Limited License For Nonresident Brokers,

Salespersons Gets Commission Nod

The Real Estate Commission has approved a recommendation from its Interstate Brokerage Cooperation Advisory Committee (See Bulletin Volume 32, No. 4) to support legislation to create a “Limited Nonresident Commercial Real Estate License.” As proposed, real estate brokers and salespersons licensed in other states could obtain the license from the Commission without having to pass the North Carolina licensing examination.

The license would allow them to perform real estate brokerage acts in North Carolina only in connection with commercial real estate transactions and only while affiliated with a resident North Carolina real estate broker. The nonresident commercial licensee and the resident North Carolina broker would also be required to enter into a “Brokerage Cooperation Agreement” which, among other things, mandates that the North Carolina broker actively and personally supervise the nonresident commercial licensee.

It is anticipated that legislation authorizing the issuance of the special licenses will be considered by the North Carolina General Assembly during its 2003 Session and that, if enacted, it will facilitate and promote commercial and industrial real estate development and investment in our state.

The Commission thanked again the members of its advisory committee and real estate attorney and commercial broker Garth K. Dunklin who joined the committee at its August 7 meeting.

[The Interstate Brokerage Cooperation Advisory Committee’s reports can be found on the Real Estate Commission’s website www.ncrec.state.nc.us. Go to Site Map, then Reports]