2005-2006 Update Course Covers

Changes to Law, Commission Rules

The 2005-2006 Update Course, mandatory for licensees as part of their continuing education requirement, covers:

• Changes to the Real Estate License Law creating a single class of “Broker” license, converting salesperson licenses to “provisional broker” licenses, increasing education requirements, and mandating more experience and training for brokers-in-charge. (See page nine in this issue of the Bulletin for a summary of key changes to the law, which takes effect April 1, 2006, and page eight for answers to frequently asked questions.)

• A new procedure allowing brokers holding disputed funds to pay the funds to the Clerk of the Court after notice to the parties.

• Commission Rule changes effective July 1, 2005, as well as revisions to standard forms of the North Carolina Association of REALTORS®.

• Discussions of radon gas and why purchasers of property should have a current survey.

• Commission rule governing real estate advertising including matters such as owner consent, “blind” ads, identification of individuals and companies, Truth-in-Lending and Fair Housing restrictions and “Do Not Call” and “Do Not Fax” laws.

All continuing education for the current licensing year that began July 1 must be taken on or before June 10, 2006. Education course sponsors are not permitted to offer courses for CE credit between June 11 and June 30 of each year to allow time for sponsors to file reports to the Commission and for the Commission to process them.

Licensees are encouraged to take the Update Course earlier rather than later in the license year. The CE schedule indicating course locations and dates for the period through December is available on the Commission’s website, www.ncrec.state.nc.us.