North Carolina Administrative Code › Title 21 - OCCUPATIONAL LICENSING BOARDS AND COMMISSIONS › Chapter 58 - REAL ESTATE COMMISSION › Subchapter A - REAL ESTATE BROKERS › Section .0500 - LICENSING › Section 58A .0502 - FIRM LICENSING

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Every business
				  entity other than a sole proprietorship shall apply for and obtain from the
				  Commission a firm license prior to engaging in business as a real estate
				  broker.
(b) An entity that changes
				  its business form other than by conversion shall submit a new firm license
				  application upon making the change and obtain a new firm license. An entity
				  that converts to a different business entity in conformity with and pursuant to
				  applicable North Carolina General Statutes shall not be required to apply for a
				  new license. However, such converted entity shall provide the information
				  required by this Rule in writing to the Commission within 10 days of the
				  conversion and shall include the duplicate license fee pursuant to Rule
				  .0101(c) of this Subchapter.
(c)
				  Firm license application forms shall be available on the Commission's website
				  or upon request to the Commission and shall require the applicant to set forth:
(1) the legal name of the entity;
(2) the name under which the entity will do
				  business;
(3) the type of business
				  entity;
(4) the address of its
				  principal office;
(5) the entity's
				  NC Secretary of State Identification Number if it is required to be registered
				  with the Office of the NC Secretary of State;
(6) each federally insured depository
				  institution lawfully doing business in this State where the entity's trust
				  account(s) will be held, if applicable;
(7) the name, real estate license number, and
				  signature of the proposed qualifying broker for the firm;
(8) the address of and name of the proposed
				  broker-in-charge for each office as defined in Rule .0110(a) of this
				  Subchapter, along with a completed broker-in-charge designation form described
				  in Rule .0110(f) of this Subchapter for each proposed
				  broker-in-charge;
(9) any past
				  criminal conviction of and any pending criminal charge against any principal in
				  the company or any proposed broker-in-charge;
(10) any past revocation, suspension, or
				  denial of a business or professional license of any principal in the company or
				  any proposed broker-in-charge;
(11)
				  if a general partnership, a description of the applicant entity, including a
				  copy of its written partnership agreement or if no written agreement exists, a
				  written description of the rights and duties of the partners, and the name of
				  each partner. If a partner is an entity rather than a natural person, the name
				  of each officer, partner, or manager of that entity, or any entity
				  therein;
(12) if a limited
				  liability company, a description of the applicant entity, including a copy of
				  its written operating agreement or if no written agreement exists, a written
				  description of the rights and duties of the managers, and the name of each
				  manager. If a manager is an entity rather than a natural person, the name of
				  each officer, partner, or manager of that entity, or any entity
				  therein;
(13) if a business entity
				  other than a corporation, limited liability company, or partnership, a
				  description of the organization of the applicant entity, including a copy of
				  its organizational documents evidencing its authority to engage in real estate
				  brokerage;
(14) if a foreign
				  business entity, a Certificate of Authority to transact business in North
				  Carolina issued by the NC Secretary of State and an executed consent to service
				  of process and pleadings; and
(15)
				  any other information required by this Rule.