Beginning July 1, most former brokers-in-charge can be re-designated as brokers-in-charge without first completing the Broker-in-Charge Course; however, within 120 days following their re-designation they must complete either the 12-hour BIC Course or, if they have completed the BIC Course within the past three years, the 4-hour Broker-in-Charge Annual Review Course.
Currently, a broker-in-charge must complete the course prior to re-designation.
The Commission found that when BICs lose their BIC status (usually due to their failure to complete all required CE or to renew their licenses on time), the offices they supervise are effectively shut down until the broker can take the BIC Course.This may require a few weeks’ wait and possibly considerable travel.
The revised rule allows the former brokers-in-charge to re-designate themselves immediately after reinstating the expired licenses (if applicable), satisfying any CE deficiency and re-activating their licenses. They then have 120 days to complete the BIC Course (or, if eligible, the BICAR Course).
Of course, they must also be able to certify on a new Broker-in-Charge Declaration that they have two years’ full-time brokerage experience within the past five years. Remember, always check with the Commission to verify the specific requirements for your particular situation!
Brokers-in-charge who do not satisfy their education requirement within 120 days following designation or re-designation are removed as BIC and must complete the 12-hour BIC Course prior to requesting to again be designated, even if the course was completed within the preceding three years.
A related rule revision reserves the BICAR Course exclusively for currently designated BIC’s and brokers who are “BIC eligible” (former BIC’s who have continuously maintained an active license and taken the BICAR Course each year). Other brokers attending the BICAR Course will not receive any CE elective credit for it. A Certificate of Eligibility (verification of BIC status) can be obtained from the Commission’s website.
A further rule revision exempts from the broker-in-charge requirement sole proprietor brokers who hold tenant security deposits only in a trust account for properties they personally own.
This article came from the May 2009-Vol40-1 edition of the bulletin.