The NC Association of Realtors has lanuched a new advocacy website at www.TaxReformFacts.org. Use this site to begin discussion about tax reform in NC and how it will impact our economy and homeownership. Several tax reform bills have been filed in the NC Senate; visit the site, learn more, and join the conversation. [...]
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The $50,000 North Carolina Small Business Income Deduction is available to business owners who report income on Schedule C (Sole Proprietors), Schedule E (Partnerships and S-Corporations) and Schedule F (Farming). It is available if the income is considered non-passive, which means that the taxpayer materially participates in the operation of the business. It does not [...]
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As part of a broad effort to strengthen the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance Fund (MMI Fund), FHA Commissioner Carol Galante announced a series of changes to be issued this week that will allow the agency to better manage risk and further strengthen the health of the MMI Fund. Summary of changes: Mortgage [...]
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The North Carolina Attorney General’s Office has produced two excellent consumer education documents on oil and gas leases in North Carolina. Share these with your clients and customers. Landowner education Oil and Gas Leases Oil and gas leases – summary of NC law SOURCE: NC Attorney General’s Office (NC Department of Justice, www.ncdoj.gov)
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We often get questions from unaffiliated brokers regarding what they may and may not do with their license. The February, 2012 bulletin by the NC Real Estate Commission has an excellent review of what is allowed. Limited Activities Available to Unaffiliated NC Real Estate Brokers
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It is important to note that “CMA” (Comparative Market Analysis) and “BPO” (Broker Price Opinion) are considered the same type of document in the view of the NC Appraisal Board and NC Real Estate Commission. The new ”BPO Rule” addresses requirements for BPOs/CMAs for a FEE. The NC Real Estate Commission has produced an excellent excerpt on the new BPO_Rules effective [...]
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Section 5 of Senate Bill 820 amended the Residential Property Disclosure Act to require sales contracts of residential properties covered under the Act to include an Oil and Gas Rights Disclosure. The disclosure reads as follows: Oil and gas rights can be severed from the title to real property by conveyance (deed) of the oil and [...]
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The 3.8% surtax on investment income, part of President Obama’s healthcare overall, will be effective January 1, 2013. The following two articles are excellent sources of inforrmation to help you understand the implications of the new tax. The first link is a PDF report from the National Association of Realtors giving an overview of the tax and showing various scenarios as it relates to real estate transactions. The second link is to an article by the Wall Street Journal. It provides a comprehensive look at the tax and answers many commonly asked questions on the new tax.
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Question: Hello, what fees are permitted in a vacation rental agreement? Answer: Great question and excellent timing! The answer to that question changed on October 1, 2012. When the NC Vacation Rental Act (N.C.G.S. 42-A) became law, it limited the fees that could be automatically charged to tenants. These “administrative fees” were limited to reservation fees, transfer [...]
Temporary rules to govern the use of the Broker Price Opinions (BPOs) for a fee now head to the NC Rules Review Commission after being approved on Sept. 5 by the NC Real Estate Commission. The NC Real Estate Commission drafted temporary rules to govern the use of Broker Price Opinions for a fee in [...]
Credentials:
CBR, CCDS, DREI, GRI, ITI Certified
Awards:
2006 – REALTOR of the Year – Charlotte Regional REALTORS Association
2004 – Leonard Craver Faculty Award
2002 – NC Program of the Year
1997 – NC Instructor of the Year – NC Real Estate Educators Association
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