KAR Real Estate Report

Highlights from KAR Summer Meeting

BOD Action Items

At the recent KAR Summer Business Meeting, members had the opportunity to learn more about square footage representation in MLS listings from a panel of professionals from across the state, share in an smart phone app session and enjoy Bar-B-Q while netowrking with other members. At the close of the meeting, during the BOD meeting, several important action items were presented:

- Motion made and carried to add a one-time special assessment to the KAR 2011 dues in the amount of $25.00 for the specific purpose of increasing the issues mobilization reserve fund.

- Motion made and carried to consider placing $100,000 of KAR reserves into NAR's Federal Credit Union.

- Motion made and carried to maintain approximately three months of operating funds in the two operating accounts (Central Bank and Smith Barney FMA), to hold the remaining funds for the current year in Smith Barney GSM account. Following review of the final, year-end financial statements, the investment sub-committee will determine if any excess cash can be transferred to the Smith Barney Investment account in accordance with the investment policy.

- Motion made and carried that if NAR officially supports a National Open House Weekend in 2011, KAR will be a participant.

- Motion made and carried that KAR actively pursue blog concept as delivery for valuable information to KAR members and report back at Convention.

- Motion made and carried to use Virginia Lawson as trainer for the 2011 Professional Standards training. Locations for the training will be in Lexington, Louisville and Madisonville, KY in January or February 2011.

- Motion made and carried for KAR to work to repeal KRS 324.2812 in the Kentucky Statutes which states the following: The commission does not regulate nor have jurisdiction over community management associations.

- Motion made and carried to determine the appropriate method for eliminating fees for tax assessments and county clerk records which should be available at no cost under the KY open records law.

- Motion made and carried for Brenda Loyal to fill the vacancy of Dot Miller, term ending 2012, as RPAC Trustee.

Items of note:

KAR approved two (2) Ira Gribin Workforce Housing grant applications - LBAR and GLAR - for a total of $80,000. Each was approved for $40,000. These will now be sent to NAR for a final decision/approval.

See photos from the meeting