Commission Proposes Rule Amendments

 

The Real Estate Commission is proposing to amend its rules. If amended, the changes would become effective April 1, 2004, except for the proposed amendment regarding license renewal. Following is a summary of the amendments:

Property Management
Require that property owner association management agreements be reduced to writing and clarify that persons who engage in property management may have automatically renewable agreements, even if they did not procure the tenant.

Broker-in-Charge
Exempt from the Broker-in-Charge course any nonresident BIC who does not operate an office in North Carolina and clarify the BIC exemption for subchapter S firm licenses.

License Renewal
Change the license renewal fee to $45 (effective January 1, 2005).

License Reinstatement
Revise to conform to statutory changes and set forth other requirements for reinstatement of a suspended license. (Visit the Commission website for further details).

Business Entities
Revise the current rule to streamline the firm license application process.

License Exams
Eliminate the paper and pencil exam. Allow license applicants 180 days to take the test, clarify procedures for failing candidates to re-file through the computer testing service and stipulate a waiting period of 10 days to retake the test.

Pre-Licensing and Continuing Education
Require broker license applicants who apply after the first renewal of their salesperson license to complete the current continuing education Update course and one elective course during the license period in which the application is filed.

Prohibit continuing education course instruction from May 20 to June 30 and revise the course reporting requirements.

Allow digital video recordings (DVDs) and other media to be used in lieu of VHS videotape for instructor applicants.

Authorize Commission to deny or withdraw approval of a course or sponsor upon finding that the sponsor has made false statements or presented incomplete information in its application for approval.
Require the presence of one instructor or sponsor staff person for each 50 students in a continuing education class.

Comments Welcome
The Commission welcomes your comments regarding the proposed rule changes. Please send them to the Commission’s offices in care of rulemaking coordinator Pamela Millward, 1313 Navaho Drive Raleigh, NC 27609. If you prefer, you may voice your opinions at the rulemaking hearing scheduled for November 13, 2003 at 9 a.m. at the Commission office.