Weekly Notices

Friday, February 13, 2015

Revocation of Counteroffer

The market is heating up and so is the speed of transactions, offers and counteroffers.

Both buyer and seller representatives will benefit from this week's video, featuring Annie Fitzsimmons, your Washington REALTORSŽ Legal Hotline lawyer.

See the six minute video online here:

Revocation of Counteroffer

Voice for Real Estate

The bi-weekly Voice for Real Estate industry video update from your National Association of REALTORSŽ looks at mortgage changes that aim to help households obtain safe and affordable financing for their home purchase, the status of federal rules on the commercial use of drones, and the solid end to home sales in 2014.

See the six minute video online here:

The Voice for Real Estate 16: Mortgage Changes, Drones

Open Enrollment Ends Sunday

The national Open Enrollment Period to secure health insurance coverage ends on Sunday, February 15th. After that day, you will be unable to enroll in an individual health plan without a qualifying event.

Remember, if you are without a qualified health insurance plan for more than 90 days in 2015, you may have to pay a tax penalty of up to 2% of your income.

NAR members may receive free personal assistance at 877-267-3752 or online here.

RESPA/TILA Changes

Now is the time to start thinking about the RESPA/TILA changes that will go into effect on August 1st.

There will no longer be Good Faith Estimates (GFEs) or Truth in Lending disclosures. Those two forms have been combined into a single "Loan Estimate" or "LE." However, this new form is not really an estimate in many respects since lenders will be held accountable to the exact charges listed and come within 10% on many of the others.

Also, the estimate must be given within three days after six items of information are collected: The consumer's name, income, Social Security Number, address of the property, estimated value of the property, and the loan amount. Since there is no "catch all" seventh item lenders will either collect less information up front or they will have to issue loan estimates fairly early in the process.

Read more about this issue online here.

REALTORSŽ Legislative & Trade Expo

The REALTORSŽ Legislative Meetings & Trade Expo is where NAR members take an active role to advance the real estate industry, public policy and the association.

Join us in Washington, DC, May 11-16, for special issues forums, committee meetings, legislative activities and the industry trade show.

Visit the event information and registration page online here.

2015 Real Estate Market Forum

Plan now to attend the 2015 Real Estate Market Forum, Thursday, February 26th, at the Coeur d'Alene Resort.

Come enjoy this SAR-sponsored event that shares the latest market trends forecast by local economic, development and real estate experts, and keynote speaker, Jim Hammond, City Administrator, City of Coeur d'Alene.

Download the event flyer (pictured above) for more information, online here.

Register with your credit card online now:

Lunch & Learn - Reverse Mortgages

Learn how to use a reverse mortgage to purchase a home. Important changes have been announced that you will need to know.

Monday, February 23rd (re-scheduled from January 26th)

Noon to 1:30 p.m.

at the SAR

Cost is $10; includes lunch provided by Banner Bank.

See the event flyer online here.

2015 REALTORŽ Education

CONTINUING EDUCATION

Quality of Education

through SAR/WR Education Instructors

Here is the latest class listing of your SAR - offering the best live and local continuing real estate education classes for 2015.

Click on each class title, underlined in blue, to bring up a flyer for that class - suitable for posting in your office.

Register for these classes online here:

Please be in touch with Debbie at the SAR if you have any questions about these classes or your license education requirements, by phone at 326-9222 or by email.

Code of Ethics - Standards for Success

Thursday, March 5 - Code of Ethics - Standards for Success - with Linda Miller.

This class is required for our new members within 90 days of joining the SAR. Members past their first license renewal may also take it or they may take a 4.0 clock hour Code of Ethics class.

A Code of Ethics class must be taken once every four years. This four year cycle started January 1, 2013 through December 31, 2016.

Registration: 8:15 a.m.
Class: 8:30 a.m. to 4:30 p.m.
at the SAR

7.5 clock hours

Thursday, March 12 - Land and Acreage 200: Rural Property - with Jim Palmer, Jr.

Registration: 8:15 a.m.
Class: 8:30 a.m. to 4:30 p.m.
at the SAR

7.5 clock hours

Current Issues in Washington Residential Real Estate

Tuesday, March 17 - Current Issues in Washington Residential Real Estate - with Sabrina Jones-Schroeder.

You must take this class ever two years for your renewal. See above for alternative offer of this class.

Registration: 8:15 a.m.
Class: 8:30 a.m. to 11:30 a.m.
at the SAR

3.0 clock hours

Journey into Construction Designs and Styles

Friday, March 20th - Journey into Construction Designs and Styles - with Arne Woodard.

Class includes a terrific complimentary binder full of pictures/information on home styles that will prove valuable for years to come!

Registration: 8:15 a.m.
Class: 8:30 a.m. to 4:30 p.m.
at the SAR

7.5 clock hours

Home Inspections - Red Flags and Proper Procedures

Home Inspections for REALTORSŽ and Appraisers

Tuesday, March 24 - Home Inspections for REALTORSŽ and Appraisers - with Matthew Pedersen.

This class is approved for both REALTORSŽ and Appraisers. Invite your favorite REALTORŽ/appraiser to join you!

Registration: 8:15 a.m.
Class: 8:30 a.m. to 4:30 p.m.
at the SAR

7.5 clock hours

Check your SAR REALTORŽ School education history online any time.

Visit the Member Portal (click on image above), click on Events and then pick Educational History.

This screen shows the name and date of the classes and the clock hours you have taken.

In This Issue

Revocation of Counteroffer

Voice for Real Estate

Open Enrollment Ends Sunday

RESPA/TILA Changes

REALTORS® Legislative & Trade Expo

2015 Real Estate Market Forum

Lunch & Learn - Reverse Mortgages

2015 REALTOR® Education

Check your SAR REALTOR® School education history

SAR CALENDAR

SAVE THE DATE: 2015 SAR Christmas Party

2015 SAR Special Events

Member 2 Member

ListHub Report for January

Market Activity Report - January

You Be The Judge - February

Member Roster Updates - NEW!

Suggestion Box

SAR CALENDAR

Click on the image below to see the current SAR calendar

showing dates and times of classes, committees and events.

SAVE THE DATE: 2015 SAR Christmas Party

Your 2015 SAR Christmas Party Committee is pleased to announce that it has selected Wednesday, December 9th, for our annual Christmas Party this year.

Please enter this on your calendar now so you don't schedule yourself for something else.

The event will convene at 4:00 p.m. and conclude at 8:00 p.m.

Details, including location, will be announced this fall.

2015 SAR Special Events

Three of our annual signature special events are off and running in the planning stages: 2015 SAR Third Grade Poster/Essay Contest, 2015 SAR Christmas Party and 2015 SAR Golf Tournament.

If you haven't signed up for any of these yet, just show up at the first planning meeting and engage with your colleagues to bring these great events to life:

NEXT WEEK!

2015 SAR Third Grade Poster/Essay Contest Committee kickoff: Tuesday, February 17th at 2:00 p.m. at the SAR.

2015 SAR Christmas Party committee kickoff: Monday, March 2nd, at 3:00 pm at the SAR.

2015 SAR Golf Tournament Committee kickoff: Tuesday, March 31st, at 2:00 p.m. at the SAR.

If you have any questions, please contact your 2015 SAR Special Events Committee Chair, Tanna St. Marie, Prime Real Estate Closing and Escrow, 466-9200.

Member 2 Member

Pat Isbell with Hilton Real Estate invites members to a free seminar on Washington State Housing Finance Commission (WSHFC) 100% financing on Wednesday, February 25th.

See the event flyer online here.

ListHub Report for January

See the January ListHub report, online here.

Market Activity Report - January

The SAR Market Activity Report for January is now online.

See the latest report - and archived reports - online here.

See the January 2015 summary report (pictured above) online here.

See the 2014 year-to-date summary report (pictured above) online here.

You Be The Judge - February

Here is You Be The Judge for February:

Case #6-6: Disclose Affiliated Business Relationships Prior to Recommending Real Estate-Related Products or Services.

Read the case and submit your judgement online here.

Those who decide correctly will be entered in a drawing for a Starbucks coffee card!

Winner to be announced next month.

Congratulations Jen Clemens, Keller Williams Spokane - Main, our January Starbuck's card winner!

JANUARY ANSWER
After all of the evidence and testimony was heard, the Hearing Panel went into executive session and concluded that while the Code of Ethics did not prohibit REALTORŽ B's offering to purchase property listed by him, REALTORŽ B had stepped out of his role as agent and had become a principal in the transaction.

Article 1 of the Code of Ethics requires the REALTORŽ to "protect and promote the interests of the client." Once REALTORŽ B expressed his interest in purchasing the property, he could no longer act as Doctor A's agent except with Doctor A's knowledgeable consent. This consent had not been granted by Doctor A. Further, REALTORŽ B's advice that Doctor A had no choice but to view REALTORŽ B as his agent and to compensate him accordingly had been incorrect and had been a decisive factor in Doctor A's decision to sell to REALTORŽ B.

The Hearing Panel also found that REALTORŽ B had significantly influenced Doctor A's decision as to the listing price with knowledge that he (REALTORŽ B) would like to purchase the property for himself.

Consequently, the Hearing Panel found REALTORŽ B in violation of Article 1.

From Case #1-22: REALTORŽ'S Offer to Buy Property He has Listed.

See the full text of last month's case, online here.

Member Roster Update

NEW!

Click here to view the latest Roster Update - listing new and resigned members and companies.

Click here to view the latest list of MLS Subscription Waivers approved by the SAR Board of Directors.

Send a message to Angie at the SAR with any changes.

Suggestion Box