August Broker Newsletter

MLS Data Profile Sheet is a required document because it establishes a standard of expected care in the industry for two reasons: first, from an E&O perspective it is a state document; from a fiduciary perspective it contains numerous items of information about the property that we as REALTORS are expected to know. Therefore if we dont ask the client and allow them to tell us, we take on significant liability for misrepresentation, and it may also be construed as not upholding our clients best interests.

Q. WHAT IS THE EASIEST WAY TO SATISFY THIS REQUIREMENT?

There is a little known secret when entering a listing into the MLS!

A1. BEST PRACTICE: You do not need the ARMLS data profile sheet completed at the time you have the client sign the ER. Once back at the office, when you are entering the listing as you normally would, once ALL the fields have been selected and the public remarks are complete save the listing as INCOMPLETE. Then once you elect to print the listing information you just entered ("data profile sheet") it will ask if you want to add signature lines, select yes, then print it or email it to yourself. Add the document to docusign or attach it to and email and send it to your client. Ask them to return it to you once signed!

A2. If you want to bring a copy to your listing appointment following these instructions: Enter the minimum property information and save the listing as INCOMPLETE, select to print the profile sheet, click yes, it asks if you want to add client signature lines, check yes, then print.

Once you print the profile sheet you can bring it with you to the listing appointment to discuss with your client. If you follow the A2 method the public remarks will not be completed when teh client signs the profile sheet therefore you will need them to sign an MLS Copy showing the remarks. - - OR - - follow A2 then follow A1.

Hope this helps.

June Professional Standards

Issue of the Month

Commission-ectomy

On a short sale can a bank demand a reduction in the brokers commission as a condition of acceptance?

No - If the loan(s) is a Fannie Mae or Freddie Mac loan the lender cannot make the acceptance of a short sale agreement contingent on the brokers reducing their comission!

Lets look at the documents to support this - If you should encounter a Bank/Seller who attempts to modify your commission send them the information found on the links below.

March 2009 Fannie Mae Announcement- Fannie Mae announces that a bank may not condition the approval of a short sale on the reduction of a brokers commission if the loan is backed by Fannie Mae - To check if your client has a Fannie Mae loan click here

August 2009 Freddie Mac Bulletin - Freddie Mac announces that a bank may not condition the approval of a short sale on the reduction of a brokers commission if the loan is backed by Freddie Mac - To check if your client has a Freddie Mac Loan click here

Without regard to the above mentioned letters NO listing broker may modify your commission once you have submitted an offer to the listing broker per the NAR Code of Ethics Article 3.

The Arizona Department of Real Estate indicates that controversies cannot interfere with the transaction however they dont expect you to work for free!

A.A.C. R4-28-1101 (d)

"A licensee shall not allow a controversy with another licensee to jeopardize, delay, or interfere with the initiation, processing, or finalizing of a transaction on behalf of a clien"t. However it goes on to say... "This prohibition does not obligate a licensee to agree to alter the terms of any employment or compensation agreement or to relinquish the right to maintain an action to resolve a controversy.

NAR Code of Ethics Article 3, Standard of Practice 3-2

To be effective, any change in compensation offered for cooperative services must be communicated to the other REALTOR® prior to the time that REALTOR® submits an offer to purchase/lease the property.

If you have any questions with regard to this post please contact Todd Menard at broker@realtyrevelation.com

Agent Incentive Programs

PROPERTY MANAGEMENT
We have a full service property management division at West USA Realty Revelation to help your clients realize their goals. Our services include all aspects of management provided at competitive rates by a professional management staff.

Receive a $75 referral fee when your client signs on with our team, and then when their home is rented, you also receive 10% of the management fees collected each month.

Contact:

Debbie St. Germain, Property Manager
info@revelationrentals.com

(480) 338-7024

AGENT INVITATIONS

Invite other agents to make an appointment with Jon to visit our office and talk about signing up with West USA Realty Revelation and receive $25 credit on your account for each person, whether or not they sign up.

Contact:

Jon Sherwood, Team Leader

480-355-0413 Direct
480-766-6245 Cell

jon@realtyrevelation.com

Who Do I Ask?

If your question is not answered here please contact the front desk

office@realtyrevelation.com

Broker Questions

When you have a broker question you have many choices. Please follow the following procedure:

1. Email questions to Broker@RealtyRevelation.com

Emails are returned throughout the day

2. Call the Broker HOTLINE 480-532-8363

Call are returned in the order received.

Calls are answered immediately

Leave a detailed message if you get voicemail

3. If your question is an emergency

a. and you have contacted the broker HOTLINE and received the voicemail

b. Call Chuck or Angela Fazio.

Chuck - 480-570-8020

Angela - 480-570-8070

SureClose Questions

ONLINE TRAINING
Look on the class calendar for the group class. All agents need to take this class.

www.RevelationOnlineTraining.com

COVERSHEETS
If you filled out the coversheet, we will have it set up within ONE full business day. If you do not see your file set up, there is a problem - OR - if your file IS set up but you do not see your coversheet uploaded, email Officegc@RealtyRevelation.com so that we can correct that.

USERNAME/PASSWORDS

If you need your username and password for SureClose resent to you, email Office@RealtyRevelation.com.

BROKER REVIEW
If you have uploaded your paperwork and more than 2 business days have passed and your file does not look reviewed, email Broker@RealtyRevelation.com so that we can help.

Billing Questions

Email billing questions to Admin@RealtyRevelation.com

Boomtown and Leads

You can email Jacque at Jacque@RealtyRevelation.com or give her a call at 480-980-9025.

Commission Checks - Where do I pick them up?

At the Front desk after 4:30pm

Commission Checks - Requirements? And Contract Requirements During the Transaction

First check your SureClose file for requirements and upload any missing documentation. Using the Activities Tab send a message indicating that all broker requried documents have been uploaded. Your file will be reviewed and your check released. If you still have questions, email Broker@RealtyRevelation.com

I need a Broker Signature!!

You can email, fax or docusign to Broker@RealtyRevelation.com However, if you do not receive a reply within 24 hours please call the Broker Hotline.

If the signature that you need is a LIVE signature (for HUD contracts etc.) come in to the office and give them to Meghan. She will either have it signed immediately or will notify you as soon as it is signed.

Where do I find...NAID#, EIN#, W-9, copies of the Brokerage Licenses etc

We have this information and much more in SureClose. Look under your Generic Files. Spend some time getting to know what's in this resource. It can save you time and effort.

If I am having computer problems, do you have someone I can call?

If you cannot get the office print driver uploaded properly to your computer, you can call Ruben at 480-452-4200. For $25. he will help you get the driver installed properly remotely. He is also for hire for other computer issues you may be having. Prices vary.

******************************************