Ncrec.gov

License Law, Rules, and Guidelines

License Law and Rules Comments The License Law and Rules Comments are intended to assist licensees and applicants with their knowledge of the North Carolina Real Estate License Law and Real Estate Commission rules. The topics listed here are of particular importance and/or are likely to be frequently encountered in the usual course of real estate practice.

Actived: 2 days ago

URL: https://www.ncrec.gov/Resources/LicenseLaw

LICENSE LAW AND RULES COMMENTS

(Just Now) cense Law and Commission rules are provided beside each listed topic. REQUIREMENT FOR A LICENSE General [G.S. 93A‑1 and 93A‑2] A ny person or business entity who directly or indi-rectly engages in the business of a real estate bro-ker for compensation or the promise thereof while physical -

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NCREC Bulletins – Law, Commission Rules Book Available

(4 days ago) An updated and expanded edition of the North Carolina Real Estate License Law and Commission Rules booklet is being published. The printed booklet contains the Real Estate License Law, Commission Rules, Trust Account Guidelines, and the Commentary on the Law and Rules (a study guide for the licensing test) and is a convenient portable reference source.

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Special Landlord and Tenant Laws for Military Personnel

(5 days ago) State Law State law, G.S. § 42-45, differs by specifying a permanent change of station of 50 miles or more from the member’s current dwelling and allowing for premature or involuntary release from active duty; it differs slightly as to a deployment of “90 days or more” compared to “in excess of 90 days” in the federal law.

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POST 303 NC LAW, RULES, and LEGAL CONCEPTS

(5 days ago) Page 3 of 54 consolidated within Chapter 26.POST 303, NC Law, Rules, and Legal Concepts in the digital version of the Manual.Italicized [Digital REM search words] after a subheading will help you narrow your digital search for a Manual reference. Course Scheduling: Refer to Commission Rule 58H .0404 for course scheduling parameters. Commission Rule 21 NCAC 58H .0304: Instructor Conduct and

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RENTING RESIDENTIAL REAL ESTATE

(3 days ago) 2009, a federal law allows some leases to survive a foreclosure. In these cases, a tenant has the option to stay until the end of the lease. However, in cases where the tenant is renting month-to-month or the buyer of the foreclosed property intends to live in the property instead of buying it as an investment or rental property, the law allows

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SUMMARY EJECTMENT IN RESIDENTIAL T

(3 days ago) The law typically requires that the parties to a legal proceeding must have an “interest” in the subject matter of the proceeding and personal knowledge of the facts. In a lease situation, the parties to the lease agreement are the lessor/landlord and the lessee/tenant; thus they are the

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TENANT SECURITY DEPOSITS

(Just Now) License Law and various rules adopted by the Real Estate Commission when renting the owners’ properties. Read this booklet carefully! Then, if you still have questions about tenant security deposits, you are encouraged to contact your private attorney. You may call the N.C. Real Estate Commission’s Regulatory Affairs Division (919/875-3700

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ELECTRONIC SIGNATURES AND DOCUMENTS

(7 days ago) Pursuant to G.S. 66314, the law “…applies to - any electronic record electronic signature or created, generated, sent, communicated, received or stored on or after the effective date of this Article,”October 1, 2000. The purpose of the law is to provide a legal framework for the use of electronic signatures and records in business

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OWNING VACATION RENTAL PROPERTY

(2 days ago) A law enforcement officer must serve the summons on the tenant. A hearing on the eviction will be held not sooner than twelve nor more than forty-eight hours after service, and if the court rules in your favor, the magistrate will enter a written order at

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RESIDENTIAL SUBDIVISIONS AND PLANNED

(8 days ago) Under North Carolina law, the developer of any real estate project is the owner of all unsold lots or units in the project. As long as the developer owns a majority of them, it controls the votes and therefore the association itself. The developer (or its successors)

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Questions and Answers on: FAIR HOUSING

(7 days ago) the law to take any of the following actions because a person is a member of one of the protected categories: • To refuse to engage in a real estate transaction • To refuse to rent or sell housing • To discriminate in terms, conditions, or privileges for the sale or rental of housing

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Questions and Answers on: O F F E R A N D A C C E P T A N C E

(9 days ago) The law grants a special rescission right in the following limited circumstances: • Residential Property Disclosure Act. At or before the time you make your offer in a residential transaction, the seller (whether or not a real estate broker is involved) must provide you with three written disclosures: (1)

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HANDLING TRUST MONIES

(6 days ago) 1) residential landlord-tenant law requiring residential tenant security deposits and 2) vacation rental laws requiring all monies paid in advance to be deposited into a trust or escrow account in an insured bank or savings and loan in North Carolina. Thus, a non-resident broker managing residential property for others in North Carolina,

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2019-2020 General Update Course

(3 days ago) State Law and Disclosure of Certain Facts . Certain facts that may seem material may be excused by state and fair housing laws such as: • disclosing the death or serious illness of a previous property occupant , • disclosing a convicted sex offender occupying, having occupied, or …

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North Carolina Real Estate Commission

(6 days ago) The meeting of the North Carolina Real Estate Commission scheduled for October 13, 2021, at 9:00 a.m., will be live streamed to the public. Members of the public may attend the meeting via video conference by following the Zoom instructions which will be posted on the NCREC website (www.ncrec.gov) for logging on via computer or phone.

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NCREC Bulletins – What is the “Unauthorized Practice of Law”

(9 days ago) The “practice of law,” as determined by statute and court decisions, includes the drafting of documents which define the rights of others. “Drafting” means composing phrases and sentences to convey an intended meaning by choosing which words to use and the order in which to use them.

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Questions and Answers on: Related reading available from

(2 days ago) purchase of the home, by law, you must receive your Closing Disclosure three (3) business days prior to closing. The Closing Disclosure will come from your lender. Contact your lender (or loan officer) at least a week before closing to find out how you will receive your Closing Disclosure. Ask whether your Closing

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North Carolina Real Estate License Examination STATE

(5 days ago) Includes NC Real Estate License Law, Commission Rules, and License Law and Rule Comments in appendices. Published by OnCourse Learning, 2014 (790 page text). Price: $69.95. Shipping costs and state sales taxes may also apply. Order online at www.oncoursepublishing.com or by phone (855.733.7239) or email ([email protected])

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POST 301 BROKER RELATIONSHIPS and RESPONSIBILITIES

(6 days ago) Practice, pp. 141-178) [Digital REM search for: common law of agency] A. Duties to Principal under the Common Law of Agency [search for common law of agency] 1. Definition of Fiduciary: A relationship of trust and confidence wherein one person is usually entrusted …

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SELECTED PROPERTY M ISSUES

(1 days ago) are violating some provision of state landlord-tenant law, e.g., the tenant security deposit is in the owner’s personal checking account, rather than in a trust or escrow account and there is no bond, the broker is encouraged to alert the owner to the fact that they are violating state law. At the

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SECTION TWO CONTRACT FORMATION NEGOTIATION

(6 days ago) The law of contracts comes to us from English common law which, literally, is hundreds of years old and very well established. A [email protected] may be defined as A deliberate agreementa between two or more competent parties supported by legal considerationto perform or abstain from performing some act. If the agreement meets specific legal

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R ECORD R E T E N T I ON R EQUI REM ENT S

(4 days ago) understanding of wha t rec ords they must retain for what period of time, both under L icense Law a nd Commission rules, as well as for tax purposes. INTRODUCTION All licensees have an obligation under Commission Rule A.0108 to preserve and retain rec ords ar ising fr om brokera ge ser vices they offe r …

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SALES OF VACATION RENTALS

(5 days ago) The law also permits a seller who uses a standard lease agreement to provide the buyer “with a copy of the part of each vacation rental agreement that contains information unique to the tenancy, the amount to be paid by the tenant, and the parties’ signatures, along with one copy

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Questions and Answers on: C O N D O S & T O W N H O U S E S

(8 days ago) The law allows you great freedom to tailor the use of your property to your particular lifestyle. However, this freedom is n ot unlimited and is subject to certain restraints. A homeowners’ association, or the developer, may be authorized by the declaration to adopt bylaws or other rules and regulations that

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NCREC Bulletins – Requirements to Remember In the Landlord

(Just Now) In addition to allowable late fees, the law permits a landlord or property manager to charge a tenant in an eviction situation one of the following three additional fees pursuant to a written lease: Complaint Filing Fee – When a tenant is in default and sued for summary ejectment or money owed, but permitted by the landlord to cure the

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Questions and Answers on: OFFER AND ACCEPTANCE

(6 days ago) law grants a special rescission right in the following limited circumstances: • Residential Property Disclosure Act. At or before the time you make your offer in a residential transaction, the seller (whether or not a real estate broker is involved) must provide you with two written disclosures: (1) Residential Property and Owners’

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North Carolina Real Estate Prelicensing Course Syllabus

(8 days ago) Basic Contract Law 1.75 51 X. Sales Contracts and Related Procedures 7. 5 60 XI. Real Estate Financing 7.0 71 XII. Closing a Sales Transaction 8.0 80 XIII. Real Property Valuation 6.0 88 XIV. Property Insurance Basics 1.25 90 XV. Landlord and Tenant 2.25 95 XVI. Property Management 1.0

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Oil & gas leases

(9 days ago) Carolina by the Attorney General’s Consumer Protection Division and a copy of the part of state law that includes landowner and public protections (see Part V. of Session Law 2012-143 (S. 820), the Clean Energy and Economic Security Act, available online at www.ncleg.net). G.S. §§ 113-423(a), 113-426.

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NCREC Bulletins – “Offer and Acceptance”: Clients Rely On

(1 days ago) Finally, in the example, there was no clear notice of acceptance.This is the final step in forming a binding contract, and can be made orally or in writing. It is the notice given to the offeror that the offeree has signed and accepted the offer, and a binding contract has been formed. It does not mean that a broker is accepting on their client’s behalf.

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R e s i d e n t i a l S q u a r e F o o t a g e G

(3 days ago) Although real estate agents are not required by the Real Estate License Law or Real . Estate Commission rules to report the square footage of properties offered for sale (or rent), when they do report square footage, it is essential that the information they give prospective purchasers (or tenants) be accurate. At a minimum, information

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UTLINE NTRODUCTION PPLICABLE …

(5 days ago) law, but the expectation is that the CFPB will look to reasonable state laws addressing that issue. 3 The NC SAFE Act . The North Carolina Secure and Fair Enforcement Mortgage Licensing Act became effective July 31, 2009 and is codified in Article 19B of Chapter 53 of the General Statutes. It

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EARNEST MONEY DEPOSITS

(8 days ago) law. Q: What if the contract fails and the seller and I cannot agree on who is entitled to the earnest money? A: According to the terms of the standard Offer to Purchase and Contract and the rules governing real estate brokers, if there is a dispute between …

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NCREC Bulletins – HUD Issues Guidance on Use of Criminal

(5 days ago) HUD Issues Guidance on Use of Criminal Background Checks. Bullletin 2017-V47-3. By Janet B. Thoren, Legal Counsel. Diligent property managers often run criminal background checks on prospective tenants before allowing them to lease a landlord’s property. In April 2016, HUD issued guidance on how the Fair Housing Act (“the Act”) impacts

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NCREC Bulletins – Surrendering Disputed Funds to Clerk of

(4 days ago) Under N.C.G.S. 93A-12, a real estate broker or attorney holding disputed monies may deposit these funds with the clerk of court in the county where the property is located after properly notifying the persons claiming ownership of the funds. (Residential security deposits are specifically not allowed to be disposed of in this manner.)

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NCREC Bulletins – UPDATE: CFPB Rule Allows Sharing of TRID

(7 days ago) (The following article is copyrighted by and reprinted with the permission of the Association of Real Estate License Law Officials (ARELLO®)).. The Consumer Financial Protection Bureau (CFPB) recently finalized amendments to its “Know Before You Owe” mortgage disclosure rules, one of which should make it easier for real estate professionals to obtain access to the “new” Closing

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Questions and Answers on: CONDOS & TOWNHOUSES

(2 days ago) The law allows you great freedom to tailor the use of your property to your particular lifestyle. However, this freedom is not unlimited and is subject to certain restraints. A homeowners’ association, or the developer, may be authorized by the declaration to adopt bylaws or other rules and regulations that may govern your conduct.

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NCREC Bulletins – Anti-Money Laundering Guidelines For

(1 days ago) Law enforcement and financial experts have identified some of the warning signs of money laundering activity in connection with real estate. By familiarizing oneself with these voluntary guidelines, real estate agents can assist and help minimize the risk of real estate becoming a vehicle for …

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2012-13 UPDATE C WHEN IS A PERMIT REQUIRED

(3 days ago) State law imposes the same duties and responsibilities on both counties (G.S. §153A-352) and cities (G.S. §160A-412). These statutes impose on local inspection departments the duty to enforce within its territorial jurisdiction State and local laws and local ordinances and regulations relating to: 1) the construction of buildings;

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BICAR COURSE SELECTED COURT CASES

(5 days ago) to Sellers at [defendants’ counsel’s law firm mailing address].” In June 2010 Sarah Miller obtained a loan to purchase the tracts under the option contract and her attorney emailed notice of her intent to exercise the option to the Russells’ attorney, stating that she would be prepared to close on June 28, 2010 and to please prepare a deed.

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NCREC Bulletins – Proper Use of the Working with Real

(7 days ago) The Working with Real Estate Agents brochure (“WWREA”), first published in May 2001, is required to be used by brokers in every real estate sales transaction. Not only is the brochure to be presented in every real estate sales transaction, it is to be reviewed by the broker at the first substantial contact with both buyers and sellers.

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NCREC Bulletins – “Coming Soon” Revisited

(Just Now) In the May, 2013 issue of the Bulletin, an article appeared entitled New Brokerage “Coming Soon”. The article addressed increased calls to the Commission regarding the use of “Coming Soon” sign riders attached to “For Sale” signs, and it generated so much conversation about issues stemming from this marketing tool that we felt it warranted a place in the Update Course as well as a

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NCREC Bulletins – Why Test Your Well Water

(2 days ago) The Commission is pleased to make available the new “Why Test Your Well Water?” brochure. The brochure was created by the UNC School of Law, Law Student Well Water Pro Bono Project in conversation with the UNC Superfund Research Program, the NC Department of Health & Human Services (NC DHHS) Division of Public Health – Private Well & Health Program, and the NC Real …

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2008-2009 Broker-in-Charge Annual Review LENDING LAWS …

(Just Now) Criminal law legislation creates a new Article 20A, titled “Residential Mortgage Fraud Act,” of Chapter 14 of the North Carolina General Statutes. This legislation makes a violation involving a single mortgage loan a serious violation of criminal law (a felony). The penalty for commission

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NCREC Bulletins – What Does “As Is” Really Mean

(6 days ago) There is no State law or Commission rule compelling sellers to make repairs. Moreover, Section 4(c) of the NC Realtors Contract 2-T reads in part, “Buyer acknowledges and understands that unless the parties agree otherwise, THE PROPERTY IS BEING SOLD IN ITS CURRENT CONDITION.”

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NCREC Bulletins – Foreclosure Sale Bid-Rigging Illegal

(5 days ago) Penalties under the law are severe. Violators may be fined up to $1,000,000 and sentenced up to ten years in prison. If the violator is a corporation, the maximum fine is $100,000,000.

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