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C a r o l i n aR e a lE s t a t eC o m m i s s i o nREAL ESTATE BULLETINMMISSIONCOESN o r t hETH CAROORLINEAL ESTAARTNVolume40 May2009 Number1ISEQUA M V I D ERs a qualifying broker and/orbroker-in-charge of a real estatefirm, you have certain responsibilities toassure that firm and individual licensesare renewed by the June 30 deadline.Qualifying brokers should be certainto renew both the firm license and theirown. When you renew the firm licensebut fail to renew your personal license,the firm’s license will be placed on inactive status July 1.Since a firm on inactive status cannot have agents associated with it, broker licenses are changed to reflect theirhome addresses and the absence of firmaffiliation. And provisional brokers areplaced on inactive status.Brokers-in-charge should verify thatall licensees under their supervision haverenewed between May 15 and June 30.You can accomplish this at the Commission’s website, www.ncrec.state.nc.us.The “BIC Only” tab on the websitegives you access to a variety of currentdata on those under your supervision.To view and print the information, click(See Reminder page 4)LSho istingrt SalesShoalet S ctorSh ntra daCo denAdPropertyPropeertyValuaValuationationw hNegotiating witrsLien-holdeersersand OthersBuyerofRval er espon Agentpro ndsibbilitAp r’s Lei ieelslSer t S alesSee Page 5he annuall reall estate llicense renewall periodhd bbegins MMay 15.5 The ComCmission’s website, www.ncrec.state.nc.us, will be available on that dateand through the June 30 deadline for online renewing.Login at the website and go to Redeadline of midnight, June 30. If younew/Reinstate and enter your licenserenew by mail, your renewal must benumber andreceived at thePIN (personalCommissionidentificationoffice on or benumber). Unfore that date.less you haveIf you misschanged yourthedeadline,NC Real Estate BrokerPIN, it will beyour license will123 Any StreetAny Town, NC 27282the last fourexpire and youdigits of yourmust pay a 55Social Securityfee to reinstatenumber. Chargeit.the 40 fee usWhile oning your Mas- Watch for this postcard renewal reminder! line, check yourterCard or Visa.continuing education and postlicensingYou will receive confirmation, whichcredit information to be certain they hasyou can print, that your renewal is beingbeen properly recorded. If you have notprocessed by the Commission. Whilecompleted all your continuing educaonline, update your email, fax and resition (eight hours, four of which are thedence address, if needed.Update Course), you may do so by the(See Renewal page 4)You must renew on or before theNorth Carolina Real Estate CommissionP. O. Box 17100Commission website available for renewals beginning May 15es, for the cost ofabout a tank ofgasoline, you can renewyour real estate brokerlicense for another year.Did you know that your 40 annual renewal feeis among the lowest in the country(only five states are lower)?In fact, the national average istwice that charged in North Carolina.Since 2001, your license re-newal fee has increasedonly once (from 35 to 40) which is especiallygratifying since the RealEstate Commission receives no financial assistance from the State.You worked hard for your license. We are working hard tomaintain, if not exceed, the level ofservice we provide to you and realestate consumers without increasing your fees or other costs.

REAL ESTATE BULLETINPublished as a service to real estate licensees to promotea better understanding of the Real Estate License Law andCommission rules, and proficiency in real estate practice.The articles published herein shall not be reprinted or reproduced in any other publication without specific referencebeing made to their original publication in the Commission’sReal Estate Bulletin.NORTH CAROLINA REAL ESTATE COMMISSION1313 Navaho DriveP. O. Box 17100Raleigh, North Carolina 27619-7100Phone (919) 875-3700Beverly E. Perdue, GovernorCOMMISSION MEMBERSMelvin L. Alston, ChairmanTo request a speaker from theCommission, please submit the“Request for Program Presenter”form available on the Commission’swebsite, www.ncrec.state.nc.us.dateU ppdatePeopleAppearancesJanet B. Thoren, Chief Deputy Legal Counsel, has been re-designated aSpecial Assistant United States Attorneyin the Western District of North Carolina by the U. S. Department of Justice.Miriam J. Baer, Assistant Directorof Legal Services and Legal Counsel,participated in panel discussions on“short sales” at the Charlotte RegionalREALTOR Association in Mooresvilleand Charlotte.Janet B. Thoren, Chief Deputy Legal Counsel, spoke to the North Carolina Conference of District Attorney’sLegal Update on Mortgage Fraud inRaleigh.GreensboroMarsha H. Jordan, Vice ChairLincolntonBenjamin Cone, IIICharlotteJoe L. Hodge, Jr.RaleighJeffery J. MalarneyManteoJerry A. Mannen, Jr.WilmingtonWanda J. ProffittBurnsvilleS. R. Rudd, Jr.Oak IslandM. Rick WattsFayettevillePhillip T. FisherExecutive DirectorADMINISTRATIONMary Frances WhitleyS ttaffaffDirectorPaula L. RicardFinancial OfficerVickie R. CrouseNetwork AdministratorWendy C. HarperAdministrative OfficerRobert L. ForshawPublications OfficerBrenda H. BadgerInformation Services OfficerAUDITS AND INVESTIGATIONSEmmet R. WoodDirectorMichael B. GrayChief Auditor/InvestigatorGary R. CaddellSr. Auditor/Investigator,Training OfficerJennifer K. BogerSr. Auditor/InvestigatorRebecca S. WilkinsSr. Auditor/InvestigatorWilliam F. DowdSr. Auditor/InvestigatorBart H. AllenAuditor/InvestigatorM. Spier HollomanAuditor/InvestigatorPamela M. VesperAuditor/InvestigatorBradford A. Cox has assumed theppositionof Information Specialist in theAAdministrationDivission.He is a gradua of North CarolinaateSStateUniversity witha BS in Parks, Recrreationand TourismManagement.EDUCATION AND LICENSINGLarry A. OutlawDirectorAnita R. BurtEducation/Examination OfficerPamela R. RorieContinuing Education OfficerPatricia A. MoylanLegal Education OfficerLisa R. McQuillenEducation/Licensing OfficerMatthew A. WentzLicense Application AnalystLEGAL SERVICESThomas R. MillerLegal Counsel, Director; SpecialDeputy Attorney GeneralMiriam J. BaerAssistant Director, LegalCounselChief Deputy Legal CounselJanet B. ThorenCharlene D. MoodyDeputy Legal CounselStephen L. FussellSr. Consumer Protection OfficerJoan H. FloydSr. Consumer Protection OfficerCarolyn A. HaaseConsumer Protection OfficerElizabeth W. PenneyInformation OfficerJean A. Wolinski-HobbsInformation OfficerEditor-In-ChiefPhillip T. FisherEditorRobert L. Forshaw2165 Years of ServiceThree members of the Commission recently achieved 30 years of service each and foura combined total of 75 years. Recipients of awards for service are (l. to r.) InformationServices Officer Brenda H. Badger and Education/Examination Officer Anita R. Burt,both 20 years; Administration Director Mary Frances Whitley, 30 years; CommissionChairman Melvin L. “Skip” Alston; Education and Licensing Director Larry A. Outlawand Network Administrator Vickie R. Crouse, both 30 years; Legal Counsel and Director of Legal ServicesThomas R. Miller, 25 years; and Senior Consumer Protection OfficerJoan H. Floyd, 10 years.Real Estate Bulletin May 2009

C ommissionnJune 10All meetings, unless otherwise noted, begin at 9a.m. and are held in Raleigh in the Commission’sConference Room at 1313 Navaho Drive(27609). Occasionally, circumstances necessitatechanges in meeting times and locations.July 8PinehurstCAugust 12alendaaalendarSeptember 9Following is a summary of Real Estate Commission rule changes whichbecome effective July 1, 2009.General Brokerage Require provisional brokers to havethe consent of their broker-in-charge inorder to advertise any real estate brokerage service, and to include in anyadvertisement the name of the brokerin-charge or firm with which they areassociated. Revise the requirements for beingreinstated as a broker-in-charge afterlosing broker-in-charge eligibility. Remove the requirement that loancommitment dates be shown in offer topurchase and sales contracts.(See Rule Changes, page 4)COURSE SCHEDULESThis schedule provides locations, dates, and times for the courses indicated through December, 2009.Register online at the Commission’s website, www.ncrec.state.nc.us.Broker-in-Charge Course(Two-days. Day one, 1-5 p.m.; Day two, 8:30-5:30 p.m.)AshevilleJuly 29, 30September 30, October 1December 2, 3Holiday Inn East/Blue Ridge ParkwayCharlotteJune 8, 9July 27, 28August 25, 26September 15, 16October 26, 27December 7, 8Holiday Inn AirportGreensboroAugust 19, 20November 17, 18Clarion Hotel (formerly the Radisson)Kill Devil HillsSeptember (see website for dates)Ramada Plaza ResortRaleighJune 2, 3July 7, 8August 5, 6September 8, 9October (see website for dates)November 9, 10December 14, 15McKimmon Conference CenterWilmingtonJuly 14, 15October 20, 21Coastline Inn & Convention CenterAshevilleSeptember 29, 1 - 5 p.m.Holiday Inn East/Blue Ridge ParkwayCharlotteJuly 28, 9 a.m. - 1 p.m.December 8, 9 a.m. - 1 p.m.Holiday Inn AirportRaleighJune 1, 1 - 5 p.m.August 4, 1 - 5 p.m.November 3, 1 - 5 p.m.McKimmon Conference CenterWilmingtonOctober 21, 2009, 9 a.m. - 1 p.m.Coastline Inn & Convention CenterB i TrustTAPdBasicAccountProceduresConfirm dates and times at the Commission website.Real Estate Bulletin May 20093

eginning July 1, most formerbrokers-in-charge can be re-designated as brokers-in-charge without firstcompleting the Broker-in-Charge Course;however, within 120 days following theirre-designation they must complete eitherthe 12-hour BIC Course or, if they havecompleted the BIC Course within thepast three years, the 4-hour Broker-inCharge Annual Review Course.Currently, a broker-in-charge mustcomplete the course prior to re-designation.The Commission found that whenBICs lose their BIC status (usually dueto their failure to complete all requiredCE or to renew their licenses on time),the offices they supervise are effectivelyshut down until the broker can take(Continued from page three)Examinations Authorize the Commission to discipline brokers who cheated on or misused the licensing examination wherethe cheating or misuse did not come tothe attention of the Commission untilafter the person was licensed.Licensing Eliminate language in connectionwith firm activation referring to a “formprovided by the Commission” when theCommission does not provide or require such a form. Address the requirements for reinstating licenses “cancelled” when provisional brokers fail to complete theirpostlicensing education. Clarify that the license issuancedate will not be changed for licensesreinstated within six months followingtheir expiration. Provide that a broker whose licensehas been suspended by the Commissionshall have sixty days from the end of theperiod of license suspension to pay anylicense fees that may have accrued during the period of suspension, and that4the BIC Course. This may require a fewweeks’ wait and possibly considerabletravel.The revised rule allows the formerbrokers-in-charge to re-designate themselves immediately after reinstating theexpired licenses (if applicable), satisfying any CE deficiency and re-activatingtheir licenses. They then have 120 daysto complete the BIC Course (or, if eligible, the BICAR Course).Of course, they must also be able tocertify on a new Broker-in-Charge Declaration that they have two years’ full-timebrokerage experience within the past fiveyears. Remember, always check with theCommission to verify the specific requirements for your particular situation!Brokers-in-charge who do not satisfyfailure to pay within that period will result in loss of licensure. Require brokers and license applicants to report to the Commission any“notarial commission sanctions” theyhave received.Postlicensing Education Permit the Commission to denyor withdraw postlicensing course creditto any broker who attends more thantwenty-one classroom hours of postlicensing instruction in any given sevenday period.(Continued from page one)June 10 deadline. There are no CE classes after that date until July. IncompleteCE results in the change of status of an“active” license to “inactive” on July 1.Allow 15 days following a class forany credits to be reflected. The CE credits displayed on the label of this Real Estate Bulletin are those posted about twoto three weeks before its arrival. Thoseposted on the website will be more current.Real Estate Bulletin May 2009their education requirement within 120days following designation or re-designation are removed as BIC and must complete the 12-hour BIC Course prior torequesting to again be designated, even ifthe course was completed within the preceding three years.A related rule revision reserves the BICAR Course exclusively for currently designated BIC’s and brokers who are “BICeligible” (former BIC’s who have continuously maintained an active license andtaken the BICAR Course each year). Other brokers attending the BICAR Coursewill not receive any CE elective credit forit. A Certificate of Eligibility (verificationof BIC status) can be obtained from theCommission’s website.A further rule revision exempts fromthe broker-in-charge requirement soleproprietor brokers who hold tenant security deposits only in a trust accountfor properties they personally own.(Continued from page one)on the tab and enter your license number and PIN (the last four digits of yourSocial Security number unless you havechanged it).In addition to your personal information), you will find the following: A listing of all licensees which, according to Commission records, are affiliated with you or under your supervision. The “level of their licenses – “PB”(Provisional Broker), or “B” (Broker). Their license renewal date. Their continuing education andpostlicensing credits (if needed).If any of your agents have not renewedtheir licenses, you may renew them.This is important because you, asbroker-in-charge, are subject to disciplinary action if a broker at your officecontinues to list, sell, etc. real estate after his or her license is expired.

BuyerofRval der espon Agenornpsib tAp r’s Lei l i tiesleSelLSho istingrt SalesShoalet S ctorSh ntra daCo denAdPropertyPropeertyValuationValuaationw thNegotiating wieLien-holdersand OthersBy Miriam J. BaerAssistant Director, Legal CounselLegal Servicesn today’s economic climate, yoummay encounter sellers who owe morefor their property than it is worth, i.e.,they’re “upside down” or “under water” ontheir mortgage. They may have more thanone mortgage, a home equity loan, outstanding judgments and tax liens that mustbe dealt with before selling - one or all ofwhich exceed the value of the property.For sellers in financial distress, a “shortsale” may help. A short sale occurs whena lender accepts a discounted payoff ofthe loan balance and gives up its interestin the property. In some cases, the seller isrelieved of further liability; in others, theseller may still be indebted to the lenderfor the balance.Lenders may agree to “short sales” toavoid the expense of a foreclosure, but often impose certain conditions: Loan status: Usually, the loan mustbe in default or imminent default; sometimes being “upside down” is enough. Hardship: Sellers must demonstrate that circumstances beyond theircontrol prevent them from making theirmortgage payments. Financial Status: Sellers must demonstrate insufficient resources to coverthe loan amount. Loan Fraud: There must be noevidence of fraud in connection with theoriginal loan. The lender is more likely tosuspect fraud if default occurs within thefirst 12 months of the loan term. Property Value: The property mustbe appraised to determine the amountthe lender will accept.Although the buyer and seller have acontract, the seller’s lender is in control ina short sale and can “just say no” to prevent it. Therefore, closing the sale is moreuncertain than in ordinary transactions.Listing Agent ResponsibilitiesBefore you list a property, determinewhether there is any possible need for ashort sale, and be prepared to advise theseller about the process and consequencesof one. While better than foreclosure, theseller’s credit record will suffer. The process can take more time and the lendercan simply stop it at any time. Suggestr t S alesthat the seller consider other options,including loan modification, refinancing, giving the lender a deed in lieu offoreclosure, or allowing foreclosure to occur. Recommend, prior to sale, consulting with the seller’s attorney and financialand tax experts.Consider the list price carefully: itcannot be so low that the seller’s lenderwill reject it or it so high that buyers willlack interest.Remember that because funds are“short,” the seller may not be able atclosing to pay third parties. Payments tolien-holders and other service providers,including yourself and maybe anotherbroker, must be addressed. While foreclosure may wipe out some liens, a shortsale requires negotiation with all lienholders.A short sale is a material fact. As listing broker, you must disclose this to thebuyer and buyer agent.Short Sale Addendum - Listing ContractAddress in the listing contract a sellerattempt at a short sale. The North Carolina Association of REALTORS has developed a new Short Sale Addendum toExclusive Right to Sell Listing Agreementwhich: requires the seller to work to obtain lender approval, including providingnecessary financial information; and allows the listing agency to marketthe property as a short sale or pre-foreclosure property, to continue marketing whileit is under contract and the lender is considering contract approval, and to discloseinformation to the lender and buyer agent.Buyer Agent ResponsibilitiesWhen looking at properties and before making an offer, try to determinewhether the property may be a short sale.Real Estate Bulletin May 2009The listing agent should disclose it, butif you have any doubt, ask for information about the status of the seller’s loan,the possibility of a foreclosure action, andthe seller’s ability to convey the propertyfree and clear of liens.Be particularly attentive to propertyvalue, especially in a “soft” or decliningmarket. An asking price below the seller’sloan pay-off amount does not mean theproperty is worth it. Buyer agents shouldencourage clients to inspect the property todetermine its condition, since a seller maynot be financially able to make any repairs.Some lenders in a short sale will notconsider an offer until the buyer and seller have signed a contract. Make sure thebuyer understands that once the contractis submitted, the lender may be slow tomake a decision, require changes beforeapproval, or even undertake foreclosurewhile considering it.Short Sale Addendum - OfferThe North Carolina Association ofREALTORS has developed a Short SaleAddendum to the standard North Carolina Offer to Purchase and Contract. Itincludes contingencies that allow eitherparty to cancel the deal if the lender rejects the short sale and the buyer to terminate the contract at any time priorthe lender’s approval by written noticeto the seller. In either event, the buyer isentitled to the return of earnest money.The addendum permits the seller tocontinue marketing the property and tocommunicate new offers to the lender. Ifthose offers are higher than the contractprice, the lender may reject the short salecontract in favor of a new offer or foreclose instead.In SumLenders are increasingly more likelyto entertain the possibility of a short sale.However, because much of the decisionmaking rests with the seller’s lender, suchtransactions entail significant risk, particularly for the buyer. Brokers shouldbe certain to disclose to the buyer priorto contract if a short sale is necessary toaccomplish the deal, use the standard addenda or have contract language draftedto specifically address the short sale, andallow plenty of time for the transactionto close.5

the cause of real estate education. Thename of each year’s award winner is engraved on the Mercer Award cup thatis displayed in the Commission’s lobby.Commission Vice Chairperson MarshaJordan was also in attendance for thepresentation.Following the luncheon, a briefContinuing Education “update” session was conducted by ContinuingEducation Officer, Pamela Rorie, afterwhich participants were treated to alively presentation by Steve Richman ofGenworth Mortgage Insurance whichfocused on the positives of the currenteconomy and the best sources of information regarding new loan programsand guidelines.The conference finale was presented by Deborah Carpenter, DREI, andBrian Pate who provided useful andcreative techniques for motivating andengaging real estate students.By Pamela R. RorieDuring the luncheon, the NorthContinuing Education OfficerCarolina Real Estate Educators Associan eager crowd of real estate intion (NCREEA) held its spring meetingstructors, school officials andand annual awardS presentations led bypublisher reprePresident Johnsentatives attendCarroll.ed the 2009 RealThe AssociaEstate Educatorstion presented itsConference held“Program of thein Raleigh onYear” award toApril 14, 2009.Sheila LoweryThe Commisfor her Continusion-sponsoreding Educationmeetingdrewelective course,216 participantsAlternative 2 –from across theMade Easy, andstate for thisits “Educator ofyear’s one - daythe Year” awardDana Rhodes receives the 2009 Billie J. Mercerevent. Directorto Dana Rhodes,Excellence in Education Award from Commisof Education andDREI, of thesion Chairman Melvin L. “Skip” Alston.Licensing LarryMingle School ofOutlaw kicked-off the conference withReal Estate.a discussion of the state of real estateAlso during the luncheon, Commiseducation and licensing and invitedsion Chairperson Melvin “Skip” Alstoneducators to offer suggestions as to thepresented the Commission’s Billie J.optimal means of delivering needed inMercer Excellence in Education Awardstruction to licensees in specialty areasto NCREEA’s Educator of the Year,of real estate brokerage.Dana Rhodes. This award is presentedLisa McQuillen, Education and Liannually in memory of former Comcensing Officer, followed with a Prelimission member and chairperson, Billiecensing and Postlicensing EducationMercer, who was especially dedicated to“update” session in which she explainedproposed rule revisions and recognizedprelicensing schools and instructorswho had exhibited outstanding performance.The highlight of the morning’s program was a “tag-team” presentation byThomas Miller, Special Deputy Attorney General/Director of Legal Services,and Miriam Baer, Assistant Director ofLegal Services of the NC Real EstateCommission.They addressed such matters as misrepresentation – which is the cause ofmost consumer complaints, requiredMiriam J. Baer, Assistant Director of Legal Services and Legal Counsel for the Comdisclosure of agent bonuses, real estatemission, at the podium joined with Thomas R. Miller (seated right), Director of Legallotteries/drawings, embezzlement, andServices and Legal Counsel, to present the “Legal Panel Q&A Session” at the 2009 Eduother topics as requested by the attencators Conference.tive crowd.6Real Estate Bulletin May 2009

Practice Tiphe Commission has noted anincreasing number of reports ofbrokers providing, for a fee, a “brokerprice opinion” (BPO) for a party whois not a client or potential client of thebroker.The downturn in the real estate market has apparently resulted in more demand for informal estimates of the mostprobable sale/purchase prices for properties that are less expensive than a fullappraisal.Brokers may be requested by lenders, loan servicers, potential investors orothers to provide this service for a fee, orbrokers may simply be seeking alternative sources of income in a slow market.Brokers should remember that theNorth Carolina Appraiser Act requiresany analysis, opinion or conclusion asto the value of real estate performed forcompensation to be performed by a licensed or certified appraiser.iscussion of “due diligence” concepts in sales transactions andagency disclosure and agreements willbe the main topics of the 2009-2010Update Course.Exercising “due diligence” in salestransactions protects both sellers and buyers and involves careful attention to an array of matters ranging from the preparation and processing of contracts and adequate property inspections to completeand accurate closing statements.Compliance with Commission rulesrelating to agency disclosure and agreements will focus on person-to-personcontact versus email or telephone contact, soliciting, and forming relationships through a virtual office website(VOW).In addition, the course will reviewchanges in selected transactional formsand Commission rules, requirements tokeep a current and active license, realHowever, the statute does provide alimited exception to this requirementthat permits real estate brokers to performa “comparative market analysis” for compensation ONLY for prospective or actualbrokerage clients or for real property involved in an employee relocation program.A “comparative market analysis”(CMA) is defined as “the analysis of salesof similar recently sold properties in order to derive an indication of the probable sales price of a particular propertyby a licensed real estate broker.”A “broker price opinion” (BPO)that is based on recent sales of comparable properties is, therefore, a CMA,and may be performed for a fee only asnoted above.The Real Estate Commission considers the performance by a broker of aBPO for compensation in violation ofthe Appraiser Act to also constitute aviolation of the Real Estate License Law.estate raffles (illegal in North Carolina),and rebates to buyers.Consideration is also being given toincluding some instruction on topics ofparticular interest to brokers involved inhe 2009-10 Broker-in-ChargeAnnual Review course will coverdual and designated agency, compensation issues, safeguarding trust accounts,and recent changes in broker-in-chargequalification and eligibility requirements.Expanding upon discussion in the2007-08 BICAR course, the course willaddress in greater detail the differencesin practicing dual agency as “traditional” dual agents versus “designated” dualagents and the underlying authority andgeneral expectations in practicing eachReal Estate Bulletin May 2009When performing a comparative market analysis or brokerprice opinion for a client or potential client, be sure to: Document your relationshipwith the client or prospective client. Document the recent salesof comparable properties uponwhich you base your analysis. Identify the results of youranalysis as a “probable salesprice” only and not as the “marketvalue” or an “appraisal”.residential leasing and/or property management.All licensees must complete the fourhour Update Course in each license yearas part of the eight-hour continuing education requirement. Course locationsand times are available at the Commission’s website, www.ncrec.state.nc.us.including confidentiality issues.Compensation issues involve howthe lack of an active license may affect payment, who may be paid andby whom, referral fees, “bird-dog” fees,finder fees and other incentives, and theeffect of a firm license lapse on affiliatedbrokers’ entitlement to compensation.All BICs must take the BICARcourse during the first full license periodfollowing initial desgnation and each license period thereafter.7

Free PublicationsQuantityQuestions and Answers on:How To Order:Online: www.ncrec.state.nc.us.Fair HousingTenant Security DepositsMail: NC Real Estate Commission, ATTN: Publications,P. O. Box 17100, Raleigh, NC 27619-7100Condos and TownhousesFax: 1-919-877-4227This form for freepublications only.Residential Subdivisions and PlannedCommunitiesPurchasing Coastal Real Estatein North CarolinaRenting Residential Real EstateTrato Con Agentes de Bienes RaícesNAMEPreguntas y Respuestas sobre:ADDRESS(Working With Real Estate Agents)(Questions and Answers On:)Vivienda JustaCITY/STATE/ZIP(Fair Housing)El Depósito de Seguridad delInquilino (Tenant Security Deposits)Telephone EmailAlquiler de Inmuebles paraViviendo (Renting Residential Real Estate)Please allow 7 days fromreceipt of order for delivery.Real Estate Licensing in North Carolina(Contains license application)Residential Property DisclosureStatement (Available online)Purchase PublicationsResidential Square FootageGuidelines( .65 per copy)Working With Real Estate Agents( .25 per copy)QuantityTotals ( .25 per copy)Earnest Money Deposts( .25 per copy)Real Estate Closings( .25 per copy)Offer and Acceptance( .25 per copy)Owning Vacation RentalProperty( .25 per copy)Broker-in-Charge Guide( 10 per copy)North Carolina Real EstateLicense Law and CommissionRules( 3.00 per copy)Real Estate Agent Safety Guide8Mail or fax this form. Credit card: MasterCard or Visa only.Please do not remit cash.Online: www.ncrec.state.nc.usSelect Publications on the Home page.Fax: 1-866-867-3746Questions and Answers on:Home InspectionsHow To Order: Mail to: Commission Publications, P. O. Box 28151,Raleigh, NC 27611This form for purchasingpublications only.NAMEADDRESS CITY/STATE/ZIPTelephone Email MasterCardVisaExpiration Date ( .25 per copy) Amount Enclosed Credit card orders must be a minimum of 1.00.Signature:Please allow 7 days from receipt of payment for delivery.Real Estate Bulletin May 2009

2008-2009 EditionNORTH CAROLINA REAL ESTATE MANUALThe North Carolina Real Estate Manual, published by the Real Estate Commission, is a comprehensive referenceaddressing real estate law and brokerage practice, the North Carolina Real Estate License Law and Commission rules.It serves as the authorized textbook for the real estate broker postlicensing courses and is highly recommended forlicensees, attorneys, instructors and anyone else engaged or interested in real estate law and brokerage practice.HOW TO ORDER:ONLINEGo to the Commission’s website, www.ncrec.state.nc.us, select “Publications/Bulletin” andclick on NC Real Estate Manual to link directly with the book distributor. Follow the instructions for ordering using your MasterCard or Visa credit card.NORTH

Watch for this postcard renewal reminder! 2 Real Estate Bulletin May 2009 REAL ESTATE BULLETIN Published as a service to real estate licensees to promote a better understanding of the Real Estate License Law and Commission rules,