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15 Cards in this Set
- Front
- Back
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REAL ESTATE COMMISSION |
1957 the NC general assembly enacted into law effective july 1 1957 the Real Estate Licensing Act, creating NCREC
9 ppl on the commission 7 appointed by Gov 3 have to be licensed 2 Don't have to be licensed |
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BIC'S ESCROW ACCOUNT |
must be a demand deposit account in a federally insured depository institution lawfully doing business in this State - does not have to be physically located in NC |
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DISCIPLINARY ACTION TAKEN BY COMMISION |
$500 Per violation |
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AGENCY AGREEMENTS AND DISCLOSURE |
In every real estate transaction, a broker representing a buyer shall, at the initial contact with the seller or seller's agent, disclose to the seller etc that the broker represents the buyer's interests...and no later than the time of deliver of an offer provide it in written confirmation |
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BIC |
1. have a license on active status 2. possess at least 2 yrs of FT or PT equivalent experience within previous 5 yrs 3. Complete commissions 12 classroom hour BIC course within 3 yrs prior to designation or 120 days after selection |
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BIC DESIGNATION TERMINATION |
1. if license expires or is suspended revoked or surrendered 2. license is made inactive for any reason including failure to satisfy cont education 3. fails to complete BIC Annual Review Course 4. if found by commission to have not possessed the experience req |
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OFFERS AND SALES CONTRACTS |
1. No provision concerning the payment of a commission or compensation including forfeiture of earnest money 2. any provision that attempts to disclaim the liability of a broker for his or her representations in connection with the transaction |
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DISCLOSURE OF OFFERS PROHIBITED |
Shall not disclose the price or other material terms contained in a party's offer to purchase, sell, lease, rent etc to a competing party without express auth of offering party |
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TRUST MONEY |
must be deposited within 3 days |
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UNLICENSED EMPLOYEES |
Permitted activities 1. recv and fwd phone calls and msgs 2. submit listings and changes to a MLS only after licensee has collected datat 3. secure copies of public records from public repositories 4. place 'for sale' or 'for rent' signs and lock boxes on property at direction of a licensee 5. order and supervise routine and minor repairs to listed property at direction of a licensee 6. Act as a courier 7. provide prospects basic factual info on listed property that might commonly appear in advertisements in a newspaper, real estate publication or internet site 8. schedule appts for showing property listed for sale 9. communicate with licensees, property owners, to coordinate appts 10. show rental properties managed by employer 11. type offers, contracts, and leases from drafts of preprinted forms completed by a licensee 12. record and deposit earnest money 13. assemble docs for closing 14. compute commission checks for licensees |
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WILLFUL MISREPRENTATION |
'actual knowledge' deliberately misinforms |
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NEGLIGENT MISREPRESENTATION |
'unintentionally misinforms' either bc they did not have actual knowledge of the fact or had incorrect info |
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WILLFUL OMMISSION |
'actual knowledge' deliberately fails to disclose fact |
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NEGLIGENT OMISSION |
NOT have actual knowledge but should have known... |
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RETENTION OF RECORDS |
Licensees are required to retain docs for 3 yrs either successful or unsuccessful transactions or the disbursement of all trust monies |
