ShareNorth Carolina—Broker in Charge Requirements
In order for a broker to designate as a broker-in-charge (BIC) for a sole proprietor, real estate firm, or branch office, a broker shall apply for BIC Eligible status by submitting an application on a form available on the Commission’s website. A licensed real estate firm shall not be required to have a BIC if it: (1) is organized for the sole purpose of receiving compensation for brokerage services furnished by its qualifying broker through another firm or broker; (2) is treated for tax purposes as a Subchapter S corporation by the United States Internal Revenue Service; (3) has no principal or branch office; and (4) has no licensed person associated with it other than its qualifying broker.
Effective Date: July 1, 2018 – Amended Regulation
North Carolina—Amended Disclosure Form
The amended regulation changes the Residential Property and Owners' Association Disclosure Statement to eliminate the question regarding radon mitigation systems.
Effective Date: July 1, 2018 – Amended Regulation
North Carolina—Reinstatement of License
States that a broker’s license that is reinstated shall be reinstated with the same license number and status, either full or provisional, it held before expiration, revocation, or surrender if reinstated within three years from the expiration, revocation, or surrender. If a license is reinstated after three years from the expiration, revocation, or surrender, the licensee shall be on provisional broker status. The license shall be effective as of the date of reinstatement, not the date of original licensure. A broker seeking reinstatement of his or her license must disclose his or her criminal record when applying.
Effective Date: July 1, 2018 - Amended Regulation
Oregon—Amended Property Condition Disclosure Form
Or. Rev. Stat. § 105.464 (2018)
The amended statute adds information regarding whether a residence built before 1974 is bolted to its foundation to the required seller’s property condition disclosure form.
Effective Date: January 1, 2018 - Amended Statute
View or downloaddocx a summary of additions to the ARELLO archive from the third quarter of 2018.