NC S521

Abolishes the Rule in Dumpor's Case, a property law doctrine, effective October 1, 2012 for property transfers occurring on or after that date.

Authorizes licensed real estate brokers (excluding provisional brokers) to prepare and charge fees for broker price opinions and comparative market analyses for sellers, buyers, lessors, lessees, and third parties making real estate decisions.

Requires broker price opinions and comparative market analyses to be in writing and include specified contents such as purpose statement, property description, reasoning, disclosure of broker interests, effective date, broker signature and license number, and a disclaimer stating the opinion is not an appraisal and cannot be used for mortgage loan originations.

Prohibits brokers from preparing broker price opinions or comparative market analyses in lieu of appraisals when required by law, and bars such documents from being referred to as valuations or appraisals or reporting predetermined results.

Allows certified real estate appraisers licensed as real estate brokers to prepare broker price opinions without referring to themselves as appraisers, and protects appraisers from discipline for completing appraisals with reduced scope of work when appropriate for intended use.