Financial Reform Passes; HVCC to Sunset
President Obama signed into law the Wall Street Reform and Consumer Protection Act of 2010. NAR worked hard to ensure that the legislation would not adversely affect Realtors®.
The bill creates a "Consumer Financial Protection Bureau" to regulate a broad range of activities. NAR secured an exemption for real estate professionals performing traditional real estate activities from the jurisdiction of the CFPB, except to the extent they are acting in a financial capacity or are governed by existing laws such as RESPA that will now come under the auspices of the CFPB. Click here to learn about other provisions affecting the real estate and lending industry and for links to additional information.
Beware of Email Scams: Know Your Buyers!
NVAR has received information about an email scam that targets real estate attorneys and settlement companies. The emails are purported to originate from overseas buyers looking for a company with an escrow or trust account in connection with the purchase of real estate. The purchaser settles the transaction with a cashier’s check that is discovered to be fraudulent after funds have already been disbursed from the escrow account. Please be on high alert for these transactions.
2011 Online Dues Billing Begins August 2
Be sure to read all NVAR News bulletins for important information coming soon about the 2011 Online Dues renewal process.
Important dates to know:
Aug. 2: Dues Billing Period Opens
Sept. 30: Renewals Must Be Received
Oct. 1: Late Fee Imposed
Nov. 1: SentriLock Disabled for Non-Renewal
Report of Recommended Candidates from the 2010 Nominating Committee
The Nominating Committee recommends the following candidates for the 2011 NVAR Board of Directors:
Julia Avent*
Pat Kline*
Shane McCullar
Peter Rickert*
Chris Call*
Brian Block
Virgil Frizzell
Alicia Brown
Bob Adamson
Lorena Rios
Delk Hamaker*
Thai Nguyen
Suzanne Granoski
Kevin Lee
Click here to view photos and bios of the candidates.
*These candidates are incumbents and may be elected as 2011 officers of NVAR by the current Board of Directors. Therefore, their names may not appear on the ballot.
New NAR REALTOR Benefits® Program: Dental Insurance
NAR's Marketing and Business Development department is pleased to announce this exciting new benefit available exclusively to NAR members and Association staff. REALTORS® Dental Insurance has been custom-designed to offer affordable and valuable large group dental insurance benefits to NAR members and their families nationwide. Plans provide coverage for preventive, basic and major dental expenses with the dentist of your choice. There are four plans to choose from. Click here to learn more.
What’s New in Forms
The Seller’s Estimated Costs of Settlement (often called the Seller Net Sheet) and the Purchaser’s Estimated Costs of Settlement forms were recently updated to bring them into alignment with the new 2010 Settlement Statement (HUD-1). Most of the changes to the form involved renumbering the HUD-1 lines to correspond to the line numbers on the new HUD-1, however there are also some substantive and stylistic changes that are worth noting. Click here to read about those changes.
Input Needed for CRT Tech Survey
The Center for Realtor® Technology is currently administering its annual Realtor® Technology Survey, and encourages members to participate in the study. The purpose is to better understand technology trends among Realtors® and their use of technology. The findings will be shared via realtor.org in late September. One lucky respondent will be selected to win an iPad. The survey may be accessed through July 28 at www.crt.realtors.org/cms/surveys/start.
Virginia's 'Move Over' Law Expanded To Cover Tow Truck Operators, Others
In this year's legislative session, the Virginia General Assembly passed House Bill 1159, which broadened "move over" laws, intended to protect police officers and emergency workers engaged in enforcement or rescue work. As of July 1, the law now includes tow truck operators and highway workers.
Generally, theses laws are written so that a driver must change lanes to move away from the action or, if that's not possible, slow down. In Virginia, the only jurisdiction in the D.C. region with such a law, drivers must accommodate vehicles with flashing red, blue and now amber lights.
New Virginia Real Estate Laws In Effect July 1
Legislation passed earlier this year by the Virginia General Assembly took effect July 1. These laws include:
• a new disclaimer on wastewater management systems in the Residential Disclosure Statement;
• clarification on directional real estate sign posting and calling “Miss Utility”;
• more stringent requirements for obtaining a real estate license by reciprocity;
• an expedited process for brokers to resolve disputed escrow accounts;
• new regulations on Appraisal Management Companies (AMCs); and many more!
Click here to read the full list of new laws affecting your business.
5th Annual Appraisal Summit
For those who were in attendance at the Appraisal Summit on June 16, 2010 at the NVAR Herndon Center, click here to access the presentation from NVAR CEO Christine Todd.
NVAR Social Media Engagement Series - Promo Video!
Is Your License Current?
Don't wait until the last minute to satisfy your CED/PL requirements. This could result in an unintended suspension of your license and termination of NVAR membership and SentriLock access with a possible $52.50 reactivation fee.
Keep track of your renewal deadlines, complete classes prior to the month before your license will expire, and don't wait until the last days of the month to pay your fees. Allow at least four to five business days for DPOR to process credit hours and renewal payments. And remember: DPOR’s 30-day grace period only applies to payment of the renewal fee without incurring a late fee; your license is still expired and you are not permitted to practice real estate during that time.
Go to dpor.virginia.gov today to see what CED/PL credits are needed prior to license renewal. Then visit nvar.com and click on Education to choose the courses that will satisfy these requirements. Questions? Contact our Education Department (registrations@nvar.com; 703.207.3244) or our Membership Department (membership@nvar.com; 703.207.3256).
Short Sales Ethics Dialogue Group
Five local Realtor® associations formed a group to write a set of guidelines to help agents in dealing with short sales. (Read More)