The 2015-16 General Update Courses focuses on Farewell HUD-1? Hello TRID! What's TRID? Sales of Vacation Rentals, Real Estate Agent Safety, Changes in Commission Rules, Contracts and Addenda, License & Education Review To maintain an active license,

1. Welcome to the
2015-2016
General Update
Course

2. Should you be here???
Non-BIC Brokers and
Provisional Brokers must
take this course.
Brokers-in-Charge
& BIC Eligible Brokers
should take the
BICUP Course.

3. REQUIRES 90% Attendance

4. Course Completion Reporting
We are responsible for reporting
course completion information to the
NCREC via Internet within 7 days .

5. Today’s Topics
• Farewell HUD-1? Hello TRID!
• Sales of Vacation Rentals
• Changes to Commission Rules,
Contracts and Addenda
• Broker Safety
• Licensing and Education

6. p1

7. It’s December 10 and you just
received a “Buyer Closing Disclosure”
from the attorney for your closing on
December 14.
The document is 5 pages long, and
your Buyers are waiting for you to
explain it to them.
Are you ready to do that?
Scenario 1
p1

8. Your Buyers’ closing is scheduled
for Monday, March 23.
In order to close on that date, your
Buyers must receive a Closing
Disclosure by March 19.
The clock is ticking…
Scenario 2
p1

9. Your obligations are not changing.
There are many similarities between the
old and new forms.
p2

10. Objectives
At the end of this section, you should be able to:
• explain the purpose of the changes.
• identify events that trigger the Loan Estimate (LE).
• identify key elements of the Closing Disclosure (CD).
• identify critical dates for delivery of the CD.
• explain the broker’s responsibility for LE and CD.
• identify issues that may cause closing delays.
p2

11. Abbreviations
• CFPB: Consumer Financial Protection Bureau
• TRID: TILA-RESPA Integrated Disclosures
• TILA: Truth-In-Lending Act
• RESPA: Real Estate Settlement Procedures Act
• TIL: Truth-in-Lending (Statement)
• GFE: Good Faith Estimate
• HUD-1: Settlement Statement
• LE: Loan Estimate
• CD: Closing Disclosure
• BCD: Borrower’s Closing Disclosure
• SCD: Seller’s Closing Disclosure
p2

12. What WAS the Problem?
BEFORE October 2015: Duplicate forms
required by TILA and RESPA
Dodd-Frank was tasked with
consolidating the forms
p2

13. Hence…
HELLO, TRID:
TILA/RESPA
Integrated Disclosures
p3

14. New Disclosure Forms
GFE
Early
TIL
Loan
Estimate
(LE)
HUD-1
Final
TIL
Closing
Disclosure
(CD)
p3

15. p4

16. p4

17. So, what does this mean for you
as a Broker???
p5

18. Your obligations are not changing.

19. New rules apply to
LOAN APPLICATIONS
RECEIVED
on or after
October 3, 2015.
p5

20. Who’s Responsible?
LENDERS are responsible for
knowing which transactions are
covered.
Real estate brokers should have a
GENERAL understanding.
Table on page 6 provided for your reference.
pp5-6

21. May lenders use the new Loan
Estimate and Closing Disclosure
forms in excluded transactions
(when the forms are not required)?
p7

22. The HUD-1 is…
Stayin’ Alive.
It will still be used in some transactions.
p7

23. Which changes require
a new 3-day review of CD?
1. APR increases by MORE than:
• 1/8% for fixed-rate
• 1/4% for adjustable
2. Prepayment penalty
added
3. Basic loan product
changes
p8

24. p9

25. Are Brokers responsible for the
accuracy of the Loan Estimate?
NO
p9

26. Should Brokers have a general
understanding of when their
clients are supposed to be given
the Loan Estimate?
p9

27. The Loan Estimate
Must be given within 3 days
of Loan Application
p9

28. Loan Application
Borrower has provided:
1. legal name
2. gross income
3. SSN (for credit report)
4. property address
5. estimate of property value
6. amount of mortgage loan requested
p9

29. The Loan Estimate
A lender may NOT charge a consumer
any fee(s) prior to providing
the Loan Estimate other than
a reasonable fee for a…
p10

30. Tolerance Limits still apply
and are now called
“Permissible Variations”
Brief explanations of permissible variations are
provided on page 10.
p10

31. Brokers’ Responsibility for LE
GENERAL
understanding of…
• which
transactions are
subject to TRID
• timing & purpose
of Loan Estimate
Lenders are responsible for the Loan Estimate.
p11

32. p11

33. If a transaction begins with the OLD
forms, it will end with the OLD forms.
If a transaction begins with the NEW
forms, it will end with the NEW forms.
Reminder: TRID rules apply to
loan applications received
on or after October 3.
p11

34. 2 Separate Closing Disclosures:
Borrower (Buyer) and Seller
Information has not changed.
It’s just been reorganized.
p11

35. Why are there two separate
Closing Disclosure forms?
Borrower’s
confidential loan
information
is not shared with
Seller.
p12

36. “What HIPAA did to medical
offices, TRID has done to
closing attorney offices.”
p13

37. Page 1 of HUD-1 is now Page 3 of Buyer’s CD
HUD-1 page 1 BCD page 3

38. BCD page 3 – ALMOST IDENTICAL TO HUD-1

39. Page 2 of HUD-1 is now Page 2 of Buyer’s CD
HUD-1 page 2 BCD page 2

40. BCD page 2 (top half of page)
Loan Fees
Attorney &
Title Fees
POC items

41. BCD page 2 (bottom half of page)
Loan Escrows
Recording Fees
& Excise Tax
Brokerage fees
Inspections &
Other Fees

42. The Seller’s Closing Disclosure (SCD)
SCD page 1
(seller’s total debits & credits)
SCD page 2
(seller’s costs/expenses)

43. SCD page 1 (bottom portion of page)
Total
Seller
Credits
Total
Seller
Debits
Broker
Info
Settlement
Agent Info

44. SCD page 2 (bottom portion of page)
Seller Costs/Debits & Seller-Paid Items

45. The Biggest Impact for Brokers:
The Borrower’s Closing Disclosure
must be
RECEIVED BY THE BORROWER
at least 3 BUSINESS DAYS
before Settlement
p18

46. What is a “Business” Day?
A Business Day is
Monday-Saturday
Sundays and
10 federal public
holidays are
excluded
p18

47. Definition of “RECEIVED”
If delivered IN PERSON:
The CD is “received” on the same day it
is provided.
If MAILED or delivered ELECTRONICALLY:
The CD is “received”
• on the 3rd business day after delivery
OR
• when lender has EVIDENCE of receipt.
p18

48. Example
If the BCD is RECEIVED BY THE BORROWER
on Monday, what is the earliest possible
date settlement may occur?
Answer: Thursday (unless a federal holiday
occurs during the period)
Monday Tuesday Wednesday Thursday
Delivery Day 1 Day 2
Settlement
(3rd business day)
p19

49. Brokers:
The disclosure timeline is
It’s important to educate
your clients and customers.
p19

50. Rules apply to delivery of
BCD ONLY
No requirements for
delivery of SCD to Seller
p19

51. BCD must be delivered to
BORROWER
Delivery to Broker / Buyer Agent
is NOT Sufficient
p19

52. If the lender decides to issue
2 separate closing disclosures,
a broker acting as a dual agent should
only give the parties their respective CDs
Buyer should only see the BCD
Seller should only see the SCD
p19

53. Settlement Statement:
Broker Obligations
Broker must
Disclose
AND
Confirm Accuracy of
all entries that s/he has direct
knowledge
p21

54. Settlement Statement:
Broker Obligations
Broker must
Review
AND
Confirm Accuracy of
all calculations
p21

55. Potential Issues
• Closings may be delayed
• Tasks will have to be performed
earlier (ex: title search)
• Some lenders will create
Disclosures and send to closing
attorneys & attorneys will not be
allowed to make changes
p22

56. Review and Discuss
the Fact Situation
and related Closing Disclosures
on pages 23-27.
Small Group Exercise:

57. Section 2:
Sales of Vacation Rentals
p29

58. You discover a “For Sale” sign in the
yard of one of the vacation rental
properties you manage.
The sign shows the name of another
broker/firm.
What should you do?
Scenario 1
p29

59. You’ve listed a property that is in
high demand. The seller tells you he
sometimes uses it as a vacation
rental. It is not his primary residence.
What questions should you ask him?
Scenario 2
p29

60. Your buyers are interested in a
mountain home they can use as a
second home and a vacation rental.
What questions should you ask the
listing agent?
Scenario 3
p29

61. Objectives
At the end of this section, you should be able to
explain:
• seller and buyer obligations when a vacation rental
property is sold.
• how to handle early termination of the manager-
broker’s agency agreement.
• how to disburse trust monies when a vacation rental
property is sold.
• the value of communication & cooperation between
brokers managing & selling the same property
p30

62. Vacation Rental Act (VRA) Applies to…
A landlord (person or entity)
OR
real estate broker
that manages residential property for
vacation rental.
VRA applies to ALL owners of residential property
used for vacation rentals even if no broker is
involved.
p30

63. “Vacation Rental”
• Rental of residential property
• Vacation, leisure or recreation purpose
• Less than ninety (90) days
• Renter has permanent residence elsewhere
p30

64. Handling Monies Related to
Vacation Rentals
Owner-Landlords OR Brokers…
• must deposit advance payments into trust
or escrow account within 3 banking days
of receipt.
• may NOT disburse sales or occupancy tax
or security deposit prior to end of tenancy
or breach by tenant UNLESS refunding to
tenant.
pp30-31

65. What Monies May Be Released or
Paid Out Prior to the Tenancy?
• “Administrative fees”
• Fees owed to third
parties on tenant's
behalf
• Maximum of 50% of
advance rent
p31

66. Tenant Security Deposits (TSDs)
• Cannot post a bond for TSD in lieu of trust
account
• Telephone and cable television charges may
be deducted (if specified in lease)
• Account to tenant within 45 days
pp31-32

67. When a Vacation Rental is SOLD
• ALL Reservations must be disclosed to
prospective buyers
• Copies of lease agreements must be
provided to Buyer within 10 days of closing
• Buyer must honor lease agreements
within 180 days of closing
p32

68. Exception
If the Buyer continues to
use the same
Broker-Property Manager,
the Seller doesn’t have to
provide lease agreements
(because the Broker can
provide them).
p32

69. Exception
If the Seller uses a standard lease agreement,
the Seller may provide only the unique info
from each lease.
p32

70. If the Buyer DOES NOT continue to use
the Seller’s Broker-Property Manager…
Within 20 days of closing, the Buyer must
notify each tenant in writing of:
• date of sale
• Buyer’s name & address
• whether tenant’s lease will be honored
• whether tenant has right to any refund
p32

71. Disbursing Monies
in Escrow Account
Tenancy
Occurs or Ends
Advance
Payments
Tenant Security
Deposits
1) Less than 180 days
after sale
Transfer to buyer within
30 days
& mail buyer’s info to
tenants
Transfer to buyer within
30 days
& mail buyer’s info to
tenants
3) More than 180 days
after sale
that Buyer won’t honor
Disburse to tenant
within 30 days of sale
Disburse to tenant
within 30 days of sale
2) More than 180 days
after sale
but Buyer agrees to
honor
Transfer to buyer within
30 days
& mail buyer’s info to
tenants
Transfer to buyer within
30 days
& mail buyer’s info to
tenants
p33

72. Brokers Managing Vacation Rentals
are subject to:
• Landlord-Tenant Law
• Vacation Rental Act
• Real Estate License Law
• Commission Rules
• Agency Agreement
with Owner
• Lease Terms
p34

73. Release of Advance Payments?
The statute permits a broker to
disburse some monies to owner prior
to the tenancy but does not require it.
p34

74. What Monies May Be Released or
Paid Out Prior to the Tenancy?
• “Administrative fees”
• Fees owed to third
parties on tenant's
behalf
• Maximum of 50% of
advance rent
p34

75. May a Broker disburse the
property management (brokerage)
fee with other advance payments?
YES, IF:
Broker is disbursing partial advance rents to
owner
AND
Fee is earned and authorized to be
disbursed in the prop mgmt agreement
p34

76. Scenario
Broker's policy:
• 50% of total rent due at lease signing
• remaining 50% due 30 days prior to tenancy
1. Tenant signs a lease.
2. Broker pays initial advance rent payment to
owner, minus commission.
3. Before the tenancy, Tenant cancels reservation
and is due a refund OR the owner ceases to
own the property.
p35

77. Scenario Discussion Questions
1. What does the law require?
2. Who is liable for the 50% rent already paid
to the owner?
3. Who is liable for brokerage fees paid to the
broker from advance rents prior to the
tenancy?
p35

78. May an owner terminate the
property management agreement
prior to the termination date?
but there may be consequences
p36

79. May the vacation property
management agreement contain a
termination penalty?
IF IT IS CLEAR AND CONSPICUOUS
p36

80. Early Termination Fees
May a seller compel a buyer to use the
seller’s property manager as a condition
of the sell/purchase agreement?
(NO)
p36

81. A broker/vacation property manager
drives by a property he manages and
discovers a “For Sale” sign in the yard with
the name of another company.
No one had contacted the broker-property
manager regarding the sale.
What should he do?
p37

82. Answer: Communicate with
the Owner & the Listing Firm
p37

83. Is it a material fact that a property
is being used for long-term or
vacation rentals?
p37

84. Listing Agents need to know…
• whether the property is being leased.
• property manager’s name & contact info.
• dates of occupancy for any signed leases.
• when the property management
agreement expires.
• whether an early termination fee may be
charged.
p37

85. Buyer Agents need to know…
• dates of future tenancies.
• whether advance funds have been
collected and/or released.
• whether advance rents have been paid to
owner; and, if so, if broker retained
brokerage fees.
• when the property management
agreement expires.
• whether funds are being held in escrow.
p37

86. Standard Forms
REALTORS® may use Vacation Rental
Addendum with standard Offer to Purchase
Non-REALTORS® may use standard forms
with NC BAR logo only (not REALTOR® logo)
REALTORS® and Owners may use Vacation
Rental Agreement
p38

87. Monies related to
NC vacation rentals must be deposited…
• in trust/escrow account
• in insured bank or savings & loan
in North Carolina
• within 3 banking days of receipt
p38

88. A Broker managing
vacation rental properties
must have a
written property management agreement
with the owner
BEFORE
providing any brokerage services.
p39

89. • know the VRA.
• deposit monies in a NC-based trust
account.
• transfer monies for rentals in 180 days to
Buyer within 30 days of closing.
• refund monies to tenants for rentals that
will not be honored.
• transfer monies if agency agreement is
terminated.
Brokers managing vacation rentals must…
p39

90. For Discussion…
2014 Disciplinary Case
p40

91. Section 3:
Changes to
Commission Rules,
Contracts and Addenda
p45

92. Objectives
At the end of this section, you should be
able to explain:
• changes to Commission Rules and
Contracts & related Addenda
p45

93. Commission Rule Changes
as of July 1, 2015
p45

94. Rule A.0104: Early Termination Fee
• May be included in any agency
agreement (listing, buyer
agency, or property
management agreement)
• If included, must be clearly
and conspicuously disclosed
on the agreement
p46

95. Rule A.0104(o) Review
If a Broker has an
ownership interest
in a property, the
Broker MAY NOT
be a Buyer’s Agent
for that property.
p46

96. Rule A.0104(o) Exception
Commercial Transactions Only
If broker has less than 25% ownership
interest, Broker may represent a Buyer
IF
Buyer consents after full written
disclosure of broker’s ownership interest
p46

97. What is a Commercial Transaction?
Sale or Rental of real property that is
NOT a residential one-to-four unit dwelling
“Commercial Real Estate” defined by Rule A.1802. See page 44.
p46

98. Rule A.0105 Advertising
To advertise, ALL Brokers must…
have the consent of their BICs
and
include the names of their BICs
and/or their firms in all their ads
p46

99. Remember:
You are required to keep copies of
every ad! (per Rule A.0108)
p47

100. Rule A.0116 Handling of Trust Money
Before July 1, 2015:
A Listing Firm/Broker was not allowed to hold
an EMD check made payable to an escrow
agent other than his/her own firm.
p47

101. As of July 1, 2015…
A Buyer’s Agent or Listing Firm/Broker may
hold an EMD check made payable to an
Escrow Agent other than the Broker or Firm.
p47
The check must be delivered to the Escrow Agent
within 3 days of contract formation.

102. What if a Buyer asks for the DDF
or EMD check back before it is
delivered?
p48
Answer: It depends…
Let’s consider 2 different scenarios.

103. Listing Firm DOES hold earnest money.
If Listing Firm still has possession
of the checks, Listing Firm must…
deposit EMD into trust account
and return DDF to Buyer.
Buyer Agent delivers
offer to Listing Firm
with DDF (payable to
seller) and
EMD (payable to Listing
Firm).
2 days after effective
date of contract, Buyer
asks for both checks
back.
Listing Firm holds both
checks throughout
contract negotiation.
Offer is negotiated and
becomes a contract.
pp48-49

104. MLS states “Listing Firm does not hold
earnest money. ‘Jane Smith, Attorney’ is
Escrow Agent.”
Buyer Agent delivers
offer to Listing Firm
with DDF (payable to
seller) and
EMD (payable to Jane
Smith, Atty).
Listing Firm holds both
checks throughout
contract negotiation.
Offer is negotiated
and becomes a
contract.
2 days after effective
date of contract, Buyer
asks for both checks
back.
If Listing Firm still has
possession of the checks,
Listing Firm must return BOTH
checks to Buyer.
pp48-49

105. As long as a Broker holds a
check/instrument payable to the seller
or another escrow agent,
the Broker must follow the Buyer’s
instructions
even after the parties have entered
into a legally binding contract.
pp48-49

106. Sunshine Enterprises, Inc., Manager.
Because this entity is a Manager,
the entity’s officers must be disclosed on/with
QRS Realty’s firm license application.
Manager
(an individual)
Sunshine Properties LLC,
unlicensed entity,
Member-Manager.
Because Sunshine Properties LLC is a Manager,
its Managers must be disclosed on/with
QRS Realty’s firm license application.
Sally Smith,
licensed Broker,
Member-Manager.
Identified as QB.
John Davis,
unlicensed individual,
Member-Manager.
Rule A.0502
QRS Realty LLC:
Submits application for Firm Broker License
pp50-51

107. Rule A.1711:
CE Required of Nonresident Brokers
Nonresident Broker must notify the
Commission within 10 days of…
• Change in status
of out-of-state
license
OR
• obtaining ANY
NC address
p52

108. Rule A.1711, cont’d
Broker's NC license will be made INACTIVE in
30 days unless…
Broker proves s/he
completed CE during
previous license period
(in another state or
NC).
Also: Once a broker has ANY NC address, the
Broker must begin taking NC CE.
p52

109. MOG Disclosurep52

110. Which Transactions?
• sales subject to Residential Property
Disclosure Act
• first sale of a dwelling never inhabited
• lease with option to purchase where
lessee occupies the dwelling
• sale of residential property where parties
agree not to complete a Residential
Property and Owner Association
Disclosure Statement
p53

111. Is the MOG Disclosure required in
vacant land sales?
NO
p53

112. WHO must provide MOG and WHEN?
Seller must provide
MOG to Buyer no
later than time of
offer
Must be signed by
Seller
Buyer should also
sign to acknowledge
receipt
p53

113. What if MOG is NOT Provided?
Buyer may cancel the contract
within 3 calendar days of contract formation
OR
3 calendar days following receipt of disclosure
whichever occurs first.
If Buyer cancels due to MOG, all deposits
should be refunded.
p53

114. Broker’s Duty for MOG
Inform owner of legal obligation to provide
the MOG Disclosure Statement
and the possible consequences of not
providing it.
p53

115. p53

116. Revisions to
Sales Contracts & Addenda
p56

117. Offer to Purchase & Contract (Form 2-T)
• Blank initial lines will not
invalidate contract
• Fixtures Provision
Rewritten
• Buyer & Seller
authorizations regarding
closing disclosures
• Seller must provide loan
payoff info
• Seller responsible for
paying certain HOA
charges
• Use of Electronic Means
• Date/Time defined as
date/time of day in NC
• Statement to confirm
that contract is binding
when signed and
communicated
• Deletion of “Seal” next
to Signatures
• Acknowledgement for
receipt of DDF
pp56-57

118. Revised Addenda
• 2A11-T: Additional Provisions
Addendum
• 2A12-T: Owners’ Association
Disclosure and Condominium Resale
Statement Addendum
• 4-T: Agreement to Amend Contract
pp57-58

119. Section 4: Safety
p59

120. You have a listing that hasn’t attracted
many showings.
You receive a call from a prospective
buyer who claims to be sitting in his car
in front of the listing. He says he is a
cash buyer and wants to close in two
weeks.
He would like to see the property
immediately.
What would you do?
Scenario 1
p59

121. You’ve scheduled an open house for
Sunday afternoon. The home is
located in a popular neighborhood
and is occupied.
What steps will you take to prepare
for the open house?
What IS a “safe open house?”
Scenario 2
p59

122. Learning Objectives
At the end of this section, you
should be able to
describe various safety skills and
strategies for real estate brokers.
p59

123. p59

124. Every Broker, Office, & Firm
should have a Safety Policy
p60

125. Safety Video

126. Safety Tip #1:
Identify the consumer.
Be suspicious!
p60

127. Safety Tip #2:
Always leave your Itinerary
p60

128. Safety Tip #3:
Have a fully charged cell phone
and have it readily available
p61

129. Safety Tip #4:
Have a Prearranged Distress Code
p61

130. Safety Tip #5:
Implement a Buddy System
p61

131. Safety Tip #6:
Practice Vehicle Safety
p61

132. Safety Tip #7:
Walk Behind
p61

133. Safety Tip #8:
Dress for Safety and Success
p61

134. Safety Tip #9:
Conduct safe personal marketing and
be careful how you use social media
p62

135. Safety Tip #10:
Conduct safe open houses
p62

136. Safety Tip #11:
p62

137. p62

138. Section 5:
Licensing and Education Review
p63

139. My parents want to buy a beach
house near Wilmington. They’ve
asked me to be their buyer’s agent.
I’ve had a license for more than 10
years, but I haven’t taken any CE for
the last 4 years.
Can I represent them?
Scenario 1
p63

140. I’ve decided to stop practicing
brokerage on a day-to-day basis, but
I want to be able to get referral fees.
Will I still need to pay the $45
renewal fee each year?
Will I need to take CE?
Scenario 2
p63

141. Objectives
At the end of this section, you
should be able to explain:
• license categories
• license renewal requirements
• CE requirements
• BIC requirements
p63

142. License Categories
• Broker License
–Provisional Broker
–Broker
–Broker-In-Charge
• Firm License
• Limited Nonresident
Commercial License
p64

143. Expired or Inactive =
NO BROKERAGE ALLOWED!
(including referral fees)
p64

144. Current vs. Expired License
CURRENT: $45 renewal fee was
RECEIVED by the Commission
ON OR BEFORE JUNE 30
p65

145. Current vs. Expired License
EXPIRED:
Renewal fee was not
received on time
EXPIRED = NO LICENSE
p65

146. Reinstatement
Can reinstate within 6 months by paying $55.
Deadline: December 31 of expiration year.
If expired more than 6 months…
Submit application with fee & criminal
background check
AND
Complete additional education and/or exam.
p65

147. Reinstatement:
Additional Education Requirements
• PB expired 6 mos-5 yrs
• Broker expired 6 mos-2 yrs
• Broker expired 2 yrs-5 yrs
• PB OR Broker expired more than 5 years
p65

148. Active vs Inactive
ACTIVE = Up-to-date on CE and/or
Postlicensing Education
INACTIVE = Education Deficiency (or a PB with
no BIC affiliation)
p66

149. UPDATE
Non-BIC Brokers & Provisional Brokers take GenUp
BICs or BIC-Eligible Brokers take BICUP
AND
ELECTIVE
EVERY LICENSE YEAR
CE Requirement
p66

150. All CE must be
completed by June 10.
What happens if you
miss the June 10
deadline?
Inactive on July 1.
Continuing Education
p66

151. You didn’t take CE for the past 4
years. Now you want to activate your
license. What must you do?
1. Complete current year’s CE
2. Take elective courses to make up missed
hours from last year (4 or 8 hours)
AND
3. Submit license activation form (REC 2.08)
p66

152. On your own or with a partner…
Answer the 3 questions on page 67.
p67

153. REALTOR® Code of Ethics Training
Quadrennial training deadline:
December 31, 2016
Applies to REALTOR®-members only
(not a Commission requirement)
Call your local board or association
or visit www.realtor.org for information

154. The only license category that requires
brokerage experience.
Broker-in-Charge
p68

155. • Active Status and NOT Provisional
• 2 years full-time brokerage experience
within past 5 years.
• Complete 12-hour BIC course within 120
days of declaration (unless taken within the
preceding 3 years).
Broker-in-Charge
Qualification Requirements
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156. Your license record will show
“BIC Eligible” status AFTER:
1. You’ve satisfied all BIC qualification
requirements.
2. You’ve submitted and NCREC has
processed your BIC Declaration Form.
3. You’ve taken the 12-hour course on
time.
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157. To Maintain BIC Status-Eligibility…
Renew your license on time
($45 by June 30)
AND
Take appropriate CE on time
(BICUP and one Elective by June 10).
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158. 1. Return to Active / Current Status
2. Submit Activation Form (REC 2.08)
3. Attend 12-hour BIC Course
4. Submit BIC Declaration Form (REC 2.04)
Next: Submit affiliation forms for all Brokers & PBs.
To Regain BIC Status/Eligibility
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159. Thanks for your participation!
coming your
way