NC Real Estate License Law (2022/2023)
Already Passed
Makeup of Commission ✔✔Consists of nine members - 7 appointed by governor; one by
Speaker of the House; one by President Pro-Tem of the Senate; 3 must be brokers in the real
estate business; 2 cannot be involved directly or indirectly in the real estate business; serve 3
year staggered terms
6 powers granted to the North Carolina Real Estate Commission ✔✔licensing real estate brokers
in NC. approving schools that conduct real estate courses. approving instructors that teach real
estate courses. conducting education and information programs relating to the real estate
brokerage business. regulating the business activities of brokers in NC. has the power to
discipline licensees who violate the license law or commission rules.
4 Disciplinary Actions Against Licensees ✔✔Reprimand - slap on the wrist
Censure - harder slap on the wrist
License suspension
License revocation
, 7 Powers Not Granted to the North Carolina Real Estate Commission ✔✔cannot practice law.
cannot declare sales contracts, listing contracts or leases void. cannot regulate commissions,
salaries or fees charged by licensees. cannot fine licensees for violations of licensing law.cannot
draft or prescribe real estate contract forms. cannot act as a board of arbitration.cannot order
brokers to reimburse trust funds or to compensate buyers or sellers for losses
who needs a Real Estate License? ✔✔any person or business entity who, for compensation,
Lists, Leases, Buys, Exchanges, Auctions, Negotiates, or Sells (LLBEANS) real property for
other
Who does not need a real estate license? ✔✔An owner of property deal for herself. a crier at an
auction. a person acting as attorney-in-fact under a power of attorney. a lawyer in the regular
course of her law practice. a real estate appraiser. a mortgage banker. any person acting under
court order. corporations selling/leasing/buying their own real estate. a salaried employee of a
property manager broker
Active License ✔✔A license that states you are current on education, fees and are able to do
business
Already Passed
Makeup of Commission ✔✔Consists of nine members - 7 appointed by governor; one by
Speaker of the House; one by President Pro-Tem of the Senate; 3 must be brokers in the real
estate business; 2 cannot be involved directly or indirectly in the real estate business; serve 3
year staggered terms
6 powers granted to the North Carolina Real Estate Commission ✔✔licensing real estate brokers
in NC. approving schools that conduct real estate courses. approving instructors that teach real
estate courses. conducting education and information programs relating to the real estate
brokerage business. regulating the business activities of brokers in NC. has the power to
discipline licensees who violate the license law or commission rules.
4 Disciplinary Actions Against Licensees ✔✔Reprimand - slap on the wrist
Censure - harder slap on the wrist
License suspension
License revocation
, 7 Powers Not Granted to the North Carolina Real Estate Commission ✔✔cannot practice law.
cannot declare sales contracts, listing contracts or leases void. cannot regulate commissions,
salaries or fees charged by licensees. cannot fine licensees for violations of licensing law.cannot
draft or prescribe real estate contract forms. cannot act as a board of arbitration.cannot order
brokers to reimburse trust funds or to compensate buyers or sellers for losses
who needs a Real Estate License? ✔✔any person or business entity who, for compensation,
Lists, Leases, Buys, Exchanges, Auctions, Negotiates, or Sells (LLBEANS) real property for
other
Who does not need a real estate license? ✔✔An owner of property deal for herself. a crier at an
auction. a person acting as attorney-in-fact under a power of attorney. a lawyer in the regular
course of her law practice. a real estate appraiser. a mortgage banker. any person acting under
court order. corporations selling/leasing/buying their own real estate. a salaried employee of a
property manager broker
Active License ✔✔A license that states you are current on education, fees and are able to do
business
