Re-printed below are recent amendments to the Rules and Regulations of the North Carolina Real Estate Licensing Board together with explanatory remarks. These amendments were adopted following a rule-making hearing held in the office of the Board on January 20, 1983. Notice of the rule-making hearing was published in the previous issue of the Real Estate Bulletin. These changes will become effective September 1, 1983.
.0102 Branch Office
In addition to his principal place of business, a licensed broker may maintain one or more branch offices under the same business name at different locations. A licensed broker who maintains a branch office must employ a licensed real estate broker to actively manage such office and to supervise the real estate salesmen working from such branch office; the license of the broker employed to actively manage such branch office shall be displayed in the branch office.
[NOTE: Beginning September 11, 1983 a licensed real estate salesman may not manage a real estate office or branch office.]
.0110 Designated Broker
(a) There shall be designated for each real estate firm and branch office thereof one duly licensed real estate broker who shall assume responsibility at such off ice for:
(1) the proper display of licenses and renewal stickers of all licensed real estate brokers and salesmen associated with or engaged on behalf of the firm at such office; and
(2) the proper notification to the Board of any change of business address or trade
name of the firm and the registration of any assumed business name adopted by the firm for its use; and
(3) the proper conduct of advertising by or in the name of the firm at such office; and
(4) the proper maintenance at such office of the trust or escrow account of the firm and records pertaining thereto; and
(5) the proper maintenance and retention of records relating to transactions conducted by or on behalf of the firm at such office.
(b) Each designated broker shall notify the Board in writing of any change in his status as Designated Broker within 10 days following the change.
[NOTE: Forms will be sent to all real estate offices and branch offices in August to be completed and returned with the name of the broker who is to be the Designated Broker for such office(s).1
.0506 Salesman to be Associated with and Supervised by Broker
(b) A broker who certifies to the Board that he will supervise a licensed real estate salesman shall actively and personally supervise the salesman in a manner which would reasonably assure that the salesman performs all acts for which a real estate license is required in accordance with the real estate license law and Board rules. A supervising broker who fails to supervise a salesman as prescribed above may be subject to disciplinary action by the Board.
[NOTE: Imposes obligation on Supervising Broker to actively and personally supervise his/her salesmen.]