NEW RULES ADOPTED

Following a public hearing on February 15 in Raleigh, the Real Estate Commission voted to adopt and amend certain rules affecting real estate brokers and salesmen, real estate and appraisal education, and real estate appraisers. All rules became effective May 1, except those affecting private real estate schools which will become effective July 1, 1990.

Summarized below are those rules which affect the activities of real estate brokers and salesmen:

1. A broker or salesman may now be relieved of his duty to deliver copies of leases and rental agreements to the property owner within five days of execution, if the broker

(a) has the written authority of the property owner to enter into and retain copies of leases and rental agreements on the owner's behalf;

(b) executes the lease or rental agreement on a pre-printed form where the material terms may not be changed without the owner's approval

(c) promptly furnishes the owner a copy of the lease or rental agreement upon request; and

(d) furnishes the property owner within 45 days after execution, an accounting which identifies the property, the tenants, the rental rates, and the rents collected.

2. A broker is now permitted to transfer earnest money deposits to the closing attorney within ten days prior to the anticipated settlement date.

3. The principal broker of a real estate brokerage corporation is now responsible for

(a) Designating and assuring that there is at all times a broker-in-charge for each office or branch office of the corporation;

(b) renewing the real estate license of the corporation.

(c) displaying the license certificate of the corporation at the principal office of the corporation (and a photocopy of the license at each branch office);

(d) notifying the Commission of any change of business name or address of the corporation and the registration of any assumed name; and

(e) notifying the Commission in writing of any change in his status as principal broker within ten days of the change.

Information concerning the adoption of rules implementing the Commission's program to license/certify and regulate real estate appraisers will be sent to all persons on the Commission's "Appraisal Information Mailing list" (See "Appraisereport" in this Bulletin). And information pertaining to the adoption and amendment of rules affecting real estate and appraiser education courses, schools and instructors may be obtained from the Commission's Education and Licensing Division.

A complete copy of the new rules may be obtained without charge by writing or calling the Commission office.