NC S365

Modernizes North Carolina real estate licensing law by replacing references to "salespersons" with "brokers on provisional status" and updating licensing requirements and supervision standards.

Expands broker qualifications to include assessment of "good moral character and general fitness, including mental and emotional fitness" with criminal record reports, mental fitness evaluations, and credit reports not considered public records.

Increases Real Estate Education and Recovery Fund limits from $25,000 to $50,000 per transaction and from $50,000 to $75,000 per licensee annually; authorizes fund use for educational materials and programs if balance remains above $200,000.

Modifies time share definitions to include competitive points-based systems and clarifies that time share instruments affecting no North Carolina real property cannot be recorded in the state.

Amends trust account requirements to reference federally insured depository institutions and updates attorney services exemption to specifically exclude real estate brokering activities like finding and introducing parties to transactions.