FREE Training
This Wednesday, February 24
2 - 4 p.m. at SCAOR

Learn what every person in the real estate industry needs to know about the new rules from NAR's Ken Trepeta, Esq.
RSVP today at scaorstore.com >

HUD published a new final rule "To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs" mandating use of new Good Faith Estimate (GFE) and HUD-1 forms, along with several other important changes. These new requirements became effective on January 1, 2010.

Immediately after the Free RESPA training this Wednesday, the Affiliates are hosting a Meet & Greet. Come for the training. Stay to get to know your affiliates and fellow REALTORS^® at this FREE mixer. Light refreshments will be served.

Email Crystal@scaor.com to RSVP.

This Thursday, February 25
1:00 p.m. - 3:00 p.m.
at SCAOR

Would you like to learn shortcuts and helpful tools, best practices to properly search on InnoVia? Discover the tips and tricks with non credit MLS training by Rick Allamong. NO laptops please.

Register at www.scaorstore.com >
More seats added!.

Enjoy a day of Spring time!
Join SCAOR for a Trip to the...

2010 Flower Show "PASSPORT TO   THE WORLD"

Friday, March 5, 2010
$43 per person
8 a.m. Departure from SCAOR Office
Approx. return to SCAOR at 6 p.m.

Trip Includes: Bus transportation, admission to the 2010 Philadelphia International Flower Show and snacks on the bus.

Join us for this special event. Enjoy the landscapes, gardens and culture of flowers from all around the world.

Hurry ~ Limited Seating

Return attached flyer or email Crystal
to Register Today

Join us Friday, March 5 in Bethany Beach
for the

RPAC Ocean Jump 2010

9 a.m. - 4 p.m. Education Program
@ the Holiday Inn Express
4 p.m. - 6 p.m. Reception
@ the Addy Sea Bed & Breakfast

We JUMP at 4:30 p.m.

Full details and registration flyer >>

High numbers of distressed listings can create challenges for homebuyers using the home buyer tax credit before it expires April 30. (Transactions in process by that date have until June 30 to close). This FREE webinar will explore ways to overcome some of the most common hurdles to closing short sales and REO transactions in the remaining months before expiration of the tax credit.

Principal presenter is noted distressed-sale speaker Scott Thompson of ServiceLink and Mortgage Resolution Services.

Webinar is Thursday, March 25, at 3 p.m.
Register online >>

If you would like to attend the NAR Midyear expo May 12 in Washington D.C., and let SCAOR do the driving, email TracyLee@scaor.com. Please indicate the length of time you would like to attend the expo, which opens daily at 10 a.m. during NAR's Midyear convention.

Join us on a Trip to
New York December 8!
Tour the city or
see a Broadway musical.
Your choice!

Limited Seats Available,
Departure: 6:30 a.m. SHARP!
Register by emailing Crystal@scaor.com
or fax your form to the SCAOR office

Click here for the flyer >>

SCAOR follows the Sussex County Government for closings. If the County Government offices are closed, SCAOR is closed.

Are those Holiday pounds hanging around a little too long, and you'd like to join others in a challenge to lose a few pounds and help a good cause?

Join the SCAOR Biggest Loser Pound for Pound Challenge and let's kick a few pounds together!

Click here for full details >>

February classes are sold out.
Register now for the best selection of March classes.

Click here for elective online classes.
To save 20%, enter the promotional code upon checkout: FLIP20

Cracking the Code of Ethics, offered by the CE Shop, will satisfy an elective for the DE Real Estate Commission if completed before 4/30/10 for re-licensing AND fulfill your NAR Quadrennial requirement, due by 12/31/12. Once you receive your certificate, you will need to fax a copy of your certificate to SCAOR for your NAR record to be updated.

NEW FHA UNDERWRITING CRITERIA

On January 20, 2010, FHA announced major changes with its underwriting criteria, and a 1-year waiver on the 90 day resale restriction.

Read more:
FHA Policy Changes >>
New FHA Borrower Requirements >>
HUD Takes Action to Speed Resale of Foreclosed Properties, Press Release >>
FHA Waiver of Requirements >>

NEW RESPA RULES NOW EFFECTIVE

The RESPA changes in effect as of January 1, 2010 include:

• Good Faith Estimate: The new three page GFE, including disclosure of yield spread premiums and the tolerance restrictions, must be used.
• HUD-1: The new three page HUD-1 Settlement Statement, redesigned to look like the GFE with additional cross references and a "cross-walk" chart comparing charges in the GFE with the final charges.

For more on RESPA, attend the FREE February 24 Update.

Full Listing of Delaware Planning
News & Meetings >>

Fannie Mae is offering a 3.5% incentive for buyers who purchase and close on a Fannie Mae-owned home between January 28 and April 30, 2010. Buyers purchasing properties listed on HomePath.com that are closed within this period may receive up to 3.5% of the final sales price for:

• Closing costs;
• The purchase of new Whirlpool^® appliances by Fannie Mae; or
• A mix of closing costs and appliances, at the buyer's discretion, up to the maximum 3.5%.

To be eligible for this incentive:

• Offers must be accepted on or after January 28, 2010;
• Property sales must close before May 1, 2010; and
• Buyers must be owner-occupants (investors are excluded).

The incentive reinforces Fannie Mae's commitment to stabilizing communities and assisting buyers. For more information about this incentive, visit www.HomePath.com and read the press release on fanniemae.com.

Case #15-2: Intentional Misrepresentation of a Competitor's Business Practice

Following a round of golf early one morning, Homeowner A approached REALTOR^® X. "We've outgrown our home and I want to list it with you," said Homeowner A. "I'm sorry," said REALTOR^® X, "but I represent buyers exclusively." "Then how about REALTOR^® Z?" asked Homeowner A, "I've heard good things about him." "I don't know if I would do that," said REALTOR^® X, "while he does represent sellers, he doesn't cooperate with buyer brokers and, as a result, sellers don't get adequate market exposure for their properties."

Later that day, Homeowner A repeated REALTOR^® X's remarks to his wife who happened to be a close friend of REALTOR^® Z's wife. Within hours, REALTOR^® Z had been made aware of REALTOR^® X's remarks to Homeowner A earlier in the day. REALTOR^® Z filed a complaint against REALTOR^® X charging him with making false and misleading statements. REALTOR^® Z's complaint was considered by the Grievance Committee, which determined that an ethics hearing should be held.

At the hearing REALTOR^® Z stated, "I have no idea what REALTOR^® X was thinking about when he made his comments to Homeowner A. I always cooperate with other REALTORS^®." REALTOR^® X replied, "That's not so. Last year you had a listing in the Multiple Listing Service and when I called to make an appointment to show the property to the buyer, you refused to agree to pay me." REALTOR^® Z responded that he had made a formal offer of subagency through the MLS with respect to that property but had chosen not to offer compensation to buyer agents through the MLS. He noted, however, that the fact that he had not made a blanket offer of compensation to buyer agents should not be construed as a refusal to cooperate and that he had, in fact, cooperated with REALTOR^® X in the sale of that very property.

In response to REALTOR^® Z's questions, REALTOR^® X acknowledged that he had shown his buyer-client REALTOR^® Z's listing and that the buyer had purchased the property. Moreover, REALTOR^® X said, upon questioning by the panel members, he had no personal knowledge of any instance in which REALTOR^® Z had refused to cooperate with any other broker but had simply assumed that REALTOR^® Z's refusal to pay the compensation REALTOR^® X had asked for was representative of a general practice on the part of REALTOR^® Z.

Based on your understanding of the Code of Ethics Article 15, how do you think the Professional Standards Panel ruled?

Find out in next week's At a Glance!