The realtors are at it again

By: - May 15, 2008 12:06 pm

 It looks like the state's realtors' lobby is flexing its muscles and kicking sand in the face of consumers again. Hot on the heels of purchasing the defeat of several transfer tax referenda around the state last week, today the group got the state regulators that oversee the industry to back off of a proposed consumer protection that would have mandated better disclosures. According to the Charlotte O

N.C. regulators declined Wednesday to vote on a rule that would ensure homebuyers know more about their real estate agents' financial interests in selling a home.

The nine-member N.C. Real Estate commission voted to table a proposal requiring real estate agents to disclose in writing any bonuses and other extra incentives sellers are offering before a purchasing decision is made on a home.

The rules change was proposed in October after an Observer investigation on real estate bonuses. It was designed to let consumers know early in the homebuying process if their real estate agents had financial motivation in showing them a home.

Instead, the proposal will be held for further discussion, although commission members scheduled no time for that discussion, essentially leaving the new rule in limbo.

The rule, which had been signed off on by a Real Estate Commission task force, likely would have gone into effect July 1 if approved Wednesday. Now, because of coordination issues with continuing education programs, the rule may not be implemented for more than a year, officials say, if at all."

There it is — North Carolina's business-hostile government in action again. 

Our stories may be republished online or in print under Creative Commons license CC BY-NC-ND 4.0. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. Please see our republishing guidelines for use of photos and graphics.

Rob Schofield
Rob Schofield

NC Newsline Editor Rob Schofield oversees day-to-day newsroom operations, authors and voices regular commentaries, and hosts the 'News & Views' weekly radio show/podcast.