Proposed Rule Changes Affect Business, Education Practices
Property Management
1. Require that all rental property management agreements be in writing. Owner Association Management 2. Establish a record keeping standard for licensees who act as custodians of property owner association monies.
Transaction and
Trust Account Records
3. Allow licensees to keep electronic or imaged copies of cancelled trust account checks in lieu of the original checks. 4. Clarify that real estate transaction records must be retained for three years from the conclusion of the transaction.
Vacation Booking Fees
5. Permit licensees to pay fees to travel agents for vacation bookings.
Broker-in-Charge Course
6. Clarify that all active brokers who are brokers-in-charge (including sole practitioners) must take the Broker-in-charge Course.
Real Estate Commission
Payments and Fees
7. Allow all payments to the Commission to be made electronically, and clarify that electronic signatures are permitted for particular submissions. 8. Increase the license renewal fee to $40 (now $35). [Effective July 1, 2002] 9.Authorize the Commission to discipline licensees who do not provide proper payment for fees owed to the Commission.
Schools, Instructors,
and Courses
10. No longer require schools to obtain advance approval from the Commission to change instructors. 11. No longer require private real estate schools to submit quarterly reports to the Commission on courses conducted and students enrolled. 12. Establish standards for pre-licensing course providers for securing their examinations and handling students who cheat on examinations or assignments; and clarify the weight of and passing requirement for course examinations. 13. Reduce to one hour (now two hours) the length of videotapes which must be submitted by applicants for pre-licensing instructor approval. 14. Codify the application process for new instructor applicants. 15. Simplify the options for qualifying as a continuing education Update Course instructor. 16. Clarify the completion requirements for distance education study. 17. Require continuing education course sponsors to submit their reports to the Commission electronically or on diskette.
Other
18. Make technical changes to the Residential Property Disclosure Statement. 19. Allow the Commission to close Recovery Fund cases which do not mature in a timely manner. 20. Allow persons with out-of-state licenses to enroll in the broker course. 21. Correct references to 30-hour courses. Unless otherwise indicated, the rule changes would become effective July 1, 2002. Anyone interested in the Commission’s proposals may present comments at a public rule-making hearing to be held at 9:00 a.m., November 14, 2001 at the Real Estate Commission Office, 1313 Navaho Drive, Raleigh, NC. Written comments not presented at the hearing should be delivered by the hearing date to:
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