The goal of the 100 % commission real estate broker NC is to safeguard the public when interacting with real estate agents. If a licensee violates the Commission’s regulations or the License Law, the Commission has the jurisdiction and ability to sanction them.
The North Carolina Real Estate Commission
Alba, a rookie real estate agent, is curious about her profession’s North Carolina Real Estate Commission role. She is curious about when the Commission was established and who was a member. This lesson will investigate the Commission’s objectives and powers, particularly its disciplinary authority, to address Alba’s queries and others.
What Is the Real Estate Commission of North Carolina?
The Commission was established as an autonomous state government institution in 1775. The Commission’s main job is to license and regulate all real estate agents. Encompasses both corporations and individuals that lease, sell, and buy real estate on behalf of others. The Commission also registers and oversees all sales operations of timeshare developments, such as resort condominiums, where several people share single living unit ownership. Broker licenses are required for all real estate agents and timeshare salespeople.
The Authority’s Structure
The Commission is made up of nine members who serve three-year terms. The Governor appoints seven members, while the General Assembly chooses the other two based on recommendations from the House of Representatives and the Senate President Pro Tempore. Membership is subject to the following requirements:
A minimum of three members must be licensed brokers.
At least two members must be ‘public members,’ meaning they are not involved in the real estate or appraisal business.
Objective and Authority of the Commission
The primary purpose of the Commission is to defend the interests of all members of the general public when interacting with real estate agents. is accomplished through the use of the Commission’s statutory powers, which are as follows:
Licensing brokerage businesses and real estate agents, as well as timeshare project registration
Developing and managing pre-licensing education programs
Providing real estate-related knowledge and information
Regulating all brokerage companies’ and brokers’ business activities, including penalizing those who violate Commission regulations or the License Law.