Question Corner: NCREC’s Most Frequently Asked Questions
Question: Can I renew my license before May 15?
Answer: No. By law, the annual renewal period for your real estate license begins at midnight on May 15 and ends at 11:59 PM on June 30. Therefore, brokers cannot renew their licenses any earlier. If a broker fails to renew their license during May 15th-June 30th, their license will expire.
Brokers must pay a $90 fee between July 1 and December 31 to reinstate an expired license. If you are a broker and fail to reinstate by December 31, after that, you will need to submit a new application, along with the application fee and a criminal background report. Additionally, you may be required to complete extra education or pass the state licensing exam. For more details, visit the Commission’s license reinstatement page.
Question: Do I have to renew my firm license?
Answer: As the Qualifying Broker (QB) for your firm, it’s crucial to renew the firm’s real estate broker license annually between May 15th-June 30th. According to Commission Rule 58A .0502(g)(2), the QB is responsible for this renewal.
Failure to renew the firm’s license by the deadline results in significant administrative changes:
- Brokers Associated with the Firm (not on provisional status): Their records will be updated to reflect their home addresses, effectively removing their association with the firm.
- Provisional Brokers: They will be placed on inactive status, restricting their ability to engage in brokerage activities.
These changes can disrupt your firm’s operations and the professional activities of your affiliated brokers. To avoid these complications, please ensure timely renewal of the firm’s license each year.