(Raleigh News Observer) A bill that would expand real estate agents’ ability to perform market analyses of properties could be approved by the General Assembly as early as Tuesday.
The bill is being pushed by the N.C. Association of Realtors, which says it is needed to assist banks in dealing with the wave of foreclosures they’ve taken back in recent years. But aspects of the bill are raising concerns among appraisers, who fear it will blur the lines between what they do and a product that is less rigorous and less expensive.
Senate Bill 521 would allow brokers to perform broker price opinions, also known as comparative market analyses, for a fee for clients and third-party lien holders. Under current North Carolina law, brokers can only perform BPOs when they have a reasonable expectation of getting a listing.
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