Passaic County Board of REALTORS�
Views & News 
Friday, December 9, 2016
 

Please be advised the Board office will be closing at 2:00 pm on

Thursday, December 15th for the Membership Gala.   
We will re-open on Friday, December 16th at 8:30 am.   
Top Dog Commercial Training



15 Session Training Course to Understand and

Work in Commercial Real Estate, this is a non CE Course.



Starts January 6 ending March 3.

Monday and Friday mornings, 9:30 - 11:30 am at the

PCBOR Board office (204 Berdan Avenue, Wayne)



Course Facilitated by John Walters, Commercial Broker



Investment: $395. includes textbook (retail value $199.)



REGISTER HERE

 
REALTOR Retirement Planning -  
New Programs on Horizon for 2017


 


Board Office Holiday Schedule & Closings



We wish you a very happy and healthy Holiday season!
 


Thursday, December 15th - Board Office closes at 2:00 pm for Membership Gala


Tuesday, December 20th- Annual Staff Holiday Lunch, Office closed 11:45-2:00 pm

Friday, December 23rd- Board office closes at 12:00 pm

Monday, December 26th-Board office Closed

Friday, December 30th-Board office closes at 12:00 pm

Monday, January 2nd-Board office Closed

Tuesday, January 3rd- Board office re-opens at 8:30 am  


NAR President Congratulates Dr. Ben Carson
NAR President Bill Brown




NAR President Bill Brown released a statement Monday congratulating neurosurgeon Ben Carson on his nomination to be secretary of the U.S. Department of Housing and Urban Development.  "We wish him the very best

of luck in meeting the task ahead," Brown said in the statement.


Lawmakers Cautious on Housing Changes 


NAR President Bill Brown greets Rep. Brad Sherman D-Calif. at a conference NAR and S&P Global hosted to look at economic and political issues impacting homeownership.
Radical change to the secondary mortgage market and tax incentives for homeownership could result in an acceleration of interest rate hikes and a reduction in home values, dealing a blow to the real estate sector, lawmakers on both sides of the aisle said at a homeownership conference NAR and

S&P Global hosted this week in Washington. The conference looked at the economic and political issues that stand in the way of increased homeownership, which is at a 50-year low even though interest rates are historically low and home appreciation is strong.



Learn more.


 
HAMP Debt Tax Relief Clarified



You can alert homeowners to instructions from the IRS on how end-of-year tax issues will be handled if they're participating in the federal government's mortgage modification programs. The Principal  Reduction Modification Program (PRMP) and the Home Affordable Modification Program (HAMP) provide incentives to lenders to modify troubled mortgages. The modifications can raise tax issues on a portion of any loans forgiven. The IRS instructions will be useful to homeowners facing a tax issue this year or next.



Learn more.


FHA Loan Limits to Increase in 2017
 
The federal government will raise the FHA national loan limit "ceiling" to $636,150 in 2017, from $625,500 this year, and will increase its "floor" to $275,665 from $271,050. The ceiling is set at 150 percent of the conforming loan limit, which represents the limit for conventional loans backed by  Fannie Mae and Freddie Mac, and the floor is set at 65 percent of that limit. The higher loan limits reflect rising home prices around the country and the subsequent increase in the conforming limit, which in November was increased for the first time since 20016. It is now at $424,100, up from 417,000.



Learn more.


Latest REALTOR Win Against Patent Trolls



NAR General Counsel Katie Johnson talks about NAR's recent win against a patent troll, which agreed to stop sending demand letters to real estate companies that use listing email alerts.



 
New Jersey Continuing Education 
Please Check Your Transcript



The Board staff has been receiving many calls from Members as to how to verify their New Jersey Continuing Education credits for this licensing cycle.  All twelve (12) credits must be completed by April 30, 2017 in order not to be penalized with a $200.00 administrative fee.  All credits must be completed by June 30th, 2017 to renew your license.  You are strongly encouraged to examine your official transcript to ensure your credits are reported correctly.  Please follow these instructions:



Go to: https://njrece.psiexams.com/Account/Login 
Licensees: Your initial User ID is "L" plus your License Reference Number. Your initial Password is "L" plus your License Reference Number plus the last 4 digits of your SSN (ex: L00100019999). If you don't know your License Reference Number, click here.



Here are FAQ's concerning NJ Continuing Education



If you encounter a problem or see an issue on your official transcript, please contact the education provider where you had taken the course to correct any issues. 


A Membership Service
 




Passaic County Board of REALTORS | 204 Berdan Avenue | Wayne | NJ | 07470