Forms and information were mailed September I to all real estate offices in North Carolina regarding the Commission's new Broker-In-Charge Rule. The package of materials includes:
1. A Broker-In-Charge Declaration Card to be completed by the Broker-In-Charge;
2. A Supervision of Salesmen Form on which to list the names of all licensed real estate salesmen who work at the office of the Broker-In-Charge;
3. An Instruction Sheet; and
4. A Return Envelope for use in returning the Declaration Card and Supervision of Salesmen Form to the Commission Office.
Under the new Rule, each office must designate one broker to act as Broker-In-Charge of the office. He/she will assume responsibility at this office for the proper maintenance of the trust or escrow account, the supervision of all licensed salesmen working at the office, the display of all licenses and renewal stickers, and other acts specifically set forth in the Rule. Failure to properly carry out these duties and responsibilities can result in disciplinary action by the Commission.
A licensed broker may act as Broker-In-Charge for only one office location of the firm. If a real estate firm maintains a branch office(s), then each separate office location must have its own Broker-In-Charge.
In the case of licensed real estate brokerage corporations, the "principal broker" of the corporation (must be an executive officer of the corporation) will continue to be considered by the Commission to be the primary contact person for the corporation. But while a "principal broker" may serve as Broker-In-Charge of one of the corporation's offices, each additional office location of the corporation must have its own Broker-In-Charge.
Owners of real estate firms (and principal brokers of real estate corporations) at which two or more licensed real estate brokers or salesmen are employed or associated should contact the Commission Office if they have not received the Broker-In-Charge Forms by September 20.