Insight | May 2025

THE VOICE OF REAL ESTATE IN NORTH CAROLINA

VOL 104 NO 2 | MAY 2025

BUILDING A FUTURE WHERE HOMEOWNERSHIP IS WITHIN REACH Plus:

+ 2025 Legislative Meetings Recap + All Politics is Local: A New Strategy for Local Advocacy + A Mother’s Legacy: Four Generations of Women in Real Estate

legal

QUIZ pg.16

June 10–13, 2025

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2 INSIGHT • May 2025

May 2025 MAXIMIZE THE POWER OF YOUR NC REALTORS® MEMBERSHIP

06

Features

20 Building a Future Where Homeownership is Within Reach

REALTORS® in North Carolina are working across the state to make homeownership more affordable and accessible for all.

24 A Mother’s Legacy: Four Generations of Women in Real Estate

Four generations of REALTORS® in North Carolina have built a legacy rooted in trust, mentorship and family.

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ALL POLITICS IS LOCAL 10 4 President's Letter 5 Inside NC REALTORS® 6 Maximize the Power of Your NC REALTORS® Membership 8 2025 Legislative Meetings Recap 10 A ll Politics is Local: A New Strategy for Local Advocacy 14 NC REALTORS® PAC Trustees 16 LEGAL QUIZ

TALK TO US

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Have something to talk about? Sure you do—and we want to hear it! Send us your comments, ideas or success stories to jfallon@ncrealtors.org and you could be featured in the next Insight. ncrealtors.org • INSIGHT 3

Insight, Volume 104, Issue 2 President John McPherson, ABR, AHWD, C2EX, CRS, GREEN, GRI, SRES President-Elect Brenda Hayden, ABR, CLHMS, C2EX, SFR, WHCP

First Vice President Brooke Rudd, AHWD, GRI Treasurer Renee Cooney, ABR®, AHWD, C2EX, GRI, RENE, SRES®, WHS Immediate Past President Tony Harrington, ABR®, ALHS, AHWD, C2EX, CIPS, CLHMS, CRS, GREEN, PSA

Regional Vice Presidents Region 1: Kim Perkins, Jacksonville Region 2: Amanda Parmer, Wilmington Region 3: Melissa McKinney, Fayetteville Region 4: Grace Jones, Durham Region 5: Pam Webb, Archdale Region 6: Phillip Johnson, Winston-Salem Region 7: Dennis Bailey, Shelby Region 8: Josh Tucker, Mooresville Region 8: Beverly Newell, Charlotte Region 9: Caleb Phillips, Arden Region 10: Tim McBrayer, Raleigh Region 10: Lawrence Terry, Raleigh At Large Representative: Asa Fleming, Raleigh Chief Executive Officer Andrea Bushnell, Esq., AHWD, CIPS, RCE Vice President of Communications & Marketing Mckenzie Allen, AHWD, C2EX Creative Development Manager Joe Fallon Content Marketing Manager Aliyah Ross, C2EX Multimedia Coordinator/Staff Photographer Doug Klesch Contributors John Wait For advertising information, visit ncrealtors.org/advertise or contact Keri Epps-Rashad at (336) 217-1049.

INSIGHT (ISSN 24714127) (USPS 17170) is published four times a year in February, May, August and November by NC REALTORS®, 4511 Weybridge Lane, Greensboro, NC 27407. Periodicals Postage Prices paid at Greensboro, N.C. and additional mailing offices.

POSTMASTER: Send address changes to INSIGHT, 4511 Weybridge Lane, Greensboro, NC 27407-7877.

This publication is designed to provide accurate and authoritative information regarding the subject matter covered. Articles which appear in Insight are an informational service to members and consumers. Their contents are the opinions of the authors alone and do not necessarily represent those of NC REALTORS®.

Advertising of a product or service does not imply endorsement, unless specifically stated.

To opt-out of paper copy mailings, email hello@ncrealtors.org with a subject line of “Insight opt-out.”

4511 Weybridge Lane, Greensboro, NC 27407 Phone: (336) 294-1415 ncrealtors.org

As we step into May, I’m reminded of the many ways our profession continues to evolve, meeting challenges head-on, adapting to new market realities and making a lasting impact in our communities. Throughout my travels across the state, I’ve had the privilege of connecting with so many of you and hearing firsthand about the opportunities and challenges you face. No matter where I go, one thing remains clear: NC REALTORS® are dedicated to elevating our industry, advocating for our profession and communicating the value we bring to North Carolina.

This issue of Insight Magazine highlights some of the incredible ways our members are shaping the future. Whether it’s championing attainable housing, celebrating four generations of female REALTORS® or strengthening local advocacy efforts, these stories reflect the heart of what we do. We are making homeownership more accessible, fostering leadership across generations and ensuring our voices are heard where it matters most.

Member value remains at the core of our mission.

Whether through professional development, legislative advocacy or industry resources, NC REALTORS® is committed to providing the tools and support you need to thrive. As we continue this journey together, I encourage you to stay engaged, share your insights and take full advantage of the opportunities available to you.

I’m honored to serve as your 2025 NC REALTORS® President and to work alongside such passionate and talented professionals.

Let’s keep pushing forward, elevating our standards, advocating for our industry and strengthening our connections.

All the best, John McPherson 2025 President, NC REALTORS®

MAXIMIZE THE POWER OF YOUR NC REALTORS® MEMBERSHIP

Our mission is simple: to empower you, to thrive. Every year, your membership unlocks powerful resources designed to advance your business, protect your interests and maximize your success.

Your NC REALTORS® membership offers far more than professional recognition. It connects you to valuable savings, expert services and trusted support designed to strengthen your business and position you for longterm success. From advocacy efforts that protect your ability to do business to legal guidance, standardized forms, education, tech support and exclusive discounts, your membership delivers real, everyday value. NC REALTORS® is committed to helping you succeed— every step of the way.

We understand that in today’s fast-paced market, real estate professionals need more than just information.

They need real solutions. That’s why your NC REALTORS® membership includes practical, high-value tools that save you time, reduce expenses and protect your business.

Legal Hotline Unlimited access to expert attorneys for contract, disclosure and risk-reduction questions—valued at over $225, based on just three 15-minute calls.

Standardized Forms Access to 100+ forms through zipForms®—saving you over $1,000 in legal drafting fees.

Tech Helpline On-demand IT support for your devices and software, offering hundreds in savings over hiring a professional.

Education & Events Professional development and CE courses that enhance your expertise and grow your referral network.

6 INSIGHT • May 2025

Preferred Partner Discounts Savings of up to $900 annually on essentials like insurance, office supplies and marketing tools.

Legislative Advocacy Powerful representation at the state and national level— delivering real wins like the repeal of the Privilege License Tax, which saves members $50 annually and over $3 million industrywide.

Together, these benefits offer not only protection and support, but also real return on your membership investment.

These benefits aren’t just add-ons. They are part of a member experience built to deliver practical, everyday value. From saving you time and money to giving you peace of mind and a stronger voice in your industry, your membership equips you with what you need to succeed.

If you’ve ever wondered what your membership actually includes, you’re not alone. Many members only use a fraction of what’s available to them. That’s why we’re committed to helping you uncover the full scope of what’s included and how it can make a difference in your business.

In each issue of Insight, we’ll spotlight a specific benefit of your membership so you can make the most of it, one resource at a time.

Here’s a look at the value and potential savings you gain as a member.

You’ve already made a smart investment by joining NC REALTORS®.

Now it’s time to take full advantage of what that investment offers.

Annual NC REALTORS® Membership Dues: $210

Contract Forms

Members gain exclusive access to 100+ contract forms via zipForms, saving hundreds in legal fees for drafting and reviewing.

Member Savings

$239 for ZipForms software

Member Savings

$800

To draft a multi-page contract form with outside attorney.

Classes & Events

Maximize your earning potential with our professional development courses, CE classes, and events. These opportunities help grow your business and increase referrals.

Through Peer Networking

Legislative Advocacy

Your membership powers NC REALTORS® PAC and advocacy wins like the 2023 repeal of the Privilege License Tax.

Member Savings

$50

Industry Savings

$3M

per year

The Privilege License Tax repeal saves members $50 annually and $3M across the industry.

Legal Hotline

The NC REALTORS® Legal Hotline offers unlimited access to expert attorneys for advice on disclosures, contracts, and more.

Just one call can cover the value of your membership dues.

Member Savings

$225

Unlimited Referrals & Growth

(based on three 15-minute calls at $300/hour attorney rate)

Tech Helpline

Preferred Partners Discounts

Need tech support? As a member, you can access Tech Helpline for assistance with your computer, printer, or devices, saving you the cost of hiring an IT professional.

Take advantage of exclusive discounts from partners like Pearl Insurance, Office Depot, Paperless Agent, and Answer Financial, saving you money on products and services you use daily.

Member Savings

Member Savings

Hundreds in IT support

$900

per year

ncrealtors.org • INSIGHT 7

Where Advocacy Meets Action More than 600 REALTORS® from across North Carolina gathered in Raleigh on April 7–9 for the 2025 Legislative Meetings—coming together to advocate for housing, connect with lawmakers and move our industry forward. One of the standout moments was the State of Real Estate, where members heard directly from key decision-makers, including Governor Josh Stein, Senate President Pro Tempore Phil Berger, Senate Democratic Leader Sydney Batch, House Speaker Destin Hall and House Democratic Leader Robert Reives.

8 INSIGHT • May 2025

By the Numbers 600+ REALTORS® registered 215 first-time attendees 100+ meetings held with legislators at the NC General Assembly 5 top decision-makers took the stage at State of Real Estate 1 powerful REALTOR® voice amplified across the state

What You Said “This was my first time attending, and I was blown away by the impact we can have when we show up together.”

“Hearing directly from the Governor and legislative leaders gave me a new perspective on the issues we face.”

“State of Real Estate was the highlight—great content, great energy!”

ncrealtors.org • INSIGHT 9

ALL POLITICS IS LOCAL A New Strategy For Local Advocacy The Role of Local Associations

By Katharine Wendt Director of Political Operations

In the world of government affairs, there is an adage that holds true time and again: “All politics is local.”

This is especially true for the policy priorities of REALTORS®, as local government has the most direct impact on zoning, development and resource allocation, making it a critical driver for affordable and accessible housing solutions.

Recognizing this, NC REALTORS® has redesigned how we support local advocacy.

“The program was designed with local association needs in mind,” says Katharine Wendt, NC REALTORS® Director of Political Operations. “Knowledge is the foundation of success, and this team is committed to providing local associations with the resources, tools and content they need to excel in government affairs at the local level.”

10 INSIGHT • May 2025

One of the core pillars of this new initiative is an understanding that local associations are the best drivers for advancing housing priorities.

“The ultimate goal is to support local association executives and government affairs committees in bridging the gap between policy change and action,” says Wendt. “We recognize that local associations are uniquely positioned to engage with local policymakers, educate members and the public and mobilize grassroots advocacy. The local advocacy team will be there with the tools they need to accomplish each of those initiatives with ease and help them stay ahead of proposed changes.”

Strengthening Advocacy Efforts Pam Melton, NC REALTORS® VP of Advocacy, a key leader of this initiative, underscores the importance of this new endeavor. “I am incredibly excited to have a dedicated Local Advocacy team as part of NC REALTORS® Government Affairs staff — a key addition to strengthening advocacy efforts. As with any new program, we are prepared to adapt and evolve to best support the needs of local associations.”

The ultimate goal is to support local association executives and government affairs committees in bridging the gap between policy change and action, – Katharine Wendt Melton’s enthusiasm highlights a critical aspect of this initiative: adaptability. This new program is designed to empower REALTORS® by providing them with the tools and resources necessary to engage in the policymaking process at a level that aligns with their comfort and availability.

The team recognizes that REALTOR® members are eager to get involved and serve as the foremost subject matter experts in their field. However, many simply don’t have the time to thoroughly research complex issues or coordinate efforts with their peers. That’s where this new dedicated team steps in.

The initiative is built to support members’ varying needs by handling the heavy lifting behind the scenes. Whether conducting in-depth research, disseminating issue alerts or organizing advocacy efforts, NC REALTORS® wants to ensure that REALTORS® can make a meaningful impact without having to navigate the complexities alone. The program is committed to equipping members with the knowledge and support they need to advocate effectively and drive positive change in their communities.

Removing Barriers to Homeownership The heart of this program lies in addressing the barriers that prevent individuals from accessing attainable, affordable and sustainable housing across the state. Maurice Brown, NC REALTORS® Local Advocacy Director, shares his perspective on its impact: “This role allows me to further enhance the opportunity to make a difference in the lives of the people of North Carolina. Seeking solutions that remove the barriers to the American Dream of homeownership is life-changing.”

Brown’s commitment reflects the core purpose of the Local Advocacy program: ensuring that REALTOR® members are ready to advance policies that support, rather than hinder, homeownership. In his new role, he is focused on supporting local association efforts to foster relationships with local decision-makers and helping REALTOR® members engage in meaningful conversations. Brown recognizes that members are the best advocates for housing and can directly influence policies that shape housing markets and access to property ownership. He adds, “In the space of Local Advocacy, impactful conversations are had and fruitful relationships are built. It is a great opportunity to move the needle.”

This role allows me to further enhance the opportunity to make a difference in the lives of the people of North Carolina. Seeking solutions that remove the barriers to the American Dream of homeownership is life-changing.

– Maurice Brown Understanding the Political Landscape Effective advocacy requires an in-depth understanding of the political processes and how they can affect real estate and community development. Justin Angell recently joined the NC REALTORS® team as Local Policy Director and echoes Wendt’s comments on knowledge being the key to success. He is eager to share his understanding of the political process and the philosophy behind decisionmaking to help REALTOR® members become more effective advocates. He adds, “Seeing the profound effect property legislation and policy have on the profession, consumer, economy and political landscape fuels my enthusiasm for the positive outcomes that both the public and industry professionals can achieve to foster prosperity in the market, serve their clientele and uphold the character of North Carolina.”

The new program aims to equip members with a strong understanding of how local government functions and the rules governing property legislation through new local issue summaries, advocacy trainings and personalized talking points. All these resources are available to local associations and individual REALTOR® members at no charge, with the goal of creating a network of local advocates.

Angell adds that he “looks forward to empowering individuals with the knowledge and resources needed to approach housing issues in an informed, assured and results-driven fashion.”

ncrealtors.org • INSIGHT 11

I am incredibly excited to have a dedicated Local Advocacy team as part of NC REALTORS® Government Affairs staff — a key addition to strengthening advocacy efforts.

As with any new program, we are prepared to adapt and evolve to best support the needs of local associations.

– Pam Melton

Seeing the profound effect property legislation and policy have on the profession, consumer, economy and political landscape fuels my enthusiasm for the positive outcomes that both the public and industry professionals can achieve to foster prosperity in the market, serve their clientele and uphold the character of North Carolina – Justin Angell The Power of Passionate Advocacy The program also reimagines how NC REALTORS® supports REALTOR® members and their passion for advocacy.

Whether it is removing barriers to homeownership, influencing policy changes or educating communities, REALTORS® engaged in advocacy share a common goal: to create positive, lasting impacts. Brown’s words perfectly encapsulate this dedication. “REALTOR® members are passionate, and I support that passion.”

As this program continues to take root, its potential for longterm impact becomes increasingly clear. By strengthening the ties between local associations and government decision-makers, the Local Advocacy initiative lays the foundation for policies that support thriving communities and accessible homeownership.

In the end, all politics is local, and it is through local action that real, meaningful change happens. By engaging at the grassroots level, fostering strategic relationships and

12 INSIGHT • May 2025

equipping advocates with the right tools, NC REALTORS® is poised to support local associations in making a significant difference in communities across North Carolina.

Want to Get Involved?

We are exploring the development of Regional Advocacy Trainings to provide valuable tools and resources for local association staff, Legislative Chairs, Legislative Committees or anyone interested in local advocacy. The goal is to support and empower these key stakeholders in effectively advancing REALTOR® priorities at the local, state and national levels.

We are imagining this as a customizable, interactive workshop covering up to three hours of essential advocacy topics, including: Strategies for engaging with local policymakers Best practices for mobilizing members around key issues Effective communication techniques for legislative outreach Navigating local government processes to influence policy Building strong advocacy networks within and beyond your association How to talk about smart growth with consumers We’d love your input! What topics would be most beneficial to you and your team? Are there specific challenges or areas of interest you’d like us to address?

Additionally, we are considering opening this session to multiple local associations across the state to foster collaboration and shared learning.

Email Katharine Wendt at kwendt@ncrealtors.org for more information.

In Memory of

Myra Zollinger February 19, 2025

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ncrealtors.org • INSIGHT 13

Get to Know Your 2025 NC REALTORS® PAC Trustees The mission of the NC REALTORS® Political Action Committee (NC REALTORS® PAC) is to raise and disburse funds to promote homeownership, protect private property rights and increase political awareness for the real estate industry. The NC REALTORS® PAC Trustees are dedicated volunteers from the association membership that recognize the importance of NC REALTORS® PAC and are fully invested in its mission. Collectively, trustees make funding decisions based on recommendations/ input from local associations, voting records for incumbents and a candidate’s support and/or knowledge of issues of concern to the real estate profession. Meet your NC REALTORS® PAC Trustees:

Adam Upchurch Treasurer

Immediate Past Chair | NAR Major Investor Council Member

Bob Bates

Jonathan Moore

Michelle Morris

Amanda Smith

Jennifer Franklin-Rowe

Region 3 Trust

Marcella Coley

Region 6 Trustee

Renee Cooney

Region 9 Trustee

Jamie Cooper

AE Advisor (Non-Voting)

Region 3 Trustee

Emily Wood

Region 6 Trustee

John Muir

Region 9 Trustee

Brooke Cashion NC REALTORS® Legislative Chair

14 INSIGHT • May 2025

Region 1 Trustee

Region 4 Trustee

Carol Bradley

Region 7 Trustee

Tim McBrayer

Region 10 Trustee

Michael Davenport Region 1 Trustee

Kim Dawson

Region 4 Trustee

Dennis Bailey

Region 7 Trustee

Tim Mock

Region 10 Trustee

Cirila Cothran

Jon McBride

Daniel Whited

Bob Percesepe

Chair

Region 2 Trustee

Marvette Artis

Region 5 Trustee

Allen Dargins

Vice Chair

Region 2 Trustee

Pam Webb

Region 5 Trustee

Sallie Myrick

Region 8 Trustee

Region 8 Trustee

John McPherson

Brenda Hayden

NC REALTORS® President

NC REALTORS® President Elect

Contributions to RPAC are not deductible for federal or state income tax purposes. Contributions are voluntary and are used for political purposes. Suggested amounts are merely guidelines and you may contribute more or less than the suggested amounts. The National Association of REALTORS® and its state and local associations will not favor or disadvantage any member because of the amount contributed or a decision not to contribute. Your contribution is split between National RPAC and the State PAC in your state. NC RPAC supports the efforts of National RPAC and contributes a portion of its contributions to National RPAC. Contact your State Association or PAC for information about the percentages of your contribution provided to National RPAC and to the State PAC. The National RPAC portion is used to support federal candidates and is charged against your limits under 52 U.S.C. 30116. In-kind contributions/donations are not included for the purposes of the National RPAC State PAC split. NC law requires political committees to report the name, mailing address, job title or profession and name of employer or employee’s specific field for each individual whose contributions aggregate is in excess of $50 in an election cycle. North Carolina law prohibits contributions of cash in excess of $50 per day. Federal law prohibits contributions of cash in excess of $100 per year. Contributions can only be accepted from individuals; in the form of personal checks, credit/debit cards and cash less than $50 per day/$100 per year. Contributions from corporations or business entities cannot be accepted. This solicitation was paid for by NC RPAC.

DESIGNATION & CERTIFICATION CLASSES AVAILABLE

Dedicated to making home ownership a possibility for all in North Carolina.

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Text “NCRHF” to 243725

ncrealtors.org • INSIGHT 15

legal

QUIZ 1.

o I need a written buyer agreement when the D buyer’s sister is touring the home and sending live video to the buyer?

Answer

Yes. Under MLS rules, agents must have a written buyer agreement prior to touring a home when the agent is “working with” the buyer. The “working with” language is meant to including agents who are providing “full or limited brokerage representation or services for the buyer (including transaction brokerage)—such as identifying potential properties, arranging for the buyer to tour a property, performing or facilitating negotiations on behalf of the buyer, presenting offers by the buyer, or other services for the buyer.” NAR FAQ 73.

“Touring a home means the buyer and/or the MLS Participant, or other agent, at the direction of the MLS Participant working with the buyer, enter the house. This includes when the MLS Participant or other agent, at the direction of the MLS Participant, working with the buyer enters the home to provide a live, virtual tour to a buyer not physically present.” NAR FAQ 74.

Since the agent is helping facilitate a live, virtual tour for the buyer, a written buyer agreement is necessary.

Q&A Release Date: 9/26/2024

2.

I s the Cooperative Compensation Agreement (Form 220) still effective if the buyer and seller do not go under contract and the date passes in paragraph 3?

Answer

No. It is important to set a specific termination date in Form 220. As a suggestion only, the termination date should be a short period of time, such as a few days or weeks. By inserting a specific date in paragraph 3 of Form 220, agents will know when a shared Form 220 can no longer become binding if a specific buyer and seller go under contract.

Making sure that Form 220 expires as to a particular buyer 16 INSIGHT • May 2025

BY JOHN WAIT, GENERAL COUNSEL

These questions are based on weekly Q&As published in the REALTOR® Rundown between September 2024 & February 2025.

agent will help protect the seller and listing firm should a specific buyer have more than one agent.

It is not necessary that the date in paragraph 3 extend to the end of a transaction. An earned fee in Form 220 remains enforceable through closing once the buyer and seller sign a purchase agreement. Q&A Release Date: 11/21/2024

3.

oes a seller have the same duty to disclose D material facts as a listing agent?

Answer

No. A material fact is any fact that could affect a reasonable person’s decision to buy, sell, or lease property. A material fact must be disclosed by a broker to the parties in the transaction and any interested third parties regardless of the broker’s agency role within the transaction.

A broker always has a duty to disclose material facts, but a seller does not always have that duty.

A seller must disclose material facts when such facts are only known to the seller and not within the diligent attention, observation, and judgment of the buyer. In other words, if there is a material latent defect on the property only known to the seller, and the buyer cannot discover the defect through reasonable diligence, the seller has a mandatory and affirmative duty to disclose.

A seller’s duty to disclose material facts is separate and in addition to their obligation to complete the Residential Property and Owners’ Association Disclosure Statement (RPOADS). This means that the seller can choose to mark “no representation” in the RPOADS, as allowed by statute, but the seller still has a duty to disclose material latent defects not within discovery of the buyer by reasonable diligence as explained above.

If the seller checks “no representation” throughout the RPOADS, then they will need to disclose latent material defects another way.

If a listing agent becomes aware of material facts that are not in the RPOADS, then the listing agent has a duty to disclose such facts even if the seller does not disclose them. Q&A Release Date: 2/13/2025

4.

Is it a good idea to retain my real estate records longer than the three years required by the License Law?

Answer

Yes. In the event a legal claim is made against a broker or a firm, the firm’s transaction file will be absolutely crucial in defending that claim. While many legal claims in North Carolina have a three-year statute of limitations, the fact is that many claims can be brought after that three-year period. For example, the statute of limitations for an action alleging a violation of the Unfair and Deceptive Trade Practices Act is four years. A claim of constructive fraud based on an alleged breach of fiduciary duty has a ten-year statute of limitations.

Even though the statute of limitations for actions alleging fraud or negligent misrepresentation is only three years, that limitations period does not begin to run until the aggrieved party discovers (or reasonably should have discovered) the facts constituting the fraud or misrepresentation.

This “discovery rule” can extend the time for filing a claim well beyond three years. The best way for brokers and firms to protect themselves from claims brought more than three years after a transaction is complete is to retain their transaction files for significantly longer than the License Law requires. Q&A Release Date: 11/14/2024

5.

Is it risky for my seller consider a “subject to” offer or an offer that contains a wraparound mortgage?

Answer

Yes. A “subject to” purchase means that the buyer agrees to pay the seller’s mortgage, but the seller remains liable under the promissory note and deed of trust for any potential default. The buyer typically takes title to the property, even though the seller remains named in the loan documents.

A wraparound mortgage is similar to a “subject to” purchase in that the seller deeds their interest to the buyer and the seller remains liable on the original loan. The difference is that in a wraparound mortgage, the buyer agrees to pay the seller more than what the seller may owe on the original loan.

The seller therefore offers the buyer a type of seller financing. When the buyer makes a payment, the seller pays their own mortgage and has flexibility to use any overage as they see fit.

Both of these arrangements have enormous risks. First, the seller has no title to the property for which they remain financially liable. If the buyer does not pay, the seller has no property to sell to satisfy their obligation to the bank.

Second, unless the bank approves of the transaction first, the bank can accelerate the entire amount of the loan and demand payment once it discovers that the seller has violated the loan terms by conveying the property to the buyer. Q&A Release Date: 12/19/2024

6.

I f a buyer puts a Due Diligence Fee check in the mail, is it considered “delivered” under the Offer to Purchase and Contract (Form 2-T)?

Answer

No. According to the North Carolina Real Estate Manual, “[t]he mailbox rule basically operates only as a method of communicating acceptance of an offer. It does not apply to any other situation.” Form 2-T requires that the Due Diligence Fee be “delivered,” not mailed. Since the mailbox rule does not apply to delivery of the Due Diligence Fee, the payment is not considered delivered until it actually reaches either the seller or the listing agent.

Q&A Release Date: 02/06/2025

7.

o buyer agents have a duty to disclose material D facts to other, later buyers if their client terminates a contract?

Answer

No. Brokers must disclose any material facts to the parties involved in the transaction. If a buyer elects to terminate their contract, that buyer agent does not have an obligation to disclose any material facts to parties represented by other agents who may later become interested in purchasing the subject property. Doing so may well be wrongful interference with a seller’s effort to sell their property. Q&A Release Date: 10/3/2024

8.

Is it unauthorized practice of law if a broker drafts an addendum to their own agency agreement?

Answer

No. Section 93A-6(a)(11) of the Real Estate License Law authorizes the Real Estate Commission to discipline a licensee for performing any legal service, as defined in section 84-2.1 of the North Carolina General Statutes, or “any other acts constituting the practice of law.” Section 84-2.1 of North Carolina’s General Statutes defines “practice law” to be “performing any legal service for any other person, firm or corporation, with or without compensation, specifically including the preparation of… deeds, (and other legal documents).”

ncrealtors.org • INSIGHT 17

In this question, the agent is a party to the contract and is therefore not drafting a document for someone else.

Q&A Release Date: 10/31/2024

9.

Once a buyer agent ascertains what cooperative compensation is being offered, can it be unilaterally changed by the listing firm after an offer is submitted?

Answer

No. Article 3 of the Code states that “REALTORS® shall cooperate with other brokers except when cooperation is not in the client’s best interest. The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker.” Standard of Practice (“SOP”) 3-1 explains that cooperative compensation, if available, must “be ascertained by cooperating brokers before beginning efforts to accept the offer of cooperation.”

Once cooperative compensation has been ascertained, SOP 3-2 states that any change to cooperative compensation “must be communicated to the other REALTOR® prior to the time that REALTOR® submits an offer to purchase/ lease the property.” And, importantly, SOP 3-2 also states that after “a REALTOR® has submitted an offer to purchase or lease property, the listing broker may not attempt to

unilaterally modify the offered compensation with respect to that cooperative transaction.” SOP 3-3 does permit listing agents and cooperating brokers to mutually agree to change cooperative compensation, even after an offer is presented. Q&A Release Date: 9/5/2024

10.

oes Form 2-T have a provision to make a D contract contingent on the sale of the buyer’s current property?

Answer

No. The buyer’s representation in the Offer to Purchase and Contract (Form 2-T) regarding their current home is merely information provided to the seller. It does not create a contingency. The purpose of that representation is to enable the seller to evaluate the strength of the buyer’s offer. It is not intended to allow the buyer to terminate outside the Due Diligence Period and obtain a refund of their Earnest Money Deposit in the event they cannot sell their current home.

If a buyer wishes to create a true contingent sale using Form 2-T, then they must obtain an attorney-drafted, custom addendum and attach it to the contract.

Q&A Release Date: 2/20/2025

LEGAL ANSWERS AT YOUR FINGERTIPS The NC REALTORS® Q&A Library is your go-to resource for everyday legal and risk management questions— written by our attorneys, updated regularly and searchable 24/7. Plus, explore consumer guides, checklists, slide decks and more to help you minimize risk, inform your clients and stay compliant.

Access anytime at ncrealtors.org/riskmanagement

18 INSIGHT • May 2025

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ncrealtors.org • INSIGHT 19

BUILDING A FUTURE WHERE HOMEOWNERSHIP IS WITHIN REACH

BY LEE NELSON Lee Nelson is a freelance journalist from Illinois. She writes for REALTOR® Magazine, several state REALTOR® Magazines and websites, & loanDepot.com.

REALTORS® in North Carolina are not just witnessing the housing crisis—they’re actively working to solve it. Across the state, real estate professionals are leveraging their expertise, resources and partnerships to break down barriers to homeownership.

From tackling affordability challenges to revitalizing neighborhoods and advocating for change, these NC REALTORS® are creating real solutions that help more people achieve the dream of owning a home.

Championing Housing Affordability & Community Support For Charisma Southerland, president of the Canopy REALTOR® Association, Canopy MLS, and Canopy Housing Foundation, real estate has always been more than just buying and selling homes—it’s a powerful tool for building wealth and stability. But today, many North Carolinians find that dream slipping further out of reach.

20 INSIGHT • May 2025

“Homes are not affordable anymore,” Southerland says.

“I have clients coming out of college telling me that even with a $100,000 yearly salary, they still can’t afford to live in Charlotte. My heart goes out to them.”

With limited inventory, high interest rates and a steady influx of new residents each month, housing prices continue to soar. North Carolina’s population now exceeds 11 million, growing by 605,000 people since the 2020 census, further straining affordability.

Recognizing this urgent challenge, the Canopy Housing Foundation—the charitable arm of the Canopy REALTOR® Association—has made housing accessibility and advocacy a priority. Southerland calls it “the heart of the association,” leading efforts to set housing standards, promote affordability and support community initiatives.

One of its most impactful efforts is REALTORS® Care Day, an annual event where volunteers roll up their sleeves to make a tangible impact. Each year, REALTORS® work on

Before

After

home-repair projects across three counties, partnering with Habitat for Humanity and other housing organizations to assist families in need. “I’ve fixed decks, climbed ladders to clean gutters and built community gardens for sustainable eating,” Southerland shares, reflecting on her hands-on experience.

furniture, appliances and other essentials, transforming empty spaces into welcoming, stable homes.

Revitalizing Communities, One Home at a Time

For many essential workers—including nurses, firefighters and teachers—finding affordable housing in Wilmington is an ongoing challenge. To help address this issue, the Wilmington REALTORS® Foundation is developing Pierson Pointe, a 48-unit workforce townhome community designed to provide housing within reach for those who serve the community.

In Belmont, Jennifer Simmons is making homeownership more attainable through renovation and community-driven initiatives. As a broker with Premier South and an experienced renovator, Simmons has spent the past four years partnering with a compassionate investor to renovate nine homes—all while keeping rents at $1,400 or less per month. Known as the “Renovating REALTOR®,” she is committed to ensuring that more families have access to stable, affordable housing.

Beyond renovations, Simmons collaborates with fellow Gaston County agents through the nonprofit Hearts 2 Home, an organization dedicated to supporting underserved seniors, veterans and families transitioning from homelessness.

Through this initiative, she helps collect and distribute

Making Homeownership Attainable for Wilmington’s Essential Workers

Slated for groundwork in 2025 and construction in 2026, Pierson Pointe will span six acres and offer two-story townhomes to buyers earning 81-120 percent of the area’s median income, as defined by the U.S. Department of Housing and Urban Development (HUD).

Jody Wainio, president of the Foundation, serves as managing broker and broker-in-charge of Keller Williams Innovate, and team leader at Buyer’s Choice Realty @ Keller Williams, Wilmington. She got involved with this housing project with

Pierson Pointe will span six acres and offer two-story townhomes. ncrealtors.org • INSIGHT 21

Charisma Southerland President of the Canopy REALTOR® Association

Jennifer Simmons Broker Premier South

her friend, Sherri Pickard, broker at Coldwell Banker Sea Coast Advantage, Wilmington. “As a group, we wanted to look outward and better serve the community that we work in,” Wainio comments.

“If we don’t actively pursue affordable living conditions for our workforce, it will no longer exist.”

Bridging the Housing Gap for Greensboro’s Essential Workers Your local barista, your child’s teacher and the nurse at urgent care often can’t afford a home in the city where they work. Rising home prices and limited affordable inventory have made homeownership increasingly out of reach for the Greensboro’s workforce.

“With the rise in median home list prices, it is very difficult to buy a home in this area without a lot of financing,” says Sofia Crisp, executive director and founder of Housing Consultants Group, a nonprofit dedicated to educating families through pre- and post-purchase counseling and financial wellness programs.

Sofia Crisp

Executive Director & Founder of Housing Consultants Group

Jody Wainio

President of the Wilmington REALTORS® Foundation

To support essential workers in overcoming these barriers, volunteer lenders and REALTORS®, including Crisp, offer bi-monthly home-buying classes, highlighting downpayment assistance programs. Additionally, they are working alongside city officials to make affordable housing a reality by partnering with nonprofit builders to renovate city-owned properties, resulting in lower purchase prices for homebuyers.

“As a group, we wanted to look outward and better serve the community that we work in.”

“These homes must remain affordable for 15 years and can only be resold to buyers earning 80 percent or less of the median income,” Crisp explains. Local leaders are also exploring incentives for small builders to encourage the development of more affordable housing options.

Across North Carolina, REALTORS® are proving that homeownership is more than just a transaction—it’s a lifeline for individuals, families and communities. While challenges remain, their dedication and collaboration drive real change, one home at a time.

Pierson Pointe Townhomes 22 INSIGHT • May 2025

By continuing to push for solutions, expand resources and invest in their communities, North Carolina’s REALTORS® are helping to build a future where homeownership is truly within reach for all.

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ncrealtors.org • INSIGHT 23

A Mother’s Four Generations

Legacy

of Women In Real Estate

BY LEE NELSON Lee Nelson is a freelance journalist from Illinois. She writes for REALTOR® Magazine, several state REALTOR® Magazines and websites, & loanDepot.com.

In real estate, family legacies are built on trust, dedication and a deep commitment to community. Few embody that legacy better than Joan Austin and her family—four generations of women who have shaped the real estate landscape in North Carolina for more than seven decades.

Their story is not just about business; it’s about the power of mentorship, the importance of relationships and the strength of family in the REALTOR® profession.

Joan Austin grew up watching her mother, Marie Austin, juggle family life and real estate. Marie would be stirring dinner on the stove with one hand and negotiating a deal on the phone with the other.

“My mother died at age 87 on a Sunday and had worked the Friday before,” Joan said. “She taught me mainly how to interact with people. She was a people person.”

Despite growing up immersed in her mother’s business— Marie Austin Realty operated out of the family’s back den—Joan initially had different career aspirations.

“My plans were to be a teacher, but I wasn’t good at it,” she recalled. “I got my real estate license because my mother knew what the future held more than any of us did. I remember selling my first house for $19,000 in 1974. And I’ve sold it several times since then.”

She joined her mother’s firm in 1973, and nearly 40 years later, her daughter, Emilie Morgan, followed in her footsteps.

24 INSIGHT • May 2025

Their family’s real estate journey began even earlier in 1949, when Joan’s grandmother, Martha Green, founded Green’s Real Estate—eight years before the North Carolina Real Estate Commission was established.

“We’ve all worked very hard to build trust in the community,” Emilie comments. “There’s something special when you meet someone and they tell you they knew your grandmother. I also hear stories from other agents about my family.”

Much like her mother, Emilie didn’t initially plan to go into real estate. She pursued a degree in bioarchaeology, but eventually, real estate called her back.

“My mom was never pushy about it, but she did say that she thought I should get my license,” she said. After college, she did just that.

“It’s hard to say no to a business that has meant so much to our family and our community,” Emilie said. “It’s nice to be part of something that has a good, solid foundation. You don’t have to focus on the hustle with none of the number games.”

Neither Joan nor Emilie sees challenges in working together— only advantages.

“It’s more of an advantage, and the fact that I’m following in my mother’s footsteps, who followed in her mother’s footsteps, is amazing,”

“It’s more of an advantage, and the fact that I’m following in my mother’s footsteps, who followed in her mother’s footsteps, is amazing,” said Joan, who serves as broker-in-charge and owner of the agency. She also served as president of the Durham Association of REALTORS® in 1999 and was named REALTOR® of the Year in 2000. Joan recognizes that Emilie brings strengths to the business, particularly in social media and digital marketing.

“The millennials know what they are doing,” Joan said.

“But since I’ve been doing this for over 50 years, I have the experience of how to listen and read people. With age and time, you learn how to read every situation.”

With five agents and an office manager, their business is built on the relationships they have nurtured through the years.

“We do a lot together,” Emilie said. “With the market we work in, we cover the whole Triangle area, and we have recurring business. A lot of people come back to us. It’s nice to have someone to call whenever you have a question.

I don’t think many people can call their boss at 11 p.m. to ask about a contract.”

Martha Green

Marie Austin

Joan Austin

Emilie M. Morgan

She also values their company’s reputation for inclusivity.

“No matter who you are, we will work hard for you,” Emilie said. “It’s a big reputation to live up to and a good one to aspire to. There’s a lot of good girl power here.”

Joan hopes her daughter will continue to enjoy the business as much as she has, forging strong connections and relationships that will last for years.

And as for the future?

“We have all intentions that Emilie’s daughter, who’s only five, will get into the business,” Joan said with a smile.

ncrealtors.org • INSIGHT 25

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26 INSIGHT • May 2025

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