By Gary R. Caddell
Senior Auditor/Investigator, Training Officer
Have you ever asked yourself questions like those in this article? Do you know the answers? If not, there’s a place where you can get the answers and much more. Plus, you will earn continuing education credit. All you need to do is register for the Real Estate Commission’s “Basic Trust Account Procedures” and “Trust Account Procedures for Resort Property Managers” courses.
The schedule for the Spring 2005 Trust Account Caravan offers twelve “Basic Trust Account Procedures” courses and four “Trust Account Procedures for Resort Property Managers” courses at the following locations: Asheville, Fayetteville, Greensboro,Greenville, Huntersville, Kill Devil Hills, Murphy and Wilmington. You can register on line (it’s faster), or use the registration form in this issue of the Bulletin (See page 10). Each course counts as four hours of elective continuing education credit.
The “Basic Trust Account Procedures” course emphasizes instruction on the preparation and maintenance of trust account records and the reconciliation process. It covers the Commission’s rules on handling and accounting of trust funds in detail, and also covers related topics, such as the Tenant Security Deposit Act. This class is a must for brokers-in-charge and bookkeepers. (Unlicensed bookkeepers are welcome.)
The “Trust Account Procedures for Resort Property Managers” class is designed to assist resort property managers with the complicated process of maintaining trust account records on vacation rentals. This course will also cover recent recommendations from the Real Estate Commission concerning changes to the Vacation Rental Act. Since this course focuses on issues specific to resort property management, the Commission recommends that you attend the Basic course prior to attending the Resort course. The Resort course is only offered during the Spring Caravan, so don’t miss it!
The Spring 2004 Trust Account Caravan was very successful, with a total of 531 attendees. Since demand is expected to remain high, we encourage you to register early to ensure your spot at the Spring 2005 Trust Account Caravan.
Commission Initiates Rulemaking Process
The Real Estate Commission at its October meeting agreed to commence the rulemaking process.
The Commission will consider changes in rules relating to agency agreements and disclosures, proof of licensure, advertising, handling and accounting of funds, offers and sales contracts, business entities and continuing education.
A public hearing will be scheduled, most likely in January, once specific text for these rules has been developed. Licensees should visit the Commission’s website, www.ncrec.state.nc.us, for further information.
This article came from the November 2004-Vol35-2 edition of the bulletin.