21 NCAC 58g .0103 DEFINITIONS

The following definitions apply throughout this Chapter and to all forms prescribed pursuant to this Chapter:

(1) "Branch Office" means any office in addition to the principal office of a broker that is operated in connection with the broker's real estate business.

(2) "BIC" means a broker-in-charge pursuant to G.S. 93A-2(a1).

(3) "BIC Eligible" means a broker's license status who has satisfied the broker-in-charge qualification requirements and filed application pursuant to G.S. 93A-4.2 and 21 NCAC 58A .0110.

(4) "Commission" means the North Carolina Real Estate Commission.

(5) "Commission's website" means www.ncrec.gov.

(6) "Day" means calendar day unless the rule expressly states otherwise. The first day counted is the day following the act, event, or transaction that triggered the tolling of the designated time period.

(7) "Fee" means a payment made to the Commission by a bank check, certified check, money order, debit card, credit card, or other electronic means and is nonrefundable once the payment has been processed.

(8) "Firm" means a partnership, corporation, limited liability company, association, or other business entity, except for a sole proprietorship.

(9) "Form" means an original form template provided by the Commission and completed by the submitting party.

(10) "Office" means any place of business where acts are performed for which a real estate license is required or where monies received by a broker acting in a fiduciary capacity are handled or records for such trust monies are maintained.

(11) "Principal Office" means the office so designated in the Commission's records by the qualifying broker of a licensed firm or the broker-in-charge of a sole proprietorship.

 

History Note: Authority G.S. 93A3(c);

Eff. July 1, 2017;

Amended Eff. July 1, 2018.