(a) The Commission haspower to take disciplinary action. Upon its own initiative, or on the complaintof any person, the Commission may investigate the actions of any person orentity licensed under this Chapter, or any other person or entity who shallassume to act in such capacity. If the Commission finds probable cause that alicensee has violated any of the provisions of this Chapter, the Commission mayhold a hearing on the allegations of misconduct.
The Commission has power tosuspend or revoke at any time a license issued under the provisions of thisChapter, or to reprimand or censure any licensee, if, following a hearing, theCommission adjudges the licensee to be guilty of:
(1) Making any willfulor negligent misrepresentation or any willful or negligent omission of materialfact.
(2) Making any falsepromises of a character likely to influence, persuade, or induce.
(3) Pursuing a course ofmisrepresentation or making of false promises through agents, advertising orotherwise.
(4) Acting for more thanone party in a transaction without the knowledge of all parties for whom he orshe acts.
(5) Accepting acommission or valuable consideration as a real estate salesperson for theperformance of any of the acts specified in this Article or Article 4 of thisChapter, from any person except his or her broker‑in‑charge orlicensed broker by whom he or she is employed.
(6) Representing orattempting to represent a real estate broker other than the broker by whom heor she is engaged or associated, without the express knowledge and consent ofthe broker with whom he or she is associated.
(7) Failing, within areasonable time, to account for or to remit any monies coming into his or herpossession which belong to others.
(8) Being unworthy orincompetent to act as a real estate broker in a manner as to endanger theinterest of the public.
(9) Paying a commissionor valuable consideration to any person for acts or services performed inviolation of this Chapter.
(10) Any other conductwhich constitutes improper, fraudulent or dishonest dealing.
(11) Performing orundertaking to perform any legal service, as set forth in G.S. 84‑2.1, orany other acts constituting the practice of law.
(12) Commingling the moneyor other property of his or her principals with his or her own or failure tomaintain and deposit in a trust or escrow account in an insured bank or savingsand loan association in North Carolina all money received by him or her as areal estate licensee acting in that capacity, or an escrow agent, or thecustodian or manager of the funds of another person or entity which relate toor concern that person's or entity's interest or investment in real property,provided, these accounts shall not bear interest unless the principalsauthorize in writing the deposit be made in an interest bearing account andalso provide for the disbursement of the interest accrued.
(13) Failing to deliver,within a reasonable time, a completed copy of any purchase agreement or offerto buy and sell real estate to the buyer and to the seller.
(14) Failing, at the timethe transaction is consummated, to deliver to the seller in every real estatetransaction, a complete detailed closing statement showing all of the receiptsand disbursements handled by him or her for the seller or failing to deliver tothe buyer a complete statement showing all money received in the transactionfrom the buyer and how and for what it was disbursed.
(15) Violating any rule orregulation promulgated by the Commission.
The Executive Director shalltransmit a certified copy of all final orders of the Commission suspending orrevoking licenses issued under this Chapter to the clerk of superior court ofthe county in which the licensee maintains his or her principal place ofbusiness. The clerk shall enter these orders upon the judgment docket of thecounty.
(b) Following ahearing, the Commission shall also have power to suspend or revoke any licenseissued under the provisions of this Chapter or to reprimand or censure anylicensee when:
(1) The licensee hasobtained a license by false or fraudulent representation;
(2) The licensee hasbeen convicted or has entered a plea of guilty or no contest upon which finaljudgment is entered by a court of competent jurisdiction in this State, or anyother state, of the criminal offenses of: embezzlement, obtaining money underfalse pretense, fraud, forgery, conspiracy to defraud, or any other offenseinvolving moral turpitude which would reasonably affect the licensee's performancein the real estate business;
(3) The licensee hasviolated any of the provisions of G.S. 93A‑6(a) when selling, leasing, orbuying the licensee's own property;
(4) The broker'sunlicensed employee, who is exempt from the provisions of this Chapter underG.S. 93A‑2(c)(6), has committed, in the regular course of business, anyact which, if committed by the broker, would constitute a violation of G.S. 93A‑6(a)for which the broker could be disciplined; or
(5) The licensee, who isalso a State‑licensed or State‑certified real estate appraiserpursuant to Chapter 93E of the General Statutes, has violated any provisions ofChapter 93E of the General Statutes and has been reprimanded or has had anappraiser license or certificate suspended or revoked by the Appraisal Board.
(c) The Commission mayappear in its own name in superior court in actions for injunctive relief toprevent any person from violating the provisions of this Chapter or rulespromulgated by the Commission. The superior court shall have the power to grantthese injunctions even if criminal prosecution has been or may be instituted asa result of the violations, or whether the person is a licensee of theCommission.
(d) Each broker shallmaintain complete records showing the deposit, maintenance, and withdrawal ofmoney or other property owned by the broker's principals or held in escrow orin trust for the broker's principals. The Commission may inspect these recordsperiodically, without prior notice and may also inspect these records wheneverthe Commission determines that they are pertinent to an investigation of anyspecific complaint against a licensee.
(e) When a person orentity licensed under this Chapter is accused of any act, omission, ormisconduct which would subject the licensee to disciplinary action, thelicensee, with the consent and approval of the Commission, may surrender thelicense and all the rights and privileges pertaining to it for a period of timeestablished by the Commission. A person or entity who surrenders a license shallnot thereafter be eligible for or submit any application for licensure as areal estate broker or salesperson during the period of license surrender.
(f) In any contestedcase in which the Commission takes disciplinary action authorized by anyprovision of this Chapter, the Commission may also impose reasonableconditions, restrictions, and limitations upon the license, registration, orapproval issued to the disciplined person or entity. In any contested caseconcerning an application for licensure, time share project registration, orschool, sponsor, instructor, or course approval, the Commission may imposereasonable conditions, restrictions, and limitations on any license,registration, or approval it may issue as a part of its final decision. (1957, c. 744, s. 6; 1967, c.281, s. 4; c. 853, s. 3; 1969, c. 191, s. 5; 1971, c. 86, s. 2; 1973, c. 1112;c. 1331, s. 3; 1975, c. 28; 1979, c. 616, ss. 6, 7; 1981, c. 682, s. 15; 1983,c. 81, s. 13; 1987, c. 516, ss. 1, 2; 1989, c. 563, s. 2; 1993, c. 419, s. 10;1999‑229, s. 6; 2000‑149, s. 19(b); 2001‑487, s. 23(b); 2002‑168,s. 5; 2005‑374, s. 2; 2005‑395, s. 9.)
(a) The Commission haspower to take disciplinary action. Upon its own initiative, or on the complaintof any person, the Commission may investigate the actions of any person orentity licensed under this Chapter, or any other person or entity who shallassume to act in such capacity. If the Commission finds probable cause that alicensee has violated any of the provisions of this Chapter, the Commission mayhold a hearing on the allegations of misconduct.
The Commission has power tosuspend or revoke at any time a license issued under the provisions of thisChapter, or to reprimand or censure any licensee, if, following a hearing, theCommission adjudges the licensee to be guilty of:
(1) Making any willfulor negligent misrepresentation or any willful or negligent omission of materialfact.
(2) Making any falsepromises of a character likely to influence, persuade, or induce.
(3) Pursuing a course ofmisrepresentation or making of false promises through agents, advertising orotherwise.
(4) Acting for more thanone party in a transaction without the knowledge of all parties for whom he orshe acts.
(5) Accepting acommission or valuable consideration as a real estate salesperson for theperformance of any of the acts specified in this Article or Article 4 of thisChapter, from any person except his or her broker‑in‑charge orlicensed broker by whom he or she is employed.
(6) Representing orattempting to represent a real estate broker other than the broker by whom heor she is engaged or associated, without the express knowledge and consent ofthe broker with whom he or she is associated.
(7) Failing, within areasonable time, to account for or to remit any monies coming into his or herpossession which belong to others.
(8) Being unworthy orincompetent to act as a real estate broker in a manner as to endanger theinterest of the public.
(9) Paying a commissionor valuable consideration to any person for acts or services performed inviolation of this Chapter.
(10) Any other conductwhich constitutes improper, fraudulent or dishonest dealing.
(11) Performing orundertaking to perform any legal service, as set forth in G.S. 84‑2.1, orany other acts constituting the practice of law.
(12) Commingling the moneyor other property of his or her principals with his or her own or failure tomaintain and deposit in a trust or escrow account in an insured bank or savingsand loan association in North Carolina all money received by him or her as areal estate licensee acting in that capacity, or an escrow agent, or thecustodian or manager of the funds of another person or entity which relate toor concern that person's or entity's interest or investment in real property,provided, these accounts shall not bear interest unless the principalsauthorize in writing the deposit be made in an interest bearing account andalso provide for the disbursement of the interest accrued.
(13) Failing to deliver,within a reasonable time, a completed copy of any purchase agreement or offerto buy and sell real estate to the buyer and to the seller.
(14) Failing, at the timethe transaction is consummated, to deliver to the seller in every real estatetransaction, a complete detailed closing statement showing all of the receiptsand disbursements handled by him or her for the seller or failing to deliver tothe buyer a complete statement showing all money received in the transactionfrom the buyer and how and for what it was disbursed.
(15) Violating any rule orregulation promulgated by the Commission.
The Executive Director shalltransmit a certified copy of all final orders of the Commission suspending orrevoking licenses issued under this Chapter to the clerk of superior court ofthe county in which the licensee maintains his or her principal place ofbusiness. The clerk shall enter these orders upon the judgment docket of thecounty.
(b) Following ahearing, the Commission shall also have power to suspend or revoke any licenseissued under the provisions of this Chapter or to reprimand or censure anylicensee when:
(1) The licensee hasobtained a license by false or fraudulent representation;
(2) The licensee hasbeen convicted or has entered a plea of guilty or no contest upon which finaljudgment is entered by a court of competent jurisdiction in this State, or anyother state, of the criminal offenses of: embezzlement, obtaining money underfalse pretense, fraud, forgery, conspiracy to defraud, or any other offenseinvolving moral turpitude which would reasonably affect the licensee's performancein the real estate business;
(3) The licensee hasviolated any of the provisions of G.S. 93A‑6(a) when selling, leasing, orbuying the licensee's own property;
(4) The broker'sunlicensed employee, who is exempt from the provisions of this Chapter underG.S. 93A‑2(c)(6), has committed, in the regular course of business, anyact which, if committed by the broker, would constitute a violation of G.S. 93A‑6(a)for which the broker could be disciplined; or
(5) The licensee, who isalso a State‑licensed or State‑certified real estate appraiserpursuant to Chapter 93E of the General Statutes, has violated any provisions ofChapter 93E of the General Statutes and has been reprimanded or has had anappraiser license or certificate suspended or revoked by the Appraisal Board.
(c) The Commission mayappear in its own name in superior court in actions for injunctive relief toprevent any person from violating the provisions of this Chapter or rulespromulgated by the Commission. The superior court shall have the power to grantthese injunctions even if criminal prosecution has been or may be instituted asa result of the violations, or whether the person is a licensee of theCommission.
(d) Each broker shallmaintain complete records showing the deposit, maintenance, and withdrawal ofmoney or other property owned by the broker's principals or held in escrow orin trust for the broker's principals. The Commission may inspect these recordsperiodically, without prior notice and may also inspect these records wheneverthe Commission determines that they are pertinent to an investigation of anyspecific complaint against a licensee.
(e) When a person orentity licensed under this Chapter is accused of any act, omission, ormisconduct which would subject the licensee to disciplinary action, thelicensee, with the consent and approval of the Commission, may surrender thelicense and all the rights and privileges pertaining to it for a period of timeestablished by the Commission. A person or entity who surrenders a license shallnot thereafter be eligible for or submit any application for licensure as areal estate broker or salesperson during the period of license surrender.
(f) In any contestedcase in which the Commission takes disciplinary action authorized by anyprovision of this Chapter, the Commission may also impose reasonableconditions, restrictions, and limitations upon the license, registration, orapproval issued to the disciplined person or entity. In any contested caseconcerning an application for licensure, time share project registration, orschool, sponsor, instructor, or course approval, the Commission may imposereasonable conditions, restrictions, and limitations on any license,registration, or approval it may issue as a part of its final decision. (1957, c. 744, s. 6; 1967, c.281, s. 4; c. 853, s. 3; 1969, c. 191, s. 5; 1971, c. 86, s. 2; 1973, c. 1112;c. 1331, s. 3; 1975, c. 28; 1979, c. 616, ss. 6, 7; 1981, c. 682, s. 15; 1983,c. 81, s. 13; 1987, c. 516, ss. 1, 2; 1989, c. 563, s. 2; 1993, c. 419, s. 10;1999‑229, s. 6; 2000‑149, s. 19(b); 2001‑487, s. 23(b); 2002‑168,s. 5; 2005‑374, s. 2; 2005‑395, s. 9.)
(a) The Commission haspower to take disciplinary action. Upon its own initiative, or on the complaintof any person, the Commission may investigate the actions of any person orentity licensed under this Chapter, or any other person or entity who shallassume to act in such capacity. If the Commission finds probable cause that alicensee has violated any of the provisions of this Chapter, the Commission mayhold a hearing on the allegations of misconduct.
The Commission has power tosuspend or revoke at any time a license issued under the provisions of thisChapter, or to reprimand or censure any licensee, if, following a hearing, theCommission adjudges the licensee to be guilty of:
(1) Making any willfulor negligent misrepresentation or any willful or negligent omission of materialfact.
(2) Making any falsepromises of a character likely to influence, persuade, or induce.
(3) Pursuing a course ofmisrepresentation or making of false promises through agents, advertising orotherwise.
(4) Acting for more thanone party in a transaction without the knowledge of all parties for whom he orshe acts.
(5) Accepting acommission or valuable consideration as a real estate salesperson for theperformance of any of the acts specified in this Article or Article 4 of thisChapter, from any person except his or her broker‑in‑charge orlicensed broker by whom he or she is employed.
(6) Representing orattempting to represent a real estate broker other than the broker by whom heor she is engaged or associated, without the express knowledge and consent ofthe broker with whom he or she is associated.
(7) Failing, within areasonable time, to account for or to remit any monies coming into his or herpossession which belong to others.
(8) Being unworthy orincompetent to act as a real estate broker in a manner as to endanger theinterest of the public.
(9) Paying a commissionor valuable consideration to any person for acts or services performed inviolation of this Chapter.
(10) Any other conductwhich constitutes improper, fraudulent or dishonest dealing.
(11) Performing orundertaking to perform any legal service, as set forth in G.S. 84‑2.1, orany other acts constituting the practice of law.
(12) Commingling the moneyor other property of his or her principals with his or her own or failure tomaintain and deposit in a trust or escrow account in an insured bank or savingsand loan association in North Carolina all money received by him or her as areal estate licensee acting in that capacity, or an escrow agent, or thecustodian or manager of the funds of another person or entity which relate toor concern that person's or entity's interest or investment in real property,provided, these accounts shall not bear interest unless the principalsauthorize in writing the deposit be made in an interest bearing account andalso provide for the disbursement of the interest accrued.
(13) Failing to deliver,within a reasonable time, a completed copy of any purchase agreement or offerto buy and sell real estate to the buyer and to the seller.
(14) Failing, at the timethe transaction is consummated, to deliver to the seller in every real estatetransaction, a complete detailed closing statement showing all of the receiptsand disbursements handled by him or her for the seller or failing to deliver tothe buyer a complete statement showing all money received in the transactionfrom the buyer and how and for what it was disbursed.
(15) Violating any rule orregulation promulgated by the Commission.
The Executive Director shalltransmit a certified copy of all final orders of the Commission suspending orrevoking licenses issued under this Chapter to the clerk of superior court ofthe county in which the licensee maintains his or her principal place ofbusiness. The clerk shall enter these orders upon the judgment docket of thecounty.
(b) Following ahearing, the Commission shall also have power to suspend or revoke any licenseissued under the provisions of this Chapter or to reprimand or censure anylicensee when:
(1) The licensee hasobtained a license by false or fraudulent representation;
(2) The licensee hasbeen convicted or has entered a plea of guilty or no contest upon which finaljudgment is entered by a court of competent jurisdiction in this State, or anyother state, of the criminal offenses of: embezzlement, obtaining money underfalse pretense, fraud, forgery, conspiracy to defraud, or any other offenseinvolving moral turpitude which would reasonably affect the licensee's performancein the real estate business;
(3) The licensee hasviolated any of the provisions of G.S. 93A‑6(a) when selling, leasing, orbuying the licensee's own property;
(4) The broker'sunlicensed employee, who is exempt from the provisions of this Chapter underG.S. 93A‑2(c)(6), has committed, in the regular course of business, anyact which, if committed by the broker, would constitute a violation of G.S. 93A‑6(a)for which the broker could be disciplined; or
(5) The licensee, who isalso a State‑licensed or State‑certified real estate appraiserpursuant to Chapter 93E of the General Statutes, has violated any provisions ofChapter 93E of the General Statutes and has been reprimanded or has had anappraiser license or certificate suspended or revoked by the Appraisal Board.
(c) The Commission mayappear in its own name in superior court in actions for injunctive relief toprevent any person from violating the provisions of this Chapter or rulespromulgated by the Commission. The superior court shall have the power to grantthese injunctions even if criminal prosecution has been or may be instituted asa result of the violations, or whether the person is a licensee of theCommission.
(d) Each broker shallmaintain complete records showing the deposit, maintenance, and withdrawal ofmoney or other property owned by the broker's principals or held in escrow orin trust for the broker's principals. The Commission may inspect these recordsperiodically, without prior notice and may also inspect these records wheneverthe Commission determines that they are pertinent to an investigation of anyspecific complaint against a licensee.
(e) When a person orentity licensed under this Chapter is accused of any act, omission, ormisconduct which would subject the licensee to disciplinary action, thelicensee, with the consent and approval of the Commission, may surrender thelicense and all the rights and privileges pertaining to it for a period of timeestablished by the Commission. A person or entity who surrenders a license shallnot thereafter be eligible for or submit any application for licensure as areal estate broker or salesperson during the period of license surrender.
(f) In any contestedcase in which the Commission takes disciplinary action authorized by anyprovision of this Chapter, the Commission may also impose reasonableconditions, restrictions, and limitations upon the license, registration, orapproval issued to the disciplined person or entity. In any contested caseconcerning an application for licensure, time share project registration, orschool, sponsor, instructor, or course approval, the Commission may imposereasonable conditions, restrictions, and limitations on any license,registration, or approval it may issue as a part of its final decision. (1957, c. 744, s. 6; 1967, c.281, s. 4; c. 853, s. 3; 1969, c. 191, s. 5; 1971, c. 86, s. 2; 1973, c. 1112;c. 1331, s. 3; 1975, c. 28; 1979, c. 616, ss. 6, 7; 1981, c. 682, s. 15; 1983,c. 81, s. 13; 1987, c. 516, ss. 1, 2; 1989, c. 563, s. 2; 1993, c. 419, s. 10;1999‑229, s. 6; 2000‑149, s. 19(b); 2001‑487, s. 23(b); 2002‑168,s. 5; 2005‑374, s. 2; 2005‑395, s. 9.)
