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RENTING RESIDENTIAL REAL ESTATE

Details: REAL ESTATE. Questions and Answers on: tenant must set the termination date at least 10 days or more after the date of the formal notice of sale from the . Superior Court. Not all individuals who are renting a home want to . move out immediately after the foreclosure sale. Since 2009, a federal law allows some leases to survive a foreclosure.

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SALES OF VACATION RENTALS

Details: 1. the rental of residential property 2. for vacation, leisure or recreation purposes 3. for less than ninety (90) days 4. by a person who has a permanent place of residence to which s/he intends to return. Residential property includes condominiums, townhomes, single-family homes, cottages,

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› Url: https://www.ncrec.gov/Pdfs/genupdate/VacRentalSales.pdf Go Now

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NCREC Bulletins – “Meth” Houses

Details: What is a real estate agent to do? First, it is important to know the law and rules concerning “meth” houses. North Carolina law makes the manufacture of “meth” a Class C felony, and prohibits related criminal activity surrounding its manufacture, distribution, and sale.

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LICENSE LAW AND RULES COMMENTS

Details: site), negotiating a sale or purchase of real estate, and assisting with the completion of contract offers and counteroffers using preprinted forms and communi-cation of offers and acceptances. 3. Leasing or renting (or offering to lease or rent) real estate, including any act performed by real estate li-

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OWNING VACATION RENTAL PROPERTY

Details: etc.) acting as a landlord or real estate broker in the rental or management of residential property for vacation rental purposes. This brochure focuses on basic information that you should have if you intend to put your property on the vacation rental market.

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Questions and Answers on: T E N A N T S E C U R I T Y D E

Details: Each year, hundreds of thousands of North Carolinians rent houses, apartments, mobile homes, and other dwellings as their residences. For the first-time tenant—and some veteran renters—this can be a confusing and somewhat unsettling experience. The more you know about the process of renting residential real estate, the better

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Residential Property and Owners' Association Disclosure

Details: REC 4.22 REV 2/20 Page 1 of 4 Instructions to Property Owners 1. The Residential Property Disclosure Act (G.S. 47E) (“Disclosure Act”) requires owners of residential real estate (single-family homes, individual condominiums, townhouses, and the like, and buildings with up …

› Verified 7 days ago

› Url: https://www.ncrec.gov/Forms/Consumer/rec422.pdf Go Now

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You Are A Broker and Selling Your Own Home

Details: You Are A Broker and Selling Your Own Home. Bulletin 2013-V43-3. When a broker sells his or her own home, the Commission recommends, but does not require the broker to disclose that he or she has a real estate license. The Commission recommends this disclosure, because having a license may give the broker an advantage when negotiating with an

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MANUFACTURED HOMES: REAL OR PERSONAL PROPERTY

Details: The legal difference between the treatment of manufactured homes either as real property or personal property is important in real estate transactions. For example, a contract that listed no personal property to be conveyed when at the time of execution there was a manufactured home on the property would not convey title to the home if the unit

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NCREC Bulletins – Your Square Footage Measurement Must Be

Details: Your Square Footage Measurement Must Be Right When Listing a Property. Bulletin 2015-V45-3. The Commission regularly receives inquiries and complaints about the measuring of square footage in properties listed or being listed for sale. Accuracy in measuring is critical because the amount of space in a structure has a bearing on value and

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NCREC Bulletins – No Listing, No Sign, No Sale, No Service

Details: By Janet R. Thoren Deputy Legal Counsel . Q: The owner of a commercial subdivision has asked me to place my “for sale” sign at the entrance.Can I do so, even though I do not have a written listing agreement with him? A: No. Advertising another’s property for sale or rent requires not only permission of the owner but also a written agreement outlining the services you will provide.

› Verified 6 days ago

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RESIDENTIAL SUBDIVISIONS AND PLANNED

Details: by sale of the property through foreclosure. If the homes and lots in residential subdivisions and planned communities. In these subdivisions and (sales or rental of real estate for others) or time share development. If they do, they must be licensed by the North Carolina Real Estate

› Verified 7 days ago

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R e s i d e n t i a l S q u a r e F o o t a g e G

Details: Although real estate agents are not required by the Real Estate License Law or Real . Estate Commission rules to report the square footage of properties offered for sale (or rent), when they do report square footage, it is essential that the information they give prospective purchasers (or tenants) be accurate. At a minimum, information

› Verified 3 days ago

› Url: http://www.ncrec.gov/Brochures/Measurement%20booklet%202013.pdf Go Now

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Check Allowed Occupancy Limits Before Advertising Property

Details: Brokers must be aware of both bedroom and occupancy limitations in the sale, resale, and rental of properties with on-site sewage disposal systems. The Real Estate Commission expects all brokers to possess the skills and knowledge to accurately represent facts about such properties regarding the number of bedrooms and/or maximum occupancy.

› Verified 7 days ago

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Questions and Answers on: F A I R H O U S I N G

Details: • The rental of a unit in a multi-family dwelling with not more than four units where the . owner (or a member of the owner’s family) lives in one of the units • The rental of a room or rooms in a private house where the owner (or a member of the owner’s family) lives in the house

› Verified 3 days ago

› Url: https://www.ncrec.gov/Brochures/Print/FairHousing.pdf Go Now

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NCREC Bulletins – Unlicensed Assistants – Drawing the Line

Details: Negotiate the amount of rent, earnest money deposits, due diligence fees or other contract provisions in connection with properties listed for sale or rent by the firm. Finally, remember that if you are a broker-in-charge, you are responsible for all money being held in a trust account and the accuracy of …

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NCREC Bulletins – Disciplinary Actions – June 2007-V38-1

Details: The Commission found that Russell Properties, acting as rental agent for the owner of a residential property, failed to obtain a written management agreement from the landlord, leased the property to tenants without performing a thorough investigation of their backgrounds, and collected a smaller security deposit than the landlord required.

› Verified 5 days ago

› Url: https://bulletins.ncrec.gov/disciplinary-actions-june-2007-v38-1/ Go Now

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NCREC Bulletins – “Preventing Rental Scams”

Details: Brokers who offer properties for sale or rent online can take steps to help prevent these scams. Signage at the property- Placing signs at the property that indicate that you and your firm are offering the property for sale or lease may alert potential victims who drive by the property that the rental advertisement they saw could be a scam.

› Verified 2 days ago

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NCREC Bulletins – Practicing More Property Management

Details: Take Another Look at Fair Housing Law. Bulletin 2012-V43-1. If you find your real estate practice expanding into the management and marketing of rental properties and the securing of tenants for your owner clients, you should make it a point to refresh your knowledge of Fair Housing law. Tenant rights and leasing and rental agreements are key

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Section Five Property Management: Permitted vs. Unlawful

Details: In North Carolina, a commercial or residential property manager must be a licensed real estate broker. (See G.S. 93A-2(a).) “Managing” real property in the brokerage sense often involves the leasing or renting of property. While unlicensed individual property owners may lease their properties

› Verified 8 days ago

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Questions and Answers on: WORKING WITH REAL ESTATE …

Details: • explain how real estate agents are paid IMPORTANT NOTE ABOUT RACIAL EQUALITY AND FAIR HOUSING: The Commission is committed to the principles of excellence, fairness, and respect for all people. It is our goal to ensure that brokerage activities are conducted in fairness to all and to end discrimination in the sale or rental of all real estate.

› Verified 5 days ago

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Questions and Answers on: C O N D O S & T O W N H O U S E S

Details: In the past, home ownership typically involved a single ‑family house with a yard. But today, due to increased prices of single ‑family homes and changes in lifestyles, many people either cannot afford or simply prefer not to own traditional single -family homes. In response to their needs, alternative forms of home ownership have been

› Verified 7 days ago

› Url: http://www.ncrec.gov/Brochures/Print/condos.pdf Go Now

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NCREC Bulletins – Disciplinary Actions

Details: Charlotte Homes & Rentals initially failed to provide deposit slips, cancelled checks, property management agreements, or lease documents to the Commission’s investigator. A review of the firm’s rental trust account found that ledger sheets lacked the name of the owner and tenant, the lack of an audit trail, and deficit spending that

› Verified 2 days ago

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NCREC Bulletins – Disciplinary Actions – January V38-3

Details: The Commission found that Mr. Evans, qualifying broker of a real estate brokerage firm, managed a residential rental property and failed to disclose to the owner material information regarding the property, failed to account for or remit to the owner monies received, and failed to provide timely and complete accountings to his client.

› Verified 3 days ago

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NCREC Bulletins – New Brokerage “Coming Soon”

Details: Remember, before you place a “For Sale” or “For Rent” sign on any property, you must first enter into a written brokerage agreement with the property owner. As long as the agreement contains a definite expiration date and the anti-discrimination language specified in the Commission rule, the remaining terms of the agreement are

› Verified 4 days ago

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NCREC Bulletins – Disciplinary Action

Details: The Commission found that Kairos Homes listed a bank owned property for sale and entered the property information, including its square footage into the local Multiple Listing Service (MLS); that the MLS listing showed that the property contained 1,680 square feet of above grade living area, which was the same amount found in the local tax

› Verified 8 days ago

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Questions and Answers on: CONDOS & TOWNHOUSES

Details: to be licensed by the N.C. Real Estate Commission or any other state agency so long as their management activities do not involve the sale or rental of units. However, licensed real estate brokers who manage homeowners’ associations must adhere to the N.C. Real Estate License Law and related rules. This includes keeping the collected

› Verified 2 days ago

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POST 303 NC LAW, RULES, AND LEGAL CONCEPTS

Details: 3. Leasing or Renting (or offering to lease or rent) real estate 4. Conducting (or offering to conduct) a real estate auction 5. Selling, Buying, Leasing, Assigning or Exchanging any interest in real estate, including a leasehold interest, in connection with the sale or purchase of a business 6.

› Verified 4 days ago

› Url: http://www.ncrec.gov/Pdfs/PostLicensing/SyllabusST.pdf Go Now

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TRUTH IN LENDING AND THE ADVERTISING OF REAL ESTATE …

Details: When a licensed real estate broker advertises a house owned by his principle is the advertisement covered by Regulation Z? The answer to this question depends on whether the advertisement is to promote the extension of a customer credit sale. The answer is yes if the sale of the advertised home is one which will trigger the disclosure

› Verified 7 days ago

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NCREC Bulletins – Disciplinary Actions – October-V42-2

Details: The Commission found that Mr. Jones, acting as a principal, qualifying broker and broker-in-charge of a real estate brokerage firm, served as broker and rental agent for rental property and failed to respond within 14 days to a Commission Letter of Inquiry arising from a complaint by the landlord client of the property.

› Verified 3 days ago

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NCREC Bulletins – Commercial and Residential Brokers

Details: Bulletin 2014-V44-3. Some commercial brokers have been surprised to learn that the Real Estate License Law (Chapter 93A of the North Carolina General Statutes) and the Commission’s rules apply to commercial brokers as well as residential brokers. While there are some laws and rules that apply only in residential transactions, in general, most

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NCREC Bulletins – 2012 Changes to Real Estate Law

Details: Rental Property/Lithium Battery Smoke Alarms (S77). Provides that after December 31, 2012, landlords shall, when installing a new smoke alarm or replacing an existing smoke alarm, install a tamper resistant, ten-year lithium battery smoke alarm except in certain cases, and providing that landlords may deduct from the tenant security deposit

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NCREC Bulletins – Current

Details: Brokers who offer properties for sale or rent online can take steps to help prevent these scams. Signage at the property- Placing signs at the property that indicate that you and your firm are offering the property for sale or lease may alert potential victims who drive by the property that the rental advertisement they saw could be a scam.

› Verified 3 days ago

› Url: https://bulletins.ncrec.gov/category/current/page/12/ Go Now

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NCREC Bulletins – Disciplinary Actions

Details: The Commission found that Urban Homes Realty and Management through its broker-in-charge performed property management services for a client and failed to provide owner statements and rental proceeds in a timely manner, failed to respond to Letters of Inquiry and failed to provide property management and trust account records to Commission

› Verified 1 days ago

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NCREC Bulletins – 2020 – March

Details: Rental scammers often use existing online images of properties for sale or rent to create fraudulent listings with deals that seem too good to pass up. The scammers, posing as an agent, landlord, or a friend of the owner, lure prospective tenants into paying a security deposit, application fees, or a few months’ rent before the tenant sees

› Verified 6 days ago

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NCREC Bulletins – Bulletin 2012-V43-2

Details: The Commission found that Mr. McCook, as broker-in-charge of a real estate brokerage firm, managed property for a landlord-client and received excess rent payments from a tenant but failed to credit the tenant with the overpayments and filed an inaccurate 1099 for his landlord-client.

› Verified 2 days ago

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NCREC Bulletins – Bulletin 2012-V43-1

Details: The Commission found that Mr. Beiser, qualifying broker and broker-in-charge of a licensed real estate brokerage firm, acted as property manager for a landlord-client and disbursed rental proceeds before verifying that the rent checks had cleared, causing the proceeds checks to …

› Verified 2 days ago

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Questions and Answers COVID-19

Details: A: No. Real estate contracts are negotiable between the buyer and seller, including whether to use the NC Realtors’ new COVID-19 addendum, or any other addendum. However, use of the addendum might be a good idea in some transactions, so brokers should provide them …

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SECTION TWO CONTRACT FORMATION NEGOTIATION

Details: real estate arena, contractsall for the purchase and sale of real property and most contracts to lease real property must be in writing to be enforceable because of a law known as the Statute of Frauds that comes to us from the English common law. In North Carolina, the Statute of Frauds

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NCREC Bulletins – Disciplinary Actions

Details: The Commission found that Ms. DeBlanco, persuaded a property owner to allow her to rent from him without executing a written lease, failed to make her rental payments in a timely manner and sometimes not at all, refused to surrender the property to the owner and was ultimately evicted.

› Verified 1 days ago

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DOUBLE CHECK ADJUSTMENTS FOR ROLL FOLD 1/16 creep. …

Details: and to end discrimination in the sale or rental of all real estate. In residential sales and rental transactions, agents must comply with the Fair Housing Act which prohibits discrimination on the basis of the race, color, religion, sex, national origin, handicap, …

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Wilmington Real Estate Licensing in North Carolina

Details: The Real Estate Commission, an independent government agency of the State of North Carolina, is responsible for licensing and regulating all real estate brokers in this state. Operating as a real estate broker in North Carolina without the proper license is a criminal offense. The types of real

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NCREC Bulletins – Bulletin 2007-V38-1

Details: Effective January 1, 2008 Rule Changes Proposed. Bulletin 2007-V38-1. Changes are proposed for certain Commission rules relating to agency agreements, advertising, firm licenses, brokers-in-charge, property disclosure, license reinstatement, website advertising, and “shopping offers”. If approved by the Commission, the rules would become

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NCREC Bulletins – Fracking: What Every Agent Needs to Know

Details: Fracking: What Every Agent Needs to Know. Bulletin 2012-V43-2. With the passage of laws during the 2011-12 North Carolina legislative session regarding the regulation of hydraulic fracturing, also called “fracking”, knowing whether your client’s new purchase has had or will have mineral rights severed prior to closing is important for you

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NCREC Bulletins – NCREC

Details: The Commission found that Mr. McCook, as broker-in-charge of a real estate brokerage firm, managed property for a landlord-client and received excess rent payments from a tenant but failed to credit the tenant with the overpayments and filed an inaccurate 1099 for his landlord-client.

› Verified 8 days ago

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