Charlotte-area company Realty Place has agreed to permanently close its doors after admitting to violating state regulations and federal law by hiding real estate bonuses from customers and lenders.
In the agreement, approved Wednesday by the N.C. Real Estate Commission, the company said that from 2002 to 2004, Realty Place accepted "numerous" bonuses from homebuilders for representing buyers who purchased homes. The bonuses were paid outside closing and not declared on settlement statements.
The commission so far has uncovered 300 to 400 secret bonuses paid to Realty Place, said Janet Thoren, the commission's chief deputy legal counsel.
