Following are items of interest from the National Association of REALTORS® Midyear Conference, held May 15-20 in Washington, D.C.
2007 Dues & Assessments
Directors voted to maintain REALTOR® membership dues at $64 and to increase the special assessment for the public awareness campaign from $20 per member to $30 per member effective in 2007.
Standard of Practice 17-4
Directors adopted an amendment to Standard of Practice 17-4 to specify that when arbitration occurs between two or more cooperating brokers and the listing broker is not a party, the amount in dispute and the amount of any potential resulting award is limited to the amount paid to the respondent by the listing broker and any amount credited or paid to a party to the transaction by the respondent.
Extension of Time Limit to File Complaints
Directors approved a policy revision allowing practitioners to file a complaint up to 180 days after a transaction closes. Existing policy states that a complaint must be filed within 180 days after the facts were known. This change will allow a complaint to be filed either 180 days after the facts are known or 180 days after the closing, whichever is later.
Funding Approved for Ohio lawsuit
NAR Directors approved funding for three legal cases, one of which is the Ohio case?Robiske v. Smythe Cramer. At issue is whether a brokerage has a duty to maintain a centralized data bank of information regarding properties it has previously had listed or on which it has represented a purchaser, so that subsequent buyers' agents can later search for such information. Also raised in this case is the issue of whether knowledge obtained by one agent is imputed to the entire brokerage. The case is quite interesting and we recommend reading the article which was published in the February issue of Ohio REALTOR®. Read this story
FHA Risk-Based Pricing
Directors voted to support legislation that proposes new risk-based pricing in conjunction with FHA insured loans. This proposal, if enacted by Congress, would eliminate the statutory limits on the upfront premiums and annual premiums paid by borrowers who obtain FHA mortgages. It would allow the FHA to charge borrowers different premiums based upon the level of risk in each case.
Home Equity Conversion Mortgages
Directors voted to support legislation that would authorize a new Home Equity Conversion (reverse) Mortgage, streamlining the process for seniors who wish to sell their homes and purchase another while receiving the benefit of income for a reverse mortgage.
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