HAPPY 4TH of JULY TO EVERYONE! Have a safe, happy holiday and month!
PRESIDENT'S MESSAGE
2010 Board of Director Nominations:
NEED CHANGE? Want to make a difference? I encourage you to run for office so that you can make a difference and help make the Board of REALTORS a better organization. Look forward to you! Call the nominating commitee for an application. The Nominating Committee (Nanci Pottinger, Dora Dexter, Gina Jarman and Donna Beedy) is looking for REALTORS® interested in serving on the Board of Directors to be elected at the General Membership meeting and Election Luncheon on Friday, August 21 at 12 NOON. To be eligible for an Officer position you must have served on the Board as a Director for one year. If you are interested please complete an interest form (Nomination letter and interest form was emailed to the membership on June 25) and return to the Board Office by July 28, 2009.
LOCAL NEWS....SC county plans to abandon maintenance on roads in Rio Rico. Contact your local supervisor & roads dept to give your input & keep an eye out. The road they abandon could be yours.
AFFORDABLE HOUSING programs...the new programs out there will provide up to 22% (approx $50,000+) down payment assistance to homebuyers to purchase a bank owned home this year. Take advantage and make home ownership happen to quailified buyers. Call your local loan officer. Most have these in place.
TALKING POINTS
FLEX INFORMATION: One of Flex's required fields is EXCLUSIVE AGENCY. Please make sure you are marking it correctly.
Exclusive Agency Listing
An exclusive agency listing is similar to an open listing except the major difference is the broker will represent the owner. The owner still reserves the right to sell the property herself and not pay a commission. The broker is free to cooperate with another brokerage, meaning the second brokerage could bring an able buyer whose offer the owner accepts. Typically, the broker is paid a listing commission that is shared with the selling broker, so the owner pays both fees.
Exclusive Right-to-Sell Listing
An exclusive right-to-sell listing is the most commonly utilized instrument. It gives the broker the exclusive right to earn a commission by representing the owner and bringing a buyer, either through another brokerage or directly. The owner pays both the listing and selling broker fees. The owner cannot sell the property herself without paying a commission, unless an exception is noted in the contract.
Exception to the contract: Say, your next-door neighbor has expressed an interest in buying your house. Often a listing broker will give the seller X number of days to produce a contract with the neighbor without owing a commission.
NAR is taking a close look at a new standard adopted by Fannie Mae/Freddie Mac that establishes standards for the solicitation, selection and compensation of appraisers. The Home Valuation Code of Conduct (HVCC), effective May 1, 2009, affects REALTORS®, appraisers, lenders, mortgage brokers and consumers and extends only to mortgages that are GSE-owned or guaranteed. According to NAR, the standard has the potential to delay or eliminate numbers of home sales.
Loan Originator Licensing Legislation
In order to help combat mortgage fraud, Congress passed the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act) which contains requirements for the registration of mortgage loan originators. The S.A.F.E. Act requires federal agencies to jointly develop and maintain a system for registering residential mortgage loan originators who are employees of agency-regulated institutions, including national and State banks, savings associations, credit unions, and Farm Credit System institutions, and certain of their subsidiaries. HUD and other agencies have been made aware of the problematic provisions contained in the federal act. AAR is trying to pass some clarifications/exemptions relating to seller carrybacks here in Arizona via HB 2143 that is currently in the State Senate awaiting a final vote. To read this bill in its entirety, please click here.
AAR UPDATE
NEW REAL ESTATE COMMISSIONER has been APPOINTED..... the governor of AZ, JAN BREWER has appointed JUDY LOWE to replace Sam Wercinski. A licensed broker in this state since 1986, past president of AAR and currently active with affordable housing issues in Southern AZ with TAR. A knowledgeable, experienced person with expertise in the area. A precious asset of southern AZ.
You are receiving this email because of your affiliation to the Arizona Association of REALTORS®
Volume I / Issue VI
July 19, 2009
And Now for a Little Bit of Good News! We are happy to report that our efforts are having a positive impact on the discussions to expand the sales tax base to include services. The Governor's office, and now House and Senate Republican leadership have stated their opposition to the sales tax being extended to included services. We are now working with the Democratic side of the legislature on their latest budget proposal to bring about bipartisan oppostion to the service tax issue.
Senate Bill 1148 - For Sale Signs SB1148 passed out of the Senate 27-0 yesterday. This bill applies to non HOA subdivisions that have CCRs or other community rules that restrict or prohibit For Sale sign usage. This bill compliments the gains made by SB 1062 that went into effect in the Fall of 2007. As a result of SB 1062, a homeowner living in an HOA governed by these statutes will be permitted to display an industry-standard size for sale sign on the owner's property, even if such signs are prohibited in the HOA governing documents.
FEMA Unveils New Digital Flood Maps The Federal Emergency Management Agency, FEMA, will unveil some of its new digital flood maps this week. The preliminary flood maps were designed as part of a nationwide flood map modernization program that should provide greater detail and make it easier for property owners to view the information. The flood elevations are used by FEMA to set rates for the National Flood Insurance Program. For additional information or to find a flood map for your area, please Click Here.
REALTOR® Insider: D.C. News and Events
