Summarized below are recent amendments to the Rules and Regulations of the North Carolina Real Estate Commission (21NCAC) which were adopted by the Commission following an August 23 rulemaking hearing. These changes become effective November 1, 1985.
Rule A .0101 was amended to clarify that the broker-in-charge (rather than employing broker) is responsible for displaying the licenses of all brokers and salesmen at the office in his charge.
Rule A .0105(c) was amended to provide that a salesman need only include the name of the broker or firm with whom he is associated (rather than both) when advertising real estate.
Rule A .0107(g) was amended to clarify that the Tenant Security Deposit Act shall govern the handling of disputed tenant security deposits on residential property, and that the rule applies only to disputes between buyer and seller or landlord and tenant (not brokers or salesmen involved in the transaction).
Rule A .0109 was amended to eliminate certain unnecessary language recommending the use of written agreements.
Rule A .0110(a)(6) was amended to include certain language inadvertently omitted by the Department of Justice. [Note: Licensing materials distributed by the Commission contain the correct language.]
Rule A .0301 was amended to require disclosure of bankruptcies on license applications.
Rule A .0302(a) was amended to permit the Commission's Executive Director to establish license application filing deadlines and (c) was amended to raise the application fee for a salesman's license to $30.
Rule A .0402 was amended to provide a more specific statement as to the subject matter on licensing examinations and a new subsection (b) was adopted establishing the minimum passing scores for licensing examinations.
Rule A .0403 was amended to clarify that to qualify for automatic re-examination, a failing candidate must appear for and take his first license examination.
Rule A .0404 was adopted to clarify that cheating and related misconduct during a licensing examination are grounds for license denial and disqualification of examination results.
Rule A .0405 was adopted to clarify that the real estate licensing examinations are the exclusive property of the Real Estate Commission and to protect the confidentiality of the examinations.
Rule A.0406 was adopted to specify the procedures by which an applicant who fails his license examination may review his examination.
Rule A .0502 was amended to require more complete disclosure of the names of persons associated with corporate applicants for real estate licenses, to require more complete disclosure of the corporation's history, and to provide that one individual broker who is an officer of the corporation must act as principal broker of the corporation.
Rule A .0503 was amended to increase the annual license renewal fee to $20.
Rule A .0504 was amended concerning inactive license status to provide for an inactive status for corporation licensees, to permit salesmen on inactive status to retain their license certificates, and to simplify the salesman's license transfer procedure [See article "New Salesman License Transfer Procedure Adopted" on this page of the Bulletin.]
Rule A .0505 was amended concerning expired licenses to reflect the increases in the salesman license application fee and the renewal fee.
Rule A .0506 was amended to simplify the procedure for transferring a salesman from one Broker-in-Charge to another and to make other technical changes.
Rule A .0508 was adopted to provide that a fee of $10 will be charged for certifying the license history of a licensee, and a fee of $5 will be charged to issue a duplicate license certificate.
Rules A .0105, A .0107, A .0109, A.0303, A.0403 and A.0502 were amended to change the term "Board" to "Commission"