Following a public hearing on May 12, 1993, the Real Estate Commission voted to amend
and adopt certain rules which affect brokers and salesmen, appraisers, general brokerage,
and real estate and appraisal education. These rules, contained in Title 21, Chapter 58 of
the N.C. Administrative Code, became effective July 1, 1993.
Major provisions of the rules which were amended and adopted, as summarized by Commission
Consumer Protection Officer Anita R. Burt, are as follows:
A. 0104 LISTING CONTRACTS
provides that written buyer brokerage agreements, like written listing agreements, shall
exist for a definite period of time, and requires the following anti - discrimination
provision in all written listing and buyer brokerage contracts:
The broker shall conduct all his brokerage activities in regard to this agreement without respect to the race, color, religion, sex, national origin, handicap or familial status of any buyer, prospective buyer, seller or prospective seller.
A. 0107 HANDLING AND ACCOUNTING OF FUNDS
requires that bank statements as well as checks and deposit slips bear the words
"trust account" or "escrow account. "
A. 0110 BROKER - IN - CHARGE
requires brokers to verify experience of salesmen under their supervision who may apply
for a broker's license on the basis of two years' experience. [See
A.0506.]
A. 0506 SALESMAN TO BE SUPERVISED BY BROKER
requires that upon termination of a broker's supervision of a salesman, the broker
shall give the salesman a written statement describing the salesman's experience under the
broker's supervision.
C. 0207 FACILITIES AND EQUIPMENT
deletes the provision regarding access by handicapped persons to facilities at private
real estate schools. [Related topics to be covered in proposed new Rule C. 0219.1
C. 0305 COURSE SCHEDULING
restructures the provisions in the rule so that for appraiser pre - licensing and pre - certification courses, the maximum number of classroom hours in a day is increased from six to eight and the maximum number of classroom hours in a seven - day period is increased from 18 to 30.
D. 0203 LICENSE AND CERTIFICATE RENEWAL
provides that applicants for renewal of appraiser licenses or certificates obtained by
reciprocity must verify that the applicant is currently licensed or certified in good
standing in the state upon whose qualification requirements the reciprocal license or
certificate was granted.
D. 0204 CONTINUING EDUCATION
clarifies that appraisal continuing education courses must have been completed within
the immediately preceding licensing period; clarifies that between July 1 and June 30 of
any given year, courses taken to satisfy the requirements of a higher level of
certification may not be applied toward the continuing education requirements; and
provides that teachers of approved continuing education courses may receive credit as if
they had taken the course.
D. 210 TEMPORARY PRACTICE
deletes the reference to a required fee for appraisers for which there is no statutory
authority.
A. 0304 QUALIFYING EXPERIENCE FOR BROKER APPLICANTS
sets forth specific experience requirements for broker applicants who wish to be
examined on the basis of two years' experience as a licensed salesman; and provides that
experience obtained in violation of law or rule may not be recognized as fulfilling the
experience requirement for licensure.
C. 0219 ACCOMMODATIONS FOR PERSONS WITH DISABILITIES
clarifies the responsibilities of private real estate schools regarding access to programs and facilities by handicapped persons.
* * *
The Commission also recently approved amendments to three time share rules. Following are summaries of the amended rules, which clarify procedures and provisions when there are one or more existing registered developers at a time share project:
B. 0101 APPLICATION FOR REGISTRATION
adds a provision which sets forth conditions under which more than one developer at a project may apply to the Commission for registration.
B.0201 GENERAL PROVISIONS
adds an additional disclosure requirement on the public offering statement.
B. 0301 PROOF OF CANCELLATION
adds a provision regarding developers' responsibilities for handling notice of cancellation.
The Commission's action followed a public hearing on June 17. The amendments went into effect on August 2