Bill Summary for S 507 (2011-2012)

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Bill: CLARIFY EXCEPTION/REAL ESTATE BROKER LAWS.

Summary date: 

Jun 8 2011
S.L. 2011-235

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 507 (Public) Filed Monday, April 4, 2011
TO ALLOW AN EMPLOYEE OF A PERSON OR BUSINESS ENTITY WHO PERFORMS REAL ESTATE BROKER ACTS AS RELATED TO PROPERTY OWNED OR LEASED BY THE PERSON OR BUSINESS ENTITY TO BE EXEMPT FROM THE REQUIREMENTS OF LICENSURE UNDER THE LAWS REGULATING REAL ESTATE BROKERS AND SALESPERSONS.
Intro. by Hunt.

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Bill summary

Senate committee substitute makes the following changes to 1st edition. Amends GS 93A-2(c)(1) to clarify that exemption from real estate broker and salesperson licensure requirements under GS 93A-1 and GS 93A-2 extends to officers and employees of an exempt corporation, the general partners of an exempt partnership, and the managers of an exempt limited liability company when those individuals are engaged in acts or services for which the corporation, partnership, or company itself would be exempt. Makes conforming change to the title.