Weekly Notices

Friday, July 24, 2015

Statewide Forms Revisions - TODAY

TODAY!

Statewide forms revisions take effect today, July 24, 2015.

These should be available online by the time you read this.

Meanwhile, the North West Multiple Listing Service (NWMLS) posted two bulletins, last week, to help you prepare for the changes. A packet of sample forms is also available for your review.

See the bulletins and sample forms by logging in to your MLS Dashboard and selecting Printable RE Forms from the dashboard (see image above).

Go there now: http://sar.paragonrels.com

Statewide Forms Revisions Video Series

The Statewide Forms and the NWMLS Forms change today, July 24, 2015.

To help you get acquainted with the forms, your Washington REALTORŽ Legal Hotline Attorney Annie Fitzsimmons presents a series of videos to explain the impact of the changes on your business.

This week, we present the second video in this series, which specifically covers Form 17.

Watch the four-minute video online here:

Forms Revisions #2

In case you missed it last week, the first video in Annie's series covers changes to Form 22A.

Watch the 12-minute video online here:

Forms Revisions #1

NOTE: Washington REALTORSŽ typically posts its weekly videos every Friday afternoon. This happens after we send you the Weekly Notices every Friday morning.

If you are eager to get these videos the minute they are posted online, please visit the WR YouTube page directly, online here.

We will continue to feature these videos, as they become available, here in the Weekly Notices so you won't miss them either way.

Notification of Bylaws Vote

The Board of Directors of the Association is submitting to the membership at the August 27, 2015, general membership meeting a proposed Bylaw change.

The proposed Bylaw amendment revises the qualifications for running for the position of SAR Director.

See a redline markup of the proposed changes (pictured above), online here.

Condolences

The SAR extends its condolences to the family and friends of Frank Burger, formerly of Coldwell Banker Tomlinson North.

Frank passed away on Sunday, July 19th.

Services will be held on Tuesday, July 28th at 11:00 a.m. at St. Aloysius Church, 330 E. Boone.

There will be a reception following the service.

As a result of an ill timed venture in the restaurant business, Frank was bankrupt. An account has been set up at Banner Bank, account #115000 18008, to help pay for funeral expenses.

Positive but Longest Session

The 2015 session of the Washington State Legislature was a very positive one for Washington REALTORSŽ, despite being the longest session on record.

Read a wrap up on this year's session from a REALTORSŽ point of view from your Washington REALTORSŽ Government Affairs Director, Nathan Gorton, online here.

The Voice for Real Estate

The National Association of REALTORSŽ presents here its bi-weekly roundup of the news that affects the industry and your business.

This edition features:

Little or no impact on real estate deals from Supreme Court's disparate impact ruling
Pending sales up for fifth month in a row and now at highest level since 2006
1 in 6 transactions wouldn't have happened without 1031 exchanges, NAR research shows
Live webcast on closing process changes

Watch the six-minute video online here:

The Voice for Real Estate #26

Integrated Disclosure Start Extended

The Consumer Financial Protection Bureau has announced that its Know Before You Owe mortgage disclosure rule has been extended and will now take effect October 3rd.

The previously announced date was August 1st.

The TILA-RESPA Integrated Disclosure rule is expected to have sweeping changes on the real estate industry by merging the HUD-1 Settlement Statement, the Good Faith Estimate, and the Truth-in-Lending disclosure form into two new closing forms: a Loan Estimate and a Closing Disclosure.

Read more in REALTORŽ magazine, online here.

TILA-RESPA Lunch & Learn

NEXT WEEK!

You have probably heard of the changes that are coming to mortgage loan disclosures as a result of the Dodd-Frank TILA (Truth in Lending Act) - RESPA (Real Estate Settlement Procedures Act) Integrated Disclosure rule.

These changes go into effect on October 3rd.

The SAR will offer its second of two Lunch & Learn events on this topic Monday, July 27th - with Greg Britton from HomeStreet Bank to help you get ready for the changes.

See the event flyer (pictured above), online here.

Monday, July 27th
Noon to 1:30 p.m.
at your SAR

REALTORŽ Broker Summits

Two REALTORŽ Broker Summits are coming to Seattle later this summer - August 17 & 18 and August 18 & 19. The second of these will feature a technology edge.

These summits are designed exclusively for designated broker, and broker owner members to come together and learn from presenters, panels and peer leaders in the industry offering fresh insights on current conditions while looking to the future of real estate.

Over two days you will gain valuable insights to make your brokerage and our industry more successful.

Read more about these events, 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, August 6 - Code of Ethics - Standards for Success - with Linda Miller.

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

7.5 clock hours

Statewide Purchase and Sale Agreement

Thursday, August 13 - Statewide Purchase & Sale Agreement - with Sabrina Jones-Schroeder.

Registration: 8:15 a.m.
Class: 8:30 a.m. to 5:00 p.m.
at the SAR

7.5 clock hours

Land and Acreage 200 - Rural Property

Friday, August 14 - 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

Thursday, September 3 - Current Issues in Washington Residential Real Estate - with Sabrina Jones-Schroeder.

Registration: 1:15 p.m.
Class: 1:30 p.m. to 4:30 p.m.
at the SAR

3.0 clock hours

SAR CALENDAR

Click on the image below to see the current SAR calendar

showing dates and times of classes, committees and events.

Stop Patent Trolls

Patent Trolls are a real thing.

In 2011, the SAR was presented with a patent infringement claim, seeking $24 per member. This would have cost your association about $36,000.

This was part of a claim by an organization called CIVIX that was filed against associations and MLSs across the country.

In the end, NAR, on behalf of associations and MLSs across the country, reached a settlement with CIVIX.

The cost ended up being $9.06 per subscriber. Our vendor, LPS at that time, paid $6.06 per subscriber and the SAR paid $3.00 per subscriber.

Please respond to this Call for Action. Patent Trolls exist and your voice can make a difference!

Patent trolls suck $29 billion out of the economy each year. Trolls take their toll on the economy by exploiting the patent system, hiding behind vague demand letters and shell corporations, while extorting payments from unsuspecting businesses. Even REALTORSŽ have found themselves the targets of these lawsuits for using common technologies, such as using a scanner attached to a network or providing search features on their websites.

Read 2015 NAR President Chris Polychron's (pictured at left) opinion article on this issue, Keep Trolls Away from Productive Businesses, that appeared recently in The Hill newspaper, online here.

First-time Buyers

It's morning again in Spokane - we're enjoying the best year in real estate since 2008! Particularly encouraging is the number of "millennials" - those entering their thirties - who are desirous and capable of buying their first home. A recent REALTOR.comŽ survey shows 65% of millennials intend to purchase a home within three months.

2015 SAR President Jack Kestell shares some advice and information to first-time buyers who are ready to take that big step in his monthly guest column in The Spokesman-Review.

Read it online here.

SAR Golf Tournament Winners

THANK YOU to all golfers and volunteers who made the 2015 SAR Golf Tournament a round of success!

Here are your tournament winners:

Men's Team: Josh Begovich, Marco Begovich, Doug Folkins, Justin Folkins.

Women's Team: Amy Johnson, Susie Luby, Nancy Paladin, Debbie Zimmerman.

Mixed Team: Patti Boyd, Jerry Boyd, Julie Western, Keith Western.

Tee #14 Longest Drive Women: Julie Western.
Tee #6 Closest to Pin Women: Wendy Shiley.

Tee #5 Longest Drive Men: Josh Begovich.
Tee #2 Closest to Pin Men: Brandon Tripon.

Best Decorated Sponsor Tee #18 Northwest Fence with the Tiki Hut.

WR Summer Social

The Spokane-Eastern Washington chapter of the Women's Council of REALTORSŽ invites all SAR members to its Summer Social at Arbor Crest Wine Cellars' Cliff House.

Thursday, August 6th, at 4:00 p.m.

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

This is a stunning venue (see photo above) which crowns the brow of a sheer cliff high above the Spokane river and boasts panoramic views from Spokane to Liberty Lake. It was built in 1924 by inventor and mechanical genius, Royal Riblet, of Riblet Tramway fame. It is a National Historic Landmark and certainly one of the treasures of our area.

Member 2 Member

The

National Association of Professional Mortgage Women (NAPMW) invites all SAR members to its fourth annual Trap Shoot on Tuesday, August 11th.

Entry deadline is Wednesday, August 5th.

See the event flyer (pictured above), online here.

Member 2 Member is a member benefit of the SAR. It is intended to announce a new product, service, location or affiliate event. If you are a member who wishes to share a message with your fellow members, please email it to Debbie at the SAR:

debbie@spokanerealtor.com

ListHub Report for June

See the June ListHub report, online here.

Market Activity Report - June

The SAR Market Activity Report for June is now online.

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

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

See the 2015 year-to-date summary report (pictured above) online here.

You Be The Judge - July

Here is You Be The Judge for July:

Case #1-25: Disclosure of Latent Defects.

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 to Cathy Elmore, Coldwell Banker Tomlinson North, our June Starbucks card winner!

JUNE ANSWER

The Hearing Panel concluded that REALTORŽ B had adequately respected the agency of REALTORŽ A as interpreted by Standard of Practice 16-4. The panel's decision indicated that a listing broker should recognize that his refusal to disclose the type and expiration date of a listing to an inquiring broker frees the inquiring broker to contact the seller directly. If the contact with the seller is made under the provisions of Standard of Practice 16-4, the REALTORŽ is also able to discuss the terms of a future listing on the property or may enter into a listing to become effective upon the expiration of the current listing. The panel found REALTORŽ B not in violation of Article 16.

From case #16-7: REALTORŽ's Refusal to Disclose Nature and Current Status of Listing to Another REALTORŽ.

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

Member Roster Update

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.

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