What is the penalty for a timeshare developer who does not comply with NREC regulations?

In the context of North Carolina real estate regulations, a significant penalty exists for timeshare developers who fail to comply with the North Carolina Real Estate Commission (NREC) regulations. The correct penalty amount enforced by the NREC for such non-compliance is $500. This amount is established to regulate the industry effectively and ensure that developers adhere to the legal standards designed to protect consumers and maintain fair practices within the timeshare market.

Understanding this penalty is essential for anyone involved in timeshare development, as it underscores the importance of compliance with state regulations to avoid financial repercussions. Additionally, being aware of this penalty can help developers take the necessary steps to ensure they remain compliant and avoid issues that could impair their business operations.

The other amounts listed do not accurately reflect the penalty established by the NREC, and thus, they do not serve as viable options for developers to consider in the context of ensuring compliance with regulatory standards.