Do I Need a Firm License?

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.