New NC Real Estate Rules and Regs

Last week three of the regulatory boards that affect the real estate industry considered rule changes.

On Tuesday, December 8, the North Carolina Building Code Council voted to require all newly constructed homes to have carbon monoxide detectors installed outside sleeping areas.

Also on Tuesday, the NC Commissioner of Banks held a public hearing on proposed rule changes to implement legislation passed this legislative session to conform North Carolina’s mortgage licensing act to federal law.

Finally, the Real Estate Commission voted on Wednesday, December 9 to proceed with changes to 17 Commission rules. The draft rule changes will be published in January and include an extension in the time licensees must retain trust account records from 3 to 5 years and a requirement that sellers disclose the existence of all military installations within 1 mile of their property on the Residential Property Disclosure Form. NC Association of REALTORS® staff will be meeting with Commission staff and interested parties this week to address our concerns with these rule changes.