WASHINGTON (Legal Newsline) — The Federal Trade Commission (FTC) announced on July 6 that the directors of the Federal Trade Commission’s Office of Policy Planning, Bureau of Competition and Bureau of Economics have issued a comment on the competitive impact of proposed legislation that would affect compensation for real estate appraisers in North Carolina.
The FTC directors issued the comments at the request of Roberta A. Ouellette, North Carolina assistant attorney general.
NC House Bill 829, the legislation in question, would create a single method for determining customary and reasonable appraisal fees paid to real estate appraisers by appraisal management companies (AMCs). The enactment of such a method would essentially preclude the negotiation of market-based rates.
“We are concerned that if HB-829 were enacted, real estate appraisal fees in North Carolina might not be based on competitively set market rates, and that AMCs—and, ultimately, consumers—might face higher prices for real estate appraisal services,” the directors' comment said.
Signing the letter for the FTC were Tara Isa Koslov, acting director of the Office of Policy Planning; Abbott Lipsky, acting Bureau of Competition director; and Ginger Jin, Bureau of Economics director. The FTC said the letter does not necessarily represent FTC views, but rather expresses the views of the directors of the Office of Policy Planning, Bureau of Competition and Bureau of Economics.