reglab/statecodes huggingface dataset:
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0200 - APPRAISAL MANAGEMENT COMPANY REGISTRATION › Section 57D .0201 - FITNESS FOR REGISTRATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The
				  Appraisal Board shall consider the fitness for registration of each applicant.
				  When the fitness of an applicant is in question, action by the Board shall be
				  deferred until the applicant has affirmatively demonstrated that the applicant
				  possesses the requisite competency, truthfulness, honesty and
				  integrity.
(b) When the application
				  is deferred, the Board shall notify the applicant and the applicant shall be
				  entitled to demonstrate his or her fitness for registration at a hearing before
				  the Board.
(c) The inquiry into
				  fitness for registration shall include consideration of whether the applicant
				  has had any disciplinary action taken against any professional license in North
				  Carolina or any other state, and whether the applicant has committed or done
				  any act which would be grounds for disciplinary action including the suspension
				  or revocation of registration, and whether the applicant has been convicted of
				  or pleaded guilty to any criminal act, and whether any such actions or charges
				  are pending.
(d) All applicants
				  shall obtain a criminal records check pursuant to
				  G.S.
				  93E-2-11. This records check must have been
				  performed within 60 days of the date the completed application for registration
				  is received by the Board. Applicants shall pay all required fees required to
				  perform the check.
(e) Notice to
				  the applicant that its competency or fitness for registration is in question
				  shall be in writing, sent by certified mail, return receipt requested, to the
				  address shown upon the application. The applicant has 60 days from the date of
				  receipt of this notice to request a hearing before the Board. Failure to
				  request a hearing within this time constitutes a waiver of the applicant's
				  right to a hearing on its application for registration, and the application
				  shall be deemed denied. Nothing in this Rule shall be interpreted to prevent an
				  applicant from reapplying for registration.
(f) For the purposes of this Section,
				  "applicant" shall mean any person owning 10 percent or more of the appraisal
				  management company.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-4;
					 93E-2-11;
Eff.
					 February 1, 2011;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0200 - APPRAISAL MANAGEMENT COMPANY REGISTRATION › Section 57D .0202 - REGISTRATION RENEWAL

Current through Register Vol. 39, No. 2, July 15, 2024
(a) All
				  registrations shall expire on June 30 of each year, unless renewed during the
				  renewal period. The renewal period shall be from May 1 through June 30 of each
				  year.
(b) A holder of an appraisal
				  management company registration applying for renewal of registration shall
				  apply in writing upon the form provided by the Board or log into the licensee
				  login section on the Board's website and shall pay the renewal fee. The renewal
				  fee shall be two thousand dollars ($2000). The renewal fee is not refundable
				  after July 1.
(c) The renewal form
				  shall include the following:
(1) The
				  appraisal management company's name and registration number;
(2) the contact person for renewal;
(3) the updated address for the company,
				  service of process agent, and compliance manager, if applicable;
(4) whether the company owner(s) have had an
				  appraiser credential refused, denied, cancelled, surrendered in lieu of
				  revocation, or revoked in any state;
(5) a copy of the surety bond that expires no
				  sooner than June 30th of the year following
				  renewal;
(6) the signature of the
				  applicant; and
(7) the operation
				  type, total number of appraisers on the panel in North Carolina for the
				  previous year, the total number of appraisers on the panel nationwide for the
				  previous year, and the number of appraisers on the panel who performed one or
				  more appraisals in connection with a covered transaction in North Carolina for
				  the previous year.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0200 - APPRAISAL MANAGEMENT COMPANY REGISTRATION › Section 57D .0203 - EXPIRED REGISTRATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Expired
				  registrations may be reinstated within six months after expiration upon proper
				  application and payment to the Board of the renewal fee of two thousand dollars
				  ($2,000) and the late filing fee of twenty dollars ($20.00) for each month or
				  part thereof that the registration is lapsed, not to exceed one hundred twenty
				  dollars ($120.00).
(b)
				  Reinstatement is not retroactive.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-6;
Eff. January
					 1, 2011;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0200 - APPRAISAL MANAGEMENT COMPANY REGISTRATION › Section 57D .0204 - PAYMENT OF FEES TO THE BOARD

Current through Register Vol. 39, No. 2, July 15, 2024
Checks given the Board in payment of fees that are returned
					 unpaid are cause for registration denial, suspension or
					 revocation.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-8(a)(7);
Eff. January 1, 2011;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0300 - APPRAISAL MANAGEMENT COMPANY PROCEDURES › Section 57D .0301 - USE OF REGISTRATION NUMBER

Current through Register Vol. 39, No. 2, July 15, 2024
A real estate appraisal management company shall state its
					 North Carolina registration number on any appraisal order for a property
					 located in North Carolina.
Authority
					 G.S.
					 93E-2-3;
Eff. January 1,
					 2011;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0300 - APPRAISAL MANAGEMENT COMPANY PROCEDURES › Section 57D .0302 - CHANGE OF NAME OR CONTACT INFORMATION

Current through Register Vol. 39, No. 2, July 15, 2024
Appraisal management companies shall notify the Board in
					 writing of each change of trade name, business address, telephone number, or
					 email address within 10 days of said change. The address shall be sufficiently
					 descriptive to enable the Board to electronically correspond with and
					 physically locate the appraisal management company.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-9;
Eff. January
					 1, 2011;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0300 - APPRAISAL MANAGEMENT COMPANY PROCEDURES › Section 57D .0303 - COMPLIANCE MANAGER

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A compliance
				  manager shall be designated with the Board for each appraisal management
				  company. The compliance manager shall be a certified real estate appraiser
				  certified under G.S. 93E, Article I or in another state.
(b) An appraisal management company shall
				  file an application with the Board for approval of the designated compliance
				  manager. This application shall provide the Board with the compliance manager's
				  name, mailing and physical address, and phone and email contact information,
				  and shall be signed by the designated compliance manager. The application may
				  be accessed at the Board's website at www.ncappraisalboard.org.
(c) The designated compliance manager shall
				  obtain a criminal records check pursuant to 93E-2-11. Applicants shall pay all
				  required fees to perform the check. This records check shall have been
				  performed within 60 days of the date the completed application is received by
				  the Board. The criminal records check results must be attached to the
				  application for approval as a compliance manager.
(d) The designated compliance manager is
				  responsible for:
(1) notifying the Board of
				  any change of trade name or contact information of the appraisal management
				  company and the registration of any assumed business name adopted by the
				  appraisal management company for its use;
(2) the retention and maintenance of records
				  relating to appraisals conducted by or on behalf of the appraisal management
				  company;
(3) the maintenance of a
				  record of all appraisers in North Carolina who perform appraisals for the
				  appraisal management company, including a log of payments to appraisers;
				  and
(4) the conduct of advertising
				  of appraisal management services by or in the name of the appraisal management
				  company.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0300 - APPRAISAL MANAGEMENT COMPANY PROCEDURES › Section 57D .0304 - APPRAISER QUALIFICATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
An appraisal management company shall assure that any
					 appraiser being added to its appraiser panel to appraise properties in North
					 Carolina holds a license in good standing in this State pursuant to the North
					 Carolina Appraisers Act. The appraisal management company shall verify the
					 status of the appraiser by contacting the North Carolina Appraisal Board or by
					 utilizing the National Registry of the Appraisal
					 Subcommittee.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-4(f);
Eff. January 1, 2011;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0300 - APPRAISAL MANAGEMENT COMPANY PROCEDURES › Section 57D .0305 - APPRAISER COMPETENCY

Current through Register Vol. 39, No. 2, July 15, 2024
Before an appraiser is added to a panel, an appraisal
					 management company shall require the appraiser to declare in writing the
					 appraiser's areas of geographic competency, the types of properties the
					 appraiser is competent to appraise, and the methodologies the appraiser is
					 competent to perform. The appraisal management company shall require the
					 appraiser to update this information at least annually, and shall keep copies
					 of all such declarations for a period of five years from the date they are
					 submitted.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-4(b);
Eff. January 1, 2011;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0300 - APPRAISAL MANAGEMENT COMPANY PROCEDURES › Section 57D .0306 - APPRAISAL REVIEW

Current through Register Vol. 39, No. 2, July 15, 2024
An appraisal management company shall review the work of
					 all independent appraisers that are performing real estate appraisal services
					 for the appraisal management company to validate that the real estate appraisal
					 services are being conducted in accordance with USPAP. An appraisal management
					 company is not required to review all appraisals performed by each appraiser,
					 but may chose a representative sample of each appraiser's reports. An appraisal
					 management company must review each appraiser's work at least once a year, and
					 shall keep records of such reviews for a period of five years from the date
					 they are done.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-4(b);
					 93E-2-9;
Eff. January
					 1, 2011;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0300 - APPRAISAL MANAGEMENT COMPANY PROCEDURES › Section 57D .0307 - RECORDS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) An appraisal
				  management company shall maintain a record of each request it receives for its
				  services in North Carolina. If an appraisal is ordered, the record shall
				  include the name of the appraiser who performs the appraisal, the physical
				  address or legal identification of the subject property, the name of the
				  appraisal management company's client for the appraisal, and the amount paid to
				  the appraiser.
(b) The Board shall
				  maintain a list of all applicants for registration under this Article that
				  includes for each applicant the date of application, the name and primary
				  business location of the applicant, phone and email contact information, and
				  whether the registration was granted or refused.
(c) A registered appraisal management company
				  shall maintain the accounts, correspondence, memoranda, papers, books, and
				  other records related to services provided by the appraisal management company.
				  Such records may be maintained in electronic form. All records shall be
				  preserved for five years.
(d) If
				  the information contained in any document filed with the Board is or becomes
				  inaccurate or incomplete in any material respect, the appraisal management
				  company shall file a correcting amendment to the information contained in the
				  document to the Board within 10 days of the change.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-9;
Eff. January
					 1, 2011;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0300 - APPRAISAL MANAGEMENT COMPANY PROCEDURES › Section 57D .0308 - PRODUCTION OF RECORDS

Current through Register Vol. 39, No. 2, July 15, 2024
If an appraisal management company is requested to produce
					 books and records to the Appraisal Board pursuant to
					 G.S.
					 93E-2-8(g) or
					 93E-2-8(i), the
					 appraisal management company shall produce those records so that they may be
					 viewed in the Appraisal Board's office in Raleigh, North Carolina. Books and
					 records shall be produced in writing, by computer disc or by electronic
					 delivery. If the appraisal management company is unable to comply, the company
					 shall pay all costs associated with viewing the records in another
					 location.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-8;
Eff. January
					 1, 2011;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0300 - APPRAISAL MANAGEMENT COMPANY PROCEDURES › Section 57D .0309 - COMPLAINTS AGAINST APPRAISERS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) If an
				  appraisal management company believes that a real estate appraiser licensed in
				  this State has violated applicable law or the Uniform Standards of Professional
				  Appraisal Practice or has engaged in unethical conduct, it shall file a
				  complaint with the Board. If the complaint relates to an appraisal, it shall be
				  filed within 90 days of the date the appraisal is submitted to the appraisal
				  management company. The complaint form may be found on the Board's website at
				  www.ncappraisalboard.org.
(b) The
				  complaint shall state the name and contact information for the person at the
				  appraisal management company who should be contacted during the investigation
				  into the complaint. This person shall have knowledge of the basis for the
				  complaint and shall be able to produce records required by the
				  investigation.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-4(c);
Eff. January 1, 2011;
Amended Eff. July 1, 2016;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0300 - APPRAISAL MANAGEMENT COMPANY PROCEDURES › Section 57D .0310 - PAYMENT OF FEES TO APPRAISERS

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				  Appraisal management companies shall pay fees to an appraiser within 30 days of
				  the date the appraisal is first transmitted by the real estate appraiser to the
				  company as follows:
(1) If payment is made by
				  electronic means, the funds for the fee shall be deposited into the appraiser's
				  account so that they are available to the appraiser on the 31st day following
				  the date the appraisal is first transmitted to the company.
(2) If payment is made by check, the check
				  shall be postmarked no later than the 30th day following the date the appraisal
				  is first transmitted to the company.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0300 - APPRAISAL MANAGEMENT COMPANY PROCEDURES › Section 57D .0311 - REMOVAL OF AN APPRAISER FROM AN APPRAISAL PANEL

Current through Register Vol. 39, No. 2, July 15, 2024
(a) If
				  an appraisal management company decides to remove an independent appraiser from
				  its list of qualified appraisers, the appraisal management company shall notify
				  the appraiser in writing of the reason for removal.
(b) Such notice shall be sent to the
				  appraiser by any method that provides proof of delivery, including registered
				  mail, return receipt requested.
(c)
				  If applicable, the notice shall include a description of the appraiser's
				  illegal conduct, substandard performance, or otherwise improper or
				  unprofessional behavior, or of any violation of the Uniform Standards of
				  Professional Appraisal Practice or State licensing standards.
(d) The appraisal management company shall
				  also notify the appraiser of any dispute resolution process that it may have in
				  place through which the appraiser may dispute the removal.
(e) An appraisal management company shall not
				  remove an appraiser from its panel in retaliation for the appraiser filing a
				  complaint with the Board against the company.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-7(a);
Eff. January 1, 2011;
Amended Eff. January 1, 2013;
Readopted Eff. July 1, 2018.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0300 - APPRAISAL MANAGEMENT COMPANY PROCEDURES › Section 57D .0312 - REQUESTING ADDITIONAL INFORMATION FROM AN APPRAISER

Current through Register Vol. 39, No. 2, July 15, 2024
An appraisal management company may request that a real
					 estate appraiser who performs an appraisal for the appraisal management company
					 provide additional information as follows:
(1) An appraisal management company may
				  request that the appraiser consider additional appropriate property information
				  including relevant sales data and property characteristics. Such request shall
				  be made within 30 days of the date the appraisal is first transmitted by the
				  appraiser to the appraisal management company.
(2) An appraisal management company may
				  request that the appraiser provide further detail, substantiation, or
				  explanation for the appraiser's value conclusion, or to correct errors in an
				  appraisal report. There is no time limit on such requests.
(3) Any request under this Rule shall be sent
				  to the appraiser in writing or by electronic means.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-7;
Eff. January
					 1, 2011;
Amended Eff. January 1, 2013;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0400 - APPRAISAL MANAGEMENT COMPANY GENERAL PRACTICES › Section 57D .0401 - BUSINESS PRACTICES

Current through Register Vol. 39, No. 2, July 15, 2024
An appraisal management company may not:
(1) prohibit an appraiser from stating on an
				  appraisal the fee the appraiser was paid by the company for the
				  appraisal;
(2) prohibit an
				  appraiser from stating on an appraisal the appraiser's primary business
				  address; or
(3) prohibit an
				  appraiser from informing a property owner, lender, or any other person or
				  entity the appraiser's primary business address.
Authority
					 G.S.
					 93E-2-3;
					 93E-7;
Eff. January
					 1, 2011;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. October 3,
					 2017.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0400 - APPRAISAL MANAGEMENT COMPANY GENERAL PRACTICES › Section 57D .0402 - RESERVED FOR FUTURE CODIFICATION

Current through Register Vol. 39, No. 2, July 15, 2024
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 57 - APPRAISAL BOARD › Subchapter D - APPRAISAL MANAGEMENT COMPANIES › Section .0400 - APPRAISAL MANAGEMENT COMPANY GENERAL PRACTICES › Section 57D .0403 - CRIMINAL BACKGROUND CHECKS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A criminal
				  background check for the purpose of this Rule shall meet the requirements of
				  21 NCAC
				  57A .0202(e).
(b) If an appraisal management company
				  requests a background check from an appraiser and that appraiser has had a
				  criminal background check performed within the preceding twelve months, it
				  shall be the responsibility of the appraiser to provide a complete copy of that
				  background check to the appraisal management company.
(c) If an appraisal management company's
				  client requires a background check that is more comprehensive than the one
				  required under
				  G.S.
				  93E-1-6(c1) and codified in
				  21 NCAC
				  57A .0202(e), nothing in
				  this Rule prohibits the client from obtaining that background check as long as
				  the appraiser is not required to pay for that background check.
(d) An appraisal management company may
				  obtain more than one background check on an appraiser in a 12 month period as
				  long as the appraiser is not required to pay for that additional background
				  check.
(e) An appraiser who alters,
				  amends, or otherwise changes the results of a criminal background check
				  submitted to an appraisal management company or a lender or who knowingly
				  submits a background check that has been altered shall be subject to discipline
				  pursuant to
				  G.S.
				  93E-1-12.
Authority
					 G.S.
					 93E-2-3;
					 93E-2-4(h);
Eff. July 1, 2016.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0101 - PROOF OF LICENSURE

Current through Register Vol. 39, No. 2, July 15, 2024
(a) The pocket card
				  issued by the Commission annually to each broker shall be retained by the
				  broker as evidence of licensure. Each broker shall produce a legible form of
				  the card as proof of licensure whenever requested while engaging in real estate
				  brokerage.
(b) Every licensed real
				  estate business entity or firm shall prominently display its license
				  certificate or a copy of its license certificate in each office maintained by
				  the entity or firm. A broker-in-charge shall also display his or her license
				  certificate in the office where he or she is broker-in-charge.
(c) A replacement real estate license or
				  pocket card may be obtained by:
(1)
				  submitting a written request to the Commission that includes the broker or
				  firm's:
(A) legal name;
(B) license number;
(C) physical and mailing address;
(D) phone number;
(E) email address;
(F) proof of legal name change pursuant to
				  Rule .0103 of this Section, if applicable; and
(G) signature; and
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0102 - REPEALED - BRANCH OFFICE

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 93A-3(c);
Eff.
					 February 1, 1976;
Readopted Eff. September 30, 1977;
Amended Eff. September 1, 1983;
Repealed Eff. May 1,
					 1984.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0103 - BROKER NAME AND ADDRESS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Upon initial
				  licensure, every broker shall notify the Commission of the broker's current
				  personal name, firm name, trade name, residence address, firm address,
				  telephone number, and email address. All addresses provided to the Commission
				  shall be sufficiently descriptive to enable the Commission to correspond with
				  and locate the broker.
(b) Every
				  broker shall notify the Commission in writing of each change of personal name,
				  firm name, trade name, residence address, firm address, telephone number, and
				  email address within 10 days of said change. A broker notifying the Commission
				  of a change of legal name or firm name shall also provide evidence of a legal
				  name change for either the individual or firm, such as a court order or name
				  change amendment from the Secretary of State's Office.
(c) In the event that any broker shall
				  advertise or operate in any manner using a name different from the name under
				  which the broker is licensed, the broker shall first file an assumed name
				  certificate in compliance with
				  G.S.
				  66-71.4 and shall notify the Commission in
				  writing of the use of such a firm name or assumed name. An individual broker
				  shall not advertise or operate in any manner that would mislead a consumer as
				  to the broker's actual identity or as to the identity of the firm with which he
				  or she is affiliated.
(d) A broker
				  shall not include the name of a provisional broker or an unlicensed person in
				  the legal or assumed name of a sole proprietorship, partnership, or business
				  entity other than a corporation or limited liability company. No broker shall
				  use a business name that includes the name of any current or former broker
				  without the permission of that broker or that broker's authorized
				  representative.
Authority
					 G.S.
					 55B-5;
					 66-68;
					 93A-3(c);
					 93A-6(a)(1);
Eff. February 1, 1976;
Readopted Eff. September 30,
					 1977;
Amended Eff. July 1, 2017; July 1, 2016; April 1, 2013;
					 August 1, 1998; February 1, 1989; May 1, 1984;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. May 1, 2018.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0105 - ADVERTISING

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Authority to
				  Advertise.
(1) A broker shall not advertise
				  any brokerage service or the sale, purchase, exchange, rent, or lease of real
				  estate for another or others without the consent of his or her broker-in-charge
				  and without including in the advertisement the name of the firm or sole
				  proprietorship with which the broker is affiliated.
(2) A broker shall not display a "for sale"
				  or "for rent" sign on any real estate or otherwise advertise any real estate
				  without the written consent of the owner or the owner's authorized
				  agent.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0106 - DELIVERY OF INSTRUMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Except as
				  provided in Paragraph (b) of this Rule, every broker shall deliver a copy of
				  any written agency agreement, contract, offer, lease, rental agreement, option,
				  or other related transaction document to their customer or client within three
				  days of the broker's receipt of the executed document.
(b) A broker may be relieved of the duty to
				  deliver copies of leases or rental agreements to a property owner pursuant to
				  Paragraph (a) of this Rule if the broker:
(1)
				  obtains the prior written authority of the property owner to enter into and
				  retain copies of leases or rental agreements on behalf of the property
				  owner;
(2) executes the lease or
				  rental agreement on a pre-printed form, the material terms of which may not be
				  changed by the broker without prior approval by the property owner, except as
				  may be required by law; and
(3)
				  delivers to the property owner an accounting within 45 days following the date
				  of execution of the lease or rental agreement that identifies:
(A) the leased property;
(B) the name, phone number, and home address
				  of each tenant; and
(C) the rental
				  rates and rents collected.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0107 - REPEALED - HANDLING AND ACCOUNTING OF FUNDS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
					 G.S.
					 93A-3(c);
					 93A-9;
Eff. February
					 1, 1976;
Readopted Eff. September 30, 1977;
Amended
					 Eff. January 1, 2012; April 1, 2006; July 1, 2005; July 1, 2004; July 1, 2003;
					 September 1, 2002; August 1, 2000; August 1, 1998; July 1, 1996; July 1, 1993;
					 May 1, 1990.
Repealed Eff. April 1,
					 2013.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0108 - RETENTION OF RECORDS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Brokers shall
				  retain records of all sales, rental, and other transactions conducted in such
				  capacity, whether the transaction is pending, completed, or terminated. The
				  broker shall retain records for three years after all funds held by the broker
				  in connection with the transaction have been disbursed to the proper party or
				  parties or the conclusion of the transaction, whichever occurs later. If the
				  broker's agency agreement is terminated prior to the conclusion of the
				  transaction, the broker shall retain such records for three years after the
				  termination of the agency agreement or the disbursement of all funds held by or
				  paid to the broker in connection with the transaction, whichever occurs
				  later.
(b) Records shall include
				  copies of the following:
(1) contracts of
				  sale;
(2) written leases;
(3) agency contracts;
(4) options;
(5) offers to purchase;
(6) trust or escrow records;
(7) earnest money receipts;
(8) disclosure documents;
(9) closing statements;
(10) brokerage cooperation
				  agreements;
(11) declarations of
				  affiliation;
(12) broker price
				  opinions and comparative market analyses prepared pursuant to G.S. 93A, Article
				  6, including any notes and supporting documentation;
(13) sketches, calculations, photos, and
				  other documentation used or relied upon to determine square footage;
(14) advertising used to market a property;
				  and
(15) any other records
				  pertaining to real estate transactions.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0109 - BROKERAGE FEES AND COMPENSATION

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  licensee shall not receive, either directly or indirectly, any commission,
				  rebate or other valuable consideration of more than nominal value from a vendor
				  or a supplier of goods and services for an expenditure made on behalf of the
				  licensee's principal in a real estate transaction without the written consent
				  of the licensee's principal.
(b) A
				  licensee shall not receive, either directly or indirectly, any commission,
				  rebate, or other valuable consideration of more than nominal value for services
				  which the licensee recommends, procures, or arranges relating to a real estate
				  transaction for a party, without full and timely disclosure to such
				  party.
(c) In a real estate sales
				  transaction, a broker shall not receive any compensation, incentive, bonus,
				  rebate, or other consideration of more than nominal value:
(1) from his principal unless the
				  compensation, incentive, bonus, rebate, or other consideration is provided for
				  in a written agency contract prepared in conformity with the requirements of
				  21 NCAC
				  58A .0104.
(2) from any other party or person unless the
				  broker provides full and timely disclosure of the incentive, bonus, rebate, or
				  other consideration, or the promise or expectation thereof to the broker's
				  principal. The disclosure may be made orally, but must be confirmed in writing
				  before the principal makes or accepts an offer to buy or sell.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0110 - BROKER-IN-CHARGE

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Every real
				  estate firm shall designate one BIC for its principal office and one BIC for
				  each of its branch offices. No office of a firm shall have more than one
				  designated BIC. A BIC shall not serve as BIC for more than one office unless
				  each of those offices share the same physical office space and delivery
				  address.
(b) Every sole
				  proprietorship shall designate a BIC if the sole proprietorship:
(1) engages in any transaction where a broker
				  is required to deposit and maintain monies belonging to others in a trust
				  account;
(2) engages in advertising
				  or promoting services as a broker in any manner; or
(3) has one or more other brokers affiliated
				  with the sole proprietorship in the real estate business.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0111 - DRAFTING LEGAL INSTRUMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A
				  broker acting as an agent in a real estate transaction shall not draft offers,
				  sales contracts, options, leases, promissory notes, deeds, deeds of trust or
				  other legal instruments by which the rights of others are secured; however, a
				  broker may complete preprinted offers, option contracts, sales contracts or
				  lease forms in a real estate transaction when authorized or directed to do so
				  by the parties.
(b) A broker may
				  use electronic, computer, or word processing equipment to store preprinted
				  offer and sales contract forms which comply with Rule .0112, as well as
				  preprinted option and lease forms, and may use such equipment to complete and
				  print offer, contract and lease documents. Provided, however, a broker shall
				  not alter the preprinted form before it is presented to the parties. If the
				  parties propose to delete or change any word or provision in the form, the form
				  must be marked to indicate the change or deletion made. The language of the
				  form shall not be modified, rewritten, or changed by the broker or their
				  clerical employees unless directed to do so by the parties.
(c) Nothing contained in this Rule shall be
				  construed to prohibit a broker from making written notes, memoranda or
				  correspondence recording the negotiations of the parties to a real estate
				  transaction when such notes, memoranda or correspondence do not themselves
				  constitute binding agreements or other legal instruments.
Authority
					 G.S.
					 93A-3(c);
Eff.
					 July 1, 1988;
Amended Eff. April 1, 2013; April 1, 2006; October 1,
					 2000; February 1, 1989;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. May 1, 2018.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0113 - REPORTING CRIMINAL CONVICTIONS AND DISCIPLINARY ACTIONS

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				  A broker shall file with the Commission a Criminal Conviction Disciplinary
				  Action Reporting Form within 60 days of:
(1)
				  a final judgment, order, or disposition of any felony or misdemeanor
				  conviction;
(2) a disciplinary
				  action or entering into a conciliation agreement or consent order with a
				  governmental agency or occupational licensing agency;
(3) a final judgment, order, or disposition
				  of a military court-martial conviction; or
(4) a notarial commission sanction pursuant
				  to G.S.
				  10B-60.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0115 - DISCLOSURE OF OFFERS PROHIBITED

Current through Register Vol. 39, No. 2, July 15, 2024
A broker shall not disclose the price or other material
					 terms contained in a party's offer to purchase, sell, lease, rent, or to option
					 real property to a competing party without the express authority of the
					 offering party.
Authority
					 G.S.
					 93A-3(c);
					 93A-6;
Eff. July 1,
					 2008;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. May 1, 2018.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0116 - HANDLING OF TRUST MONEY

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Except as
				  provided in Paragraph (b) of this Rule, all monies received by a broker acting
				  in his or her fiduciary capacity (hereinafter "trust money") shall be deposited
				  in a trust or escrow account as defined in Rule .0117(b) of this Section no
				  later than three banking days following the broker's receipt of such
				  monies.
(b) Exceptions to the
				  requirements of Paragraph (a):
(1) All monies
				  received by a provisional broker shall be delivered upon receipt to the broker
				  with whom he or she is affiliated.
(2) All monies received by a non-resident
				  commercial broker shall be delivered as required by Rule .1808 of this
				  Subchapter.
(3) Earnest money or
				  tenant security deposits paid by means other than currency and received by a
				  broker in connection with a pending offer to purchase or lease shall be
				  deposited in a trust or escrow account no later than three days following
				  acceptance of the offer to purchase or lease; the date of acceptance of the
				  offer or lease shall be set forth in the purchase or lease agreement.
(4) A broker may accept custody of a check or
				  other negotiable instrument made payable to the seller of real property as
				  payment for an option or due diligence fee, or to the designated escrow agent
				  in a sales transaction, but only for the purpose of delivering the instrument
				  to the seller or designated escrow agent. While the instrument is in the
				  custody of the broker, the broker shall, according to the instructions of the
				  buyer, either deliver it to the named payee or return it to the buyer. The
				  broker shall safeguard the instrument and be responsible to the parties on the
				  instrument for its safe delivery as required by this Rule. A broker shall not
				  retain an instrument for more than three business days after the acceptance of
				  the option or other sales contract.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0118 - TRUST MONEY BELONGING TO PROPERTY OWNERS' ASSOCIATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
(a)
				  The funds of a property owners' association, when collected, maintained,
				  disbursed or otherwise controlled by a broker, are trust money and shall be
				  treated as such in the manner required by Rules .0116 and .0117 of this
				  Section. Such trust money shall be deposited into and maintained in a trust or
				  escrow account dedicated exclusively for trust money belonging to a single
				  property owners' association and shall not be commingled with funds belonging
				  to other property owners' associations or other persons or parties. A broker
				  who undertakes to act as manager of a property owners' association or as the
				  custodian of trust money belonging to a property owners' association shall
				  provide the association with periodic statements that report the balance of
				  association trust money in the broker's possession or control and account for
				  the trust money the broker has received and disbursed on behalf of the
				  association. Such statements must be made in accordance with the broker's
				  agreement with the association, but not less frequently than every 90
				  days.
(b) A broker who receives
				  trust money belonging to a property owners' association in his or her capacity
				  as an officer of the association in a residential development in which the
				  broker is a property owner and for which the broker receives no compensation is
				  exempt from the requirements of Rules .0116 and .0117 of this Section. However,
				  the broker shall not convert trust money belonging to the association to his or
				  her own use, apply such money or property to a purpose other than that for
				  which it was intended or permit or assist any other person in the conversion or
				  misapplication of such money or property.
Authority
					 G.S.
					 93A-3(c);
					 93A-6;
Eff. April 1,
					 2013;
Amended Eff. July 1, 2014;
Pursuant to
					 G.S.
					 150B-21.3A, rule is necessary without
					 substantive public interest Eff. May 1, 2018.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0119 - MINERAL AND OIL AND GAS RIGHTS MANDATORY DISCLOSURE STATEMENT

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Every owner of real property subject to a
				  transfer of the type governed by
				  G.S.
				  47E-1 and
				  47E-2(b) shall
				  complete a disclosure statement form prescribed by the Commission and
				  designated "Mineral and Oil and Gas Rights Mandatory Disclosure Statement," and
				  shall furnish a copy of the completed form to a purchaser as required by
				  G.S.
				  47E-4.1. The form shall bear the seal of the
				  North Carolina Real Estate Commission and shall include the following:
(1) instructions to property owners regarding
				  transactions when the disclosure statement is required;
(2) the text and format of the disclosure
				  statement form as required by
				  G.S.
				  47E-4.1(a);
(3) a note to purchasers regarding their
				  rights under
				  G.S.
				  47E-5 in the event they are not provided with
				  a disclosure statement as required by
				  G.S.
				  47E-4.1;
(4) the identification of the subject
				  property and the parties to the transaction;
(5) an acknowledgment by the owner(s) that
				  the disclosure statement is true and correct as of the date signed;
				  and
(6) an acknowledgment by the
				  buyer(s) of the receipt of a copy of the disclosure statement.
North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0100 - GENERAL BROKERAGE › Section 58A .0120 - PROHIBITED ACTS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A broker shall
				  not require or demand of any escrow agent or attorney that a broker's
				  commission be split with or paid to another person or entity.
(b) An affiliated broker shall not be paid a
				  commission or referral fee directly by anyone other than their current BIC or
				  the person who served as their BIC at the time of the transaction.
(c) A broker shall not coerce, extort,
				  collude, instruct, induce, bribe, or intimidate a service provider in a real
				  estate transaction in order to influence or attempt to influence their
				  findings, report, or decision. Service providers include, but are not limited
				  to, appraisers, attorneys, inspectors, financial lenders, and
				  contractors.
(d) A broker shall not
				  conduct brokerage activities or otherwise promote their status as a real estate
				  broker in any manner that discriminates on the basis of race, color, religion,
				  national origin, sex, familial status, or disability.
Authority
					 G.S.
					 93A-3(c);
					 93A-6;
Eff. July 1,
					 2021.