Following a public hearing on April 19 in the Commission's Raleigh office, the Real Estate Commission voted to adopt and amend certain rules governing general real estate brokerage practice and real estate license applicants, subject to final review by the Administrative Rules Review Commission, effective July 1, 1989. These rules are summarized below:
1. Every written listing agreement must contain a clear statement that the listed property will be offered to buyers without respect to their race, color, religion, sex, national origin, handicap or familial status. Such statement must be set forth in a clear and conspicuous manner that distinguishes it from other contract provisions.
2. The business names of real estate firms (other than corporations) cannot contain the name of a salesman or unlicensed person.
3. Real estate agents who manage properties with tenancies of thirty days or less (e.g., resort rentals) will be allowed up to thirty days to deliver copies of the rental agreements to the owner, if the agent has been given written authority by the owner to enter into rental agreements on his behalf.
4. Real estate agents will be prohibited from disbursing prior to closing any portion of an earnest money deposit for services performed in connection with the transaction (e.g., surveys, termite inspections, etc.) without the written consent of the buyer and seller.
5. Real estate agents will be prohibited from receiving any rebate or other compensation from a supplier of goods or services for expenditures made for his principal's property without the written consent of the principal (e.g., "kickbacks" from contractors or repairmen for repairs to a seller's or landlord's property.)
6. Real estate agents will be prohibited from receiving any secret rebate or other compensation for recommending, procuring or arranging for sevices for others in connection with a real estate transaction (e.g., recommending the services of a particular building contractor to construct a home on a lot sold by the agent).
7. Real estate agents are prohibited from inserting or causing to be inserted in offers and sales contracts provisions relating to the payment of brokerage fees and disclaimers as to the agent's liability, even if the buyer, seller or their attorneys direct the agent to do so
8. Real estate agents who violate the State Fair Housing Act will be subject to disciplinary action by the Commission.
9. Time limitations have been established for requesting examination rescheduling- 4nd for requesting excused absences from scheduled examinations and examination review sessions.
10. Applicants whose applications have been deferred by the Commission because of a question concerning their moral character, must request a hearing before the Commission within sixty days after receiving notice from the Commission, if they want a hearing on their application.
Other rules were adopted by the Commission listing the various forms required by the Commission to be used in connection with licensing matters, applications to conduct pre-licensing real estate courses and applications for the registration, renewal and termination of time share projects.
A complete copy of the new rules may be obtained without charge by writing or calling the Commission office.