| President's Message,
Libby Isaacson, ABRM, ESRES, GRI |
Dear Fellow REALTORS® and Affiliates,
I am pleased to congratulate Karl Martone on his role as our 2010 President of the Rhode Island Association of REALTORS®. I look forward to working with Karl and the Executive Committee at the Rhode Island Association of REALTORS® in the coming year!
I would like to share several highlights of the National Association of REALTORS® (NAR) 2009 REALTORS® Trade Expo and Conference recently held in San Diego, CA. The meetings produced some substantive changes and introduced the concept of some new technologies designed to keep REALTORS® on the forefront of the real estate transaction.
The REALTORS® Property Resource (RPR), part of NAR's Second Century Initiatives, was widely discussed at the conference. REALTORS® Property Resource (RPR), is an online national real estate library and archive that will provide real estate professionals with data on every property in the United States. According to the announcement, the national database of real property information will include "in-depth, trusted information on every parcel of real property including public record information, details of prior transactions, MLS-provided information, zoning information, transfer tax information, and other relevant information". We anticipate that RPR will be available to members in mid-2010.
House Logic, a public website created and launched in conjunction with the REALTOR® Property Resource, will also make valuable information available to consumers. The objective is to provide the public with accurate data, important news related to real estate issues and trends to keep the REALTOR® brand on the mind of consumers throughout the life-cycle of homeownership. A beta-site is available for your review by clicking here.
Important changes to our REALTOR® Code of Ethics came from the NAR Professional Standards Committee. The committee revised the Code of Ethics and Arbitration Manual to allow associations to use e-mail to deliver notices related to administration of professional standards enforcement. The committee also required that advertising by real estate "teams" meet the Code of Ethics "true picture" requirement by ensuring that firm names are displayed in a reasonable and readily apparent manner. The Committee also added a Standard of Practice, under Article 3 of the Code of Ethics, to address misuse of lock boxes and other concerns related to unauthorized access to listed property.
And lastly, Standard of Practice 11-1 was amended to provide flexibility in information provided when clients require opinions of value or price that don't include all the elements currently required under Standard of Practice 11-1.
In all, the meetings were constructive and collaborative. It was my honor to represent the members of the Greater Providence Board of REALTORS® and should you like to view other important business that transpired at the meetings, please click here.
Our Holiday Party will be held at the Providence Piers on Thursday, December 3, 2009. I hope to see you there to kick-off the Holiday Season!!
Sincerely,
Libby
Libby Isaacson
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2009 Holiday Party |
You are Cordially Invited to Attend...
The Greater Providence Board of REALTORS® Holiday Party
Cocktails and Dinner Buffet
When: Thursday, December 3, 2009
Time: 5:30 PM - 9:30 PM
Where: Providence Piers
Fabre Line Club
200 Allens Avenue
4th Floor
Providence, RI
$35.00 Inclusive
WE GRATEFULLY ACKNOWLEDGE OUR VERY GENEROUS SPONSORS
Accardo Law Office, Allied Home Mortgage,
American Home Bank, Citizens Bank Mortgage Group, Coastway Community Bank, Domestic Bank, Herbert H. Landy Insurance Company, Homestar Mortgage, Lepizzera & Laprocina, MultiState Title Company, Pawtucket Credit Union, Shamrock Financial, Webster Bank
Special Raffle to Benefit Crossroads
Rhode Island sponsored by Met Life Home Loans
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| Right Tools, Right Now Extended! |
NAR has announced that the Right Tools, Right Now initiative has been extended to 2010. NAR members can continue to take advantage of hundreds of NAR products and resources that can help their business now for FREE or AT-COST.
Click here to see some of the products and services offered. |
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REALTOR® Code of Ethics |
Know the Code
Duties to Clients and Customers
ARTICLE 1
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client. This obligation to the client is primary, but it does not relieve REALTORS® of their obligation to treat all parties honestly. When serving a buyer, seller, landlord, tenant or other party in a non-agency capacity, REALTORS® remain obligated to treat all parties honestly. (Amended 1/01) Copyright National Association of REALTORS®. Reproduced with permission.
In today's market, multiple offers on a single property can be challenging to a listing broker or a buyer's broker. NAR has produced a guide to assist you in handling multiple offers. Please click here for detailed information and helpful tools to assist you in your business practice. |
| The Distressed Property: An Overview of the Foreclosure, REO and Short Sale Process |
Join Attorney James Caruolo for this informative 3-Hour DBR Approved Core Course focussed on distressed properties.
Course Dates: January 5, 2010
or February 2, 2010
Time: 9 A.M. - Noon
Call the Board office at (401) 274-8383 to register. |
|
Washington Update |
On November 30, 2009, the Treasury Department released guidelines and forms for its new Home Affordable Foreclosure Alternatives Program (HAFA).
HAFA is part of the Home Affordable Modification Program (HAMP). HAFA provides incentives in connection with a short sale or a deed-in-lieu of foreclosure (DIL) used to avoid foreclosure on a loan eligible for modification under the HAMP program. HAFA applies to loans not owned or guaranteed by Fannie Mae or Freddie Mac, which will issue their own versions of HAFA in coming weeks.
HAFA is a complex program, with 43 pages of guidelines and forms, designed to simplify and streamline use of short sales and deeds-in-lieu of foreclosure.
HAFA:
Complements HAMP by providing a viable alternative for borrowers (the current homeowners) who are HAMP eligible but nevertheless unable to keep their home.
Uses borrower financial and hardship information already collected in connection with consideration of a loan modification.
Allows borrowers to receive pre-approved short sales terms before listing the property (including the minimum acceptable net proceeds).
Prohibits the servicers from requiring a reduction in the real estate commission agreed upon in the listing agreement (up to 6 percent).
Requires borrowers to be fully released from future liability for the first mortgage debt (no cash contribution, promissory note, or deficiency judgment is allowed).
Uses standard processes, documents, and timeframes/deadlines.
Provides financial incentives: $1,500 for borrower relocation assistance; $1,000 for servicers to cover administrative and processing costs; and up to $1,000 for investors for allowing a total of up to $3,000 in short sale proceeds to be distributed to subordinate lien holders (on a one-for-three matching basis).
The program does not take effect until April 5, 2010, but servicers may implement it before then if they meet certain requirements. The program sunsets on December 31, 2012.
Source: realtor.org |
| Technology Tip |
BEST IN SHOW -
Kodak ESP 9 Printer/Scanner/Fax
As a REALTOR® and a technology junkie, attending the REALTORS® Trade Expo and Conference this year was an amazing experience! My fellow co-workers and I were blown away by some of the options that the Trade Expo offered! We sampled the latest in real estate related technology and took advantage of the opportunity to ask hands-on related questions from the reps that were promoting their goods.
One product in particular caught the eye of Clarity Consulting, a participant at the conference and an independent information technology consulting company - the Kodak ESP 9 Printer/Scanner/Fax.
This printer is an All-In-One type device reasonably priced at $299. According to tests Clarity conducted before the show, this printer/scanner/fax machine is easy to use and the WI-FI connectivity makes it fantastic for laptop users to print from anywhere in the home or office. We know that printer cables are a thing of the past! But it was the dramatic cost savings on ink that makes this product much more attractive than the competition!
For more information about this product click here. | |
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REALTOR® Karl Martone installed as the 2010 President of
RI Association of REALTORS® |
Karl Martone,
Broker-Associate
RE/MAX Properties |
The RI Association of REALTORS® will be led by Karl Martone in 2010.
Karl, a Broker-Associate with RE/MAX Properties in Smithfield, was the 2004 President of the Greater Providence Board of REALTORS®, 2006 President of State-wide MLS and has served on the RIAR Executive and Finance Committees in the past several years.
Karl was installed at the RIAR Installation of Officers and Directors held at the
Alpine Country Club on
October 22, 2009.
Congratulations
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The Herbert H. Landy Insurance Agency is a national leader in providing Errors & Omissions insurance to Real Estate Agents & Brokers and Appraisers. With over 50 years of experience, we know the business of insuring Real Estate professionals. The Landy Agency is affiliated with professional associations throughout the United States, and we are particularly proud to serve the members of the Greater Providence Board of REALTORS®.
We are pleased to introduce into Rhode Island the Realty Express E&O plan. Designed for smaller firms, it features a simple application process and very competitive rates. Apply online at www.landy.com and receive your policy the same day! Larger firms will also benefit from new lower premiums as well as enhancements to our already great coverage. Visit www.landy.com for information and applications, or contact John Torvi at 781-292-5417 or johnt@landy.com, for personal service. We also have E&O plans for Home Inspectors, Mortgage Brokers, Property Managers and Title Agents.
Visit our website at www.landy.com to learn more about us.
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| The Real Estate Professional
Available Online |
The Herbert H. Landy Insurance Agency, in association with the Greater Providence Board of REALTORS®, is pleased to offer GPBOR members an exciting, complimentary subscription to the acclaimed online edition of The Real Estate Professional magazine. Since 1977, it has been the nation's leading career-advancing publication for real estate brokers, agents and allied professionals.
You have direct access to this virtual library of the best thinking of some of the best minds in real estate.
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Click here to view your complimentary copy.
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GPBOR Offers Code of Ethics Training |
Jump start your 2010 continuing education requirements with this 3-hour CORE Course!
Join instructor Dean deTonnancourt as he takes you through the REALTOR® Code of Ethics and offers helpful insight on real estate practices that will keep you on the right track!
The course will be offered at the Board Office on
Friday 12/4/2009
1 P.M. - 4 P.M.
Thursday 1/21/2010
9:00 A.M. - Noon
Monday 1/25/2010
3:00 P.M. - 6:00 P.M.
Wednesday 2/10/2010
9:00 A.M. - Noon
Thursday 2/11/2010
3:00 P.M.- 6:00 P.M.
Wednesday 3/10/2010
9:00 a.m. - Noon
Monday 3/15/2010
3:00 P.M. - 6:00 P.M.
Registraton: $30 for members or $40 for non-members (includes course, materials and 3 RI DBR Approved CEUs toward you 2010 real estate license renewal).
Here's what people are saying about the class:
"Great Class!"
"Informative Instructor"
"Really kept my interest"
"Good Job!"
To Register: call the Board office at
(401) 274-8383 or click here
and be prepared to register
with your REALTOR.org
User Name and Password.
This course may also be applied to the required training on the Code of Ethics which all members must complete for the Third Quadrennial (1/1/2009 - 12/31/2012). |
| Save the Date |
Celebrating a Tradition of Excellence since 1907!
The Distressed Property:
An Overview of the Foreclosure, REO & Short Sale Process
1/5/10 from 9 A.M. to Noon
or 2/2/10
from 9 A.M. to Noon
Board office
(certified for 3 core CEH's)
New Member Orientation
Wednesday, 1/13/2010
9:30 - 10:30 am
Board office
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We are here to provide you with the highest quality professional services at the Greater Providence Board of REALTORS®. Contact us at:
(401) 274-8383
Michele Caprio, CEO
Suzanne Silva, CFO
Beth McSherry, Executive Administrator
Keep us up-to-date with your email address... so we can keep you up-to-date! | |
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