June 1, 2007

 

Join the celebration at the Rehoboth Beach Country Club 12 noon - 2 p.m. ~ This Tuesday, June 5th  Our distinguished ROTY nominees this year are:  Rick Allamong, Coldwell Banker Residential Brokerage Steve Alexander, Seacoast Realty Judy Dean, Long & Foster Kevin Jefferson, Home Team Realty Trina Joyner, Home Team Realty Bill Lucks, Commercial Sales Group Judy Rhodes, Callaway, Farnell & Moore    Our Good Neighbor nominees are:  Suzanne Landon, Jack Lingo REALTORS® Mary Ann Slinkman, Realty Executives   SCAOR President, Rob Harman, will also present two special achievement awards, the President's Award of Recognition and the Lifetime Achievement Award. Guests and Family Welcome — Buy Your Tickets Now! Please plan to join us in celebrating the excellence and dedication put forth by each of our nominees. See attached registration form - or register online!

Affiliate Sponsors Needed It's not too late to sponsor the ROTY luncheon. This is a great opportunity to network with our REALTOR® members. For more information see the attached letter or call the SCAOR office at 302-855-2300 no later than 12 noon on Monday, June 4th.

 

The Affiliate bus trip is now sold out. If you would like to be placed on the wait list, please call the SCAOR office at 302-855-2300. If you have already registered for the trip and are unable to attend, please call our office as soon as possible. We will only refund your money if we can find someone to purchase your ticket.

 

SCAOR is calling all writers to consider becoming part of our "writers' guild". You can become part of our "crew" to help create and write articles for publication. You may write on one topic, write one time, or write on a regular basis. The President's Advisory Group for Public Relations is recruiting articles on topics such as: Why use a REALTOR^® , Buyers' Market, Foreclosure, REALTORS^® build communities, Local REALTORS^®, not long distance relationships, and REALTORS^® and Builders are teaming up.

If you have a topic of interest, we're not picky; however, your work may be edited for print. Submit your article or ideas to TracyLee@scaor.com.

 

1031 EXCHANGES QUIZ

With a better understanding of Section 1031 of the Internal Revenue Code, you can help clients hang on to their wealth and defer capital-gains taxes by reinvesting proceeds from the sale of a business or investment property. In the meantime, you may even open the door to a new niche. This quiz, developed with the help of experts at Miami-based Bayview Financial Exchange Services, will help you get started.

Take the Quiz Here >>

 

You should be busy but not so busy that you don't take care of yourself. Eating right may be at the bottom of your to do list; however, it should be at the top of your list. SCAOR has arranged a short session to help keep you in good shape. This session is FREE to all SCAOR members.

"Grab and Go" Nutrition for busy people with Dr. Anna Henderson, Nutritionist and SSU Professor, on June 14^th at 5 p.m. at the SCAOR office. Learn how to create your healthy menu and guidelines based on "sound" advice. Bring a calculator to create your personal plan.

 

NAR has released a consumer brochure, "Learn How to Avoid Foreclosure and Keep Your Home," to help homeowners navigate their options when they experience difficulty staying current on their mortgage payments. The brochure is fifth in a series of consumer education brochures. SCAOR has ordered brochures.

 

Sales of existing homes declined in April, largely the result of tighter lending standards and a drop in the number of subprime mortgage products, NAR says. Total existing-home sales, including single-family, townhomes, condominiums and co-ops, fell 2.6 percent to a seasonally adjusted annual rate of 5.99 million units in April from an upwardly revised level of 6.15 million in March, and are 10.7 percent lower than the 6.71 million-unit pace in April 2006. "We've been anticipating slower home sales because many subprime loan products are no longer available," says Lawrence Yun, NAR senior economist. "In addition, increased scrutiny by lenders is stopping risky mortgage origination, which is good for both consumers and the lending community. Fortunately, a wide availability of conventional mortgage products and the 4.5 million jobs created over the past 24 months will help to stabilize the market." A summary of the findings is online.

 

The typical REALTOR^® is 51 years old, works 40 hours per week, and has been in the business for seven years, according to NAR's 2007 Member Profile. Median income was $47,700 in 2006, down from $49,300 in 2004. Members licensed as brokers earned a median of $73,700 last year, while sales associates earned $34,600. During the last two years, NAR membership increased 23.2 percent. Paul Bishop, NAR's manager of real estate research, said member growth is distorting the data. "With rapid member growth in recent years, newcomers--those in the business for two years or less--now account for nearly a quarter of all REALTORS^® and are diluting median income," he says. The report is available online at REALTOR.org.

 

Article 12
REALTORS^® shall be careful at all times to present a true picture in their advertising and representations to the public. REALTORS^® shall also ensure that their professional status (e.g., broker, appraiser, property manager, etc.) or status as REALTORS^® is clearly identifiable in any such advertising. (Amended 1/93)

Standard of Practice 12-8
The obligation to present a true picture in representations to the public includes information presented, provided, or displayed on REALTORS^® websites. REALTORS^® shall use reasonable efforts to ensure that information on their websites is current. When it becomes apparent that information on a REALTOR's^® website is no longer current or accurate, REALTORS^® shall promptly take corrective action. (Adopted 1/07)

Standard of Practice 12-9
REALTORS^® firm websites shall disclose the firm's name and state(s) of licensure in a reasonable and readily apparent manner. (Adopted 1/07)

Websites of REALTORS^® and non-member licensees affiliated with a REALTOR^® firm shall disclose the firm's name and that REALTOR's^® or non-member licensee's state(s) of licensure in a reasonable and readily apparent manner. (Adopted 1/07)

Standard of Practice 12-10
REALTORS^®, obligated to present a true picture in their advertising and representations to the public includes the URLs and domain names they use, and prohibits REALTORS^® from:

1. engaging in deceptive or unauthorized framing of real estate brokerage websites;
2. manipulating (e.g. presenting content developed by others) listing content in any way that produces a deceptive or misleading result; or
3. deceptively using metatags, keywords or other devices/methods to direct, drive, or divert Internet traffic, or to otherwise mislead consumers. (Adopted 1/07)

Standard of Practice 12-11
REALTORS^® intending to share or sell consumer information gathered via the Internet shall disclose that possibility in a reasonable and readily apparent manner. (Adopted 1/07)

 

Receive Showing Notifications by E-mail
SentriLock users can now receive showing notifications by e-mail. You can elect to receive the notifications as they are reported to the SentriLock server or to receive all reported notifications at a specific time each day.

Read More at the SentriLock Q&A >>

 
Congratulations to our SentriSecure Offices!

SentriSecure Brokerages as of 5.31.07 >>

Brokerages with Combo Boxes as of 5.31.07 >>

 

June 4^th - June 28^th Delaware News & Meetings Posted

 

Each week we will be covering a portion of the "MLS Rules and Regulations." To be on the SAFE SIDE, please review the rules each week to eliminate errors in the system which could lead to MLS violations and fines. These rules and regulations have been submitted and reviewed by NAR and are in full compliance with National Association policy.

HEARING REQUEST

Any Participant, having reason to believe that the fine imposed on that Participant by the Service is without merit, may file an MLS Compliance Hearing Request form. The request for a Hearing must:

1. include proof of correction where applicable;
2. include copies of any relevant documents;
3. include payment of assessed fine;
4. be sent to the SCAOR Executive Officer within twenty (20) days after the MLS Listing Complaint & Fine Notification.

The Hearing will be held by the MLS Hearing Committee, consisting of five (5) members of the MLS Committee. If the outcome is not satisfactory to the Participant, the Participant may request a hearing before a panel of the Board of Directors. The decision by the Board of Directors will be final. The hearing will be held within sixty (60) days of the date of the filing.

 

Transactions Covered
The Buyer Property Protection Act requires the seller to give a disclosure report to buyers of residential real property. Residential real property means property improved by dwelling units from 1-4 families. (2571) This applies to transfers by sale, exchange, installment land sale contract, lease with an option in purchase, or ground lease of a manufactured housing lot or residential lot, improved with dwelling units for 1-4 families. (2576) The law covers existing home and new construction. However, a sale and settlement of a lot without a dwelling is not covered. But a sale of a lot with a home to be built, is covered by the law because at settlement it is not just the lot but also the dwelling that is conveyed. Commercial and industrial properties are exempt. The law also excludes 9 other types of transfers of residential property. (2577)

1. Transfers governed by the Delaware Out-of-State Land Sales and Promotions Act.
2. Transfers ordered by a Court.
3. Transfer from a borrower to a lender by a deed in lieu of foreclosure.
4. A Sheriff's sale.
5. Transfers by a Fiduciary in the course of administrating an estate, guardianship or trust.
6. Transfers from one co-owner to another co-owner.
7. Transfers made to a spouse or a blood relative of the seller.
8. Transfers made between ex-spouses as part of a property settlement from a divorce.
9. Transfers to or from any government entity.

 

 

© Copyright 2007 Sussex County Association of REALTORS^®
23407 Park Ave., Georgetown, DE 19947, USA
Phone (302) 855-2300  ~  Fax (302) 855-2319  ~  info@scaor.com  ~  www.scaor.com