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Licensing FAQs |
Question |
Answer |
|---|---|---|
1 |
When do I need a firm license? | Any type of business entity, other than a sole proprietorship, must have a firm license to engage in brokerage. Refer to GS 93A-2 . |
2 |
What is an SOSID number? | SOSID stands for Secretary of State ID (number). An entity is assigned an SOSID once it is registered with the Secretary of State’s office. |
3 |
I am a Broker named Jane Smith. I want my commission checks to be paid directly to my LLC, which is named Smith Properties LLC. Is that okay? | To legally receive compensation for brokerage activities, Smith Properties LLC must obtain a firm license. See GS 93A-1. |
4 |
My sole proprietorship has changed its name. How do I notify the Commission? | If the new name is an assumed name, register the assumed name at the Register of Deeds Office in the county in which you will be doing business. Then, submit the "Request Firm Name Change and/or Request to Replace Firm License Certificate or Pocket Card (form REC 1.47) with a copy of the assumed name registration." |
5 |
I am currently operating as a sole proprietorship and want to change to another business entity. How do I make that change? |
First, create the business entity and register it with the Secretary of State. [You may want the help of an attorney to create and register the entity.] Next, you must apply for a firm license for the entity. To access the firm license application, go to the Commission’s website (www.ncrec.gov), click on the “Forms” tab, select “Application Forms” and select “Firm Application”. |
6 |
How do I delete a DBA ("trade name") for my real estate business? |
First, contact the Register of Deeds Office in the county in which your firm is registered in and withdraw the Assumed Name Registration. Next, complete the "Request FIRM Name Change and/or Request to Replace FIRM License Certificate or Pocket Card (Form REC 1.47)." The Withdrawal Certificate of Assumed Name must be attached, and a fee of $5.00 will apply.The form may be accessed and completed on the Commission’s website under Forms \ Licensee Forms. |
7 |
My firm (business entity) has changed its name. How do I notify the Commission? | Complete the "Request FIRM Name Change and/or Request to Replace FIRM License Certificate or Pocket Card (Form REC 1.47)." Documentation showing the legal name change must be attached, and a $5.00 processing fee will apply. The form may be accessed and completed on the Commission's website under Forms \ Licensee Forms. |