Len Elder, Director of Education and Licensing, with members of the Education staff, attended the virtual 2024 NC Real Estate Educator Association (NCREEA) Fall Conference. The all-day event included sessions on how educators can assist brokers understand and comply with changes to agency and compensation forms in light of the pending NAR settlement.
Mr. Elder and his staff led a townhall-type session to clarify that the proposed changes to standard REALTOR® forms and best practices are not in conflict with NC License Law and Commission rules which set the minimum requirements for real estate brokerage in North Carolina. Clarification was made that compliance changes proposed by NC REALTORS® do not require any state law or Commission rule changes.
Discussion was also lively regarding agency practices such as subagency, co-brokerage fees, and brokers allowing third parties to show property or hold open houses for the brokers’ clients. Caution was strongly advised in the use of third parties, some of which do not hold active NC broker licenses, and even if licensed, may not have the necessary authority.