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 Real estate provisions included in economic stimulus package...
On Feb. 7, 2008, the Senate and House passed an economic stimulus package, which has been sent to President Bush for his signature. The President indicated he would sign the bill. The economic stimulus package includes several important housing provisions, including increases in the loan limits for Fannie Mae and Freddie Mac and also FHA. Included in the package are:
The FHA limit will increase to as much as $729,750 in high cost areas (to 125% of local median home prices) for loans approved on or before December 31, 2008.
In addition, the measure gives the Secretary of HUD the discretion to raise any individual area loan limit by an amount not to exceed $100,000.
The GSE limit will be increased up to $729,750 for loans originated after July 1, 2007 to Dec. 31, 2008.
Currently Fannie Mae and Freddie Mac are capped at $417,000. It appears the formula mirrors that used by FHA, with GSE loan limits increasing to 125% of the local median home price, but not to exceed $729,750. Read more...
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Fair housing language update...
EFFECTIVE March 25, 2008
As of March 25, 2008, the fair housing poster and the fair housing pamphlet must indicate that it is illegal to discriminate against any person because of military status. See language...
As always, the fair housing poster must be prominently displayed in the same immediate area as the licenses and must also bear:
- The United States Department of Housing and Urban Development equal housing logo;
- Information that the broker and the broker’s salespersons are licensed by the Division of Real Estate and Professional Licensing;
- Information that the Division can be contacted for inquiries and consumer complaints;
- Information on the Real Estate Recovery Fund (O.R.C. 4735.12) as a source of revenue for unsatisfied civil judgments against a licensee; and
- The Division’s address and telephone number.
In addition, all written agency agreements and consumer guides to agency relationships (OAR has updated all guides to include the new language) must indicate that it is illegal to discriminate against any person because of military status. Both must also include a definition of the practice known as “blockbusting” and a statement that it is illegal.
As always, written agency agreements must also contain:
- An expiration date;
- A place for the licensee and the client to sign and date the agreement;
- The United States Department of Housing and Urban Development equal housing logo type as evidence of compliance with the prohibitions against discrimination in advertising under the Fair Housing Act.
Finally, a licensee is still required to furnish a copy of any written agency agreement to a client in a timely manner after the licensee and the client have signed and dated it.
For pre-printed materials, the Division recommends providing an addendum to include the new fair housing language. If the pre-printed materials contain carbon copies, attach an addendum to each copy. The addendum should include the fair housing statement and have a place to obtain the client’s signature. Maintain a copy for company files. Read OHIO REALTOR article.
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Legal affairs...
Court enforces e-mail settlement...A settlement agreement negotiated via e-mail is enforceable, the Appeals Court of Massachusetts ruled, affirming the trial court decision.
Legal Podcast: Undisclosed Dual Agency...Real estate educator Adorna Carroll discusses how salespeople can avoid this liability risk in the latest podcast from NAR legal affairs.
No liability for inaccurate MLS information...A listing broker wasn't liable for incorrectly stating in the listing that the property was connected to the city sewer when the property actually had a septic tank, the Court of Appeals of North Carolina ruled, reversing the jury award. The buyers didn't rely on information prepared by the listing broker, so the trial court should have entered a directed verdict in favor of the brokerage, the court said.
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Sales tip...
A common occurrence might be killing your business...If REALTORS think it's not a big deal how they answer their phones during regular business hours, they are shooting themselves in the foot. Read more...
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Save with Vectren...
 Your membership in the Ohio Association of REALTORS is paying more dividends! Enroll in a 12-month, fixed-rate natural gas plan and receive a $25 Visa gift card. Click to enroll...www.getnaturalgas.com/oar
For more information, call 1 (800) 592-8980
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Tech Tips...
Using labels in Outlook Calendar...Did you know that you can color code certain types of appointments by adding a label to them in Outlook? When adding an appointment, select from the dropdown box marked LABEL. The predefined labels automatically add color to your appointment. You can also change the predefined labels by clicking on the COLOR CODING icon on your calendar toolbar. Select EDIT LABELS and then type in whatever text you would like to correspond to that color.
Put an end to unwanted catalogs in the mail...Visit catalog choice and make sure you have a pile of unwanted catalogs by your side. Simply sign up as a member, then search for the catalogs, enter in your information, and let catalog choice remove you from the mailing list!
Listen to your weather report from you PC...If you like to hear your weather reports, download the talking software, weather aloud. You can download a free trial version.
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Education...
CI 102: Market Analysis for Commercial Investment Real Estate...This course, to be held Mar. 3-7, will analyze historical trends and existing data to assess both current and future market conditions. Economic Base Analysis, an important starting point for forecasting the future of a market area, will be introduced. Learn how supply and demand factors impact a market forecast, as well as gain insight into site feasibility, market dynamics and market pricing. (Note: CI 101 is a prerequisite for this course.) Sign-up today...
ABR Designation program...Buyer agents need specialized training and knowledge to effectively service customers in today's market. The program, scheduled for Mar. 12-14, will help you gain a competitive edge in this growing market. Sign-up today...
Post Licensure Course for Salespeople...OAR will offer the 10-hour Post Licensure course March 19-20 at OAR headquarters in Columbus. This course is required for all newly-licensed salespeople within the first year of licensure. Early-bird reqistration applies. No c.e. offered. Sign-up today...
Attacking & Defending an Appraisal in Litigation...This 14-hr. course will cover common mistakes made in appraisals and how to testify if called upon. Various standards and ethical rules that are commonly misunderstood are also highlighted and explained. Dates: March 26-27 in Columbus. Sign -up today...
30 hours online...Take your real estate continuing education hours online. You can take 3, 6 or all 30 hours in any combination...Sign-up today...
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