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EFFECTIVE IMMEDIATELY
EFFECTIVE IMMEDIATELY
Closings happening on or after June 5, 2023 will come in to full compliance with the NCREC rules regarding broker compensation.
Closings happening on or after June 5, 2023 will come in to full compliance with the NCREC rules regarding broker compensation.
Rule .0120 was revised in July 2021, and it states that an “affiliated broker shall not be paid a commission or referral fee directly by anyone other than their current BIC or the person who served as their BIC at the time of the transaction.” We have sought guidance from the Real Estate Commission on this rule, and its legal department has confirmed that this means a closing attorney cannot pay an affiliated broker directly, even if that is what the firm and closing attorney want to do.
It is worth noting that section (c) of Rule .0120 further expands a broker’s duties in dealing with closing attorneys. Section (c) states that a “broker shall not coerce, extort, collude, instruct, induce, bribe, or intimidate a service provider in a real estate transaction in order to influence or attempt to influence their findings, report, or decision. Service providers include, but are not limited to, appraisers, attorneys, inspectors, financial lenders, and contractors.”
Please do not ask Glenda or Marie if they can issue a DA or make an exception to this rule. It is a violation of license law for us to continue this practice and we are going to follow this rule to the letter of the law, no exceptions. Any and All questions concerning this matter should be directed to Nicole Crawford.
Nicole Crawford
Nicole Crawford
nicolecrawford@kw.com
336-457-3007
Kernersville Market Center
Join us for BIC Open Forum
Every 2nd Thursday from 12-1pm
Angie Byrd
Angie Byrd
abyrd@kw.com
336-253-4667
High Point Business Center
From Triad MLS: New Coming Soon and Listing Entry Rule Changes
The Triad MLS Board of Directors and Shareholders have approved the following changes in our rules and regulations. These changes are targeted for release on Tuesday August 16th at 5:00PM. Should there be a change to that date, we’ll notify all users via this News and Alert service.
Highlights of the changes are below but please review the attached document for details on how this came about and further information.
Coming Soon Changes
The maximum amount of time a listing can be in Coming Soon-No Show status will be 7 days. (Down from the previous 21 day max)
Coming Soon listings will now be included on Syndication sites (TriadMLS.com, Realtor.com, Homes.com, ListHub)
Days on Market will start accumulating for Coming Soon-No Show listings from the initial date of entry. This is because those listings are being actively marketed and currently appear on all broker web sites and very soon on syndication sites.
We are modifying our compliance platform, Listing Data Checker, to accommodate a violation to a buyer’s agent who shows a property in Coming Soon-No Show status. This is a Category III violation.
Modified Coming Soon-No Show addendum to highlight in RED that:
“It’s in the best interest of most sellers to get the highest possible price on the best terms for their property, and maximizing exposure of their property advances that interest. Accepting an offer on the property before it is fully exposed to the widest group of potential buyers may deny the seller the best opportunity to attract offers at the highest price and best terms.”
Listing Entry Date Changes
Listing submission rule changing to require that listings be submitted to the service within 1 “Calendar” day vs. 1 Business Day.
The new wording includes:
“….listings must be submitted to the service within one (1) calendar day after the later of the effective date or the marketing date shown on the listing agreement.”.
The only ‘exception’ to the above would be Office Exclusive listings as identified in Section 1.4. (see more detail in documents)
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