21 NCAC 58B .0602. DUTIES OF THE PROJECT BROKER

(a)  The broker designated by the developer of a time share project to be project broker shall assume responsibility for:

(1)           The display of the time share project certificate registration and the license certificates of the real estate brokers associated with or engaged on behalf of the developer at the project;

(2)           The determination of whether each licensee employed has complied with Rules .0503 and .0506 of Subchapter 58A;

(3)           The notification to the commission of any change in the identity or address of the project or in the identity or address of the developer or marketing or managing entities at the project;

(4)           The deposit and maintenance of time share purchase or rental monies in a trust or escrow account until proper disbursement is made; and

(5)           The proper maintenance of accurate records at the project including all records relating to the handling of trust monies at the project, records relating to time share sales and rental transactions and the project registration and renewal.

(b)  The project broker shall review all contracts, public offering statements and other documents distributed to the purchasers of time shares at the project to ensure that the documents comport with the requirements of the Time Share Act and the rules adopted by the commission, and to ensure that true and accurate documents have been given to the purchasers.

(c)  The project broker shall not permit time share sales to be conducted by any person not licensed as a broker and shall not delegate or assign his or her supervisory responsibilities to any other person, nor accept control of his or her supervisory responsibilities by any other person.

(d)  The project broker shall notify the commission in writing of any change in his or her status as project broker within ten days following the change.

 

History Note:        Authority G.S. 93A-51; 93A-58(c);

Eff. February 1, 1988;

Amended Eff. April 1, 2006; October 1, 2000; February 1, 1989.