NC Real Estate Agent Requirements for self-representation.
Hello everyone,
I am a long time lurker around here and am happy to finally jump into activity! I am starting to personally join into the real-estate investing game mostly utilizing rental and Fix/Rent strategies. One of my major goals is to obtain my NC real estate license so that I may self-represent and increase my agility when approaching deals. I have familiarized myself with all of the requirements through the NC Real Estate Commission website and have already taken steps to schedule my pre-licensing education courses...
Where my confusion sets in is the requirement to go from provisional broker status to broker status. It mentions that you must work under a BIC in order to be "active" as a provisional broker, and that the requirement to become a full-fledged broker is to complete the 90 hour post-license course.
My first question is, is there any actual requirement that you work under a BIC? Or can you simply skip this step and dive straight into the 90 hour requirement?
Second question from there... " An independent broker-sole proprietor must be a broker-in-charge to lawfully engage in most brokerage activities." Can I interpret this as that in order to be an independent broker-sole proprietor that I must become a BIC myself?
Or is there a different approach that I may be missing as to what may be required for self-representation?
Thank you all for taking the time to read!
Sincerely,
Kyle Groseclose
Most Popular Reply
Unfortunately, Kyle, there is no way to circumvent the system. Let's see if I can provide a bit more clarity...
Upon obtaining your license you are a Provisional Broker (PB). As a PB you have to hang your license under a firm that has a designated BIC. That BIC is responsible for any real estate activities you perform (marketing, paperwork, etc.). You have 18 months (recently decreased from 3 years) to complete the Post-Licensing courses (90hrs). Once you complete the Post-Licensing course you drop the "provisional" status and become a full broker which allows you to perform real estate activities (within NCREC guidelines) without the direct supervision of a BIC, but still as an agent of the firm you hang your license with. Note, that even though you are a full broker your BIC is still responsible for verifying your paperwork is filled out correctly.
You are able to get BIC eligible status once you have hung your license for 2 years at a firm that has a designated BIC. Essentially, obtaining BIC status means you can supervise other agents and/or start your own firm.
So, in short, answering the question your original post:
1) You have to work directly under a BIC whether your are a PB or not. You are not able to skip the 90hr Post-Licensing requirement.
2) Yes, to have an independent/sole-proprieter firm, you have to be a BIC.