21 N.C. Admin. Code 58A.0512

Current through Register Vol. 39, No. 11, December 2, 2024

Section 58A .0512 - DEATH OR INCAPACITY OF SOLE PROPRIETOR

(a) If a licensed real estate broker engaged in business as a sole proprietor pursuant to G.S. 93A-2(a) dies or becomes incapacitated, the Commission shall issue a temporary license to the executor or administrator of the estate of the deceased sole proprietor broker or to the court-appointed fiduciary of the incapacitated sole proprietor broker upon receipt of the following:

(1) a written notification to the Commission of the date of the broker's death or disability; and

(2) a certified copy of the court order appointing the executor, administer, or fiduciary.

(b) A temporary license shall be valid only for the purpose of distributing trust money held or paying commissions owed by the sole proprietor broker at the time of death or incapacity, but shall not otherwise entitle the holder to undertake any action for which a real estate license is required.

(c) The temporary license shall be valid for one year from issuance.

21 N.C. Admin. Code 58A .0512

Authority G.S. 93A-2;
Eff. July 1, 2018.

Adopted by North Carolina Register Volume 31, Issue 21, May 1, 2017 effective 7/1/2018.