NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 281

HOUSE BILL 346

 

 

AN ACT TO AMEND CHAPTER 93A OF THE GENERAL STATUTES, RELATING TO REAL ESTATE BROKERS AND SALESMEN.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Subsection (b) of G.S. 93A-2 is hereby amended by inserting the words "under the supervision of a real estate broker," immediately following the word "who" in line two thereof.

Sec. 2.  Subsection (b) of G.S. 93A-3 is hereby amended by substituting a period for the comma at the end of line three and striking out the remainder of the sentence, the same being the words, "such per diem allowance for the whole Board not to exceed an aggregate amount of twenty-five hundred dollars ($2500.00) for any fiscal year."

Sec. 3.  (a) Subsection (c) of G.S. 93A-4 is hereby amended by striking out the word "renewed" at the end of the first sentence and inserting in lieu thereof the word "reinstated".

(b)        Said subsection (c) is hereby further amended by inserting the following words immediately following the second sentence thereof:

"All licenses reinstated after the expiration date thereof shall be subject to a late filing fee of five dollars ($5.00) in addition to the required renewal fee. In the event a licensee fails to obtain a reinstatement of such license within twelve months after the expiration date thereof, the Board may, in its discretion, consider such person as not having been previously licensed, and thereby subject to the provisions of this Act relating to the issuance of an original license, including the examination requirements set forth herein."

Sec. 4.  G.S. 93A-6 is hereby amended as follows:

(a)        By adding the following subdivisions at the end of subsection (a) of said Section:

"(12)    Commingling the money or other property of his principals with his own or failure to maintain and deposit in a trust or escrow account in an insured bank all money received by a real estate broker acting in said capacity, or as escrow agent, or the temporary custodian of the funds of others, in a real estate transaction;

"(13)    Failure to deliver, within a reasonable time, a completed copy of any purchase agreement or offer to buy and sell real estate to the buyer and to the seller;

"(14)    Failure by a broker to deliver to the seller in every real estate transaction wherein he acts as a real estate broker, at the time such transaction is consummated, a complete detailed closing statement showing all of the receipts and disbursements handled by such broker for the seller; also failure to deliver to the buyer a complete statement showing all money received in the transaction from such buyer and how and for what the same were disbursed.

(b)        By deleting subsection (b) of said Section and substituting therefor a new subsection to read as follows:

"(b)      In all proceedings under this Section for the revocation or suspension of licenses, the provisions of Chapter 150 of the General Statutes shall be applicable."

Sec. 5.  G.S. 93A-9 is hereby amended by striking out in lines six and seven the words, "which offers the same privileges to licensed brokers or salesmen of this State,". Said Section is hereby further amended by inserting a colon in lieu of a comma at the end thereof and adding the following words:

"Provided, however, the provisions of this sentence shall only be applicable with respect to states which grant to licensed brokers or salesmen of this State the right to transact the business of a real estate broker or salesman in such state without being required to pass any examination."

Sec. 6.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 7.  This Act shall become effective July 1, 1967.

In the General Assembly read three times and ratified, this the 3rd day of May, 1967.