Ncrec application for real estate license

Have you created an LLC, corporation, partnership, or other type of business entity for your brokerage business or compensation? If so, you need to apply for a firm license.

To complete a firm license application, you must:

• provide the registered legal and assumed name(s) for the entity;
• provide the SOSID assigned by the NC Secretary of State (not applicable for partnerships);
• provide physical and mailing addresses for all office locations;
• designate a Qualifying Broker (QB)*; and
• designate a Broker-in-Charge (BIC) for each office location.

*Commission Rule 58A .0502 dictates that a firm must have one principal who holds a broker license on active status in good standing; that broker must serve as the qualifying broker (QB). The QB is responsible for:

• designating and assuring that there is a BIC for each office location;
• renewing the real estate broker license of the entity each license year;
• retaining the firm’s pocket card at the firm;
• notifying the Commission of any change of business address or legal or trade name of the entity:
• notifying the Commission in their change of status as qualifying broker;
• securing and preserving the transaction and trust account records of the firm whenever there is a change in the broker-in-charge;
• retaining and preserving the transaction and trust account records of the firm upon their termination as qualifying broker;
• notifying the commission if, upon their termination of his or her status as qualifying broker, the firms transaction or trust account records cannot be retained or preserved; and
• notifying the Commission regarding any revenue suspension, revocation of authority, or administrative dissolution.

To apply for a firm license, go to www.ncrec.gov and click on Apply for a Firm License.

If you have further questions about the firm licensing process, contact the Education and Licensing Division at 919.875.3700.

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