RULE IN DUMPOR'S CASE/BROKER PRICE OPINIONS (NEW).

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View NCGA Bill Details(link is external)2011-2012 Session
Senate Bill 521 (Public) Filed Tuesday, April 5, 2011
PROVIDING THAT A RESTRICTION ON THE TRANSFER OF REAL PROPERTY OR A TENANT’S INTEREST IN A LEASE APPLIES TO A SUBSEQUENT TRANSFER OF THE REAL PROPERTY OR INTEREST IN THE LEASE UNLESS THE GRANTOR OR LANDLORD EXPRESSLY PROVIDES OTHERWISE.
Intro. by Clodfelter.
Status: Ch. SL 2012-163 (Senate Action) (Jul 12 2012)

Bill History:

S 521/S.L. 2012-163

Bill Summaries:

  • Bill S 521 (2011-2012)
    Summary date: Jul 17 2012 - View Summary

    AN ACT ABOLISHING THE RULE IN DUMPOR'S CASE AND CONCERNING BROKER PRICE OPINIONS. Summarized in Daily Bulletin 4/5/11, 5/2/11, and 6/20/12. Enacted July 12, 2012. Effective October 1, 2012. Rule-making authority granted by this act to the N.C. Real Estate Commission is effective July 1, 2012.

    Property and Housing
  • Bill S 521 (2011-2012)
    Summary date: Jun 20 2012 - View Summary

    House committee substitute makes the following changes to 2nd edition.
    Amends new GS 41-6.4, which abolishes the property rule known as the Rule in Dumpor’s Case, to change the effective date to October 1, 2012 (was, October 1, 2011).
    Adds new Article 6, Broker Price Opinions and Comparative Market Analyses, to GS Chapter 93A, the Real Estate License Law. Defines a broker price opinion and a comparative market analysis to mean an estimate prepared by a licensed real estate broker that details the probable selling price or leasing price of a particular parcel or interest in property and provides varying levels of detail about the property’s condition, market, neighborhood, and comparable properties but does not include an automated valuation model.
    Proposed Article 6 does the following: (1) authorizes a licensed real estate broker to prepare and charge a fee for a broker price opinion or comparative market analysis, (2) sets out for whom the broker price opinion or comparative market analysis may be made, (3) requires the NC Real Estate Commission to promulgate rules consistent with the provisions of the bill, (4) sets out the required contents of a broker price opinion or comparative market analysis, and (5) prohibits a licensed real estate broker from preparing a broker price opinion or comparative market analysis for any purpose in place of an appraisal.
    Makes conforming changes to the North Carolina Appraisers Act. Amends GS 93E-1-12 to provide that an appraiser who completes an appraisal that includes a reduced scope of work or reporting level that is appropriate for the intended use and performed in accordance with the Uniform Standards of Professional Appraisal Practice is not to be subject to discipline.
    Provisions of this act become effective October 1, 2012, except the rulemaking authority granted to the NC Real Estate Commission becomes effective July 1, 2012.

    Property and Housing
  • Bill S 521 (2011-2012)
    Summary date: May 2 2011 - View Summary

    Senate committee substitute makes the following changes to 1st edition.
    Deletes provisions in previous edition and instead enacts new GS 41-6.4, stating that the rule in Dumpor’s case is abolished. Effective October 1, 2011, and applies to transfers of property that take effect on or after that date. Makes a conforming change to title.

    Property and Housing
  • Bill S 521 (2011-2012)
    Summary date: Apr 5 2011 - View Summary

    Enacts new GS 39-6.8 to provide that a restriction on the transfer of land or an interest in land in a deed, lease, or other written conveyance applies to a subsequent transfer or the land or interest in the land, regardless of the grantor’s consent to a prior transfer or the grantor’s waiver of a standard or condition for a prior transfer. Provides, however, that the statute does not apply if one of the following conditions is met: (1) the written conveyance expressly provides that the restriction on transfer is limited to the original grantee, trustee, beneficiary, tenant, or other person who received the conveyance, or (2) the grantor expressly states in writing that the consent or waiver applies to a subsequent transfer. Enacts new GS 42-14.4, to create the same provisions with respect to a tenant’s interest in a lease. Applies to all subsequent transfers of real property or interests in a lease occurring on or after October 1, 2011.

    Property and Housing
    GS 39, GS 42
View: All Summaries for Bill