Have you created an LLC, corporation, partnership, or other type of business entity for your brokerage business or for receiving compensation? If so, you need to apply for a firm license.
To complete a firm license application, you must:
- provide the registered legal and assumed name(s) for the entity;
- provide the SOSID assigned by the NC Secretary of State (not applicable for partnerships);
- provide physical and mailing addresses for all office locations;
- designate a Qualifying Broker (QB)*; and
- designate a Broker-in-Charge (BIC) for each office location.
*Commission Rule 58A .0502 dictates that a firm must have one principal who holds a broker license on active status in good standing; that broker must serve as the qualifying broker (QB). The QB is responsible for:
- designating and assuring that there is a BIC for each office location;
- renewing the real estate broker license of the entity each license year;
- retaining the firm’s pocket card at the firm;
- notifying the Commission of any change of business address or legal or trade name of the entity:
- notifying the Commission of their change of status as qualifying broker;
- securing and preserving the transaction and trust account records of the firm whenever there is a change of the broker-in-charge;
- retaining and preserving the transaction and trust account records of the firm upon their termination as qualifying broker;
- notifying the Commission if, upon the termination of their status as qualifying broker, the firm’s transaction or trust account records cannot be retained or preserved; and
- notifying the Commission regarding any revenue suspension, revocation of authority, or administrative dissolution.
To apply for a firm license, go to www.ncrec.gov and click on Apply for a Firm License.
If you have further questions about the firm licensing process, contact the Education and Licensing Division at 919.875.3700.