by Larry A. Outlaw
Education Director
New Broker Education Requirement
Effective September 1, 1984, the pre-licensing education requirement for broker applicants increased to 120 classroom hours (was 90 hours) and now consists of four 30-hour courses as follows:
Fundamentals of Real Estate (salesman course)
Real Estate Law
Real Estate Finance
Real Estate Brokerage Operations
All persons applying for a broker license on or after September 1, 1984 will be required to meet the new broker education requirement.
It is believed that this latest increase in the broker education requirement will contribute greatly toward having better qualified brokers in the future.
New Brokerage Operations Course
The revised broker education program features a new course, Real Estate Brokerage Operations, the purpose of which is to provide students with the basic practical knowledge of real estate brokerage operations necessary to enable entry-level real estate brokers to effectively operate or manage a real estate brokerage practice in a manner which protects and serves the public interest.
Topics covered in this exciting new course include the following:
Establishing a Brokerage Firm Management
Personnel
Operations
Records and Bookkeeping Systems (including Trust Accounts)
Financial Operations
In addition to persons pursuing a broker license, many currently licensed brokers should find this new course to be especially helpful if they plan to someday open or manage a real estate brokerage firm.
New Instructor Certification Requirements
The Commission has also implemented a new instructor certification program which involves separate requirements for each of the four courses in the broker education program. The basic requirements are summarized below:
Fundamentals of Real Estate (salesman course)
Salesman or broker license in North Carolina, two years full-time real estate brokerage experience within the past five years, and 90 classroom hours of real estate education.
Real Estate Law
License to practice law in North Carolina.
Real Estate Finance
One year full-time experience within the past five years as a mortgage loan officer, or two years fulltime experience within the past five years as a general loan officer with an institution which deals in mortgage loans.
Real Estate Brokerage Operations
Broker license in North Carolina and three years full-time real estate brokerage experience within the past five years, including one year as broker-owner, designated broker-in-charge or managing broker of a real estate firm or office.
The Commission will also consider applicants with qualifications "equivalent" to those stated above. If you are qualified and are interested in teaching one or more courses, you are encouraged to contact your local school(s) which conduct pre-licensing courses. Many schools currently need qualified instructors.