North Carolina Real Estate License Law and Commission Rules

These flashcards cover key vocabulary and concepts from the North Carolina Real Estate License Law and Commission Rules lecture.

Real Estate License

Any person or business entity must obtain a North Carolina broker license to engage in real estate brokerage activities for compensation.

Agent

A real estate licensee acting on behalf of a party in a transaction.

Provisional Broker

An entry-level license status that requires supervision by a designated broker-in-charge.

Broker-in-Charge

A licensed broker responsible for the supervision of provisional brokers in a real estate office.

Limited Nonresident Commercial Broker

A broker or salesperson from another state, allowed to conduct business in North Carolina with a designated resident broker.

Commingling

The act of mixing a broker's own funds with clients' funds in trust accounts, which is prohibited.

Earnest Money Deposit

Funds provided by the buyer to demonstrate their commitment to the purchase, held in trust until closing.

BPO (Broker Price Opinion)

An estimate prepared by a licensed broker detailing the probable selling price or leasing price of a property.

Negligent Misrepresentation

Unintentional misinformation provided by a licensee due to a lack of knowledge or due diligence.

Willful Omission

Deliberate failure by a licensee to disclose material facts known to them.

Conflict of Interest

Undisclosed dual agency, Self-dealing, Representing another broker without consent.

Dual Agency

When an agent represents both the buyer and seller in a transaction, requiring informed written consent from both parties.

Fair Housing Act

Federal law prohibiting discrimination in housing based on race, color, religion, sex, national origin, familial status, or handicap.

Disciplinary Actions

Actions taken by the Real Estate Commission against licensees for violations, including reprimand, censure, suspension, or revocation of licenses.