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Raleigh Regional
Assn. of Realtors
111 Realtors Way
Cary, NC 27513
( 919) 654-5400 voice
( 919) 654-5401
fax
info@rrar.com
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Inside Scoop – November 2009
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NAR’s Efforts on Tax Credit Successful
…CONGRATULATIONS
On Friday, November 6th the President
signed the Unemployment Insurance bill passed by the US House and Senate that
included an extension of the First Time Homebuyer Tax Credit and an expansion
of the credit to apply to certain existing homebuyers. A sales contract must be
signed by April 30, 2010, and closed by July 1, 2010 to be eligible.
The NAR website has a plethora of information including what properties are
eligible, what are the income limits, and how to go about getting the credit.
The direct link is: http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit
Local Voters Supportive of
Many RRAR-Endorsed Candidates
School
policies, land use decisions and taxes all factored into the 2009 Fall election
turn-out. Although nowhere near the voter percentages realized during the 2009
Presidential election, voters did have a message. In some areas the message was
about taxes or proposed tax increases, in other areas it was again development
moratoria and for schools it was about bussing. RRAR’s supported candidates did
pretty well. Among those winning their races, Lance Olive for Apex Town
Council, Cindy Sheldon for Fuquay-Varina Town Council, Kathy Behringer for
Garner Town Council, and all four endorsed candidates in Holly Springs were
successful; this included Linda Hunt Williams, James Cobb, and Chet Van Fossen
for Holly Springs Town Council, and Mayor Dick Sears for Holly Springs Mayor.
In Morrisville that town will see a changing of the guard with the loss of
incumbent Mayor and RRAR member, Jan Faulkner, and councilman Mark Stohlman. In
Raleigh Mayor Meeker easily was re-elected, as was James West. RRAR member
Bonner Gaylord was elected to fill the seat vacated by Philip Isley. Both RRAR
supported candidates in the Wake Forest town council races, Meredith Brown and
Zach Donohue were defeated.
Robert Cohen, TCAR member wins RPAC Trip
to Germany
During the October 15th RPAC Oktoberfest
event, the Trip for Two to Germany was raffled off to Robert Cohen. Rob of
Cohen Enterprises, is a member of the Triangle Commercial Association of
REALTORS® and his wife Margaret is an RRAR member with RE/MAX preferred
Associates. Congrats to Rob and thanks to everyone who came out to play and
party!
RRAR
Seeking Feedback on Cary’s Sign Ordinance
RRAR
Government Affairs Director Tara Lightner has been appointed to the Cary Sign
Ordinance Review Committee, and is seeking feedback from members listing and/or
living in Cary. The group was appointed on October 19th and is
charged to Evaluate current regulations for clarity, consistency and intent; Review
input from citizens and the business community; Identify and discuss recent
industry or economic trends that may impact signage; and Consider appropriate
amendments in light of the evaluation findings. RRAR will be conducting an
online survey, which will be emailed to members. Please look for the survey to
be out the week of November 16th. If you have feedback that you’d
like to provide, please email it to TaralynL@rrar.com .
Landlords and Property Managers
Getting Carbon-Monoxide Ready …
In 2008, NCAR lobbyists worked with many rental
groups and healthcare advocates on legislation to require Carbon Monoxide
monitors in certain rental units. Senate Bill 1924 and passed in the 2008
session. It requires all residential rental dwelling units which have
fossil-fuel burning appliances or heaters, a fireplace or an attached garage to
install one carbon monoxide detector per floor of the rental unit. The law was
signed and goes into effect January 1, 2010. This legislation does not affect
vacation rentals. For more information about the actual law visit: http://www.ncga.state.nc.us/Sessions/2007/Bills/Senate/PDF/S1924v6.pdf.
For more information about Carbon Monoxide
hazards, please visit: http://www.kidde.com/utcfs/Templates/Pages/Template-46/1,8060,pageId=794&siteId=384,00.html
Real Estate Commission Confirms Compensation
Disclosure in Dual Agency Situations
NCAR legal and legislative staff recently inquired
to the NCREC regarding the application of Rule A.0109 to Dual Agency
situations. NCAR and the forms committee had recently met with NCREC staff
attorney Miriam Baer and were at odds with the commission’s interpretation of
the application of the compensation disclosure that the rule requires. The rule
requires brokers to fully and timely disclose to their principal any
compensation of the more than the nominal value that they will receive, or
expect to receive, from any other party or person in connection with the real
estate sales transaction. The rule was adopted following revelations that some
real estate agents were receiving compensation from third parties in exchange
for steering clients to particular properties, without the clients’ knowledge
or consent. The application of the rule is easy enough in typical cases where
no dual agency exists, as the buyer’s agent simply discloses the split, which
is available in the MLS data. However, where a single company represents both
sides of the transaction, it is often difficult to ascertain the commission
that the listing agent is receiving, as most companies do not publicize this
within company communications without specific request. The commission holds
that there are ‘several avenues for compliance with the rule, … once is to make
compensation information available on a company database accessible only by the
firm’s own agents… Another avenue is to create a company policy requiring the
(showing) agent to contact the listing agent for the information and that the
listing agent must keep that information and make it available in such
circumstances.’ The commission also goes on to state that in a situation where
a buyer wants to make an offer immediately and their agent has been able to
confirm the total company compensation, it will consider the agent’s good faith
in attempting to produce an accurate estimate, as well as other factors. For a
copy of the guidance letter, please contact Tara at TaraL@rrar.com or call 654-5406.
Announcements and Events:
Please be advised that the Government Affairs
committee (GAC) will meet on Thursday, November 19th at 11:30 to
hear a New Construction Outlook, by two members of the Homebuilders Association
of Raleigh-Wake County. Tom Anhut, is the Division President for Toll Brothers,
Inc., a national luxury home builder, and Warren Smith, owner of L&L of
Raleigh, is a local custom homebuilder. They will share with GAC members their
take on the new construction scene and what to look for in 2010. If you are not
a GAC member but are interested in attending please contact Tara at 654-5406.
REALTORS® Holiday Party is December 3rd at 6:00 at the One Eleven Place. Please visit: http://www.rrar.com/rrar-events.html to register.
RRAR Installation of Officers and Gala is January
15th at the One Eleven Place, please visit: http://www.rrar.com/rrar-events.html to register.
On Site: 11/12/2009
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