Get ready! Get set! Renew! It’s time once again to renew your real estate license. To help you do so quickly and conveniently, the Commission’s Web site, www.ncrec.gov, will be available for online renewing starting May 15.
The annual fee for the 2010-11 license remains at $40, one of the lowest in the nation, and is payable using MasterCard, Visa or Discover Card.
To renew online, log in at the Web site and go to Renew/Reinstate and enter your license number and PIN (personal identification number). Unless changed, your PIN will be the last four digits of your Social Security number, which you should have already provided the Commission.
Once your renewal is accepted, you will receive a confirmation to print and retain for your records. While online, update your email, fax and residence addresses, if needed.
The deadline for renewal is midnight, June 30 (EDT). If you renew by mail, your renewal must be received by the Commission on or before that date.
If you miss the deadline, your license will expire effective July 1 and you must pay a $55 fee to reinstate it prior to December 31. After that date a new application, background report, and fee are required. You may also be required to complete additional education or pass the examination at the time of reinstatement.
It’s a good idea while on the Commission Web site to check your continuing education and postlicensing credit information to be certain they are correct.
Allow 15 days for any CE credits to be reflected. The CE credits displayed on the label of this Real Estate Bulletin are those posted about two to three weeks prior to its arrival. Those posted on the Web site will be more current.
Is your continuing education complete? You need eight hours, four of which are the mandatory, annual Update Course.
If your CE is not complete, you have until June 10 to make the deadline. No CE classes are given from June 11 through June 30. Incomplete CE results in a change in your “active” license status to “inactive” on July 1.
This article came from the May 2010-Vol41-1 edition of the bulletin.
Janet B. Thoren has assumed the position of Assistant Director, Legal Counsel, Legal Services Division. She was formerly Chief Deputy Legal Counsel,
Charlene D. Moody has assumed the position of Chief Deputy Legal Counsel, Legal Services Division. She was formerly Deputy Legal Counsel.
This article came from the May 2010-Vol41-1 edition of the bulletin.
Following are changes in Commission rules that become effective July 1, 2010:
• Amend question #15 on the Residential Property Disclosure Form for home sellers to disclose whether their properties are affected by commercial, industrial, or military noise, odor, smoke, etc.;
• Allow postponement and completion of continuing education, Broker-in-Charge, and postlicensing courses, and the payment of license renewal fees for brokers and renewal of licensure/approval for brokers and instructors who are members of the United States armed forces serving in combat or in presidentially-declared disaster areas; and
• Clarify when and under what circumstances students in the Broker-in-Charge Course and in all continuing education courses may be absent during the scheduled classroom hours and still receive continuing education credit for attending the course.
This article came from the May 2010-Vol41-1 edition of the bulletin.
Are you a qualifying broker and/or broker-in-charge? Just a few minutes on the Commission’s Web site, www.ncrec.gov, will save you many hours of catch-up and correction and spare you a significant negative impact on your business during this license renewal period.
Qualifying brokers are responsible for the firm’s license along with their own. Brokers-in-charge must see that all agents associated with the firm have renewed between May 15 and June 30 and have completed their CE by June 10.
Your failure as a qualifying broker to renew your own license or timely complete CE will result in your firm’s license being placed on inactive status. Because an inactive firm cannot have agents associated with it, all agents’ records will be changed to reflect their home addresses and no firm affiliation. All provisional brokers will be placed on inactive status.
Brokers-in-charge can easily and quickly ascertain the status of each associated agent through the “BIC Only” tab on the Commission Web site. Log in with your license number and PIN (the last four digits of your Social Security number) to view and print the following:
• Your personal information.
• All licensees shown in the Commission’s records as being affiliated with you or under your supervision.
• The “level” of their licenses – “PB” (Provisional Broker), or “B” (Broker).
• The renewal date of each license; and
• Licensees’ continuing education and postlicensing credits.
As a broker-in-charge, you want to avoid having a supervised agent conducting real estate brokerage with an expired or inactive license, as it may result in your being subject to possible disciplinary action.
This article came from the May 2010-Vol41-1 edition of the bulletin.
The Real Estate Commission has named Miriam J. Baer as Executive Director; it was announced by Commission Chairman Marsha H. Jordan.
Baer assumed the position April 1 following a five-month national search.
She succeeded Phillip T. Fisher, who retired after more than 34 years’ service with the Commission.
A native of Lawrence, Kansas, Baer was graduated Summa Cum Laude from the University of Kansas. After receiving her J.D. degree from the University of North Carolina School of Law in 1984, she entered private practice with a Raleigh law firm.
Baer joined the Commission in 1987, as its first Examination Coordinator. Most recently, she held the position of Legal Counsel and Assistant Director of the Legal Services Division.
A long-time instructor in Meredith College’s Paralegal Program, she authored the textbook, “Legal Research in North Carolina.”
Baer is a member of the Real Property Section Council of the North Carolina Bar Association and is currently chair of the Bar Association/North Carolina Association of REALTORS® Joint Forms Committee.
Baer is excited about assuming a new role for the Real Estate Commission overseeing the licensing and regulation of more than 100,000 real estate brokers and firms in North Carolina.
This article came from the May 2010-Vol41-1 edition of the bulletin.
To do business legally in North Carolina, real estate firms (corporations, limited liability partnerships and limited liability companies) must remain current, active, and in good standing with the North Carolina Secretary of State and the Department of Revenue.
Firms may verify their compliance by visiting the North Carolina Secretary of State’s Web site, www.secretary.state.nc.us/corporations, and searching their firm name. The site will note whether the firm is “Current-Active”, whether there is a problem that needs to be addressed (e.g., “On Notice”), or if the firm has been suspended, cancelled or dissolved.
The Commission has instituted an ongoing audit of real estate firms to verify compliance and to assist those that have not fully met the state’s requirements.
If firms do not satisfy requirements to remain in good standing yet continue to act as real estate brokers, they may face disciplinary action by the Real Estate Commission.
Further, if a firm does not regain good standing within a reasonable period of time, its real estate license will be cancelled.
When license cancellation occurs, the following changes to licensee records and status are made:
(1) Brokers-in-charge lose their designation as brokers-in-charge (but not their eligibility to be re-designated);
(2) The licenses of provisional brokers with the firm are placed on inactive status; and
(3) The addresses of record of all brokers and provisional brokers affiliated with the firm are changed to their residence addresses.
If a company later satisfies the requirements of the Secretary of State and the Department of Revenue to do business in North Carolina, its qualifying broker must then file an application and pay a $55 fee to the Real Estate Commission to reinstate its real estate firm license and must designate a broker -in-charge for each office.
Each broker-in-charge must then complete and file forms for each broker and provisional broker who wishes to re-affiliate with the company.
These procedures can be both time-consuming and costly. Thus, be sure to keep your firm in compliance by timely filing annual reports with and paying fees due to the Secretary of State and Department of Revenue every year.
This article came from the May 2010-Vol41-1 edition of the bulletin.
Information Officer
Information Officer – Beginning Salary Range $35,213 – $42,256, depending upon experience. Persons in this position respond to telephone and written inquiries from real estate licensees and to complaints and inquiries from real estate consumers relating to the Real Estate License Law, the Commission’s rules and positions, and general brokerage practices. Minimum qualifications include a bachelor’s degree (preferred), real estate license and one or more years of experience in general real estate brokerage (required). Must reside in Raleigh or vicinity.
An application is available on the Commission’s Web site at www.ncrec.gov or from the Commission office at P.O. Box 17100, Raleigh, NC 27619. Application deadline is June 10, 2010.
North Carolina Real Estate Commission is an Equal Opportunity Employer
This article came from the May 2010-Vol41-1 edition of the bulletin.
An enthusiastic crowd of real estate instructors, school officials and publisher representatives attended the 2010 Real Estate Educators Conference held in Raleigh on March 22-23, 2010. The Commission-sponsored meeting drew 214 participants from across the state for this year’s event.
Lisa McQuillen, Education and Licensing Officer, kicked off the conference with an explanation of proposed rule revisions impacting the prelicensing and postlicensing programs. She also recognized prelicensing schools and instructors whose students had exhibited outstanding performance on their license examinations.
Anita Burt, Education and Examination Officer, followed with an update on the new prelicensing end-of-course examinations recently developed by the Commission and made available to schools. She also explained the Commission’s decision to utilize a special closing statement worksheet rather than the recently revised HUD-1 form on the license examination, Contracts and Closing course examination and new prelicensing course examinations.
Additional “update” sessions filled the remainder of the first morning’s program.
Director of Education and Licensing Larry Outlaw, discussed various issues concerning the North Carolina Real Estate Manual and upcoming revisions to the postlicensing course syllabi. Pamela Rorie, Continuing Education Officer, discussed proposed rule amendments impacting the continuing education program and other information of particular interest to continuing education sponsors and instructors.
During the luncheon, the North Carolina Real Estate Educators Association (NCREEA) held its spring meeting officiated by President Tim Terry. The traditional awards presentation was conducted by Immediate Past President John Carroll.
The Association presented its “Program of the Year” award to Elizabeth Whitcraft for her continuing education elective course, Resort Property Management: Short Term Vacation Rentals, and its “Educator of the Year” award to Deborah Carpenter, DREI, of the J. Y. Monk Real Estate Training Center. Gary Taylor, long-time director/instructor with the Mingle School of Real Estate, was presented the “Emeritus” award in recognition of his many years of service to real estate education in North Carolina, including two terms as NCREEA President.
Also during the luncheon, Commission Chairman Marsha H. Jordan presented the Commission’s Billie J. Mercer Excellence in Education Award to NCREEA’s Educator of the Year Deborah Carpenter. This award is presented annually in memory of former Commission member and chairperson, Billie Mercer, who was especially dedicated to the cause of real estate education. The name of each year’s award winner is engraved on the Mercer Award cup that is displayed in the Commission’s lobby. Other Commission members in attendance for the presentation were Buddy Rudd, Alice Mosteller and Vic Knight.
The finale of the NCREEA Awards presentation featured instructor Bill Gallagher who recognized outgoing Real Estate Commission Executive Director Phillip T. Fisher for his 34 years of service to the Commission and his enthusiastic promotion of quality real estate education.
Following the luncheon, Cynthia DuRant, Housing Program Specialist with the U. S. Department of HUD, discussed RESPA reforms and the new Good Faith Estimate (GFE) form. A review of the revised HUD-1 form was conducted by local attorney Katherine Wilkerson.
The first day concluded with presentations by Bill Trull, Bill Gallagher, Chris Barnette and Sue Wehner. These veteran instructors shared suggestions and techniques for conducting CMA and square footage exercises in the Broker Relationships and Responsibilities postlicensing course.
To begin the second day, instructors Matt Davies and Vicki Ferneyhough discussed teaching techniques which may be used in teaching the “Introduction to Commercial Real Estate “and “Residential Property Management” subject areas in theSelected Topics course. George Bell then gave a presentation on the major changes planned for the Offer to Purchase and Contract form that is jointly approved by the North Carolina Association of REALTORS® and the North Carolina Bar Association. Several members of the Joint Forms Committee were also present and assisted with the presentation.
The conference concluded with the popular “Legal Update and Open Forum” featuring Commission Legal Counsel Tom Miller and Information Officer Jean Hobbs, who answered questions from conference participants.
The Commission thanks North Carolina’s real estate educators for their continued support and congratulates Deborah Carpenter, Elizabeth Whitcraft and Gary Taylor for their achievements.
This article came from the May 2010-Vol41-1 edition of the bulletin.
The 2011-12 edition of the North Carolina Real Estate Manual will be published in December 2010 to replace the current 2008-09 edition.
Delaying publication will permit inclusion in the new edition of information about changes in mortgage financing, the HUD-1 closing statement (see the article about HUD-1 changes in the January 2010 Real Estate Bulletin), the North Carolina Association of REALTORS®/North Carolina Bar Association Offer to Purchase Contract form and other matters important to real estate practice.
This article came from the May 2010-Vol41-1 edition of the bulletin.
Commission procedures for handling letters of inquiry/complaints, common mistakes in trust account management, and miscellaneous situations that can lead to sanctions will be covered in the 2010-2011 Broker-in-Charge Annual Review(BICAR) course.
Examples of actual cases will be presented involving licensee failure to respond to Commission inquiries, Commission audit procedures including a broker’s duty to make records available will be outlined, and criminal conviction and disciplinary action reporting requirements also will be discussed.
An overview of basic trust account requirements will include a review of the rules pertaining to trust account maintenance and recordkeeping, as well as such common mistakes as failure to supervise the person keeping records and to perform monthly reconciliations. BICs who are confused about the record keeping or reconciliation process should consider attending the Basic Trust Account Course.
Miscellaneous fact situations drawn from actual disciplinary cases will be presented, followed by questions to stimulate discussion as to what violations may have occurred and how they may have been avoided.
Finally, there will be a brief review of BIC qualification requirements, broker-in-charge eligibility, and how to regain eligibility once lost.
All BICs and former BICs who wish to retain BIC-eligibility must take the BICAR course as their elective each year, beginning the first full license period following initial designation and each license period thereafter.
This article came from the May 2010-Vol41-1 edition of the bulletin.