NAR provided comments to the U.S. Department of Labor on its proposed RIN 1210-AB32, Definition of the term “Fiduciary”. NAR has concerns about the proposed rule’s expansion of the definition of the term “fiduciary” under the Employee Retirement Income Security Act (ERISA) to include real estate appraisers. NAR believes that fiduciary status should not extend to appraisers because appraisers do not provide investment advice.
Comments: Department of Labor on Definition of "Fiduciary"
Issue Date: January 20, 2011
NAR provided comments to the U.S. Department of Labor on its proposed RIN 1210-AB32, Definition of the term “Fiduciary”. NAR has concerns about the proposed rule’s expansion of the definition of the term “fiduciary” under the Employee Retirement Income Security Act (ERISA) to include real estate appraisers. NAR believes that fiduciary status should not extend to appraisers because appraisers do not provide investment advice.
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