Property Management requirements in North Carolina
Must North Carolina property management companies have a real estate broker's license?
YES. Key components of property management (leasing and renting) are considered real estate activities under existing North Carolina real estate licensing laws. If a property manager is going to lease, rent, or list, or offers to perform any of those acts, he or she will need a broker's license. A salesperson working under a broker may engage in such activities.
Are there any exceptions to the requirement that a North Carolina property manager have a real estate broker's license?
YES. For example, on-site managers and salaried employees of real estate brokers working for property owners are exempt if their employment is limited to certain activities, such as showing units to prospective tenants, accepting application for lease of the units, accepting security deposits and rent (when they are payable to the property owner) and accepting lease applications. Such employees may not negotiate security deposits, rental payments or leases.
Before hiring a property manager to manage your North Carolina rental property, you should always check that he or she is licensed appropriately. You can check the license status of North Carolina property managers by clicking on the â€œLicense Searchâ€ link on the left navigation bar on the Commission's website.
North Carolina Community Association Management Requirements
There is no requirement that a community association manager or condo association manager in North Carolina hold a real estate broker's license.
North Carolina Broker Licensing
North Carolina is a â€œbroker license onlyâ€ state. This means that there is one type of license in North Carolina â€“ the broker license. However, there are a few â€œcategoriesâ€ of broker licenses. The Provisional Broker license is the entry-level license, and would be roughly equivalent to a salesperson license. The Broker license is the primary individual license, acquired after satisfying post-licensing education requirements to terminate the provisional license. A Broker-in-Charge license is a higher level license, requiring the applicant to have two full-time or part time years of brokerage experience. Each real estate office must have a Broker-in-Charge designated.
Real estate provisional broker licensing requirements in North Carolina include:
Please note that licensing reciprocity with other states ended in North Carolina on February 29, 2012.
IMPORTANT: This information is intended for informational purposes only and under no circumstances should it be considered legal advice or relied upon without first confirming its contents with your state real estate commission. Laws are updated frequently, and this information may not reflect the current law in your state. To confirm the specific requirements for each state, please contact your state real estate commission.