SB 690: Various Real Estate and Business Law Changes. - North Carolina

Ratified → SL 2025-52 · 3 edits

MINOR

This bill was formally enacted and reclassified from a 'Ratified Bill' to 'Session Law 2025-52', confirming its official passage. The version number was updated from v-5 to v-6, and page numbering was adjusted to reflect the final session law format.

TECHNICAL

The bill's title and status were updated to reflect its official enactment as Session Law 2025-52, replacing the draft 'Ratified Bill' designation.

The version identifier was changed from S690-v-5 to S690-v-6, indicating the final approved version of the legislation.

Page 2 header was updated to include both 'Session Law 2025-52' and 'Senate Bill 690' for official record-keeping purposes.

Edition 4 → Ratified · 5 edits

MODERATE

This bill was finalized and ratified after undergoing committee review and amendments. The changes primarily involve formatting adjustments, the addition of new sections regarding buyer agent compensation, and a sunset provision for the appraiser experience requirements. The core policy content remains substantially the same, with the main addition being authority for brokers to include buyer agent compensation in purchase offers.

Scope change

The bill's scope was expanded by adding Section 4(c) and 4(d), which authorize brokers to include buyer agent compensation in offer and sales contracts and require the Commission to adopt implementing rules. A sunset provision was also added to Section 4(e) for this new authority.

REQUIREMENT

Added Section 4(c) allowing brokers to use preprinted contract forms that include provisions for buyer agent compensation and earnest money forfeiture.

Added Section 4(d) requiring the Commission to adopt rules amending the Offer and Sales Contracts Rule to align with the new buyer agent compensation provisions.

TIMELINE

Added Section 4(e) establishing a sunset provision that expires when the permanent rules required by Section 4(d) become effective.

TECHNICAL

Added a sunset provision to Section 1(c) repealing the appraiser experience requirements effective December 31, 2030.

Added formatting and page number elements typical of a ratified bill, including the ratification date of June 26, 2025.

Edition 3 → Edition 4 · 3 edits

MINOR

The bill moved from Edition 3 to Edition 4, restoring a deleted requirement for appraisers to submit 15 appraisals for board review. It also added a retroactive effective date for landlord-tenant litigation cost provisions and reorganized the bill's section numbering.

Scope change

The bill's scope remains focused on real estate and business law changes, but the restoration of the appraisal requirement expands regulatory oversight for residential appraisers.

REQUIREMENT

Restored requirement that certified residential real estate appraisers must submit 15 appraisals to the Appraisal Board, with five selected for compliance review.

TIMELINE

Added retroactive effective date of September 9, 2024 for the landlord-tenant litigation cost provisions in Section 3.

TECHNICAL

Reorganized bill structure by renumbering sections and adding edition designation from Edition 3 to Edition 4.

Edition 2 → Edition 3 · 7 edits

MODERATE

This bill was significantly expanded from focusing solely on real estate appraiser licensing to include multiple new areas including broker registration, landlord expense recovery, and buyer agent compensation. The appraiser section was modified to clarify certification requirements and add a sunset provision for certain changes. Additional sections were added to allow brokers to register with multiple dealers under common ownership, modify what landlords can recover from tenants, and permit buyer agent compensation to be included in purchase offers.

Scope change

The bill's scope expanded from exclusively addressing real estate appraiser licensing procedures to include real estate broker registration, landlord-tenant expense recovery, and buyer agent compensation provisions.

DEFINITION

The definition of 'Appraiser Qualifications Board' was updated to include 'registration' alongside education, experience, and examination standards.

ELIGIBILITY

The certification pathway for residential real estate appraisers was changed from a choice between two options to requiring completion of both a PAREA program and submission of 15 appraisals with 5 reviewed by the Appraisal Board.

TIMELINE

A sunset provision was added requiring repeal of the new certification requirements by December 31, 2030, with implementation starting January 1, 2026.

REQUIREMENT

New section allows real estate dealers to employ salesmen registered with multiple dealers if those dealers are under common ownership or control.

Landlords can now recover court filing fees, service of process costs, and reasonable attorneys' fees from tenants, with caps of 15% of amount owed or monthly rent depending on the situation.

Buyer agent compensation can now be included in real estate offer and sales contracts, pending rulemaking by the Commission.

TECHNICAL

The short title was changed from 'Modify Licensing Real Est. Appraisers' to 'Various Real Estate and Business Law Changes' to reflect the expanded scope.

Edition 1 → Edition 2 · 5 edits

MODERATE

This bill modifies the North Carolina Appraisers Act to create a new licensing pathway for residential real estate appraisers. The changes remove detailed definitions of various appraiser categories and replace them with streamlined amendments that establish two pathways: a traditional supervisor/trainee method and a new PAREA (Practical Applications of Real Estate Appraisal) technology-based training option.

Scope change

The bill narrows its focus from comprehensive rewrites of multiple statutory sections to targeted amendments of specific subsections, primarily affecting residential real estate appraiser licensure requirements.

DEFINITION

Deleted detailed definitions for certificate holders, certified general/certified residential appraisers, license holders, and licensed residential appraisers from the original text.

Added new definitions for 'Appraiser Qualifications Board' and 'Approved PAREA program' to establish the regulatory framework for the new technology-based training pathway.

ELIGIBILITY

Added two new pathways for residential real estate appraiser licensure: the traditional supervisor/trainee method and a new PAREA pathway that allows candidates to complete technology-based training instead of traditional supervised experience.

REQUIREMENT

Replaced comprehensive chapter rewrites with targeted amendments to G.S. 93E-1-4 and 93E-1-6, simplifying the legislative structure while maintaining core licensing requirements.

TIMELINE

Established October 1, 2025 as the effective date for the new licensure pathways, applying to applications filed on or after that date.

Filed → Edition 1 · 4 edits

MODERATE

The bill document underwent significant formatting and metadata updates during its transition from filing to the first edition. These changes include updating the bill identifier, adding session information, and specifying committee referral details, while the substantive legislative text remains unchanged.

TECHNICAL

Updated bill identifier from DRS15280-NN-13A to S690-v-1 to reflect the official Senate bill number and version.

Added session information (Session 2025) and page number (1) to the header section for proper document organization.

Added committee referral information specifying Rules and Operations of the Senate with a date of March 26, 2025.

Removed the original filing date (Mar 25, 2025) and preliminary filing designation from the document header.

Various Real Estate and Business Law Changes.

What changed between versions

How they voted

Actions timeline

Sponsors