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Real Estate Bulletin October 2018

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Real Estate Bulletin October 2018 REAL EST A AT IN E North Carolina Real Estate Commission L C O O R M A M C I S S H S S I I T T O O R R N O REAL ESTATE BULLETIN N Volume 49 • October 2018 • Number 2 ES I SE ER QUAM VID Anna Gregory Wagoner Elected Chair, Wendell Bullard, Thomas R. Lawing, Jr., Vice Chair Jeffery J. Malarney Anna Gregory Wagoner, of Winston-Salem, has been elected Chair of the North Carolina Real Estate Commission and Thomas R. Lawing, Jr., Appointed to Commission of Charlotte, Vice Chair, for the term beginning August 1, 2018, it was an- Wendell Bullard of Durham and Jef- nounced by Miriam J. Baer, Executive Director. fery J. Malarney of Manteo have been ap- Ms. Wagoner is a shareholder with pointed to the North the law firm of Blanco Tackabery & Carolina Real Estate Matamoros, P.A. in Winston-Salem Commission by Gov- and practices in the areas of commercial ernor Roy Cooper, it real estate and renewable energy. was announced by Active in the practice of real es- Miriam J Baer, Exec- tate law for approximately 18 years, Wagoner Lawing Bullard utive Director. Ms. Wagoner began her legal career in Development Association). Bullard is Manag- Greensboro and was formerly associat- She is a graduate of Wake Forest ing Broker at Bullard ed as an attorney with Investors Title University with a BA in Psychology and Properties, LLC, in Insurance Company, of Chapel Hill. holds a Juris Doctor degree from the Durham and has over Ms. Wagoner is a member of the Wake Forest University School of Law. 22 years of experience North Carolina Bar Association, For- Lawing, a former Chair of the Com- in the real estate in- syth County Bar Association, Piedmont mission, is a Certified Property Manager Malarney dustry including affil- Triad Commercial Real Estate Women, and President of T. R. Lawing Realty, a iations with Pruden- North Carolina Land Title Association, family-owned residential property man- tial Carolinas Realty, and Realty Execu- and NAIOP (Commercial Real Estate (See Commission, page 3) tives Triangle Southpointe (Co-Owner). He is past president of the Durham Avoid These 10 Common Mistakes to Make Regional Association of REALTORS® (See Appointments, page 3) Trust Account Management Trouble Free By Jean A. Wolinski-Hobbs, Auditor/Investigator he Real Estate Commission trust monies must be deposited into a License Renewal Thas three rules governing how trust account and all clients and invoic- Changes to Process brokers handle and account for trust es need to be paid out from the trust monies - A.0116, .0117, and .0118. account. The only time it is acceptable See article, Page 5 Additionally, the ncrec.gov website has to move money from a trust account a number of videos available on trust into an operating account is when you account handling. Familiarize yourself are disbursing your earned commission In This Issue with these rules to avoid the following or are reimbursing yourself for invoices Commission Elections..........................1 common mistakes. that were paid by you from your oper- ating account in advance and on behalf Commission Appointments.............. 1 1. DO YOU deposit money into of the client. Trust Accounts..........................................1 the trust account and then move If the bank account into which you Renewal Process Changes..................5 the money into an operating ac- deposit client monies is not identified as count to pay clients or invoices? a trust or escrow account, then it will not Assumed Business Name.....................7 be treated as such by the IRS or courts, What Does “As Is” Mean?......................9 A variation on the same theme is de- meaning they can attach or freeze the Broker Indicted........................................9 positing trust monies into an operating monies. The FDIC may also deny in- account and then transferring them into surance coverage for each individual cus- Disciplinary Actions............................. 12 the trust account. Well, DON’T! All (See Trust, page 6) Real Estate Bulletin October 2018 REAL ESTATE BULLETIN Published as a service to real estate licensees to promote a better understanding of the Real Estate License Law and Commission rules, and proficiency in real estate practice. S taff U pdate The articles published herein shall not be reprinted or reproduced in any other publication without specific refer- ence being made to their original publication in the Com- mission’s Real Estate Bulletin. NORTH CAROLINA REAL ESTATE COMMISSION 1313 Navaho Drive P. O. Box 17100 People Appearances Raleigh, North Carolina 27619-7100 Main Office (919) 875-3700 Regulatory Affairs (919) 719-9180 Sheryl B. Graham has been em- Corean E. Hamlin, Director, Edu- www.ncrec.gov ployed as Consumer Protection Officer cation and Licensing Division, spoke on Roy Cooper, Governor in the Regulatory Af- the Blue Ridge Real Estate Report on COMMISSION MEMBERS fairs Division. Prior WTZQ Radio in Flat Rock. to joining the Com- Frederick A. Moreno, Chief Deputy Anna Gregory Wagoner, Chair Winston-Salem mission, she was a real Legal Counsel, spoke to the Experienced Thomas R. Lawing, Jr., Vice Chair Charlotte Wendell Bullard Durham estate broker in both Investor Sub-Group of the Triangle Real George Bell Winston-Salem North Carolina and Estate Investors Asociation in Cary. Cindy S. Chandler Charlotte Virginia for 18 years. She studied ac- Marcia M. Waldron, Auditor, spoke Leonard H. “Tony” Craver, Jr. Durham Jeffery J. Malarney Wanchese counting and marketing at Old Domin- to the Property Management Meeting of Sandra L. O’Connor Greensboro ion University, as well as staging design the Jacksonville Board of REALTORS®. Robert J. Ramseur, Jr. Raleigh and residential appraisal. Jean A. Wolinski-Hobbs, Auditor/ Investigator, spoke to Longleaf Pine RE- EXECUTIVE Nicholas T. Smith has been em- ALTORS® Inc. in Fayetteville. Miriam J. Baer Executive Director ployed as Consumer Protection Officer Stephen L. Fussell, Chief Consumer Paula L. Ricard Chief Financial Officer in the Regulatory Af- Protection Officer, spoke to the Gaston -As ADMINISTRATION fairs Division. Prior sociation of REALTORS® and to the Great- Wendy C. Harper Chief Administrative Officer Jake A. Gore Chief Technology Officer to joining the Com- er Fayetteville Apartment Association. Robert L. Forshaw Publications Officer mission, he was a Sheryl B. Graham, Consumer Potec- EDUCATION AND LICENSING commercial real estate tion Officer, spoke to the Catawba Valley Corean E. Hamlin Director broker in North Car- Association of REALTORS® in Hickory. Katherine A. Buchholz Education Officer Deborah B. Carpenter Education/Examination Officer olina. He earned a B.A. in Finance from Sarah E. Herman, Consumer Pro- Brenda K. Hollings License Services Officer California State University, Fullerton, tection Officer, spoke to Blue Ridge Re- Pamela R. Rorie Continuing Education Officer while working as an intern for a retail alty and Investments in Boone and to the REGULATORY AFFAIRS property development and management Central Carolina Association of REAL- Janet B. Thoren Director, Legal Counsel firm. TORS® in Concord. Charlene D. Moody Assistant Director, Legal Counsel Frederick A. Moreno Chief Deputy Legal Counsel Nicholas T. Smith, Consumer Pro- Robert A. Patchett Associate Legal Counsel II Wendy C. Harper has been named tection Officer, spoke to Allen Tate Wes- Madison L. Mackenzie Associate Legal Counsel I Chief Administrative Officer in the Ad- ley Chapel. Michael B. Gray Chief Auditor/Investigator D. Scott Schiller Financial Fraud Investigator ministration Division. Peter B. Myers, Informtion Officer, Bart H. Allen Sr. Auditor/Investigator spoke to the Carolina Smokies Associa- M. Spier Holloman Sr. Auditor/Investigator Stephen L. Fussell has been named tion of REALTORS® in Franklin, to the Danielle M. Alston Ausitor/Investigator Marcia M. Waldron Auditor/Investigator Chief Consumer Protection Officer in Greensboro Regional REALTORS® As- Chad W. Wilson Auditor/Investigator the Regulatory Affairs Division. sociation, and to Lake Norman Realty. Jamila G. Wilson-Davis Auditor/Investigator Elizabeth W. Penney, Information Jean A. Wolinski-Hobbs Auditor/Investigator Stephen L. Fussell Chief Consumer Protection Officer Bradford A. Cox has been named Officer, spoke to the Rockingham -RE Sheryl B. Graham Consumer Protection Officer Licensing Services Team Lead in the Ed- ALTOR® Council of the Greensboro Re- Sarah E. Herman Consumer Protection Officer Nicholas T. Smith Consumer Protection Officer ucation and Licensing Division. gional REALTORS® Association. Peter B. Myers Information Officer Elizabeth W. Penney Information Officer Brinita A. Robinson has been named Melissa A. Vuotto Rulemaking Coordinator License Records Team Lead in the Edu- cation and Licensing Division. Editor-In-Chief Miriam J. Baer Editor Robert L. Forshaw 2 Real Estate Bulletin October 2018 October 17-18 All meetings, unless otherwise noted, begin C ommission November 14-15 at 9:00 a.m. and are held in Raleigh in the December 12-13 Commission’s Conference Room at 1313 Navaho Drive (27609). Occasionally, circumstances January 9-10 alendar necessitate changes in meeting times and C February 13-14 locations. Commission A Commander (ret.) of the United Malarney holds a JD from Wake For- (Continued from page 1) States Navy Judge Advocate Corps, he is est University School of Law and BA a former Special Assistant United States (cum laude) in Economics and Manage- agement company serving the Charlotte Attorney, past president of the North ment from Albion College. regional since 1957. Carolina Vacation Rental Manager’s As- He is a past president and REALTOR® sociation, and past chairman of the Out- of the Year of both the NC REALTORS® er Banks Chamber of Commerce. and the Charlotte Regional REALTORS® Association (CRRA) and a past director of the National Association of REALTORS® (NAR). 12-Hour Broker-in-Charge and Active in civic affairs, Lawing has held Basic Trust Account Procedures Courses leadership positions at Hawthorne Lane Register online at the Commission website, www.ncrec.gov, United Methodist Church, is a past pres- under Education/Course Registration.
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