NCREC Issues Proposed BPO Rules
In response to Session Law 2012-163, which was enacted July 12, 2012 with an effective date of October 1, 2012, adds Article 6, 93A-82 and 83, to Chapter 93A of the General Statutes. The new Article 6 authorizes real estate brokers to perform broker price opinions (“BPO”) and Comparative Market Analyses (“CMA”) for a fee subject to certain restrictions and requirements. G.S. 93A-83(d) authorizes the Real Estate Commission (“Commission”) to adopt rules not inconsistent with the provisions of Article 6.
The Commission will not be able to adopt permanent rules in time to meet the October 1, 2012 effective date. The Commission is filing these temporary rules in the public interest to establish minimum standards for BPO’s and CMAs prepared pursuant to Article 6 in time to meet the October 1, 2012 effective date.
Comment Procedures: Comments from the public shall be directed to: Curtis Aldendifer, North Carolina Real Estate Commission, PO Box 17100, Raleigh, NC 27619, phone (919)875-3700 ext 131, fax (919)582-9640, email curtis@ncrec.gov . The comment period begins July 30, 2012 and ends August 24, 2012
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