North Carolina Administrative Code

21 NCAC 58A .1404 EXHAUSTED LIABILITY LIMITS Applications for payment from the Real Estate Education and Recovery Fund received or considered by the Commission after the liability of the Real Estate Education and Recovery Fund as described in G.S. 93A-21 has been exhausted shall …

SECTION .1500 - FORMS 21 NCAC 58A .1501 LICENSING AND GENERAL BROKERAGE FORMS History Note: Authority G.S. 93A-4(d); 150B-11(1); Eff. July 1, 1989; Repealed Eff. July 1, 1998.

21 NCAC 58A .1502 FORMS FOR SCHOOL APPROVAL OR LICENSURE History Note: Authority G.S. 93A-4(d); 150B-11(1); Eff. July 1, 1989; Amended Eff. May 1, 1990; Repealed Eff. July 1, 1998.

SECTION .1600 - DISCRIMINATORY PRACTICES PROHIBITED 21 NCAC 58A .1601 FAIR HOUSING Conduct by a licensee which violates the provisions of the State Fair Housing Act constitutes improper conduct in violation of G.S. 93A-6(a)(10). History Note: Authority G.S. 41A-4; 41A-5; 41A-6; 9…

SECTION .1700 – MANDATORY CONTINUING EDUCATION 21 NCAC 58A .1701 PURPOSE AND APPLICABILITY This Section describes the continuing education requirement for real estate brokers authorized by G.S. 93A-38.5, establishes the continuing education requirement to change a license from in…

21 NCAC 58A .1702 CONTINUING EDUCATION REQUIREMENT (a) Except as provided in Rules .1708 and .1711 of this Section, a broker shall complete eight credit hours of real estate continuing education courses approved pursuant to 21 NCAC 58H within one year prior to the expiration of t…

21 NCAC 58A .1703 CONTINUING EDUCATION FOR LICENSE ACTIVATION (a) A broker requesting to change an inactive license to active status on or after the broker's second license renewal following his or her initial licensure shall have completed the continuing education as described i…

21 NCAC 58A .1704 NO CREDIT FOR PRELICENSING OR POSTLICENSING COURSES No credit toward the continuing education requirement shall be awarded for completing a real estate prelicensing or postlicensing course. History Note: Authority G.S. 93A-3(c); 93A-4.1; Eff. July 1, 1994; Amend…

21 NCAC 58A .1705 ATTENDANCE AND PARTICIPATION REQUIREMENTS (a) In order to receive credit for completing an approved continuing education course, a broker shall: (1) attend at least 90 percent of the scheduled instructional hours for the course; (2) provide the broker's legal na…

21 NCAC 58A .1706 REPETITION OF COURSES A continuing education course may be taken only once for continuing education credit within a single license period. History Note: Authority G.S. 93A-3(c); 93A-4A; Eff. July 1, 1994; Pursuant to G.S. 150B-21.3A, rule is necessary without su…

21 NCAC 58A .1707 ELECTIVE COURSE CARRY-OVER CREDIT A maximum of four hours of continuing education credit for an approved elective course taken during the current license period may be carried over to satisfy the continuing education elective requirement for the next following l…

21 NCAC 58A .1708 EQUIVALENT CREDIT (a) The Commission shall award an approved instructor continuing education credit for teaching a Commission Update Course. An approved instructor seeking continuing education credit for teaching a Commission Update Course shall submit a form, a…

21 NCAC 58A .1709 EXTENSIONS OF TIME TO COMPLETE CONTINUING EDUCATION (a) A broker on active status may request an extension of time to satisfy the continuing education requirement for the current license period if the broker was unable to obtain the necessary education due to an…

21 NCAC 58A .1710 DENIAL OR WITHDRAWAL OF CONTINUING EDUCATION CREDIT (a) The Commission shall deny continuing education credit claimed by a broker or reported by an education provider for a broker, and shall withdraw continuing education credit previously awarded by the Commissi…

21 NCAC 58A .1711 CONTINUING EDUCATION REQUIRED OF NONRESIDENT BROKERS History Note: Authority G.S. 93A-3(c); 93A-38.5; Eff. July 1, 1994; Amended Eff. July 1, 2017; July 1, 2015; January 1, 2008; April 1, 2006; October 1, 2000; March 1, 1996; July 1, 1995; Pursuant to G.S. 150B-…

21 NCAC 58A .1712 BROKER-IN-CHARGE COURSE (a) The Broker-in-Charge Course is a 12-hour educational course that is required for a broker to attain BIC Eligible status under Rule .0110 of this Subchapter. (b) In order to receive credit for completing the Broker-in-Charge Course, a …

SECTION .1800 - Limited Nonresident Commercial Licensing 21 NCAC 58A .1801 GENERAL PROVISIONS (a) Any person resident in a state or territory of the United States other than North Carolina may perform the acts or services of a real estate broker in North Carolina in transactions …

21 NCAC 58A .1802 DEFINITIONS For the purposes of this Section: (1) "Commercial Real Estate" means any real property or interest therein, whether freehold or non-freehold, which at the time the property or interest is made the subject of an agreement for brokerage services: (a) i…

21 NCAC 58A .1803 REQUIREMENTS FOR LICENSURE; APPLICATION AND FEE (a) A person desiring to obtain a broker license under this Section shall demonstrate to the Commission that: (1) he or she is a resident of a state or territory of the United States other than North Carolina; (2) …

21 NCAC 58A .1804 ACTIVE STATUS Broker licenses issued under this Section shall be issued on active status and shall remain valid only so long as the licensee's license in the qualifying state remains valid and on active status. In addition, a license issued to a salesperson unde…

21 NCAC 58A .1805 RENEWAL (a) A license issued under this Section shall expire on June 30 following issuance unless it is renewed in accordance with the provisions of Rule .0503 and .1711 of this Subchapter. (b) The Commission shall not renew a license issued under this Section u…

21 NCAC 58A .1806 LIMITATIONS (a) A person licensed under this Section may act as a real estate broker in this state only if: (1) he or she does not reside in North Carolina; (2) the real property interest which is the subject of any transaction in connection with which he or she…

21 NCAC 58A .1807 AFFILIATION WITH RESIDENT BROKER (a) No person licensed under G.S. 93A-9(b) shall enter North Carolina to perform any act or service for which licensure as a real broker is required unless he or she has first entered into a brokerage cooperation agreement and de…

21 NCAC 58A .1808 TRUST MONIES A nonresident commercial broker acting as real estate broker in North Carolina shall deliver to the North Carolina resident broker with whom he or she is affiliated all money belonging to others received in connection with the nonresident commercial…

21 NCAC 58A .1809 ADVERTISING In all advertising involving a nonresident commercial licensee's conduct as a North Carolina real estate broker and in any representation of such person's licensure in North Carolina, the advertising or representation shall conspicuously identify the…

21 NCAC 58A .1810 PAYMENT OF FEES Commissions, fees, or other compensation earned by a nonresident commercial licensee shall not be paid directly to the licensee if said licensee is employed by or working for a real estate broker or firm. Instead, such fees or compensation shall …

section .1900 – post-licensing education 21 NCAC 58A .1901 PURPOSE AND APPLICABILITY This Section prescribes specific procedures relating to the postlicensing education requirement for real estate brokers as prescribed by G.S. 93A-4(a1). History Note: Authority G.S. 93A-4; Eff. A…

21 ncac 58a .1902 postlicensing education requirement (a) The 90-hour Postlicensing education program pursuant to G.S. 93A-4(a1) shall consist of the following three 30 instructional hour courses prescribed by the Commission: (1) Postlicensing Course 301; (2) Postlicensing Course…

21 NCAC 58A .1903 EXTENSIONS OF TIME TO COMPLETE POSTLICENSING EDUCATION History Note: Authority G.S. 93A-4; Eff. April 1, 2006; Amended Eff. January 1, 2012; Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. May 1, 2018; Repealed Eff. July 1…

21 NCAC 58A .1904 DENIAL OR WITHDRAWAL OF POSTLICENSING EDUCATION CREDIT (a) The Commission may deny Postlicensing education credit claimed by a provisional broker or reported by an education provider for a provisional broker, and may withdraw Postlicensing education credit previ…

21 NCAC 58A .1905 WAIVER OF 90-hour Postlicensing Education requirement (a) A provisional North Carolina real estate broker may apply for a waiver of one or more of the three 30-hour Postlicensing courses described in Rule .1902 of this Section in the following circumstances: (1)…

SECTION .2000 - annual reports 21 NCAC 58A .2001 filing History Note: Authority G.S. 93B-2(d); Eff. July 1, 2010; Expired Eff. June 1, 2018 pursuant to G.S. 150B-21.3A.

21 NCAC 58A .2002 escrow account (a) The Commission shall establish an escrow account or accounts with a financial institution or institutions lawfully doing business in this State into which the Commission shall deposit and hold fees tendered during any period of time when, purs…

SECTION .2100 - BROKERS IN MILITARY SERVICE 21 NCAC 58A .2101 applicability This Section shall apply to every broker whose license is not revoked, suspended, or surrendered, or who is otherwise the subject of a disciplinary order, and who is eligible for an extension of time to f…

21 NCAC 58A .2102 postponement of fees (a) A Broker described in 21 NCAC 58A .2101 shall not be required to pay renewal fees accrued during the time to be disregarded described in 26 U.S.C. 7508 until the June 30 immediately following the end of such time. The provisions of 21 NC…

21 NCAC 58A .2103 postponement of continuing education (a) A broker described by 21 NCAC 58A .2101 shall not be required to complete the continuing education required as a condition of license renewal for any June 30 license expiration date if that date falls during the time to b…

21 NCAC 58A .2104 postponement of postlicensing education A broker described by Rule .2101 of this Section who is a provisional broker shall not be required to complete any postlicensing education during the period to be disregarded under 26 U.S.C. 7508 until the 180th day follow…

21 NCAC 58A .2105 proof of eligibility It shall be the responsibility of every broker eligible for the postponement of fees and education requirements established by this Section to demonstrate his or her eligibility and the beginning and ending of the time to be disregarded as d…

SECTION .2200 - BROKER PRICE OPINIONS AND COMPARATIVE MARKET ANALYSES 21 NCAC 58A .2201 APPLICABILITY This Section applies to broker price opinions and comparative market analyses provided for a fee by a real estate broker whose license is not on provisional status pursuant to Ar…

21 NCAC 58A .2202 STANDARDS (a) A broker performing a broker price opinion or comparative market analysis for a fee shall comply with all the requirements in G.S. 93A-83 and in this Rule. (b) A broker shall only accept an assignment to provide a broker price opinion or comparativ…

subchapter 58b – TIMESHARES section .0100 – TIMESHARE PROGRAM registration 21 NCAC 58B .0101 APPLICATION FOR REGISTRATION (a) A timeshare program seeking registration shall apply to the Commission on a form available on the Commission's website and shall, in addition to the requi…

21 NCAC 58B .0102 REGISTRATION FEE The timeshare program registration fee pursuant to Rule .0101 of this Subchapter shall be: (1) one thousand dollars ($1,000) for programs with 16 or more units; (2) seven hundred dollars ($700.00) for programs with 15 or fewer units; and (3) fou…

21 NCAC 58B .0103 RENEWAL OF TIMESHARE PROGRAM REGISTRATION (a) A developer seeking renewal of a timeshare program registration shall submit a renewal application on a form available on the Commission's website that sets forth the: (1) timeshare program's name, registration numbe…

21 NCAC 58B .0104 AMENDMENTS TO TIMESHARE PROGRAM REGISTRATION (a) A developer shall notify the Commission within 30 days after any material change in the information contained in the timeshare program registration. (b) A material change shall be any change which reflects a diffe…

21 NCAC 58B .0105 NOTICE OF TERMINATION A developer seeking to terminate its interest in a timeshare program shall file a Notice of Termination form available on the Commission's website and shall set forth the timeshare program's: (1) name; (2) physical, mailing, and email addre…

SECTION .0200 - PUBLIC OFFERING STATEMENT 21 NCAC 58B .0201 GENERAL PROVISIONS (a) Information contained in a public offering statement pursuant to G.S. 93A-44(b) shall be accurate on the day it is supplied to a purchaser. (b) The inclusion of false or misleading statements in a …

21 NCAC 58B .0202 PUBLIC OFFERING STATEMENT SUMMARY In addition to the requirements in G.S. 93A-44, a public offering statement shall contain a page prescribed by the Commission and completed by the developer entitled Public Offering Statement Summary in conspicuous type. The Pub…

21 NCAC 58B .0203 RECEIPT FOR PUBLIC OFFERING STATEMENT (a) Prior to the execution of any contract to purchase a timeshare, a developer or a timeshare salesperson shall obtain from the purchaser a written receipt for the public offering statement, which shall display, directly ov…

SECTION .0300 - CANCELLATION 21 NCAC 58B .0301 PROOF OF CANCELLATION (a) The postmark date affixed to any written notice of a purchaser's intent to cancel a timeshare purchase shall be presumed by the Commission to be the date the notice was mailed to the developer. Evidence tend…

SECTION .0400 - TIMESHARE SALES OPERATION 21 NCAC 58B .0401 RETENTION OF TIMESHARE RECORDS (a) A developer shall maintain or cause to be maintained complete timeshare records for a period of not less than three years after the completion or termination of a timeshare sale, rental…