Focus on Education
License Law Update in Progress -
Legacy Brokers to Complete 24 C.E. Hours by 6/30/2014
In order to align the license renewal cycle of broker licensees with that of salesperson-transitioned-to-broker licensees, the Indiana Real Estate Commission (IREC) just officially extended the renewal deadline from June 30, 2013 to June 30, 2014. While the extension was intended as part of the original license law update, it wasn’t able to be legally accomplished until May 7, when Governor Pence signed Senate Enrolled Act 615 into law.
News of the deadline extension has naturally caused some confusion among the broker community. We hope this memo clears things up.
In short, legacy brokers – those who were licensed as a broker on or before June 30, 2012 – must complete 24 hours of continuing education prior to the new license renewal deadline of June 30, 2014. Here is the breakdown:
- 16 C.E. hours of the old curriculum—6 mandatory and 10 elective hours taken any time after July 1, 2011, just as a broker would have prior to the license law update according to the old two-year license renewal cycle and deadline of June 30, 2013.
- 8 C.E. hours of the new curriculum—This has yet to be established by the IREC, but should be in the next few weeks in order to give schools and instructors time to prepare appropriate classes. This cannot be taken before July 1, 2013.
RECP is now offering a live, two-day class at a variety of locations around the state for just $99 to help legacy brokers fulfill their 16-hour C.E. requirement. RECP is also offering this class online and on-demand for the same price so brokers can learn from any computer anywhere at their own pace. Visit www.RECP.org or call 1-800-742-4067 for more information and to register.
Once the curriculum is established for the 8-hour C.E. requirement, RECP will offer both live and online/on-demand classes for legacy brokers.
GRI Leadership Positions Available
Indiana's Graduate REALTOR® Institute Advisory Council will be electing new members to serve on the board for a three-year term. The Council is currently seeking Association Executive, Region 3 and At Large Representatives. To be eligible to serve, you must 1) Hold REALTOR® or REALTOR® Associate membership in Indiana; and 2) Hold a GRI designation. Apply today to help maintain the integrity and strength of the GRI program. Application deadline is August 15, 2013.
|Focus on Legal Affairs
Dealing with Someone Else's Clients at Open Houses –
Potential Violations of Article 16 of the Code of Ethics
Article 16 states REALTORS® shall not engage in any practice or take any action inconsistent with exclusive representation or exclusive brokerage relationship agreements that other REALTORS® have with clients. IAR's professional standards statistics show that Article 16 is often one of the most charged Articles. This month, RIchelle Cohen Mossler, IAR General
Counsel, presents two cases that illustrate the application of Article 16 in
situations involving open houses.
Monthly Hotline Q & A -
Frequently Asked Questions about Procuring Cause
Commission disputes boil down to what is referred to in the industry as "procuring cause." The agent who ultimately caused the buyer to purchase the home and earned the commission is generally the procuring cause agent. This month,
Kelly Shonborn, IAR Senior Staff Counsel answers some frequently asked questions. Principal and managing brokers as well
as their designated agents can contact the Legal Hotline by phone at
317.913.3254 or 800.444.5472 toll free, by online form or
by fax at 317.842.8494. Read more about the Hotline under the Legal
Affairs tab of Indianarealtors.com.
Code of Ethics Centennial Celebration
Each month, look here for
a quick trivia question to test your knowledge about the Code.
List two concepts in the original Code of Ethics that remain today.
a) Avoid the unauthorized practice of law and provide competent service
b) Cooperate with other REALTORS® and arbitrate
c) Compensate cooperating brokers and submit offers and counter-offers objectively and as quickly as possible
d) All of the above
The correct answer is b) cooperate with other REALTORS® and arbitrate. Learn more about the Code of Ethics.
|Focus on Advocacy
Homeownership is NOT a Loophole!
In May, more than 130 IAR members traveled to Washington, D.C. to
participate in the annual REALTORS® Midyear Legislative Meetings & Trade
Expo hosted by NAR. The theme of this year’s visit – Homeownership is NOT a loophole! – was a nod to one of our key
federal initiatives, which is to protect the mortgage interest deduction (MID).
The always impressive Indiana REALTOR® delegation met directly with all but one of our
Congress members and spoke with a unified voice on the MID and other issues
important to your profession, your clients and the marketplace.
Unlike past years, NAR did not assign a long list of
specific bills for us to support or oppose. Rather, we were asked to present
market data and discuss key initiatives in general terms. Thanks to your
listing service’s participation in the IAR data warehouse, we compiled specific
market data for each Indiana Congressional district. You can review that data
here, which we intend to present quarterly to our U.S. Representatives and
Senators. These quick housing summaries were much appreciated by each office we
Mark your calendar to join us
next year: May 12-17, 2014.
Indiana Earns Another
1st Place Business Ranking
Indiana was ranked as the most competitive state for business in the
Midwest and the second best nationwide in Site Selection magazine’s Top 10
Competitive States of 2012. This announcement follows one by Chief Executive
magazine that Indiana was ranked as the best place to do business in the
Midwest and the fifth best nationwide in a survey of more than 500 chief
executives. Read the state’s press release here and be sure to share the good
news with your out-of-town clients and friends.
In Case You Missed
It: State Legislative Session Wrap-up
We have received a number of requests for this, so here is the State
Legislative Session Wrap-up your IAR Government Affairs team e-mailed to all
members on Friday, May 10th. Contact Maggie McShane with
questions: firstname.lastname@example.org or
IN Commercial Real Estate Conference
Indiana Real Estate Markets ReportJune 24, 2013
RE BarCamp South Bend
July 17, 2013
More Info»IAR Conference & Expo
September 18-21, 2013
CRS 200: Business Planning & Marketing
October 17-18, 2013