Buying Real Estate in North Carolina 02 – The North Carolina Real Estate Commission

I wanted to take a moment today to talk to you about the North Carolina Real Estate Commission.

If you go to their website, http://www.ncrec.gov/, you will find that it is mostly made up of information about license law, license rules, education and other topics directed at people like me, or “licensees”. That is, a person who holds a real estate license in North Carolina, which allows us to act as your agent or broker when buying or selling real estate or managing property for you in a situation where we will be paid for the work that we do.

And that is the most important distinction about licensees. Once we receive money in order to help someone in a real estate transaction, we must be licensed by the State of North Carolina. We must be educated in the real estate laws and rules of this state. We must apply for and maintain our license. And we must follow those rules.

As much as this site is directed at us, and the firms that we work for, the purpose of the Commission is really to protect you, the public, from…well…me, the licensee. Here is an overview of the purpose of the NCREC:

“The principal purpose of the Real Estate Commission is to protect the interests of members of the general public in their dealings with real estate brokers. This is accomplished through the exercise of the following statutory powers granted to the Commission:

  1. Licensing real estate brokers and brokerage firms, and registering time share projects.
  2. Establishing and administering pre-licensing education programs for prospective licensees and post-licensing and continuing education programs for licensees.
  3. Providing education and information relating to the real estate brokerage business for licensees and the general public.
  4. Regulating the business activities of brokers and brokerage firms, including disciplining licensees who violate the License Law or Commission rules.

It should be noted that the Commission is specifically prohibited, however, from regulating commissions, salaries

or fees charged by real estate licensees and from arbitrating disputes between parties regarding matters of contract such as the rate and/or division of commissions or similar matters. [See G.S. 93A3(c) and Rule A.0109.]”

This is the basis of everything that we do. We have an instructor who will routinely answer questions about why we have to do one thing or another by saying, “It’s the law. It’s the law. It’s the law.”, with a wonderful southern accent that draws out the word “law”. The real estate “buck” stops here!

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