The 1031 Tax Free Exchanges Class

For those of you that are trying to get those last courses in before the requirement with the North Carolina Real Estate Commission runs out, you might want to check out the residential boards schedule. On May 13th the Raleigh Regional Association of REALTORS, located at 111 Realtor Way in Cary, has a whole day of Continuing Education that may be of interest.

The first class is the Mandatory Update with Tom Mahlum from 8:30 am to 12:30 pm. Yes, it's a residential class but unless you're going to travel to see Cindy Chandler teach the commercial examples class, that's all that is left. We had our last commercial version back on April 1. Topics included in this class are Agency Disclosure Requirements, selected Property Management Issues, "Due Diligence" in residential transactions, licensing and education issues and North Carolina Real Estate agent safety.

The second class, the four hour elective course, may be of some interest to commercial brokers. It is the 1031 Tax Free Exchanges from 1:30 to 5:30 and is also being taught by Tom Mahlum. This course explores the history, evolution, rules and forms of the strategy used to defer tax liability until a later date. This class has tons of real-life examples and math calculations. Agents will learn the vocabulary and application of tax free exchanges so they are better able to answer client questions.


You can register online at www.rrar.com . You can also contact RRAR at 919-654-5400 or email CaraM@rrar.com with any questions you might have in regards to their continuing education classes.

Commercial Mandatory Update

All North Carolina Real Estate agents should be painfully aware that they are required to complete eight hours of continuing education every year. the commission's year starts in July and ends in June.If you have ever forgotten to complete the required classes, you know how stressful it is when your license ends up inactivated until you complete everything you need. I usually tell folks to check your education records on the Commission website in January so you can start planning on when you'll take the classes you need to finish up those eight hours in the allotted time frame.

Everyone needs to take the Mandatory Update. If you're a broker in charge, you'll need the four hour BICAR class, which, between the two, usually finishes off a BIC's requirements for the year. Everyone that is not a BIC needs an additional four hours in an elective of their choosing. What's difficult for commercial brokers is the fact many of the courses offered out there are for the residential REALTOR, meaning,in many instances, you're stuck in a class that really doesn't apply to what you do.

TCAR has always made an effort to bring classes to their members that are based on commercial examples. Every year we try to do the mandatory once in the fall and once in the spring, with a BICAR usually in the winter months and an elective added onto one of the other classes we offer. Hence, on Wednesday October 28th from 1-5 PM, we will be offering the 2010 Commercial Mandatory Update with Cindy Chandler. It is $55 for members and $75 for non-members. Registration can be done either online or by calling the office at 919-228-2588. It will be held at the Raleigh Regional Association of REALTOR building, 111 Realtor Way in Cary.

Cindy always suggest that I tell folks that the commission DOES give credit for this class but they always recommend that you take the residential class. I'm not sure for the reason but I always tell folks that. It's sort of a disclaimer but you get full credit for the Mandatory, so don't worry. As always if there are any questons or issues, please contact me at the office number or you can email me at kimb@tcar.com .