HEATHER NICHOLAS (Hampstead) – By Consent, the Commission revoked the broker license of Ms. Nicholas effective February 26, 2007. The Commission found that Ms. Nicholas, as broker-in-charge of a real estate brokerage firm, failed to ensure that deposit tickets adequately described the transaction in question, made no effort to review or oversee trust account procedures, and failed to detect significant trust account problems and shortages.
SHARON LEE PERKINS (Wilmington) – By Consent, the Commission suspended the broker license of Ms. Perkins for a period of one year effective February 26, 2007. The Commission then stayed the suspension and placed Ms. Perkins on probation. The Commission found that Ms. Perkins was convicted of Driving While Impaired (DWI) in July, 2006 and failed to report the conviction to the Commission within 60 days as required by Commission rule. The Commission noted that Ms. Perkins was convicted of Driving While License Revoked in October, 2006, and reported this conviction to the Commission as required.
JAMES V. PHIPPS (Sparta) – By Consent, the Commission suspended the broker license of Mr. Phipps for a period of two years effective April 1, 2007. Ninety days of the suspension are to be active with the remainder stayed for a probationary period of two years. The Commission found that Mr. Phipps failed to disclose on his 1994 license application various criminal convictions. The Commission also found that Mr. Phipps was convicted of seven more criminal offenses after being licensed as a broker and failed to report these convictions to the Commission despite the fact that he was required to do so.
JOSEPH S. REOPELLE (Raleigh) – By Consent, the Commission suspended the broker license of Mr. Reopelle for a period of two years effective April 1, 2007. Six months of the suspension were to be active with the remainder stayed for a probationary term. The Commission found that Mr. Reopelle failed to disclose various felony convictions in Alamance and Wake Counties’ courts between 2003 and 2004 as required by Commission rules.
GEOFFREY MICHAEL ROGERS (Newport) – The Commission accepted the voluntary surrender of the broker license of Mr. Rogers for a period of five years effective February 1, 2007. The Commission dismissed without prejudice allegations that Mr. Rogers violated provisions of the Real Estate License Law and Commission rules. Mr. Rogers neither admitted nor denied misconduct.
TERRY W. ROGERS (Youngsville) – By Consent, the Commission reprimanded Mr. Rogers effective May 1, 2007. The Commission found that Mr. Rogers failed to respond to a Letter of Inquiry from the Commission regarding a complaint by potential buyers of a VA foreclosure property when their offer was not accepted by the VA.
JOAN ELLEN RUSSELL (Asheville) – By Consent, the Commission suspended the broker license of Ms. Russell for a period of 12 months effective June 10, 2007. The Commission then stayed the suspension under certain conditions. The Commission found that Ms. Russell, acting as rental agent for the owner of a residential property, failed to obtain a written management agreement from the landlord, leased the property to tenants without performing a thorough investigation of their backgrounds, and collected a smaller security deposit than the landlord required.
RUSSELL PROPERTIES OF NC, INC. (Asheville) – By Consent, the Commission reprimanded Russell Properties effective July 1, 2007. The Commission found that Russell Properties, acting as rental agent for the owner of a residential property, failed to obtain a written management agreement from the landlord, leased the property to tenants without performing a thorough investigation of their backgrounds, and collected a smaller security deposit than the landlord required.
SEASIDE REALTY, INC. (Kitty Hawk) – By Consent, the Commission suspended the firm license of Seaside Realty for a period of two years effective March 2, 2007. The Commission then stayed the suspension under certain conditions. The Commission found that Seaside Realty failed to accurately calculate earned commissions withdrawn from client monies in the firm’s trust accounts, was unable to calculate accurate trial balances and was required to adjust commission payments to bring the trust account books and records into balance. The Commission noted that no client or customer suffered any loss or inconvenience.
MARK K. SELLERS (Raleigh) – The Commission accepted the voluntary surrender of the broker license of Mr. Sellers for a period of five years effective May 1, 2007. The Commission dismissed without prejudice allegations that Mr. Sellers violated provisions of the Real Estate License Law and Commission rules. Mr. Sellers neither admitted nor denied misconduct.
SOUTHCREEK LLC d/b/a/ SOUTHCREEK PROPERTIES (Burlington) – By Consent, the Commission revoked the firm license of Southcreek LLC effective May 1, 2007. The Commission found that Southcreek LLC, which managed a homeowners association, failed to keep the association’s funds in a trust account and also made unauthorized transfers of funds from the association’s deposit account.
ROBERT E. TAYLOR (Newland) – By Consent, the Commission revoked the broker license of Mr. Taylor effective May 1, 2007. The Commission found that Mr. Taylor failed to disclose on his 1999 salesperson license application convictions of a number of offenses against persons, property and the public peace. The Commission also found that Mr. Taylor, who was Clerk of Court of Avery County from 1984 until 2006, was convicted in 2006 of obstruction of justice and willfully failing to discharge his public duties.
DONNA TULL (Surf City) – By Consent, the Commission suspended the broker license of Ms. Tull for a period of 90 days effective March 1, 2007. The Commission then stayed the suspension for a probationary period of one year. The Commission found that Ms. Tull, as broker-in-charge of a real estate brokerage firm, made no effort to review or oversee trust account procedures and therefore failed to detect significant trust account problems and shortages.
THOMAS R. VALENT (Summerfield) – By Consent, the Commission revoked the broker license of Mr. Valent effective June 1, 2007. The Commission found that Mr. Valent failed to account for and deposit and maintain rents and security deposits belonging to his clients and their tenants in a trust account in accordance with Commission rules
JAMES ALSTON WEBB (Durham) – By Consent, the Commission suspended the broker license of Mr. Webb for a period of five years effective March 15, 2007. Three years of the suspension are to be active with the remainder stayed for a probationary period of two years under certain conditions. The Commission found that Mr. Webb was licensed as a salesperson in 2003 on probationary status following his disclosure of various past convictions, and while on probation with the Commission, was convicted in August, 2006, of Carrying a Concealed Weapon, and sentenced to 20 days in prison, suspended for 12 months’ unsupervised probation. The Commission noted that Mr. Webb disclosed the conviction as required.
This article came from the June 2007-Vol38-1 edition of the bulletin.
The Commission has published a new Q&A brochure – Questions and Answers on: Owning Vacational Rental Property – focusing on basic information that you should have if you or your clients intend to put property on the vacation rental market.
The brochure is now available for purchase at 25 cents a copy through the online publications order form on the Commission website or through an order form on the website and in this Bulletin that may be printed and mailed.
This article came from the March 2007-Vol37-3 edition of the bulletin.
Brokers-in-Charge will find expanded management resources through a new feature on the Commission’s website enabling them to track certain information about licensees affiliated with them or under their supervision.
The new “BIC Only” tab on the Commission’s home page, at www.ncrec.state.nc.us, provides access to a variety of current data relating to each licensee, a link to the online BIC Declaration Form, and a summary of the Broker-in-Charge’s continuing education credits.
By clicking on the “BIC Only” tab and entering their license number and PIN, the Broker-in-Charge will be able to view and print the following:
• A listing of all licensees for whom Commission records show as affiliated with or under the supervision of the Broker-in-Charge.
• The “level” of license for those listed (i.e., Provisional Transitional Broker (PBT), Provision Broker (PB) or Provisional Broker with a 2009 deadline for taking postlicensing courses (PB9). [See pages 8, 9 and 10 in this issue of the Real Estate Bulletin for further information on these “levels”.]
• The renewal date for each licensee.
• Continuing education credits for each licensee.
• Postlicensing education credits (if needed) for each licensee.
• A link to the Broker-in-Charge Declaration Form, which can be completed online or downloaded if a paper copy is preferred.
• A summary of the BIC’s continuing education credits (which are also available to the BIC through the Licensee Login and Licensees Only tabs on the Home page).
The Commission will continue to update this area to add more services to assist Brokers-in-Charge in the future.
This article came from the March 2007-Vol37-3 edition of the bulletin.
Joe L. Hodge, Jr., of Raleigh, and S. R. “Buddy” Rudd, Jr., of Oak Island, have been appointed to the Real Estate Commission by Governor Michael F. Easley, it was announced by Commission Chairman Raymond A. “Buddy” Bass, Jr.
Hodge is president of Hodge & Kittrell, Inc., a Raleigh real estate firm, and Rudd is a principal with Margaret Rudd & Associates, a real estate firm with offices in Oak Island and Southport.
The oath of office was administered to Hodge by State Supreme Court Chief Justice Sarah Parker in November and to Rudd by State Court of Appeals Chief Judge John C. Martin in January in the Commission’s Raleigh office.
Joe L. Hodge, Jr.
Hodge is a member and former President of the Raleigh Regional Association of Realtors and was named REALTOR® of the Year in 1996 by the Association.
He is a board member of Needham Broughton Capital Foundation and a former member of the Vestry of Christ Church, where he served as Junior Warden.
A Raleigh native and 1978 graduate of the University of North Carolina at Chapel Hill, Hodge and his wife, Anna Ball, have three daughters. Anna Ball, 22, is a 2006 graduate of Wake Forest University and currently works with Henredon Furniture Company in High Point. Elizabeth, 20, is a third-year student at the University of Virginia, and Josie, 16, is a junior at Broughton High School.
S. R. “Buddy” Rudd, Jr.
Active in the real estate industry for more than 20 years, he is currently a member of the Oak Island Planning Board and a director of the Southport-Oak Island Chamber of Commerce.
Rudd is a past chairman of the Brunswick County Democratic Party, past president of the Brunswick County Board of REALTORS® and REALTOR® of the year in 1998, and a past director of the North Carolina Vacation Rental Managers Association and North Carolina Real Estate Education Foundation.
In 2005, he was named to the North Carolina Association of REALTORS® Hall of fame and in 2002, received the REALTOR® Citizenship Award.
This article came from the March 2007-Vol37-3 edition of the bulletin.
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.
1. Prepare the trust account check. If the check is for one property ledger, record the applicable ledger on the memo line.
2. If the check pertains to more than one property/owner ledger, prepare a Supplemental Disbursement (check) Worksheet to detail the property, purpose and amount of the check. This is the basis for an audit trail to the journal and property legders.
3. Record the check on the journal. Calculate and record the running journal balance.
4. Post the information on the supplemental disbursement (check) worksheet onto the individual property ledger sheets. Calculate and record the running balance on each property ledger sheet.
5. Reconcile all the individual property ledgers to the journal (i.e., add up the ending running balances on the ledgers and compare to the ending journal balance for agreement).
This article came from the March 2007-Vol37-3 edition of the bulletin.
The Commission regrets the passing of Commission member and former Chairman Allan R. Dameron of Brunswick County.
During his seven years of service to the Commission, Allan was elected as Chairman in 2002 and again in 2003, the first time since 1977 that a Chairman had been reelected for two consecutive terms.
Allan’s commitment to the work of the Commission and its role in the real estate industry was exceptional. The members and staff extend their sincere sympathy to his family and friends.
This article came from the March 2007-Vol37-3 edition of the bulletin.