ARELLO Archive - Third Quarter 2018

North Carolina—Broker in Charge Requirements

21 NCAC 58A .0110 (2018)

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

21 NCAC 58A .0114 (2018)

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

21 NCAC 58A .0505 (2018)

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 download a summary of additions to the ARELLO archive from the third quarter of 2018.

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State Law Based Changes

NAR's State Law Based Changes is a compilation of new types of laws collected over the past few years. This resource is helpful to guide states that may want to adopt similar laws in their state.

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Read a summary of this quarter's additions to the State Law Based Changes.