North Carolina Regulators Investigate Broker's Ties To Builder; $Millions Paid In Undisclosed Bonuses?

The Charlotte Observer reports:

• The North Carolina Real Estate Commission has opened an investigation into Charlotte-area agency Realty Place, the commission's lead investigator said Wednesday. The moves were in response to an Observer investigation of Realty Place, which received millions of dollars in bonuses from home builders in exchange for finding buyers for their homes. Company records show - and former employees affirm - that Realty Place maintained a close relationship with home builders after vowing to protect clients from those builders. The company funneled buyers into low-priced starter-home developments, many of which are now plagued by foreclosure.

For more, see Commission investigating Realty Place agency (Also examined: If customers informed of bonuses).

For earlier article on The Observer's investigation, see Homebuyers in the dark? (N.C. rules may leave customers unaware of bonuses received by their agents).