The North Carolina Court of Appeals has ruled that the Real Estate Licensing Board has power to discipline licensees for misconduct when they sell property owned by a corporation in which the licensee owns stock.

The decision arose in an appeal filed by Shirley T. Cox of Sanford, after the Board revoked her broker's license. She argued that the Board lacked jurisdiction to discipline her because she was selling her own property and not acting as a broker for others. The court held that a corporation is a separate and distinct entity from its stockholders, and that Mrs. Cox was selling property owned by an entity different from herself.

The court also noted that after the case arose, the General Assembly amended the license law to permit the Board to discipline licensees for misconduct incurred in the sale of property owned by them. Thus, the "owner exemption" on which Mrs. Cox attempted to rely is no longer available to any licensees.

The North Carolina Suprem Court denied Mrs. Cox's petition for further review.