Bill Summary for S 690 (2025-2026)
Printer-friendly: Click to view
Summary date:
Bill Information:
View NCGA Bill Details(link is external) | 2025-2026 Session |
AN ACT TO MODIFY THE LICENSING PROCEDURES OF THE NORTH CAROLINA APPRAISERS ACT, TO AUTHORIZE BROKERS TO REGISTER WITH MULTIPLE DEALERS UNDER COMMON OWNERSHIP OR CONTROL, TO MODIFY THE LAW REGARDING OUT-OF-POCKET EXPENSES A LANDLORD MAY RECOVER FROM A TENANT, AND TO ALLOW A BUYER'S AGENT COMPENSATION TO BE INCLUDED IN AN OFFER TO PURCHASE.Intro. by Craven, Jarvis, Jones.
View: All Summaries for Bill | Tracking: |
Bill summary
House committee substitute to the 2nd edition makes the following changes. Makes conforming changes to act’s long title. Makes organizational changes.
Section 1.
Expands the duties of the appraiser qualifications board in GS 93E-1-4 to include setting standards for registration for real estate licensure and examination.
Removes the option in GS 93E-1-6(a1) for an applicant for certification as a certified residential real estate appraiser by completing the supervised experience requirements established by the Appraiser Qualifications Board and adopted by the Appraisal Board. Instead, now requires the applicant to complete an approved PAREA program, as specified, along with submitting fifteen appraisals of residential real estate to the Appraisal Board so the Board can spot check five of those for compliance, as described. Repeals GS 93E-1-6(a1) effective December 31, 2030. Changes the effective date to January 1, 2026, (was October 1, 2025), except for the section’s provision authorizing the NC Appraisal Board to adopt implementing rules, which is effective when the act becomes law.
Adds the following new content.
Section 2.
Effective October 1, 2025, amends GS 78A-36 to allow a securities salesman to be registered with more than one dealer if the dealers employing or associating with the salesman is under common ownership or control, or the registration is otherwise allowed.
Section 3.
Removes the provisions of GS 42-46 only allowing attorneys’ fees if the landlord is the prevailing party. Limits an award of attorneys’ fees and described costs in the specified summary ejectment appeals to when a landlord is the prevailing party.
Section 4.
Allows a broker acting as an agent in a real estate transaction to use a preprinted offer or sales contract form containing provisions on the payment of a commission or compensation, including the forfeiture of earnest money, to a broker or firm, and directs the Real Estate Commission to amend 21 NCAC 58A.0112 consistent with the provisions of the section.
Section 5.
Changes the act’s effective date to when it becomes law (was, October 1, 2025).