Appendix C

Question 1

Real Estate Broker

Answer 1

any person, partnership, corporation, LLC, association, or other business entity who for compensation

• lists or offers to list
• sells or offers to sell
• buys or offers ot buy
• auctions or offers to auction (not crier of sales)
• negotiates the purchase or sale exchange of real estate.
• leases or offers to lease

Question 2

Broker in Charge (BIC)

Answer 2

supervises brokers on provisional status

• administrtive and supervisory duties.
• Broker must have 2 years of full time real estate brokerage exp or = part time real estate brokerage experience within previous 5 years.
• classroom instruction not to exceed 12 hours.

Question 3

Provisional Broker

Answer 3

real estate broker who pending aquisition and documentation to the Commission, must be supervised by a broker in charge when performing any act for which a real estate license is requred.

• does not apply to powers of attorney or to a salaried person employed by a real estate broker.
• any individual owner that personally leases or sells their property.

Question 4

North Carolina Real Estate Commission

Answer 4

Nine Members
* 7 appointed by Gov
* 1 appointed by General Assembly
upon recommendation of President Pro
Tem
* 1 appointed by General Assembly upon
recommendation of the House of Rep
* 3 members will be licensed real estate brokers
*2 members will be not involved in any real estate
* 3 year staggered terms so that three members expire in one year, consecutively.
* Commission shall make rule and regulations with provisions, but may not make rules or regulations regulating commissions, salaries, or fees to be charged by licensees.
* authorized to acquire, hold, convey, rent, encumber, alienate, and otherwise deal with real property in the same manner as a private person or corporation.

Question 5

Application for licensees; fees, qualifications; examinations; privilege licenses,; renewal or reinstatement of license; power to enforce provisions.

Answer 5

Must be 18 years of age
complete 75 hours within 3 years of application
Pay a fee of $30
complete 90 hrs of post licensing classwork within 3 years in order to get provisional status dropped.
All licenses expire June 30th.

Question 6

Application for licensees; fees, qualifications; examinations; privilege licenses,; renewal or reinstatement of license; power to enforce provisions.

Answer 6

Must be 18 years of age
complete 75 hours within 3 years of application
Pay a fee of $30

Question 7

Disciplinary Action of Commission, following a hearing

Answer 7

suspend or revoke a license

• making a willful or negligent misrepresentation or any willful or negligent omission of material fact.
• pursuing a course of misrepresentation or making of false promises through agents, advertising, or otherwise.
• acting for more than one party in a transaction without the knowledge of all parties for whom he or she acts. (undisclosed dual agent)
• accepting a commission or valuable consideration as a real estate broker on provisional status from any person except his or her BIC or licensed broker by whom they are employed.
• representing or attempting to represent a real estate broker other than the broker by whom he or she is engaged or associated, without the express written consent of the broker they are assoc with.
• Failing within a reasonable time to acct for or remit any monies coming into their possession which belongs to others.
• Endanger the public
• Paying a commission to anyone for acts in violation
• improper, fraudulent, dishonest dealings
• commingling money
• failing to deliver within 5 Days a completed copy of purch agreement or offer to buy and sell real estate.
• failing to deliver closing statement
• violating any rule adopted by commission.

Question 8

Disciplinary Action

Answer 8

suspend or revoke a license

• making a willful or negligent misrepresentation or any willful or negligent omission of material fact.
• pursuing a course of misrepresentation or making of false promises through agents, advertising, or otherwise.
• acting for more than one party in a transaction without the knowledge of all parties for whom he or she acts.
• accepting a commission or valuable consideration as a real estate broker on provisional status from any person except his or her BIC or licensed broker by whom they are employed.
• representing or attempting to represent a real estate broker other than the broker by whom he or she is engaged or associated, without the express written consent of the broker they are assoc with.
• Failing within a reasonable time

Question 9

Disciplinary Action

Answer 9

• licensee has obtained a license by false or fraudulent representation
• convicted, plead guilty, or no contest
  false swearing, misrepresentation, deceit, extortion, theft, bribery, embezzlement, false pretenses, fraud, forgery, larceny, misappropriation of funds or property, perjury, or any offense showing professional unfitness
• violated any of the provisions when selling, leasing, or buying the licensees own property.
  *brokers unlicensed employee exempt from provisions, has engaged in any act that would be a violation of the broker doing.
• licensee who is also licensed as an appraiser, attorney, home inspector, mortgage broker, general contractor, or member of another licensed profession or occupation, has been disciplined for an offense under any law involving fraud, theft, misrepresentation, breach of trust or fiduciary responsibility or willful or negligent malpractice.
  *