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40 Cfr 112 Appendix F: Customize, Finish and forward

so as we mentioned before um seth so.rudely interrupted us.i don't know uh every firm needs to have.a qualifying broker and.the the only rule for a qualifying.broker is that they have to be.non-provisional so now.this is here's the thing a qualifying.broker is different than a bid.they are two different positions a firm.need.both now in most firms.the qualifying broker and the big are.the same person.so in my firm for example i am the.qualifying broker.and when it came time to hire a bid who.did i choose to hire.leslie who did i hire.yourself i hired myself.as the and that's the way most.firms operate.but could the qualifying broker be.separate from.the broker in charge yes absolutely.absolutely.and here's what i want to point out to.you as weird as it may seem.could pretty much a brand new agent be a.qualifying broker.yes yeah yeah because you can take post.licensing as quickly as you want.after you get your license could.somebody finish their post license in.say three weeks after they got.i have a friend that did that he got his.post licensing.i mean he got his license and what's his.this is october are we in october yes.september.he got his license in june and he became.a non-provisional.in september there you go so.no august once someone gets rid of the.provisional status.they can open a real estate firm.they can't run it but they can open it.because they can be the qualifying.broker.because if you look on here there's no.experience required to be a qualifying.broker the experience.requirement is to become a one a.non-provisional provision.to be a big a big charge.the experience requirement is to be a.broker in charge.so here's what i want you to understand.can.a very recently licensed.person open a real estate firm if.they're willing to hire.somebody else who has more experience to.be the broker in charge of that.yes yes they absolutely can.at a later point i could if i was to do.that.i could then become the broker in charge.later if i wanted to.that's right that's exactly right in.basically two years.so kate if you wanted to get your.license and then.just knock your post licensing out right.away so you just boom boom boom you were.done in.two weeks three weeks right you could.open a real estate firm and you could.say.you are the qualifying broker right away.as long because as soon as you're.non-provisional.you can be the qualifying broker but.then the next line.on the app the firm application is going.to say who's the broker in charge.you would have to have somebody lined up.to be the broker in charge because.you would not need this two years.of full-time experience rule does that.matter.100 thank you yeah and but you could.hire somebody.to be the broker in charge and they.would need to do that for at least two.years.while you accumulated the required.experience and then you could.you know replace them with you.and you could become the broker in.charge as well perfect.okay and realistically the qualifying.broker.the big has a ton of jobs but the.qualifying broker only has one job.renew the firm's life that's it every.year.and then choose who they're going to.have to be bid that's it.that's the only requirement okay are we.all good with that.um just for clarification um travis.yes so once you become non-provisional.you can own a firm mm-hmm.but because you don't have the two years.within the five years.you have to hire somebody to run the.run the firm that's exactly right you.you're qualified to own it.but you're not qualified okay it's the.same exact thing for.um a daycare so yeah yeah right.i mean like there are a lot of.quite honestly there are a lot of.professions that work in this way where.the owner doesn't necessarily have the.expertise to do it.you know but they allow that anyway and.in north carolina we're basically saying.you don't need any experience to own a.real estate firm.you do need a real estate license to own.a real estate firm but that's pretty.much it.that's pretty much the only requirement.get the license and then you can own a.firm.so when you open a firm do you.get a business license on top of having.a realty license.and what do you mean a business license.what what i guess.well like do you open up the llc.corporation you don't have to.that's not that's how you choose to.structure.your business you can open a firm as a.as a sole proprietorship.you can simply say you know i am opening.a real estate firm as a sole proprietor.there's no.requirement that you create an llc you.could if you wanted to create an llc you.could do that but.you could also just open a firm as a.sole proprietorship.which doesn't require any sort of.business structure they prefer llc.but yeah yeah okay.are we all good on a qualifying broker.and their role what they do.good um as i said they got to be.non-provisional and they have to be the.owner of the firm.basically those are the only.requirements so let's talk about those.different forms.of business structures that could exist.the most common is a sole proprietorship.the day you get your real estate license.you are a sole provider.if you create a real estate firm and.it's owned by you as an individual.guess what it's called so prepared a.sole proprietorship.a sole proprietorship just means the.business.and the person are the same thing the.person.is the business so.you you don't have any sort of other.business structure correct.your business is you right.so steph is a sole proprietor.which means when my firm compensates.seth are we compensating.some llc or are we compensating seth.thomas.which one are we compensating the latter.ones.that's thomas because that the business.is set that's a sole proprietorship.now that has obvious advantages how much.work did you have to do to become seth.thomas nobody did that he already was.right.there was no form to fill out there was.no application there was no paperwork.all he had to make sure was that seth.thomas got a real estate license.yeah and y'all are all working on that.part right now so the advantage for sole.proprietorship is is easy.you're just kind of naturally are a sole.proprietor.there's a downside to a sole.proprietorship.um the downside to a sole proprietorship.is that if seth made a mistake in a.transaction.and there was a lawsuit.he would be personally liable.in that lawsuit yeah since.he the person is also the business.if somebody's doing the business what.are they actually suing.the person him the person yeah.yes so the plus of a sole proprietorship.is.it doesn't cost you anything there's no.setting it up.there's no extra work to do the.potential downside to a sole.proprietorship.is that you are personally liable.responsible for any mistakes that are.made.okay so that's the that's what you need.to know for test taking purposes about.sole proprietorship.as far as all the decision making well.he makes all the decisions because he is.the business.there is no separate company involved.okay and it doesn't it doesn't help him.any with tax it doesn't necessarily hurt.him with taxes but it doesn't help him.help him at all with taxation it doesn't.help him with liability.okay and if someone come after him.they're gonna take everything he has.that is true if he was if he was sued.um for a business mistake he could lose.everything he could lose his personal.assets because the business.and the person are the same thing okay.um that also is true of partnerships.partnerships.really are the same thing as sole.proprietorships except it's more than.one person.a partnership is a sole proprietorship.where there just happens to be two.people.does that make sense for everybody okay.so like as an example um.a married couple who opens a business.would not be called a sole.proprietorship they'd be called a.partner.you know but they still don't have any.liability protection.they still don't have any tax um.benefits.um that come along with creating a more.substantial.business entity right amanda your.question what does no.shelter refer to it means nowhere to.hide if there's.if the business is sued think about when.you hear.people say well i'm going to sue the i'm.going to sue that business.if the business is set then who would.you sue himself.personally right and that's and i'm not.picking on him.because that's the way we all are when.we first get in the business we're all.sole proprietors when we first get.licensed.okay and you have to make a decision at.some point.in your career if you want to stay in a.position.where you are your business i mean.there are obvious pluses to having.liability protection.but there are downsides to creating an.llc as well we're going to talk about.those in just a second do you all see.though why somebody might.want to have something different than a.sole proprietorship or a partnership.you know why they might want to.basically.separate this is the business.and this is me and this is the stuff i.own.personally and this is the stuff the.business owns.and if you're suing the business you can.get money from the business and stuff.from the business but you can't get my.personal stuff do you see how somebody.might want to create that division in.their life.yeah okay that is where.we get to llc's or corporations.corporations are sort of like the gold.standard.of protecting yourself if you want to.have absolute immunity.from a business related lawsuit.impacting your personal life you would.create your business as a corporation.the problem with and so the plus side.of creating a corporation is this.and you don't need to worry about a.bunch of what's on here i'm going to.give you the high points here for a sec.you know the the the plus.of a corporation is.it has ultimate.legal protection.that's the plus.the minus the downside.complex expensive to.set up takes a lot of time.it takes a lot of effort to set up a.corporation.most people don't go this far most.people who are in real estate don't go.to the point.now on a test how would you tell they.were talking about a corporation.corporations are owned by stockholders.shareholders.most real estate agents never go to this.extreme.there's one in the middle we talked.about the two extremes.sole proprietorship you have no.protection.corporation you have ultimate protection.but it's really expensive to set it up.it's really complex to set it up.you have to pay a lot of money not just.once but.every single year to the north carolina.secretary of state's office to.to keep your corporation going and for a.lot of people.it's the the liability protection is not.worth.the expense of setting up a corporation.the one that's in the middle is.something called an llc.most of you have probably heard of an.llc is that true that.many of you have heard of an llc before.an llc or limited.liability company well the name tells.you what the whole purpose is why do.people.set up llc's they want to limit their.what.liability their liability they want to.separate their business.from their personal life and when you.want to do.that the best most efficient way to do.it.is with an llc it is the most simplified.form of business entity.available now llcs.have two people two groups of people.that participate.in them members and managers.the reason we have this differentiation.is some people who have ownership of an.llc are allowed to make decisions.and some people are not allowed to make.decisions.which group do you think can make.decisions on behalf of the company.managers managers right now could an llc.only have.one person who's part of the company.is that possible and if they do that one.has to be a what.social manager manager manager gotta.have at least one manager.but if you've got two or more people.involved they could both be managers one.could be a member one could be a manager.you know there's no limit there's no.rule that says you can only have one.manager.it just simply says you get to decide.the.you know which people have which.authority when you create.an llc.the plus of an llc is it does create.some liability protection.here's the downside of an llc.let me let me see if i can show you this.and i think we've talked about this a.little bit before but i'm going to do it.again.just as a reminder right now.in fact leslie has a closing today right.seth didn't you mention that oh yes it.wasn't today right.all right so here's what the chain oops.here's what the chain.of a transaction looks like.right now for leslie she has a client.and that client hires trav talks.real estate.okay and.track talks real estate has.an agreement with.leslie helton.okay now when the transaction.closes commission's going to get paid.from here from the client down to.where where does the money go first.trav talks real estate so let me ask you.a question.does trav talks real estate have to have.a real estate license.yeah since it's going to be paid a.commission yes yes everybody with me on.that.so we got a license.and then commission is going to get paid.from trav talks real estate down to.leslie hilton.does she have to have a license yes yes.yes now trav talks real estate is a.company.so do companies get broker licenses or.do companies get firm.licenses terminals.this is a firm license.and lizzie hilton has a.broker provisional license a broker.license.except i've lied to you when i set this.up.this is not how leslie's commissions.work.yeah because leslie came to me several.years ago.this is how.oops this is how.cis commissions were.okay leslie has a company so her company.is paid.leslie came to me.several years ago and said i want you to.pay all my commissions to.not win real estate.and then i assume i don't care it's none.of my business.nat when real estate will compensate.leslie leslie helton.does that make a sense for everybody.yeah yeah we already.established that leslie hilton is going.to have a broker license down here and.she does.do you see a gap though in this.flow is there another stop.for the money along the way now.real estate does this need to be.licensed.yes yes yes there needs to be a real.estate license in here and it's not a.person so what kind of real estate.license does it need to have from.um pay firm license.that's a whole another license the real.estate commission gets to collect an.annual fee on right there just because.that llc exists.it's okay so does the real estate.commission like it when you set up an.llc.of course yeah they do because they get.another application fee and another.annual license renewal does this license.right here have to be renewed every year.yes yes yes does this license have to be.renewed over the years.does this license have to be renewed.every year yes yes.every single time every single time does.that make sense for everybody barrier.it's kind of like a barrier between.her between leslie and the client said.something.it's another barrier between leslie and.the client because.if leslie makes a mistake in a.transaction.now here's why creating that llc matters.to her.if she screws up.and the client says i'ma sue you.leslie's going to say.because she's going to say i didn't have.an agreement with you you had an.agreement with who.who's the client have to say that when.real estate.[Music].and then trav talks is going to say well.i'm so sorry.that a mistake was made but trav talks.we really passed on all the.responsibility to another company.who handled that transaction on our.behalf.see so really who you need to talk to is.that.is she likely is this client that's mad.likely to run out of gas before they get.all the way down here the more levels.you put in this thing.do you see why this provides liability.protection.yes because the clients like 18.degrees away from being able to sue.leslie.does that make sense for for everybody.yes.this is why people set up llc's because.it just gives another layer of.insulation.between you the person and that client.who's way up there.if there's a problem.can we all agree with the laws a lawsuit.is filed you want to be as far away as.possible from it yep.and this is just another way to put.another layer of insulation between you.and that lawsuit.does that make sense yes okay.all right good good that is that is why.people ultimately decide to set up.um llc's now.there's a you mean there's a cost.involved you have to pay a fee to the.secretary of state's office.and you know and you've got to pay.obviously the real estate commission a.fee for.real estate license for that firm um.you know and going back to that idea nat.win real estate.is a firm so it has to have a qualifying.broker and a broker in charge well guess.who's the qualifying broker and broker.in charge of matt win real estate.leslie she created that firm she named.herself the qualifying broker and the.broker in charge and.now her commissions all get paid to it.and that's that.that's why she couldn't get the um.llc was the firm of.the firm license until.she was able to be a broker right.i mean not a broker uh a big a bit for.the most part that is true.for the most part that is true unless.you hire somebody else unless you hire.somebody else exactly right so you get.somebody else to serve that function.right so for most of you you're going to.be a sole proprietor for at least how.long.two years for at least two years for.most of it.okay what are the big responsible for.supervising we talked about this a lot.already.obviously directly supervised.provisional brokers these are gonna be.slides that we go through very quickly.by the way.um because we've already talked about.these responsibilities a lot throughout.the agency section of the class um.none of this don't worry about for the.test i'm not saying these aren't.important things i'm just saying you're.not going to be.tested on these things.in particular so don't worry about that.obviously the vic's job is to supervise.what goes.on in the firm so does the bit need to.know what you're doing in a transaction.if they're responsible for the.activities of the firm.they need to know what's going on they.need to be involved in what's going on.especially anything agency related.make sure that um that they have.written policies and procedures so that.that you can follow them.um you know but again none of this is.going to show up.on the actual test as far as that goes.so this is just having an overview.of what the job is for.the broker in charge uh by the way any.of you that have big dogs you've been.there and.seen this when you come home one day um.this is so our house.at certain points in our life um and.that's exactly the expression on their.face too when you find them like that.um but um.they're just like yeah i get it so what.i'm big.big dogs don't care they really don't.they don't they don't care you're.getting out of them yeah.they just look at you like dude i'm.bigger than you whatever.they're like big babies yeah i did it.yeah you can do about it.i had one he's laying over here now on.the sofa in my office when he was much.much younger when he was a puppy.he ate a leather sofa the whole thing.we were at work one day but the whole.thing.like nothing but springs and wood left.and he's very proud of himself.very proud of himself he got a lot of.help.and then i thought and then i thought.i'm gonna fix you you're gonna get.locked in the backyard from now on you.don't have freedom to come in the house.anymore during the day.so you know put up you know put a dog.house in the backyard and.lock him outside close the dog door up.you know what he ate next.the house he chewed the siding off the.side.and don't care just look at me like yeah.i get it.what are you going to do about it it was.a pit bull.no he's a weimaraner um uh.so the big silver dog about 120 pounds.worth.he's huge yeah.they're biggins they're big ones um yeah.because my ride.is 130..yeah they're big ones um so you know.don't but.make sure your is actively.supervising you that's the big thing.here to me the big takeaway is once you.get in the business make sure they.are actively supervising you and knowing.what's going on.um uh you know they they have to.they have to be responsible for your.activities so that's only fair.this question this is one the real.estate commission wanted us to ask you.previously.i keep asking them do we need to take.this out um.because now doesn't everybody work.primarily from home.in the past the real estate commission.took the stance that.provisional brokers couldn't really work.primarily from home.because they were supposed to be.directly supervised but of course now.the world is a very different place.um and so i think i think the answer is.yeah they can now as long as the dick.has come up with.ways for so you know i would say yes.as long as they have adequate.supervision yes a provisional can do.most of their work from home as long as.they have.adequate supervision now this does pick.back up.with information that will be tested for.sure.can a provisional broker be affiliated.with more than one firm what do you.think the answer to that question is can.a provisional broker be affiliated with.more than one.no no that is a flat note.no only one big one firm if you're.provisional.can non-provisional brokers be.affiliated with more than one firm.yes yes and that is yes.with the verbal permission.of each bit of each bin.with the verbal permission and knowledge.of each bit.i don't know why they don't require.written permission.i think it's silly i would i would.personally have it in writing but they.say that verbal permission is okay.verbal permission without ever turning.it into written.is that what you're saying right that.yeah the the rule doesn't specify the.permission has to be in writing.so you know if they if that ever showed.up on a test.verbal permission is enough as long as.you have the.understanding and verbal permission of.your broker your various brokers in.charge.um then that's enough and it's not hard.to find out.you know that somebody has multiple.brokers in charge because if you go to.the real estate commission's you know.website.and search for someone's i think we did.that in class that.did it was that with you all was that.was the night class where i went and i.searched.seth's license yeah that wasn't with us.that was the night class i've seen the.video for that.that that was not with you all yeah it.wasn't.okay so if you ever want to know.who someone's broker in charge is you.can always go to ncrec.gov.and you can search for licensees.um and type brokers.and we'll do seth.even though there's like 40 bazillion.thomases here in the list.can totally give you my license number.way.too common of a lot of a name.um all right here we go.thomas there he is.so when you pull someone up as you see.right there.it will tell you what firms they are.affiliated with.and who their broker in charge is um.what the address is of their firm um.um you know it also tells you how long.they've had their license.so what look at look at that you just.hit three years last month right.i think we were in class on that day.yeah you just hit.three years last month um um.that's not very long at all.um but you can also if you wanted to.click on the firm's information there.and it would bring up like the firm.location.and notice here it shows you not only.who the bic.is but who the qualifying broker is so.if there was.would this be a good way to find out if.there was somebody who owned the firm.but they weren't running the firm.could you could you discover that pretty.quickly because if you look at the.firm's information.and you see someone listed as the bit.but not listed as a qualifying broker.you'll be like okay.well the qualifying burger that's the.person who owns the firm but the person.who runs the firm.is his broker in charge down here.what did level b mean on the previous.page.b means broker um.non-provisional if he was provisional it.would say.pb people provisional broker okay um i.don't know why on the test.they insist on using the verbiage.non-provisional broker because in the.real world.we just say provisional broker broker.you know that but on the test they.insist on that non-provisional broker.but.b just means he's gotten rid of the.provisional suspicion.okay and if you notice the most.important word on the screen right there.is he is what active active.which means he can get paid.paid so when it says to be a broker in.charge eligible.it says no but he is no he's not.eligible until he sends the form and oh.okay permission he meets the criteria.but he has extended information but he.has to send the form in basically.notifying the real estate commission.that he meets the right the criteria if.he wanted to.be a bit he would have to send a form.into the real estate commission that.says i've read your rule.i meet this criteria i want big.eligibility and they would give it to.him based on that.okay okay okay that makes sense.i was curious about that too yep that's.what that means.so.all right so non-provisional brokers can.have more than one broker in charge.this slide is a good one that sort of.sums up or.wraps up everything that a bic.is responsible for in north carolina.to make sure everybody's license is.active.and current so active means.they have completed all of their.education they've done everything right.current just means they've done what.they paid.the renewal fee good the bike is.responsible for keeping.all of the agency agreements and the.disclosures so the working with real.estate agents brochure and all of the.agency agreements on file.the bic is responsible for all.advertising.done in the name of the firm.the bic is responsible for the.transaction files.and the trust account the way i always.remember this and the way i have.um you know taught people that they can.help remember this.is this is three a's and two t's.um you know it's it's.active licenses so.active licenses.agency documents.advertising.and then the two t's transaction files.so transactions and trusts.accounts those were the five things that.a vic is responsible for.three a's and two t's is everybody.active.where are all the agency agreements what.is the advertising look like those are.the three a's.and then the two t's are the transaction.files.and the trust account.that was the way i trained myself to.memorize the things that a broker in.charge.was that is a great way to remember it.and also you could remember it like bix.have to wear that on them like a tat.on their body like a cat right.you know so the transaction files that's.pretty much making sure that they're.live for what.is it three years from the date of.closing three years from the last.time we do something for that client.which could be closing or it could be.after closing if we happen to be like.holding money until after closing or.something but.the time period is three years from the.end of the transaction.in the transaction yeah three years so.if we.go two years five months.and then any little transaction against.that client it starts to three year over.again.right if something else would come up.about that transaction.it would restart the three-year cycle.exactly so like.say the transaction closed two years ago.but all of a sudden.you just got a um they had a problem.with the water heater and they contacted.you again.and said hey can you go back and look at.our home warranty and see does that.cover us that would restart the three.years.because it's three years from the last.time you worked on their behalf.okay good.um don't worry so much about.the non-resident commercial brokers.license i don't think you're going to be.tested on that so i'm going to mark that.out i know y'all.y'all hate it when i eliminate stuff.right don't try that drives you crazy.like.you know you want more extra.i mean i can find some extra weird rules.and throw it here if you want to.already confused enough thank you all.right.yeah i don't think i don't think you.need to just basically.know that there is a way for.commercial agents who are out of state.um to come into the state even if they.don't have a north carolina license they.have a.process they can do that um it's really.not necessary anymore but there is a.process for it.and is that for those that have like for.example.like building walmart's or sam clubs or.stuff like that.i mean the idea is that if you.if you're working with um commercial.transactions they really don't care.about state lines you know like if.you're if you're.representing walmart you might be.representing the day in raleigh and.tomorrow in richmond.the day after in atlanta and so you.really need the ability to cross state.lines if you're representing that kind.of client.so most states have a little bit of.leeway when it comes to commercial.breeders.and we are we are one of those that has.that leeway.so so these slides that deal with um the.the commercial um non-resident license.all of those you can eliminate for your.purposes.in the pre-licensing class it might be.something that.would be of interest once you have a.license but.not uh necessarily in the pre-licensing.class.trust account we talk a lot about trust.against.now we want to talk about what one is.and what are the rules.around a trust account.first of all a trust account is just a.checking account.it's not a special account.it's not you don't go to the bank and.say i want to open a trust account.they're going to look at you and go you.want to open what.huh what you say is i want to open a.checking account.because a trust account is a checking.account.there are certain rules that it has to.follow but other than that.it's just the checking account we all.right with that.just a basic business checking account.that's all it is.first rule it has to be located.in an fbi insured.bank only banks.have fdic insurance.credit unions do not have.fdic how many of you when you go to the.bank and go to the drive through you go.to the teller.you see that little placard in the.window that says fdic.right but right beside it's usually.displayed on the counter if you go in.the bank or.in the window if you go to the drive up.teller you see that little.fdic placard that's sitting there that.stands for federal deposit.insurance corporation um basically.deposits that are made in a bank are.insured by the united states federal.government.so you don't have to worry if the bank.gets robbed.if the bank is robbed your money is.still safe because they have insurance.through the federal government that.would cover your money does that make.sense for everybody.so is it do you understand why the real.estate commission would say you need to.hold.somebody else's money in a bank because.if the bank got robbed.they would be guaranteed to still give.you that money because it's insured by.the federal government.that's that's why they have the.requirement credit unions do not have.this insurance credit unions do have.insurance i'm not telling you to panic.if you have your money in a credit union.but they don't have.fdic insurance and so it has to be a.bank.that's the first rule your trust account.can only be held.in a bank the second rule.is that all the paperwork for this.checking account that you.open the deposit slips the checks.themselves um the the statements that.come on a monthly basis.have to have the words trust account.on there um or escrow account.one of the two has to be on there that's.so you can't play.dumb later on when you stole the money.out of the trust account and go.oh gosh i just had the wrong checkbook.that was an innocent mistake uh no it.wasn't because it says right there on.it trust account.that's why they forced you to label.your trust account with that that.verbiage.so that you don't have that excuse later.on is everybody all right with that.yes travis can you explain to everybody.how they can.how they verbally tell their banking um.how to uh put that trust or escrow.account on their.account just because you just open up an.account they just open it personal so.you need to.make sure that you specify yeah you just.go.to the bank and you say i want to open a.checking account you say okay what's the.name on the account.and here's what you say on the top line.i want you to put my name.and on the net or my company name.whichever it is and on the next line.right underneath that i want it to say.trust account.that's all you got to tell them at the.bank okay ask why i call it trust versus.us.girl they mean the same thing you can.call it either one.your choice whichever words you like.better if you think escrow's a fancier.sounding word then name it an escrow.account.if you like trust better then call it a.trust account either one works.for as far as the north carolina real.estate commission is concerned.okay so kate likes escrow so there you.go.she it's called she watches selling.sunset and they always say they're.opening escrow.that's exactly right actually i know.what i know.i'm on i'm there.i'm picking up what you're putting down.i got you okay.um the big one that they like to test on.a lot.and and people struggle with this on the.test because i think they think.oh the real estate commission can't do.that.yes they can if you're going to have a.trust account as a real estate.agent in north carolina then basically.the bank.has the right to turn your records over.to the real estate commission at any.given time.and they don't have to tell you so if.somebody from the real estate commission.contacts your bank and says i need to.see charlene's trust account.records the bank has to send those.records to the real estate commission.so could they know you were funny with.the money before they even reach out to.you.as a licensee yeah yeah.if they were investigating you uh.general.here's my general rule of thumb if you.get a letter from the real estate.commission they already know you're.guilty.they already done looked you up you know.then they say they're conducting an.investigation.but reading between the lines we've.conducted an investigation.and you don't mess up that's what the.letter says.uh not really but that's pretty much.okay um.this last one is also a good target for.the test.i would say this one is a one that they.throw on the test that people struggle.with.it's easy to think of a trust account as.an account where you can't put.any of your own money but that's not.actually.what the rule says the rule says that.you can keep.up to 100 of your personal funds.in a trust account you don't have to.keep a hundred dollars you don't have to.keep any of your own personal funds.you could you keep a balance of zero in.your trust account.yes you can here's the danger and this.is why they let you keep money in there.could the bank close your account at any.time if you have a zero balancing.and that has happened we've had people.that get ready to go make a deposit in.their trust account.the bank goes all this account's been.closed and now they're stuck with this.money that they're supposed to be.holding in trust.and they don't have a trust account.that's a problem.so it to prevent that from happening the.real estate commission basically says.okay you can put a hundred dollar up to.a maximum of a hundred dollars of your.own personal money.in that trust account just to make sure.that they hold the account open.and make sure that they charge you like.an account maintenance fee there's money.there for that.but that's it no more than a hundred.dollars.of your own personal money can be kept.in your trust account.did somebody have a question i felt like.i heard somebody for a second.it sounded like i heard something in the.background but i think they made it.themselves.okay so these are just the basic rules.of.having the actual account um.as far as the bit and maintaining.records oops.sorry didn't you do that as far as the.big and maintaining records.um as uh charlene and sharon.asked just a second ago how long do the.records have to be kept.three years from the last time.we provided any services for that client.so you have to keep all your records.but you don't have to keep them forever.if you're looking at a transaction.don't look at how old the records are.look at when you've.finished working for the client and if.you finished working for them more than.three years ago what can you do with.those records.throw them away you can throw them away.discard destroy them.can you keep them if you want to yes.sure you can you can.you can keep correct but you can also.destroy them.if it's been more than three years since.you worked for.that particular client travis i have a.lawyer friend who says he has to keep.all.uh real estate transaction files up to.10 years.yeah yeah so it's different for them.they have a different set of rules that.is correct yeah.charlene i it's the i used to work for a.firm.and in the records department a lot of.the times what they'll do is they'll.have a completely.off-site records building that they have.because it costs a lot of money for them.to pull records and destroy records and.turn into a lot of records yeah and so.that.they have different rules for record.retention than we do.if there are different rules for record.retention for every profession.ours from the real estate commission.just happens to be three years.three years somebody asked me i probably.shouldn't even tell y'all this but i'm.gonna say it anyway just.come on show you how powerful it can be.to know the rules.i have a good friend in north carolina.who has a real estate license.he called me panicked one day he had.gotten the dreaded brown.envelope from the real estate commission.if you get a brown.envelope from the real estate commission.it's going to be a bad day.okay i'm just going to tell you in.advance they don't send you.a happy birthday card in a brown.envelope if it comes in a brown envelope.and it says north carolina real estate.commission on it it's bad.that's an investigation and he had.gotten the brown envelope.never had one.and he said travis i don't even know.what to do i mean they're asking me.about this transaction and it was like.six.years ago and i said back up.it was how long ago oh it's like six.years ago that i have a hard time.pulling out all my files and i'm trying.to remember what happened in this.transaction and i don't think it went.down that way and.i said here's what your response is to.the real estate commission.per north carolina real estate.commission rule.i no longer possess any records relating.to this transaction.as they were destroyed after i reached.the three-year mark.from providing brokerage service to this.client.he said really i said send it to him and.see what you get back.he called me like a month later said i.just got a letter from the real estate.commission i said what it said.they said my case has been dismissed i.said you're welcome.is that not an example of using their.own rule to the fullest.yeah yeah they have a rule that says you.only have to keep the records for three.years.and they send you a letter asking you.about something that happened six years.ago.what's your answer i don't know what.happened six years ago.i'm only required to know what happened.three years ago.just saying just say.okay so knowing these rules is important.it's huge it's huge okay.um as far as notifying the real estate.commission if you make any changes.with relate to like your address your.name.on anything like that you have 10 days.to notify the real estate commission.um if you change offices if you change.firms if you change.fix if you move any change.at all to your license record you have.10 days that could possibly show up on.the license exam you have 10 days to do.that with the real estate commission i.don't think we need to explain that any.deeper.any change at all you got 10 days to.notify the real estate commission.uh and that would include like a change.of where your trust account was being.held.um just kind of sum up this idea of a.trust account.it is not necessary to have one there is.no requirement.that we have a trust account in place.but there are.certain areas of real estate where you.just.can't do it without a trust account.because you can't get away without.having or handling money if you're.handling money you've got to have a.trust account for the most part.so like property management rent.tenant security deposits all of that's.going to have to go.into a trust account um.as far as provisional brokers handling.money if a provisional broker is.handling money then they've got to.deliver that money immediately.to their broker in charge that's a.provisional broker for provisional.broker.yes charlene you got to memorize all the.code numbers and statute numbers.no no they're not going to test you on.these code numbers and statues.just lost it no.they're not you know you mean you can't.say 58-103.you don't know i mean gosh what else do.you got to do with your life.just memorize all of that.no you do not need to know the the.license law numbers.um they're just there for reference.purposes um.but provisional brokers have to turn.funds over immediately.to their broker in charge how long does.the broker in charge.have to get this money deposited that's.a different question so.if the question is money hits your hand.and you're a provisional broker.how long do you have to get it to the.bid immediately immediately.immediately how long does the bid.have to get it though into the trust.account.and that is three banking days.from the time it is received by the firm.now this is why the provisional broker's.got to get turned over immediately.is the bix clock running from the moment.it hits the provisional broker's hand.yeah yeah because it says we've got.three banking days from the time the.firm.has received the money well the.provisional broker's part of the firm.so you're you want to know how to make.an enemy of your bid.you sit on that chat for two or three.days and then go hand it to them and.they gotta drop everything they're doing.and run and race to the bank because.they don't have.any time left in their three days.because you've been sitting on the check.they will be very upset with you okay.so the firm has a total.of three banking days to.get those funds deposited into a trust.or escrow account.so like if you're a property manager and.rent checks come in on the first.and the first happens to be on a monday.okay.you would have to have them in the bank.by thursday because tuesday the second.would be day one.wednesday the third would be day two.thursday the.the fourth would be day.three and that's when they would have to.be.deposited into the trust account.no later than everybody all right with.that.so you got three banking days to get.that money.into the bank.and you don't have to wait you know kate.said it gives her anxiety to think of it.laying around.yeah there's no there's no rule says you.need to wait three days.you can the best course of action is to.get it deposited immediately.you know i'm of the firm opinion that.now with technology being what it is.if you're going to have a trust account.and collect money on a regular basis you.should probably have a check scanner um.right there in your office.where you can just do it remotely and.you don't have to physically go to the.bank anymore.um that i mean that's just my opinion i.think that's the easier way.to handle it um.and we're going to stop.right there for today on this topic.i don't want to go into handling.funds for delivery because.i think it might muddy the waters.that we just covered we'll come back to.that we're going to revisit.this next and and we're and really.there's not much.left of license law after this.but i think that's a good stopping point.with it because number one covered a lot.and number two.um this next little section can.kind of get in your brain and do battle.with something that we just learned.

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40 Cfr 112 Appendix F FAQs

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Do I need to fill out Form 112 of the CA articleship if I had completed BCom’s final year (regular) and only the exams are left?

I am editing this answer because of what I faced recently. I had not filled this form during articleship since nobody ever advised me and I didn’t feel the requirement of doing so as I was doing my BCom from distance education. While applying for membership you will face problem if you haven’t taken permission from your principal for BCom during articleship. You would then be required to pay ₹ 10000 (which is at present ₹ 5000 for some limited period of time) as penalty along with form 112 duly signed by your principal, only then you would be allowed to show your BCom degree officially. So please Continue Reading

I am a CA IPCC student. Do I have to fill out form 112, if I am pursuing an MCom distance education under IGNOU University?

Yes. U have to submit for graduation OR PG in any form viz regular/DDE/Part time within 30 days from the date of admission for IPCC. Do it immediately. Only one course is allowed. SEE details in Google as CA 112 form Details.

How do I fill out the form of DU CIC? I couldn't find the link to fill out the form.

Just register on the admission portal and during registration you will get an option for the entrance based course. Just register there. There is no separate form for DU CIC.

What is mandatory on a food label?

As others have said, such a notice is not just meaningless, but can create unjustified alarm; it can be taken as a warning. Warnings make sense for food containing things like things that might hurt you, like peanuts, which can cause anaphylaxis in allergic individuals. So called "GM" food is no different from any other food, which is why there has not been one report of anybody anywhere ever suffering any ill effect from eating it. That is over thirty years, and billions, if not trillions, of meals. Believe me, had such a thing ever happened, or even might have happened, the scaremongering fa Continue Reading

What must a food label contain by law?

Mountain Dew is formulated differently in the UK and Europe (where available) than in the US. That’s because the US version (the original) contains BVO, brominated vegetable oil, which is an additive very similar to a popular fire retardant, an additive (BVO) which is banned in the EU. And yes, thank you, I do still drink US Mountain Dew. About a dozen cans a day. Who says Americans are smart?

What is required on a food label?

statement of identity, the product’s net weight, manufacturer’s address, nutrition facts, and ingredients list serving size, nutrients, and vitamins and minerals

Do I need to fill out Form 112 for a CA Articleship if I have already done B.Com. before starting the Articleship?

As others said no you don't have to send any form But in my opinion if you have cleared or given exam of IPCC group while pursuing B.Com then you should get a confirmation from institute that you don't have to send any form.

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