Real estate is a term used for land and all physical properties built on it. Houses along with basement, trees, fences, structures constructed away from the main house and drainage system are considered as a part of real estate.
North Carolina is a popular southern destination for vacations and therefore, many people prefer to buy vacation houses or residential property here. State of North Carolina has certain regulations and specifications that home buyers and sellers need to follow. Most people generally approach real state agents to buy or sell real estate as they have information about local market.
To conduct a real estate business in the state, it is necessary to have a North Carolina real estate broker license. This requirement applies to any individual or body that may want to get involved in the business of real estate directly or indirectly while physically residing in the state of North Carolina. Individuals need to go through North Carolina real estate education program to get a license to become a real estate agent. Real estate education programs are also available for renewal of license as a part of continuing education programs. A real estate licensee is usually known as a real estate agent, though there is no such term actually mentioned in the text of License Law.
After a person has passed the requisite exam, a license in provisional status is issued. Main difference between a provisional license and a license without a provisional status is that the latter allows brokers to operate as an unsupervised independent agent. A provisional status license requires a broker to work under the supervision of a broker who has been nominated. However, a real estate licensee or agent does not automatically become a realtor. To become a realtor, a licensed real estate agent needs to belong to the National Association of Realtors, which is a private trade association.