KAR News Update
April 2014
Top Stories
NFIP rules begin on May 1
Effective May 1, 2014, all buyers of older properties ("pre-FIRM") will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014.

Instead of jumping to "full cost" for flood insurance, buyers will assume the seller's Oct-2013 rate for a pre-FIRM property.

NAR prevailed upon FEMA to implement this provision seven months early. FEMA also extended the rate relief so all pre-FIRM properties (including the second homes and businesses) will begin paying Oct-2013 rates when they purchase or renew their flood insurance after May 1, including:
  • ALL buyers of a pre-FIRM property, not just those whose seller has an existing policy;
  • ALL recent owners who apply for a new flood insurance policy on a pre-FIRM property;  
  • ALL recent owners who reinstate an old pre-FIRM policy that previously lapsed for any reason;  
  • ALL recent owners who renew a policy on a pre-FIRM property bought or newly insured after the 2012 Biggert-Waters law. 

While expediting the rate relief, FEMA must still issue refunds to all those who paid more than their Oct-2013 rate.  


NAR will continue working with FEMA and Congress to quickly issue these refunds to anyone overcharged for flood insurance under Biggert-Waters. Read More.

KAR Summer Business Meeting 
Registration is open and is free to all KAR members. This event, located at Lake Barkley in Cadiz, is a great chance to network with colleagues in a relaxed, casual atmosphere while learning more about the current real estate market and what the state association is doing for you. This meeting will be the most fun you'll have all year! Room cut-off is May 15 - limited rooms available.
Click here to register for the meeting and here for the boat cruise.
Political contribution limits overturned  
The Supreme Court of the United States has considered a challenge to the aggregate contributions under federal law that individuals may make to campaigns and committees.

Federal law limits the amounts of federal election-related contributions that an individual may contribute during a two-year election cycle. Currently, the base limits are as follows: $2600 per election for each candidate (or $5200 total, for both the primary and general elections); $32,400 per year to a national party committee; $10,000 per year to state or local party committee; and $5000 per year to a political committee. The total limits were $48,600 for candidates and $74,600 to committees for the two-year election cycle. Read More.
In This Issue
KAR News
LeadershipKAR application available - get with the program 
Would you like to join the ranks of some of the most successful REALTORS® from around the state? You can by becoming part of the LeadershipKAR program, offered by the Kentucky Association of REALTORS® since 2002. Recognizing that leadership development is an essential element in the process of improving our Association and profession, KAR attempts to identify emerging REALTOR® leaders in the state, encourage them with motivational activities and assist in sharpening their leadership skills in the hope they will exert a strong positive influence on the future of the Association and profession. Read More
KAR Award Nominations 
REALTOR® of the Year Award (Word version)
Deadline: Saturday, June 1, 2014

Distinguished Service Award
Deadline: Friday, June 14, 2014

Nat Sanders Education Award
Deadline: Friday, August 15, 2014

REALTOR® Community Service Award
Deadline: Friday, August 15, 2014
KAR elections for leadership positions 
Deadline is September 3
KAR is seeking nominations for several leadership positions for 2015. The information regarding the openings, terms, voting information and the form are included on the website. If you need additional information or would like to discuss, please contact Julie Johnson, Legal Affairs Director, at 800.264.2185 or by email.
"Like" the Kentucky REALTOR Facebook page
Over 500 people "like" the new KAR Facebook page - you can get in on the action too!  Keep up with what your association is doing in real-time - from legislative updates and technology to the newest business tools and member photos. "Like" here
Housing Stats
These stats represent the market conditions for the entire state of Kentucky. For a complete breakdown of housing stats, click here.

January 2014 vs January 2013

Total Homes Sold 2014: 2,574
Total Homes Sold 2013: 2,555
% Change: 1%

Median Home Price 2014: $103,750
Median Home Price 2013: $103,475
% Change: <1%
Governmental Affairs / RPAC
Kentucky elections
Nearly 80 percent of REALTORS® are registered to vote, but we can do better. As REALTOR® professionals, it is our role to help protect the interests of the real estate industry. By making sure that you are registered to vote on key issues and races, we help to ensure that The Voice for Real Estate® is heard by elected officials at the local, state and national levels.

Local/State Primary - May 20, 2014
General Election - November 4, 2014
Polling Hours - 6am to 6pm
Register to vote here
Candidates supported by Kentucky RPAC
How you vote is a personal decision, but it can also be a professional decision. Your fellow REALTORS® have worked hard to analyze races, review voting records, and interview candidates. Before you cast your ballot, please consider the candidates that your colleagues have identified as the most qualified to make important decisions that will impact the future of the real estate industry.

The Kentucky REALTORS® Political Action Committee (RPAC) supports state candidates in Commonwealth who share our position on issues such as protecting property rights, promoting smart growth, creating affordable housing opportunities, and encouraging economic development -- regardless of partisan affiliation. To view a list of candidates who are recommended for election by Kentucky RPAC in the May primary election, check the KAR Facebook page (and like the page if you haven't already).
NAR President Steve Brown announces Consumer Call for Action
NAR is conducting the first test of the Consumer Outreach Program by launching a Consumer Call for Action (CCFA) to 85 million homeowners, including several million prospective owners, across the country. The CCFA commenced on April 30, 2014, and will run through mid-July (at least). This consumer outreach will help NAR find out more about how they should communicate with consumers in the future. It is part of a concerted homeownership awareness, education and action campaign by NAR to demonstrate to homeowners that REALTORS® share concerns with consumers on issues relating to homeownership; and that REALTORS® can be counted on to articulate those concerns and stand up for consumers at the federal, state and local level.
2014 Legislation - effective date 
The effective date for legislation passed during the 2014 regular session of the General Assembly (other than general appropriations bills or bills with a special effective date) will be Tues, July 15, 2014.
Kentucky Homes Matter
As Kentucky continues to fight budget issues, KAR has taken a proactive approach to educating members, consumers and legislators on why home ownership is important to Kentucky. The focus begins on protecting crucial tax benefits for home ownership and keeping sales tax on services from being placed on the transfer of property. If you want to learn more, the webpage includes an advocacy toolkit while the KHM website includes information as well as a downloadable flyer. Read More
Legal Matters
No liability for MLS listing information
A California court has evaluated allegations made by a buyer against a listing broker over statements made in the MLS that claimed a geologist had found the property "buildable."

In 2006, Yousef Sasa ("Seller") listed a property for sale with Robert Schmeling ("Listing Broker"). The Listing Broker placed the property into a multiple listing service ("MLS"), and included the following description: "This property is in an earthquake study zone but has had a Fault Hazard Investigation completed and has been declared buildable by the investigating licensed geologist. Report available for serious buyers" ("Report"). Read More.
2014 Code of Ethics
The 2014 Code of Ethics has been posted to Realtor.org and is now available for immediate download. Click here for a copy.
2014 GRI schedule  
Get started with the most popular and well-known designation in the country. Not only will you increase your professionalism but you will create a new network of referral opportunities. This is also the only designation that you don't have to pay or renew to keep on an ongoing basis - it's yours for life. Visit the website to learn more about the benefits, download a schedule or register for a course. Read More

Did you know: Those with a designation earn over $27,600 more annually than non-designees.
Save 25% on the online RSPS Certification (Resort & Second-Homes)      
This course focuses on the knowledge and skill base that real estate professionals need to specialize in buying, selling, or managing second homes in a resort, recreational, and/or vacation destination and properties for investment, development, or retirement. As a bonus, this course counts toward the ABR, CRS and GRI designations. Read More.
Need CORE?   
Take the CORE course online and save. Available anytime, 24/7, this course requirement through KREC also counts as 6 hours of law CE credit. Don't wait until the last minute. Read More
Appraisal courses offered online
Appraisal courses are through McKissock Online Education and include the USPAP course as well as a selection of over 20 elective courses needed to complete the annual training requirements. The classes are approved by the Appraisal Qualifying Board (AQB) and also approved for Continuing Education by the Kentucky Real Estate Appraisers Board. Learn More
From the KAR Blog
For the latest headlines, click here (there are hundreds to view) or check out some of the most popular posts below: 

Kentucky's unemployment rate for March

Pending home sales up for first time in nine months

Kentucky homebuyers can put less money down

 What you don't know about Dropbox could hurt you

Louisville real estate market picking up

You can subscribe to receive daily updates by clicking the links on the right hand side of the blog home page. Guaranteed at least one new post daily.
National Issues
Committee recommendations for NAR    
Recommendations for 2015 committees can be entered through the online form from March 11-May 23, 2014. Members can submit recommendations for oneself or other members. If you have any questions please contact Adrienne Kather at 312-0329-8434. Read More (login required).
Good Neighbor Awards   
REALTOR® Magazine's Good Neighbor Awards recognize REALTORS® who have made an extraordinary impact on their community, or on the national or world stage, through volunteer work.

Five winners are announced each fall in REALTOR® Magazine. Winners are recognized annually at the REALTORS® Conference & Expo, and receive $10,000 grants for their charities. Winners also receive travel expenses to the conference and national and local media exposure for their community cause. In addition to the winners, five honorable mentions each receive a $2,500 grant. Read More.
The #PowerofR
The Power of 'R' is you and all you do to advocate for the real estate industry and the nation's 75 million property owners -- in your community, at city hall, at the state house, and on Capitol Hill. Standing one million strong, REALTORS® help build vibrant communities; they help people achieve the American Dream of home ownership; and they champion accurate, reliable data as part of a real estate transaction.

Use the #PowerofR to share all the good you do with others in the industry and with consumers. Share your stories and photos on Twitter, Facebook, and Flickr using the hashtag #PowerofR and update your Facebook cover photo with one of NAR's pre-made banners. Read More
Affinity Partners
UPS: Save up to 30% when you ship  
Click to get started online
You just may save enough over the holidays to put a little extra spending money in your pocket.
Contact GEICO for a free quote on insurance to see how much you could be saving. And don't forget to mention your KAR affiliation, you could qualify for an exclusive member savings opportunity.

KAR members can save up to 30% on UPS shipping. Members currently enrolled in the UPS Savings Program must re-enroll to take advantage of this new exclusive offer.

Showing Suite
Get feedback on your listings, improve communication with your sellers, and set yourself apart from your competition with HomeFeedback®.

Drug Card
As a member, you, your family & friends may be able to lower your prescription drug costs. Simply create and print your FREE Prescription Drug Card and receive savings of up to 75% (discounts average roughly 30%) at more than 54,000 national and regional pharmacies. This card can be used as your primary plan and/or it can be used on prescriptions not covered by your insurance plan.

Nationwide Insurance
Offering you a special insurance program that could save you up to $500 with special rates on your auto policy.

Read More
KHC can save your clients money
Wouldn't your clients love to have up to another $1,000 a year? With the exclusive Kentucky Housing  Corporation (KHC) Conventional No Mortgage Insurance Program (No MI), they can!

KHC's No MI comes just as the Federal Housing Administration raised the monthly Mortgage Insurance Premium factors. This program enables eligible borrowers to go up to 97 percent of purchase price without having to pay upfront or monthly mortgage insurance. Based on a purchase price of $125,000, this could mean a savings of up to $1,000 a year!* Borrowers will have access to KHC's Down payment Assistance Programs, as well! For full details and terms, visit KHC's Web site, under Lenders/Realtors, Lender Services, Conventional No MI Program.

*Terms and conditions apply. Please visit KHC's Web site for full details.
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Liberty Mutual offering agents referral bonus   
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Kentucky Association of REALTORS | kar@kar.com | http://www.kar.com | http://www.karblog.com
161 Prosperous Place, Suite 100
Lexington, KY 40509
Ron Hughes 2014 KAR President