The NC Real Estate Commission recently published a notice of proposed Rulemaking. A working group comprised of NCR Legislative Committee members, along with a representative from Risk Management, will be tasked with reviewing the proposed changes and recommending our engagement during the open comment period.

The review process will move quickly to ensure we are fully prepared to participate in the May 20 hearing.

What are the proposed rules changes?
The Agency Agreements and Disclosure rules are repealed and reorganized into three separate rules. Working with real estate agents, agency disclosure – the rule clarifies existing brokerage practices on agency disclosure requirements.

Agency Agreements – the rule clarifies existing brokerage practices on agency agreement requirements

Dual Agency – the rule clarifies dual agency requirements and limitations.

What is NCR’s position on the proposed changes?
A member work group tasked with reviewing the rules will make comments and recommendations on the proposed changes. Those recommendations will be submitted by NC REALTORS®.

Will the NCR Legal Team Provide Feedback?
Yes, our NCR Legal Team will review the recommendations from the work group and provide feedback.

How will members know what the work group decides?
Please stay tuned to future Advocate email newsletters for updates on the work group’s recommendations.

What does engagement look like?
Engagement could range from participating in the public hearing, submitting written comments or doing both.

What are the key deadlines?
The comment period to submit written comments started on May 1 and ends July 3.  The public hearing is scheduled for May 20, starting at 8:30 AM. The length of the hearing depends on how many people sign-up for comments.

What if members want to submit their own comments?
You may participate and provide comments independent of what NCR submits. If you submit your own comments, they will be considered as your comments and not the opinion of NC REALTORS®.  Any comments submitted, even inquiries, are considered public record.

Does frequency make a difference in this process?
No, this process is different from a Call For Action. If you submit the same comments multiple times, it’s only considered as one comment. Additionally, it does not matter whether you submitted comments on May 1 or wait until July 3, all comments are equally considered.

What happens after the public comment period ends on July 3?
The Commissioners will consider all comments and determine whether they want to continue with the proposed changes, consider the suggestions, have additional discussions or consider other options. This process is not finalized on July 3; it simply ends when the public is allowed to comment on the proposed changes.

Please don’t hesitate to contact Pam Melton, Vice President of Advocacy, if you have any questions about this process.