Preferred Real Estate Academy

Preferred Real Estate Academy and Professional Development Center LLC
243-238 Lindsay Rd
Raeford, NC 28376
(910) 485-1746
www.preferredrealestateacademy.com
Policies & Procedure Disclosure

Date of Publication: November 10, 2020

Legal Name of Education Provider: Preferred Real Estate and Professional Development Center LLC

Advertised Name of Education Provider: Preferred Real Estate Academy and Professional Development Center

Name of Education Director: Marylou Powers

Names of Full-Time Officials and Faculty: Marylou Powers, Candilee Quigley, Steve Cohen, Kimberly Bennett, John Powers, Dixie Mabe

Education Provider Certification

Preferred Real Estate Academy and Professional Development Center is certified by the North Carolina Real Estate Commission. The Commission’s address is 1313 Navaho Drive, Raleigh, NC 27609. Any complaints concerning the Education Provider or its affiliated instructors should be directed in writing to the Commission. A link to the Complaint Form is provided on the Commission’s homepage (ncrec.gov).

Per Commission Rule 58H .0204, the Education Provider must provide each prospective student with a copy of the Education Provider’s Policies & Procedures Disclosure (PPD) prior to payment of any non-refundable tuition or fee. The PPD, which is required by the NC Real Estate Commission, outlines Education Provider policies plus the rights and obligations of the Provider and the student. A signed certification that a student received a copy of the PPD must be retained by the Provider.

No student shall be denied admission on the basis of age, sex, race, color, national origin, Familial status, handicapPING CONDITION, or religion.

Course Offerings

Preferred Real Estate Academy and Professional Development Center] conducts:

the Broker Prelicensing Course required to qualify to take the license examination to become licensed as a real estate provisional broker in North Carolina; and
the Postlicensing Education Program needed for a provisional broker to remove the provisional status of such license; and
the annual Continuing Education courses needed to maintain a real estate license on active status.

Broker Prelicensing Course

Purpose of the Course

Successful completion of the Broker Prelicensing Course is generally required to qualify for the North Carolina (NC) real estate license examination and to obtain a NC real estate broker license. The primary objectives of this course are (1) to provide students with the basic knowledge and skills necessary to act as licensed real estate brokers in North Carolina in a manner that protects and serves the public interest and (2) to prepare students for the NC real estate license examination. This course may only be offered by education providers certified by the NC Real Estate Commission. At Preferred Real Estate Academy and Professional Development Center, the Broker Prelicensing Course consists of a total of 84 instructional hours, including the end-of-course examination.

After passing the Prelicensing course, a student must submit a license application to the NC Real Estate Commission to be eligible to take the license examination. License application instructions are provided in the free publication Real Estate Licensing in North Carolina (RELINC) which is available on the Commission’s website at www.ncrec.gov. The minimum age requirement to obtain a real estate license in North Carolina is 18.

Course Description

Major topics addressed in the Broker Prelicensing Course include basic real estate concepts and law, property taxation, land use controls, environmental hazards, brokerage relationships and practices, real estate contracts, real estate financing, closing a real estate sale transaction, real property valuation, property insurance basics, fair housing laws, landlord and tenant, property management, federal income taxation of real estate, basic construction, basic real estate investment, North Carolina Real Estate License Law and Commission Rules, and Trust Account Guidelines. Real estate mathematics is an important component of this course and calculations will be required.

End-of-Course Exam

The end-of-course exam will be administered at 243-238 Lindsay Rd Raeford, NC 28376 on the last day of scheduled course instruction and 3 business days after the last date of online instruction.

An end-of-course exam will not be administered to any student who does not satisfy the course attendance requirement.

Students are not permitted to bring laptops, tablets, cell phones, or similar electronic devices (other than a basic calculator) into the testing site on the day of an exam. Any student who brings such a device into the testing site on the day of an exam will be required to remove it before the exam begins.

Missed Exams

Preferred Real Estate Academy and Professional Development Center WILL allow a Broker Prelicensing Course student who does not take the initial end-of-course exam as scheduled to take a makeup exam one time within 7 days of the last scheduled day of the course at a time and date stated by the Education Provider.

Failed Exams

Preferred Real Estate Academy and Professional Development Center WILL allow a Broker Prelicensing Course student who takes but does not pass the initial end-of-course exam to retake the end-of-course exam __1_ time(s); however all retakes must be within 7days of the last scheduled day of the course at a time and date stated by the Education Provider.

Eligibility Requirements for Course Completion Certificate

To successfully complete the Broker Prelicensing Course and receive a course completion certificate, a student must:

a) meet the attendance requirements,

b) timely submit completed in-class and take-home assignments, and

c) pass the end-of-course exam with a minimum score of 75%.

All-Inclusive Tuition/Fees

Broker Pre-licensing course: $425 tuition plus $50 plus tax for cost of text book.

Repeating Broker Pre-licensing course $200 within 12 months of initial broker pre-licensing course.

Annual Summary Report

License Examination Performance Report

Broker Postlicensing Education Courses

Purpose of the Postlicensing Program

The primary objective of Postlicensing Education Program is to provide instruction at a level beyond that provided in the Broker Prelicensing Course on topics deemed to be of special importance to licensees.

Per General Statute 93A-4(a1), provisional brokers must complete, within eighteen (18) months following initial licensure, a postlicensing education program consisting of ninety (90) hours of instruction in subjects determined by the Commission in order to retain eligibility to actively engage in real estate brokerage.

The Postlicensing program consists of three 30-hour courses prescribed by the NC Real Estate Commission that may be taken in any sequence. Be aware that a postlicensing course will expire two (2) years after its completion date.When a provisional broker has timely completed all three (3) courses, the provisional status of the broker’s license will be automatically terminated by the NC Real Estate Commission.

Course Descriptions

Post 301 – Brokerage Relationships and Responsibilities

Topics addressed in this course include a review of agency relationships in real estate residential and commercial sales and commercial property management transactions, a real estate broker’s legal duties to clients and customers, a step-by-step review and discussion of the functions and responsibilities of a real estate broker when working with sellers and buyers, a review of issues associated with transactions in progress when a broker leaves a firm, and a review of license status and education issues.

Post 302 – Contracts and Closing

Topics addressed in this course include selected basic contract law concepts, real estate sales contract preparation, sales contract procedures, buyer’s due diligence, closing procedures, Real Estate Settlement Procedures Act, closing disclosure preparation, contracts for deed, options, and selected real estate license status and education issues.

Post 303 – NC Law, Rules, and Legal Concepts

Topics addressed in this course include general NC licensing requirements, brokerage compensation issues, the disciplinary process, specialized types of real estate, property management in NC, and miscellaneous laws and legal concepts.

Course Materials

Each student is required to use and have immediate access to the current editions of the NC Real Estate Manual and North Carolina License Law and Commission Rules booklet during each Postlicensing course session.

Preferred Real Estate Academy and Professional Development Center DOES allow a student to use the online versions of the NC Real Estate Manual and NC License Law & Commission Rules booklet during classes.

End-of-Course Exams

End-of-course exams will be administered 3935 Boone Trail Extension Fayetteville, NC 28304 on the last day of scheduled course instruction.

An end-of-course exam will not be administered to any student who does not satisfy the course attendance requirement.

Missed Exams

Preferred Real Estate Academy and Professional Development Center WILL allow a Broker Postlicensing Course student who does not take the initial end-of-course exam as scheduled to take a makeup exam one time within 7days of the last scheduled day of the course at a time and date stated by the Education Provider.

Failed Exams

Preferred Real Estate Academy and Professional Development Center WILL allow a Broker Postlicensing Course student who takes but does not pass the initial end-of-course exam to retake the end-of-course exam_1time(s); however all retakes must be within __3__ days of the last scheduled day of the course at a time and date stated by the Education Provider.

Eligibility Requirements for Course Completion Certificate(s)

To successfully complete a Broker Postlicensing Course and receive a course completion certificate, a student must:

a) meet the attendance requirements,

b) timely submit completed in-class and take-home assignments, and

c) pass the end-of-course exam with a minimum score of 80%.

All-Inclusive Tuition/Fees

Broker Postlicensing Course: $199 tuition per 30-hour course plus $55 plus tax for the cost of textbook (used in all three courses)

Repeating Postlicensing Course: $50 within 12 months of initial postlicensing course.

Broker Continuing Education Courses

Purpose of the Continuing Education Program

The primary objective of the mandatory Continuing Education Program is to help assure that licensees possess the knowledge, skills, and competency necessary to function in the real estate business in a manner that protects and serves real estate consumers and the public interest.

Per G.S.93A-38.5, brokers must complete eight (8) credit hours of instruction annually in subjects approved by the Commission in order to retain eligibility to actively engage in real estate brokerage. Per Commission Rule 58A .1702, the eight hours must be comprised of an Update course and four credit hours of elective courses.

Course Description(s)

2020-2021 General Update (GenUp):

2020-2021 Broker-in-Charge Update (BICUP):

Elective: For the Good All: The REALTOR Code of Ethics.

Elective: Agency: Art or Agony.

Elective: The Contract Maze.

Course Materials

Preferred Real Estate Academy and Professional Development Center will provide each student with a copy of course materials.

Eligibility Requirements for Course Completion Certificate

Per Commission Rule 58A .1705(a):

In order to receive credit for completing an approved continuing education course, a broker shall:

(1) attend at least 90 percent of the scheduled instructional hours for the course;

(2) provide his or her legal name and license number to the education provider;

(3) present his or her pocket card or photo identification card, if necessary; and

(4) personally perform all work required to complete the course.

Tuition

$75 tuition for one course, text book included.

$120 tuition for both GenUp or BICUP and Elective, textbook included.

Registration, Enrollment, and Conduct

Registration / Entrance Requirements

No student shall be denied admission on the basis of age, sex, race, color, creed, national origin, religious preference, handicapping condition, or familial status.

Special accommodations:

Preferred Real Estate Academy and Professional Development Center LLC complies with the American with Disabilities Act and strives to ensure that no individual with disability as defined by the ADA is deprived of the opportunity to participate in a course. Individuals requiring reasonable accommodations under the American Disabilities Act (ADA) in order to participate fully in an educational event, should contact Preferred Real Estate Academy within 7 days of the course start date. Individuals will need to provide a doctor’s note stating their ADA requirement needs.

Broker Pre-licensing Course

Students are not required to have any formal educational background, but a high school diploma or equivalent is strongly recommended. The minimum age requirement for obtaining a real estate license in NC is 18. The course follows a challenging curriculum to prepare licensees for their professional responsibilities and requires good reading comprehension and basic math skills.

To complete an online course (virtual/live stream or asynchronous online), students must use online exam proctoring and must have two internet connected devices with cameras. One device will be used to take the exam. The second is used to monitor the testing area. For example, you can take your exam on a tablet or laptop/desktop and use your smartphone for the second device. If the student does not wish to take the end of course exam online, they may schedule to take the end of course exam in person during the scheduled exam time at 3035 Boone Trail, Fayetteville NC.

Broker Post-licensing Courses and Continuing Educations

All students must have their digital or physical pocket card available for registration on the first day of class.

Enrollment

Potential Students may enroll on our website www.preferredrealestateacademy.com, by phone or in person.

Tuition and Fees

Preferred Real Estate Academy and Professional Development Center accepts the following forms of payment: cash, check, and major credit cards to include Mastercard, Visa, American Express and Discover Card.

Tuition must be received by the start of first day of your scheduled class.

The penalty for a check returned for insufficient funds is $50.00.

Attendance

It is strongly encouraged that students attend all scheduled classroom hours.

Broker pre-licensing students must attend a minimum of 75.5 schedule classroom hours of the 84-hour course (absences not to exceed 8.5 hours). Pre-licensing students MUST ATTEND all hours of the first scheduled broker pre-licensing course session; pre-licensing students missing the first scheduled course session will be required to reschedule to another pre-licensing course. If a student is not present at the start time on the first day or a pre-licensing class, they will be deemed absent and withdrawn from the course. Their seat may be given to a student on the wait list. Please refer to our withdrawal/transfer policy for refund information.

Broker post-licensing students must attend a minimum of 27 scheduled classroom hours of the 30-hour course (absences not to exceed 3 hours). If a student is not present at the start time on the first day of a post-licensing class their seat may be given to a student on the wait lift. A full refund will be given in this situation.

Broker pre-licensing and post-licensing students are NOT permitted to make up missed time due to tardiness or absences. Students should ensure they can attend the required classroom hours before registering for the class.

For Virtual Classrooms, all attendees, requirements are still in place and will be monitored using the Zoom software. We recommend students download zoom and use a computer to access the course. Please sign on to the webinar 15 minutes prior to the start time of class to ensure everything is in proper order. You will need to be logged into the session for us to know that you are present. It is the responsibility of the student to ensure they have reliable internet access for the duration of the course. Any time spent logged out of the course will count against your attendance. Total time will be calculated from reports pulled when the course is concluded. It is the student’s responsibility to track their time logged into the course. The Academy will not provide an update on attendance.

Note: Instructors will take attendance for every course session. Instructors are responsible for monitoring attendance, including late arrivals and early departures. All time missed will be counted towards the total allowable absent time for each course. Students will not be allowed to take an exam if they have not met attendance requirements.

Course Cancellation or Rescheduling / Refunds

Preferred Real Estate Academy and Professional Development Center, LLC reserves the right to cancel or reschedule a course as needed. If Preferred Real Estate Academy and Professional Development Center, LLC cancels a course, a full refund will be issued. If Preferred Real Estate Academy and Professional Development Center, LLC reschedules a course before the start date, the student may elect to continue with the new schedule or request a full refund. If the course is rescheduled after the course has begun the student may continue with the new schedule or elect to withdraw from the course and re-enroll in another course at no additional charge.

Withdrawals and Transfers / Refunds

Broker Pre-licensing Course:

Withdrawal / Transfer prior to course starting:

Upon notice prior to the start of a course, students may transfer to another course or receive a full refund. Books must be returned in their original condition before a full refund will be given. Notice is required for withdrawals and transfers. No refund will be given without proper notice prior to the start of the course.

Withdrawal / Transfer after the course starts:

If notice is given within seven (7) days of the course start date students may withdrawal and receive a tuition refund less a $99 administrative fee. Students will not receive a refund for withdrawal after the seventh (7th) day of the course start date.

Within the first seven (7) days of class a student may request to transfer to a future course date for a $50 administrative fee. Students may not transfer after the seventh (7th) day of the course.

Incomplete / Failure

If a student does not complete or pass the course the student may take the course again within 12 months of the original course start date for a reduced tuition of $200.

Broker Post-licensing Course

Withdrawal / Transfer prior to course starting:

Withdrawal / Transfer once the course begins.:

In the event the student does not complete or pass a broker post-licensing course the student may retake the course at no charge within a six (6) month period from the beginning of the initial course.

Student Conduct

Students are expected to conduct themselves in a professional manner. Students may dress comfortably but in good taste. In the event of misconduct the student will be removed from the course and it will be at the judgement of the instructor and school director if the student will be allowed to return to class of if they will be dismissed from the course with no refund.

Students MAY NOT bring any electronic devices to class on the day of the exam. Any use of an electronic device will be considered cheating and the student will be dismissed from the course with no refund and reported to the NC Real Estate Commission.

Cheating

If a student is discovered to be cheating in any manner during an examination, the student will be immediately dismissed, will receive a failing course grade, will not be eligible for any retake or makeup policies, and will be reported to the NC Real Estate Commission [per Commission Rule 58H .0203(h)].

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OTHER POLICIES

Virtual Learning

ALL attendance requirements are still in place and will be monitored using the Zoom software. We recommend that students download Zoom and use a computer, not mobile device to access the course. It is suggested to be signed into the class 15 (fifteen) minutes before start time. This will give you amble time to get checked in and ensure all your equipment is operating properly. You will need to have your camera on when logging in and throughout the class session. Anytime you are logged off will count against your attendance. The instructor will randomly ask the students to check in.

Inclement Weather

In the event of inclement weather or a local or national emergency, students are asked to view our website for Academy closing information.

Course Schedules

Course schedules are published separately from this Policies & Procedures Disclosure. Schedules are posted on the Education Provider’s website www.preferredrealestateacademy.com and are also available upon request.

Use of Technology in the Classroom

Preferred Real Estate Academy and Professional Development Center is not responsible for lost or stolen electronic devices.

Preferred Real Estate Academy and Professional Development Center DOES provide wireless Internet access.

If wireless Internet access is provided, the Education Provider is not responsible for disruptions in or problems with the service.

Preferred Real Estate Academy and Professional Development Center DOES allow the use of laptops, tablets, and similar devices in the classroom providing they are not disruptive to the classroom environment.

The Following guidelines will be enforced to minimize distraction from the learning environment:

• Students may use electronic devices to enhance their learning, including taking notes, researching class topics, or viewing the on-line version of the NC Real Estate Manual. Sending personal emails/texts, shopping online, visiting social networking sites, or playing games are considered to be disruptions and are not acceptable student conduct. If an instructor discovers that a student is using an electronic device for these (or similar) purposes, student will be asked to turn off electronic device for the remainder of class, in the event the disruption continues student will not be allowed to use electronic devices during class.

• If the wireless Internet access is disrupted during a course, [Preferred Real Estate Academy and Professional Development Center will provide a printed copy of the NC Real Estate Manual to any student who had been using the online subscription. The loaned NC Real Estate Manual must be returned at the end of the session. A student who fails to return a loaned NC Real Estate Manual textbook will be charged $50 plus tax for the textbook.

• Instructors, at their discretion, may designate times during which students may and may not use their electronic devices during class sessions. If an instructor has directed students to discontinue use of electronic devices, all students must put away their devices immediately. If a student does not follow an instructor’s direction to discontinue use student will be asked to turn off electronic device for the remainder of class, in the event the disruption continues student will not be allowed to use electronic devices during class.

• Sound on electronic devices must be muted during class sessions.

• The possession and use of electronic devices (other than a basic calculator) are strictly prohibited during all quizzes and exams.

Visitors

Courses at Preferred Real Estate Academy and Professional Development Center LLC is open to enrolled students only. Enrolled students MAY NOT bring visitors or guests to the classroom. This includes children.

CERTIFICATION OF TRUTH AND ACCURACY

I certify that the information contained in this Policies & Procedures Disclosure is true and correct and that

Preferred Real Estate Academy and Professional Development Center will abide by the policies herein.

Marylou F Powers

Education Director

CERTIFICATION OF RECEIPT

I certify that I received a copy of Preferred Real Estate Academy and Professional Development Center Policies & Procedures Disclosure prior to payment of any non-refundable course registration fee or tuition.

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Full Legal Name of Prospective Student