Which statement about brokers-in-charge is incorrect?

The statement that brokers-in-charge must take General Update and Broker Update courses annually is incorrect. While brokers-in-charge are required to maintain their licensing and stay updated on real estate practices, they do not specifically need to take both the General Update and Broker Update courses each year. Instead, they typically have educational requirements that may include other types of continuing education.

In contrast, the other statements are accurate: brokers-in-charge may indeed supervise multiple firms in the same building, they are required to have at least two years of experience within the last five years, and they must complete a specific 12-hour initial broker-in-charge course to gain their designation. Understanding these requirements is crucial for maintaining compliance in real estate practices and ensuring effective management within a brokerage setting.