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.