SRCAR Connect

May 9, 2008

Top MLS Violations and How to Avoid Them

Filed under: IMRMLS, iDate — Daniel Brincat @ 3:12 pm

MRMLS Members would never intentionally commit a violation against the MRMLS Rules and Regulations, but we know it happens. Below are the most common violations and how to avoid them:

Property Description Violations: The only text that can be entered into the Property Description field is the physical description of the property and/or sale terms like Foreclosure, Short Sale and Bank Owned.
- TIP: Do not enter the following in the Property Description field:
  - Contact Information
  - Open House Information
  - The word “Vacant”
Commission Violations: You cannot enter an offer of compensation that is based on the net sales price.
- TIP: Do not enter anything that can be seen as a Conditional Offer of Compensation in either the Property Description or Agent Remarks fields. Common mistakes include phrases similar to the following:
  - “APPROVAL, OF AN OFFER SUBJECT TO BANK’S APPROVAL. COMMISSION TO BE VARIABLE AND TO BE SPLIT EQUALLY ON 6% OR LESS.”
  - “Commission & sale price subject to bank approval. Commission to be split 50/50 between selling office and listing office.”
  - “All Terms, including brokers commission, subject to lender’s approval.”
  Note: Language similar to the above can be used for Short Sales only. Contact your Association/Board for exact wording.
No Photo Violations: A photo of the exterior of the structure must be included in the listing.
- TIP: Do not wait! Add a photo of the exterior of the structure when you enter the listing or very soon thereafter. The listing must have a photo within ten days.
Incorrect Information Violations: To the best of your knowledge all information in the listing must be correct and true. Common mistakes include incorrect APN# or Area#.
- Crosscheck the APN (Assessor’s Parcel Number) with Realist Tax to make sure you have the correct APN for the property.
- Make sure you list the property in the correct marketing area. Do not enter a nearby area that is more desirable just to get more exposure.

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SRCAR & SRCMLS Minutes Posted for April ‘08

Filed under: Announcements — Daniel Brincat @ 11:58 am

The minutes from April ‘08 have been posted for both the SRCMLS and SRCAR Corporations.

SRCAR: http://www.srcar.org/srcar_minutes.asp

04-07-2008

SRCMLS: http://www.srcar.org/srcmls_minutes.asp

04-07-2008

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May 8, 2008

Qualifications for Service as a Director for SRCAR

Filed under: Announcements — Daniel Brincat @ 9:24 am

The Bylaws for the Southwest Riverside County Association of REALTORS® were
approved by the membership and effective as of March 1, 2007. With the upcoming
Nomination process just around the corner and the elections for the Board of Directors
scheduled for July, please be advised of the following section of the Bylaws regarding
Qualifications for Service as a Director of SRCAR.

Section 5. Qualification for Service as Director. To be nominated for elective office and serve as a Director, a person must meet the following qualifications:

Must be a REALTOR® member in good standing whose monetary obligations are paid.
Must have served on at least one (1) committee of the A.O.R. or a predecessor association of the A.O.R., or on at least two (2) task forces or Special Committees of the A.O.R. within the previous five (5) years.
Must not be concurrently or simultaneously nominated, elected or serving on a board of directors of another REALTOR® Association.
Must not be a member of a current Director’s immediate family, unless the current Director’s term will expire prior to the commencement of the term of office being sought.
Shall not be eligible to serve if at the time of the election his or her license (broker or salesperson) is with the same Designated REALTOR® Broker as four (4) other Directors, including the Designated REALTOR® Broker(s).
Shall not serve more than two (2) consecutive three-year terms.
Shall have electronic mail capability in order to receive notices and information from the A.O.R. and the Chief Executive Officer.
Shall be available and willing to serve on committees and task forces.
Shall attend a Directors Orientation and a Professional Standards Seminar.
Shall sign the A.O.R.‘s Confidentially Agreement and Conflict of Interest Code prior to taking office.
Directors are strongly encouraged to, at a minimum, make an annual voluntary donation and participate in the C.A.R. political action fund(s).

Should you have any questions or need additional information regarding the Qualifications for Service as Director, please feel free to contact me. Thank you.

Download the PDF

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Do you want to serve on the 2008 Nominating Committee of SRCAR

Filed under: Announcements — Daniel Brincat @ 9:12 am

The Southwest Riverside County Association of REALTORS® is seeking REALTOR® members in good standing who wish to serve on the 2008 Nominating Committee of SRCAR. The purpose of this committee is to review the 2008 Candidate Forms and select a slate of qualified candidates to be presented to the membership for their consideration.

Voting for the 2008 Board of Director candidates will take place online from 5:00 p.m. on Friday, June 27, 2008 through 5:00 p.m. on Friday, July 27, 2008. The results of the 2008 Elections will be announced at the SRCAR Annual Meeting on Tuesday, July 29, 2008 at Pechanga Resort and Casino.

Interested SRCAR REALTOR® members wishing to serve on this Committee should be aware that you must meet with the committee two to three times between May 26, 2008 and May 29, 2007. The report of the Nominating Committee shall then be mailed to each member eligible to vote at least four (4) preceding the election (June 1, 2008). In accordance with the Bylaws of SRCAR, no member of the Nominating Committee may not be a candidate for the Board of Directors.

If you are interested in serving on this committee or have questions regarding the Nominating Committee or election process, please contact 2008 Nominating Committee Chair, Karen Nelson at 951-303-3000 or via email at karen.nelson@camoves.comor Nancy Donahue Jones, CEO at 951-894-2571 or via email at nancy@srcar.org by Friday, May 23, 2008.

Interested members, please download the information here.

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YOUR ASSOCIATION NEEDS YOU! Nominations for Board of Directors

Filed under: Uncategorized — Daniel Brincat @ 9:04 am

YOUR ASSOCIATION NEEDS YOU! Qualified members, interested in serving as a Director to the
Southwest Riverside County Association of Realtors®, are urged to complete and return this Candidate
form.

The Nominating Committee, chaired by Past Chairman of the Board, Karen Nelson, will begin holding
meetings in the very near future to begin the selection of the slate for Directors for 2008.

There will be three (3) vacancies on the Board of Directors beginning January 2009. Each position will
be for a term of three years.

Interested members, please download a copy of the Candidate Request Form here.

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2008 Southwest Riverside County Association of REALTORS® & Affiliates High School Scholarship Fundraiser

Filed under: Events — Daniel Brincat @ 8:37 am

2008 Southwest Riverside County Association of REALTORS® & Affiliates High School Scholarship Fundraiser Bowling Event

Bowling

Tuesday, June 3rd, 2008
3:00-5:30pm
Cal Oaks Bowl
40440 California Oaks Rd., Murrieta

$25.00 a Bowler

Includes: 2 games (no tap), shoes, ball, pizza & soft drinks

“All profits go to the affiliate’s high school scholarship fund”

For more information please contact: Gary Matlock: 951-288-4007

Download the Flyer

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May 7, 2008

NAR Update

Filed under: Uncategorized — Nancy @ 11:47 am

ISSUE UPDATES

House to Vote on Tax Credit Proposal

House lawmakers are slated to vote this week on a housing tax relief package that includes a one-year $7,500 tax credit for the purchase of a principal residence by first-time homebuyers whose income doesn’t exceed $70,000 ($140,000 on a joint tax return). The Senate version of the credit is limited to $7,000 and is available to any buyer of a principal residence, but it would be restricted to purchases of foreclosed properties. A side-by-side look at the two approaches is online.

House Committee Passes Foreclosure Bill

The House Financial Services Committee last week approved the FHA Housing and Homeowner Retention Act, which would encourage servicers to write down the principal of a troubled mortgage by substantial amounts. The bill would permit FHA to insure the revised mortgage in exchange for the homeowners sharing a portion of furture appreciation with the government. The bill is expected to be on the House floor this week as part of a Housing Stimulus package.

NAR: Make Loan Limit Hikes Permanent

Congress should support the Homeowner Opportunity Act, H.R. 5958, introduced by Reps. Jerry McNerney, D-Calif., and Gary Miller, R-Calif., to make the FHA and conforming loan limit increases permanent as part of the 2008 Housing Stimulus bill. Permanent increases will “achieve an immediate increase in liquidity” in mortgage markets, NAR President Dick Gaylord says in a letter to House members this week. The stimulus bill could be considered in the House before the end of this week. “Increased liquidity should help drive down mortgage costs and create stability in the mortgage market.”

Freddie Mac Eases Declining Markets Policy

In a softer approach for areas with falling home prices, Freddie Mac is allowing mortgage originations for 95 percent LTV given certain underwriting safeguards: 1) the mortgage is used for purchase or “no cash-out” refi, 2) it’s secured by a one-unit residence, and 3) its application receives an “Accept Risk Class” from Freddie’s automated underwriting software, Loan Prospector. Priort to the easing, Freddie restricted the LTV to less than 95 percent for originations in declining markets. Fannie Mae has announced easing its declining markets policy too.

NAR NEWS

Home Sales Soft But Projected to Rise

A flat pattern in home sales activity should continue for the next couple months before improving over the summer, NAR says. “Things are beginning to improve, but the availability of affordable mortgages is uneven around the country and sometimes within metropolitan areas,” says NAR Chief Economist Lawrence Yun. “As anticipated, we continue to look for a soft first half of the year, for both housing and the economy, before notable improvements in the second half. Some time is needed for FHA and new conforming jumbo loans to become widely available.” NAR’s forward-looking Pending Home Sales Index in March edged down 1 percent to 83.0 from a downwardly revised level of 83.8 in February.

President’s Podcast: Midyear Comes at Key Time

With Congress focused on the link between housing and the strength of the economy, REALTORS® coming to Washington next week for the 2008 Midyear Legislative Meetings &Trade Expo are poised to have an impact. Get a preview of next week’s meetings in NAR President Dick Gaylord’s podcast.

Lance Armstrong, Lionel Richie Headline 2008 Conference

Opportunity will be heating up in Florida this fall as NAR convenes in Orlando for Destination Success–Full Speed Ahead, the 2008 REALTORS® Conference & Expo, Nov. 7-10. Some 25,000 REALTORS® are expected to attend and help NAR mark its 100th year. Among the speakers: Lance Armstrong, seven-time Tour de France winner and cancer survivor; Frans Johansson, author of The Medici Effect; David Meerman Scott, marketing vice president at News Edge Corp.; Daniel Pink, author of A Whole New Mind; and Alicia Irons Matheson and Austin Brock of the Disney Institute. Lionel Richie will perform in an exclusive REALTOR®-only concert.

Ergonomic Desks and Hydro Gutters: NAR Recognizes Kid Designs

NAR 2008 Regional Vice President Elizabeth Blakeslee handed out awards last week on behalf of NAR at the School-of-the-Future Competition in Washington. The awards, hosted by NAR and the Council of Educational Facility Planners International Foundation, recognize outstanding designs for healthy, sustainable, high-preformance schools submitted by teams of middle school students. The grand prize winner was Lyme-Old Lyme Middle School, Old Lyme, Conn., for a project incorporating ergonomic classroom furniture; hydro, solar and wind power; energy efficient appliances; compact flourescent light bulbs; transition windows to block harmful UV rays; and a hydro gutter system that provides electrical power as well as collects rain water for reuse.

LEGAL

REALTOR® Arbitration Process Upheld

A trial court improperly knocked down an arbitration award arising from a hearing conducted by a REALTOR® association, the Superior Court of New Jersey, Appellate Division, ruled, reversing the trial court and ordering confirmation of the arbitration award. The trial court should have deferred to the procuring cause definitions found in NAR’s Code of Ethics and Arbitration Manual and applied by the association’s arbitrators in making the award, the court said. NAR filed an amicus curiae brief with the New Jersey Association of REALTORS® arguing for the confirmation of the association’s award.

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April 30, 2008

NAR Update

Filed under: Uncategorized — Nancy @ 11:48 am

ISSUE UPDATES

Tax Credit, FHA Reform Top Agenda

REALTORS® from around the country will be seeking passage of a homeownership tax credit to help boost the economy when they meet with their members of Congress during the 2008 NAR Midyear Legislative Conference & Trade Expo in Washington in May. Other priorities for REALTORS® during their visits to Capitol Hill include a modernized FHA, a new regulatory structure for secondary mortgage market companies Fannie Mae and Freddie Mac, and affordable healthcare options for small businesses. Flood and property casualty insurance are also on the agenda. Get talking points on these top legislative issues online.

Bill Would Extend Leasehold Improvement

Senate Finance Committee Chairman Max Baucus (D-Mont.) has introduced an alternative minimum tax bill, S. 2886, that includes provisions to extend a host of expiring tax provisions, including the 15-year cost recovery period for leasehold improvements. Baucus has said he wants to move the bill before August.

Bills Aim to Help Servicers Modify Bad Loans

The House Financial Services Committee this week passed NAR-backed bills on the housing crisis. The “Emergency Mortgage Loan Modification Act of 2008,” H.R. 5579, would provide a safe harbor for loan servicers who undertake mortgage restructuring. The “Neighborhood Stabilization Act of 2008,” H.R. 5818, would provide $15 billion in grants and loans to states to purchase foreclosed homes. The Committee also began looking at the “FHA Housing Stabilization and Homeownership Retention Act of 2008,” HR 5830, which would create a voluntary program for loan servicers to dramatically write down the value of a mortgage in return for FHA refinancing. Some of the bills could be included in a housing stimulus package being crafted by the House leadership.

NAR, Mayors Recognize Six Cities

The U.S. Conference of Mayors and NAR have recognized six new Ambassador Cites for their housing efforts: 1) Alexandria, Va., and the Northern Virginia Association of REALTORS® for workforce housing and foreclosure prevention, 2) Allentown, Pa., and the Lehigh Valley Association of REALTORS® for homeownership opportunities for public servants, 3) Asheville, N.C., and the Asheville Board of REALTORS® for an affordable housing task force, 4) Bowling Green, Ky., and the REALTOR® Association of Southern Kentucky for responsible credit efforts, 5) Irvine, Calif., and the Orange County Association of REALTORS® for homeownership education of public officials, and 6) Richmond, Va., and the Richmond Association of REALTORS® for a task force on economically diverse neighborhoods.

LEGAL

Buyer Can Rescind Contract over Nondisclosure

The Interstate Land Sales Full Disclosure Act allows a buyer to cancel a purchase contract with a developer because the developer failed to comply with all of the Act’s disclosure requirements, the United States District Court for the Southern District of Florida ruled. The buyer argued that the developer failed to disclose a description of the property and a date for when the purchaser’s deposit would be returned in the event of a breach.

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