News from GPBOR

The old agency law was confusing and no longer consistent with changing market conditions and business practices. Rhode Island was the only state in the country with a law that favored sellers by presuming that all real estate licensees represent the seller unless there was an agreement in writing to the contrary. Practices under the old law, such as subagency and vicarious liability, placed real estate licensees and consumer at risk, which is why we needed to change our laws.

Who wrote this legislation?

In 2005, Michael Young, the President of the Rhode Island Association of REALTORSŽ (RIAR), created an Agency Task Force, which spent two years researching and discussing laws from other states and wrote legislation that was approved by the RIAR Board of Directors. In early 2007, Rep. Picard (D-Woonsocket) and Sen. Walaska (D-Warwick) filed the legislation. After the legislation was filed, the Rhode Island Real Estate Commission, Rhode Island Department of Business Regulation, individual REALTORSŽ, real estate companies, attorneys, the Rhode Island General Assembly and the United States Justice Department all proposed amendments to the legislation.

Have other states changed their agency laws too?

According to the National Association of REALTORSŽ, 94% of all states plus the District of Columbia have made changes to their agency laws since 2004. 60% of states, plus DC, allow the practice of designated representation. This includes Connecticut, Massachusetts, Maine, New Hampshire, and Rhode Island. 52% of states, including the District of Columbia, allow for some version of a neutral transaction facilitator. This includes Massachusetts, Rhode Island, and Maine.

What will the new agency law do?

●Eliminate subagency and vicarious liability.

● Eliminate the legal preference for sellers.

● Treat all consumers more fairly by eliminating the presumption that all real estate licensees represent sellers.

● Allow real estate licensees to work with consumers as a neutral transaction facilitator who provides basic level services, such as handling paperwork and showings, without representing the consumer.

●Replace company dual agency with "designated representation" which allows a seller or buyer to choose to receive full representation and help with negotiations and advice even when his/her representative and the listing broker work for the same company.

● Eliminate the requirement to provide an agency disclosure form to each listing broker for every property that the buyer visits.

Keep in mind that these regulations will apply to transactions in residential and commercial sales and rentals.

How can I learn more about the new agency law?

2008 Updates to the REALTORŽ Code of Ethics

As Board members, you adhere to the National Association of REALTORS'Ž Code of Ethics, which is based on professionalism and protection of the public. This also makes good business sense as it promotes your integrity as a real estate professional and commitment to the highest level of service you can offer your clients. Share your dedication to these standards by promoting it with your clients and business associates with this brochure, which can be customized with your name and business.

Later this month the 2008 Code and Standards of Practice will be available on the Board's website. NAR will publish it in English, Spanish, Vietnamese, Chinese, Korean and Tagalog. The Code will be updated to incorporate revisions approved at the National Convention in November. Those changes included:

A re-writing of Article 12 to ensure that the "true picture" test applies to all REALTORŽ communications, including those made electronically (i.e. the Internet, email, text messaging or through other methods). Article 12 will now read:

"REALTORS^Žshall be honest and truthful in their real estate communications and shall present a true picture in their advertising, marketing and other representations. REALTORS^Žshall ensure that their status as real estate professionals is readily apparent in their advertising, marketing and other representations, and that the recipients of all real estate communications are, or have been, notified that those communications are from a real estate professional."

The adoption of a new Standard of Practice related to Article 12 in order to ensure that REALTORSŽ present a "true picture" in the URLs and domain names. The Standard of Practice is numbered as 12-10 and will read as follows:

REALTORS^Žshall not:

1) use URLs or domain names that present less than a true picture, or
2) register URLs or domain names which, if used, would present less than a true picture.

If you have any question regarding the application of these changes, please contact the Board Office at

(401) 274-8383.

Richard Shein named REALTORŽ Emeritus by the National Association of REALTORSŽ

Congratulations to Richard Shein, Principal Broker of the F. Richard Shein Agency in Providence. Richard was awarded REALTORŽ Emeritus status by the NAR last month. This class of membership is available to any person who has held membership in the National Association of REALTORSŽ for a cumulative period of 40 years or more in one or more Association of REALTORSŽ. Richard has been an active member of the Board's Grievance and Professional Standards Committees and has served as an instructor at our New Member Orientation classes.

Richard joins

Thomas R. Little of Century 21 TR Little, Salvatore B. Moio of Henry W. Cooke Company, Joseph Paolino, Sr. of Joseph R. Paolino Agency and Saul Spitz of Spitz-Weiss REALTORSŽ in the REALTORŽ Emeritus class.

Free Seminar

offered on

January 25, 2008

The Economic Outlook
for 2008

Stephen Andrews, Chief Economist for Sovereign Bank will offer valuable insight into the expectations of the Rhode Island Real Estate Market in 2008. Take advantage of this opportunity to gain practical knowledge to better assist your clients and gain a competitive advantage!

Join your fellow REALTORSŽ on

January 25, 2008

10:00 AM

The Warwick Showcase

Cinema located at 1200 Quaker Lane in Warwick

Sponsored by the Greater Providence Board of REALTORSŽ and Sovereign Bank

Take advantage of this valuable member service by registering at

reservations@gpbor.com or by calling

(401) 274-8383.

2007 Circle of Sales Excellence Awards
Celebrate on

March 20, 2008

Deadline for participation is January 31, 2008

3PM

On March 20, 2008

we will celebrate

'Parti-Gras' at Rhodes on the Pawtuxet to honor the 2007 Circle of Sales Excellence Awards Recipients.

The awards criteria has been sent to all of our members in the mail and is also available in downloadable format on our website.

Please note that there have been several changes this year. The process has been simplified! The Certification Worksheet is now for Non-MLS Properties only. Please read and carefully follow the instructions to compile the Market Award Report for both the listing and selling sides. Your total volume will include the total from your Non-MLS Certification Worksheet, your listing volume and your selling volume from your MLS Market Award Reports.

The applications and all required documentation are due at the Board office by 3:00 p.m. on
January 31, 2008.

If you have any questions about completing this material, please do not hesitate to contact the Board office at

(401) 274-8383.

Technology Tip from
Mike Pereira, Chair

GPBOR Technology Committee

Get Connected with
e-PRO Certification and earn

12-Hours of DBR Approved Continuing Education!

Our challenge as REALTORSŽ in 2008 and beyond is keeping up with consumers who are connected to increased information and resources that technology offers. Our clients have expectations that their real estate professional is on top of these developments!

More of our business is becoming on-line based.

e-PRO is a NAR endorsed certification, that you can use to ensure that you are using your technological resources for maximum exposure to customers and clients at minimum risk.

Your e-PRO Certification tells your clients and customers that you belong to a community of REALTORSŽ dedicated to increased professionalism on the Internet. The knowledge you will gain from participating in this program is practical, cost effective and you will see results in your business!

Stay at the core of the transaction with these tools:

Requirements and Options to Get Connected
E-mail Communication and Marketing Practices
WWW Marketing Strategies and Practices
Creating and Maintaining Personal Technology Plan of Action and your Internet Marketing Plan

Make this program a part of your 2008 goals! To register, please click here!

Reach your Goals in 2008 with The Pacific Institute

Don't let your New Year's Resolutions get Away!

The Pacific Institute, an international corporation specializing in personal and organizational performance improvement and professional growth, offers REALTORSŽ a solution to improve both their business and personal lives. NAR members receive 10% off the suggested retail price of IIE-Today -- a personal, desktop-based learning system that combines decades of research and experience into 25 powerful, five- to ten- minute video-facilitated lessons. Additionally, facilitation services customized, corporate performance solutions through the The Pacific Institute will also be offered to NAR members at a 10% discount.

Learn more

Save 10%

Now through the end of January, the Greater Providence Board of REALTORSŽ is offering a 10% discount on our ''Disclosure Regarding Agency Relationship" forms. These forms, which must be provided to both sellers and buyers, are available through our bookstore! If you would like to place an order, please contact the Board office at (401) 274-8383 or email your order to forms@gpbor.com.

Did you know that the Board has a number of real estate forms available for sale to its members? To view a list of our products, click here. Minimum order is 25 and sales tax and shipping charges will be added to your invoice.

Offer Expires: January 31, 2008