REALTORS® Designate November as REALTORS® Designation Awareness Month

Posted on October 31, 2007 by admin

<h1 style="MARGIN: 0in 0in 0pt">The Southwest Riverside County Association of REALTORS® and the NATIONAL ASSOCIATION OF REALTORSÒ (NAR) are pleased to announce the arrival of REALTORÒ Designation Awareness Month. NAR established November as an important month in which to encourage its members to Keep It In The Family by starting, completing or continuing an official NAR-endorsed designation program through NAR or one of its affiliates.</h1> An industry that moves as fast as real estate demands continuing education throughout one’s career. Successful agents must keep current on issues, evolving technology, changing legalities, and many other central components of the business. NAR and its nine Institutes, Societies and Councils offer advanced education designation and certification programs to help members remain up-to-date in such a dynamic environment. Although other designations exist, only these carry an official NAR endorsement. “REALTORSÒ have access to advanced education designation and certification programs, tailored to virtually every real estate specialty. Beyond building skills, knowledge and productivity, these prestigious programs enhance the professional image of REALTORSÒ and take our members to the next level”, said Nancy Donahue-Jones, CEO for the Southwest Riverside County Association of REALTORS®. REALTORSÒ who pursue professional designations have a distinct competitive edge as a result of their increased expertise and marketability. Based on the updated data with the 2007 survey and 2006 incomes, REALTORSÒ with at least one designation earn $37,000 more than REALTORSÒ with no designations. REALTORSÒ with no designations earned a median of $38,000 in 2006 while REALTORSÒ with at least one designation earned a median of $75,000 for a difference of $37,000. The NATIONAL ASSOCIATION OF REALTORSÒ and the Southwest Riverside County Association of REALTORS® strongly encourage its members to increase their professional image, marketability, productivity, and income through the pursuance of a designation or certification program For a complete list of the official NAR family of 21 designations and certifications, visit http://www.realtor.org/education

New Legal Articles

Posted on October 31, 2007 by admin

Member Legal Services has changed the name of the legal article, Home Equity Sales Contracts (Sep 16, 2005) to <a title="http://www.car.org/index.php?id=MTUyMg==" href="http://www.car.org/index.php?id=MTUyMg==">Notice of Default and Investor-Buyer Transactions: Home Equity Sales Contracts</a>. It is available on Legal's <a title="/exchweb/bin/redir.asp?URL=http://www.car.org/index.php?id=Ng== 
http://www.car.org/index.php?id=Ng==" href="http://blog.srcar.org/exchweb/bin/redir.asp?URL=http://www.car.org/index.php?id=Ng==" target="_blank">What's New</a> and the <a title="/exchweb/bin/redir.asp?URL=http://www.car.org/index.php?id=NTgz 
http://www.car.org/index.php?id=NTgz" href="http://blog.srcar.org/exchweb/bin/redir.asp?URL=http://www.car.org/index.php?id=NTgz" target="_blank">Legal Articles</a> pages on C.A.R. Online. The date has remained the same since the text of the article has not changed. There are no substantive changes to the law. The name was changed to make it easier for members to recognize the applicability of this law. Before the home equity sales contracts law comes into effect, all four of the following conditions must be satisfied: (1) the property is residential with one-to-four units, (2) the owner must currently occupy one of those units, (3) the buyer must be an investor (will not live in the property) and (4) a notice of default has been recorded against the property. Member Legal Services has published a revised legal article, <a title="http://www.car.org/index.php?id=MTI5NQ==" href="http://www.car.org/index.php?id=MTI5NQ==">Buyer-Broker Agreements: Q&A for Consumers</a> (October 30, 2007). It is available on Legal's <a title="/exchweb/bin/redir.asp?URL=http://www.car.org/index.php?id=Ng== 
http://www.car.org/index.php?id=Ng==" href="http://blog.srcar.org/exchweb/bin/redir.asp?URL=http://www.car.org/index.php?id=Ng==" target="_blank">What's New</a> and the <a title="/exchweb/bin/redir.asp?URL=http://www.car.org/index.php?id=NTgz 
http://www.car.org/index.php?id=NTgz" href="http://blog.srcar.org/exchweb/bin/redir.asp?URL=http://www.car.org/index.php?id=NTgz" target="_blank">Legal Articles</a> pages on C.A.R. Online. This legal article has been updated to reflect the form name changes from BBE, BBNE, BBNN to BRE, BRNE, BRNN. A few other non-substantive changes were also made. In addition, the password protection has been removed so that this article, which is intended for consumers, can be easily accessed by our members’ clients.

NAR Update

Posted on October 31, 2007 by admin

<table width="507"><tbody><tr><td class="sectionheader">ISSUE UPDATES </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Tax Incentives, Pooling Mechanisms Needed for Health Insurance </td></tr><!– Story –><tr><td class="blacktext" width="500">Nearly 30 percent of NAR members lack health insurance, mainly because of cost, NAR Director Monty Newman of Hobbs, N.M., told members of the U.S. Senate Finance Committee last week. "Tax incentives for the self-employed and for small employers, coupled with mechanisms that would create insurance coverage gateways or additional pooling mechanisms, would create a far more rational and effective system than current law," Newman said in his <a id="LINK_20" title="http://go-to.realtor.org/r/8A3GCD/EWYU9/9LXFE/7A1NJ/GYWCQ/HK/h" href="http://go-to.realtor.org/r/8A3GCD/EWYU9/9LXFE/7A1NJ/GYWCQ/HK/h">testimony.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> HUD RESPA Regulation Imminent; RESPA Education Offered </td></tr><!– Story –><tr><td class="blacktext" width="500">The Bush Administration is expected to move forward shortly on its long-awaited rules for reforming the Real Estate Settlement Procedures Act, and NAR will be providing additional comment as rulemaking proceeds. To learn about developments and get the latest thinking on RESPA compliance, join your colleagues at two sessions at the 2007 NAR Conference in Las Vegas: the Real Estate Services Forum, Tues., Nov. 13, 11:15 a.m. – 12:45 p.m., in Titian 2301A, Level 2, and "RESPA Realities," Wed., Nov. 14, 1:30-3 p.m., in the Venetian Ballroom G, Level 2. Both are at the Venetian Hotel. For more, contact <a title="mailto:srinn@realtors.org" href="mailto:srinn@realtors.org">Scott Rinn</a>, 202/383-7508. </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> FHA Risk-Based Pricing Rules Called Too Narrow </td></tr><!– Story –><tr><td class="blacktext" width="500">The U.S. Department of Housing and Urban Development is defining risk too narrowly in its proposed rules implementing risk-based pricing of mortgage insurance premiums for FHA borrowers, NAR says in comments to HUD. In its rules (HUD notice FR-5171-N-01), the department is basing risk-based premiums on borrowers' credit score and downpayment amount. This approach fails to take into account FHA's unique role in the market and its traditional approach qualifying borrowers on a number of factors, not just credit score. Borrowers with insufficient trade lines to generate credit bureau scores will be unfairly burdened, NAR says. For more, contact <a title="mailto:mbooth@realtors.org" href="mailto:mbooth@realtors.org">Megan Booth</a>, 202/383-1222. </td></tr></td /></tr /></td /></tr /></td /></tr /></td /></tr /><!– End of story –><!– Section header –><tr><td class="sectionheader"> LEGAL </td></tr><!– Itemheader –><tr><td class="itemheader"> Class Certification Denied in Patent Case </td></tr><!– Story –><tr><td class="blacktext" width="500">The United States District Court for the Eastern District of Pennsylvania has <a id="LINK_23" title="http://go-to.realtor.org/r/8A3GCD/EWYU9/9LXFE/7A1NJ/3C83Z/HK/h" href="http://go-to.realtor.org/r/8A3GCD/EWYU9/9LXFE/7A1NJ/3C83Z/HK/h">denied</a> class certification of a patent infringement lawsuit against a real estate broker for using a zoom feature on a map showing homes available for sale. </td></tr><!– End of story –><!– 
Itemheader –><tr><td class="itemheader"> Partners Had No Duty to Warn Broker of Threats </td></tr><!– Story –><tr><td class="blacktext" width="500">The Supreme Court of Illinois <a id="LINK_24" title="http://go-to.realtor.org/r/8A3GCD/EWYU9/9LXFE/7A1NJ/PNSWL/HK/h" href="http://go-to.realtor.org/r/8A3GCD/EWYU9/9LXFE/7A1NJ/PNSWL/HK/h">affirmed</a> lower court rulings that former partners had no duty to warn an attorney/broker about threats of physical harm to him from a former partner after their partnership had stumbled. </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> </td></tr><!– Story –></tbody></table>New From NAR's Information Central <table width="507"><tbody><tr><td class="itemheader">
sans-serif">Eighth Annual Good Neighbor Award Winners Announced </td></tr><!– Story –><tr><td class="blacktext" width="500">REALTOR® Magazine has announced the recipients of its eighth annual Good Neighbor Awards, which honor the efforts of REALTORS® who are improving their communities. The winners, selected from more than 320 nominations, are: Virginia L. Ferry, Twelve Oaks Realty, Joliet, Ill., for MorningStar Mission Ministries; Phil Landis, RE/MAX Ranch & Beach, San Diego, for Veterans Village of San Diego; Patrick W. Moore, Rowling Real Estate, Port Huron, Mich., for Harvest of Haiti; Carol Reza, The Real Estate Store, Whittier, Calif., for Bridge of Faith; and Bert Waugh Jr., Prudential Northwest Properties, Portland, Ore, for Transitional Youth. The program is sponsored by eNeighborhoods, Lowe's and LandAmerica. Each winner will receive a $10,000 grant and travel expenses to attend the REALTORS® Conference & Expo in Las Vegas, where they will receive their awards. Profiles appear in the November issue of <a id="LINK_28" title="http://go-to.realtor.org/r/8A3GCD/EWYU9/9LXFE/7A1NJ/IEK23/HK/h" href="http://go-to.realtor.org/r/8A3GCD/EWYU9/9LXFE/7A1NJ/IEK23/HK/h">REALTOR® Magazine.</a> </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Understand Short Sales, Other High-Risk Transactions </td></tr><!– Story –><tr><td class="blacktext" width="500">Learn how to avoid legal risk and get other essential information on transactions you don't do every day at the Risk Management and License Law Forum at the 2007 NAR Conference & Expo in Las Vegas. <a id="LINK_29" title="http://go-to.realtor.org/r/8A3GCD/EWYU9/9LXFE/7A1NJ/6A01D/HK/h" href="http://go-to.realtor.org/r/8A3GCD/EWYU9/9LXFE/7A1NJ/6A01D/HK/h">"Short Sales and Other High-Risk Transactions in Today's Environment"</a> will be held Tues., Nov. 13, 1-3:00 p.m. in the Venetian Hotel. Learn what lenders require when a purchase will result in a short sale, identify the legal risks that licensees face when dealing with short sales and similarly risky transactions, and understand the risk management steps to minimize your liability. Robert Kutschbach, broker-owner of Carleton Realty, and an instructor at Hondros College, will conduct the program. </td></tr><!– End of story –><!– Itemheader –><tr><td class="itemheader"> Top Executives Join Sam Zell at Commercial Online Convention </td></tr><!– Story –><tr><td class="blacktext" width="500">Joining Sam Zell and Peter Linneman at the CommercialSource online convention in December are Andy Fuhrman, CEO of the Open Standards Consortium for Real Estate, and Lowell "Duke" Kuehn, the highly regarded real estate business advisor. Fuhrman has been instrumental in business process improvement and technology systems for commercial practitioners, and Kuehn has galvanized executives with ideas on avoiding the financial, legal, and person pitfalls that can harm business transition under new ownership. The free online convention is Dec. 4-6. Register <a id="LINK_30" title="http://go-to.realtor.org/r/8A3GCD/EWYU9/9LXFE/7A1NJ/GYWC3/HK/h" href="http://go-to.realtor.org/r/8A3GCD/EWYU9/9LXFE/7A1NJ/GYWC3/HK/h">online.</a> </td></tr></tbody></table>

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Daily Archives: October 31, 2007

REALTORS® Designate November as REALTORS® Designation Awareness Month

New Legal Articles

NAR Update

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