Senate committee substitute to the 1st edition makes the following changes.

Amends GS 93A-4.2 to to require a broker-in-charge of a real estate office to complete an education program (was, a course of study) not to exceed 12 hours of instruction and removes the requirement that those hours be in classroom instruction. Effective July 1, 2020.

Amends the continuing education requirements for real estate brokers under GS 93A-38.5 to no longer require that the eight hours of instruction be classroom hours. 

Amends GS 93A-40 to make it illegal to engage or assume to engage in the business of a time share developer or time share salesperson to sell or offer to sell a time share located in the state without the time share developer first obtaining a certificate of registration for the time share project (previously required the time share salesperson to obtain a real estate broker license before engaging or assuming to engage in the business of a time share salesperson). Requires a time share salesperson to be a licensed real estate broker unless the time share salesperson (1) meets the requirements for exemption under GS 93A-2(c)(1) (any partnership, corporation, limited liability company, association, or other business entity that, as owner or lessor, shall perform any of the specified acts with reference to property owned or leased by them, where the acts are performed in the regular course of or as incident to the management of that property and the investment) or (2) is an employee of the registered time share developer, whose income is reported on IRS Form W-2 of the registered time share developer. Effective when the act becomes law.

Makes conforming changes to the act's long title.