Indiana REALTOR Advocate
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INDUSTRY EVENTS

Java No Longer Needed to Access IAR Forms –
zipForm® Plus Launched in Member Accounts
 

 Check out your zipForm account and you will see an option to use the new zipForm Plus pre released to IAR members this week!  This new version has some basic system requirements and will check your system for you before launching.  Once you are in the system you can always switch back to the old zipForm6 version with a click of a tab with the transaction data maintained in both formats.  

Quick start helps can be view here:   http://dl3.zipform.com/training/zipformplus/quickstartguides.pdf

A full basic training can be viewed here:  http://dl3.zipform.com/training/zipformplus/basics.pdf

This is a prerelease and the zipLogix company is looking for your comments.   Use the FEEDBACK tab to give them your thoughts.  Janet Bailey,  IAR’s certified zipLogix trainer, is happy to receive comments and assist as needed:  317-913-3239 or jbailey@indianarealtors.com.

Focus on Legal Affairs

Focus On Legal Affairs

CPL Issuance Mandatory in Residential Real Estate Transactions
Title Industry Affected by New Law
The Indiana Legislature recently enacted Senate Enrolled Act 370 requiring the mandatory issuance of a closing protection letter (CPL) in residential real estate transactions for a fee charged to buyers and sellers. Historically, the CPL was customarily issued in Indiana to lenders only. As a result of the new law, this coverage is now available to consumers in residential transactions. Indiana is now one of nineteen (19) states that have enacted CPL legislation.

The CPL provides a party with protection against theft or misappropriation of settlement funds and failure of the settlement or closing agent to comply with written closing instructions. The Indiana Department of Insurance (IDOI) has interpreted the new law as applying to all closings beginning July 1, 2013. The IDOI bulletin can be viewed at the following link:
www.in.gov/idoi/files/Bulletin_199.pdf  

As a result, for closings conducted after June 30, 2013, title companies are required by law to issue a closing protection letter to a lender, borrower/buyer and seller of the property in all residential real estate transactions in which a title policy is to be issued by the title company or insurance producer, and the title company or insurance producer is also acting as a settlement or closing agent. A fee charged to each party receiving the benefit of the CPL will be payable at closing and reflected on the HUD-1/Settlement Statement. The Good Faith Estimate (GFE) tolerance requirements under the Real Estate Settlement Procedures Act may be affected by the new fees and lenders should consider whether issuance of a new GFE prior to closing is appropriate. The CPL fees charged by a title company will vary due to the title insurance underwriter issuing the title policy(-ies). 

The new law allows for the issuance of closing protection letters in commercial transactions upon request, as CPLs are not required by law in commercial transactions.

Violation Station: Real Life Real Estate Sanctions
What happens to me if I violate Indiana license law? Violation Station is published quarterly to help REALTORS® better understand what types of violations are heard by the Real Estate Commission and the punishments are handed out.  IAR's Senior Staff Counsel, Kelly Shonborn, reviews examples of sanctions handed down by the Commission in the 2nd quarter of 2013.

Sellers Must Be Truthful on Seller's Disclosure Form
Indiana Supreme Court Sets Aside "Buyer Beware" Precedent 
This month, Richelle Cohen Mossler, IAR's General Counsel, discusses the recent court case, Johnson v. Wysocki and its impact on home sellers.  With this ruling, any sellers who fail to honestly disclose any known problems with major home systems may have to pay the buyer's future repair bills.  

Focus on Research and Technology

Steve HarneyLearn 5 Elements of a Perfect Listing
Keeping Current Matters Offers Free Webinar

You have the opportunity on July 25th to be involved in a free webinar to aid you in building a solid listing inventory.  Hosted by the team at Because Keeping Current Matters, this webinar will put you in the position to dominate the market for the rest of 2013 and up into the next year. You will learn how to instantly begin building rapport and trust with your seller, how to break down your listing presentation into five key sections and finally how to discuss both major headlines in today’s real estate market, intelligently: What impact the rising rates are having on buyer’s purchasing power and how much the increase in home prices will be over the next year.

 Focus on Advocacy

REALTOR Advocacy

RPAC is the Best Investment You'll Make in Your Business
June Fundraising Totals and Award Levels
Thank you to all those who contributed to RPAC in June. Your generous contribution goes to support pro REALTOR® candidates at the local, state and federal level.  Check out how your local board/association is stacking up against the fundraising competition here. Need Fundraising Assistance? Contact Eric Augustus.

 Focus on Education

RECP

Complete the required 8-Hour CE for Legacy Brokers
The Indiana Real Estate Commission (IREC) recently extended the license renewal deadline for legacy brokers (those who were licensed as a broker on or before June 30, 2012)  from June 30 of this year to June 30,, 2014. This memo from IAR explains why the IREC extended the deadline, but how will the extension impact legacy brokers? In short, legacy brokers must now complete 24 hours of continuing education (C.E.) 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 legacy broker would have prior to the 2012 license law update and the old license renewal deadline of June 30, 2013
  • 8 C.E. hours of the new curriculum—cannot be taken before July 1, 2013

RECP is now offering the new 8-hour CE curriculum which will include the following four courses: the state-mandated Indiana License Law; Escrow, Earnest & E&O; Negotiations and Fair Housing. Live and online 8-hour package is just $49.  RECP will continue to offer both online and live, two-day classes at a variety of locations around the state for just $99 to help those legacy brokers who still need to fulfill their 16-hour C.E. requirement.

Visit www.RECP.org or call 1-800-742-4067 for more information and to register.

Don’t miss the June 30, 2014 Broker Transition Deadline   
There are a large number of salesperson licensees that still need to upgrade their license to broker status. The deadline to do so is a little less than a year away – June 30, 2014 – but it is recommend salespersons move on this requirement as soon as possible. If the upgrade is not processed by the deadline, salespersons will be left without a valid license and forced to take a 90-hour pre-licensing course before they can complete a transaction.

RECP is now offering a live, three-day broker transition course at a variety of locations around the state. RECP is also offering this course online. The broker transition course fulfills a salesperson’s continuing education requirement during this transition period. As an added bonus, REALTOR® licensees who complete the course with RECP will earn 22 credits toward a Graduate, REALTOR® Institute (GRI) designation. Visit www.RECP.org or call 1-800-742-4067 for more information and to register.

Learn to Earn with Indiana’s Graduate REALTOR® Institute
The GRI, Graduate REALTOR® Institute, designation is the most recognized and respected professional designation available to real estate professionals nationwide. Along with higher earnings and increased referrals, GRI designees have an increased level of skill and professionalism. GRI candidates must submit an application and pay a one-time $50 application fee. Ninety hours of specific coursework must be completed within five years to earn the designation. GRI candidates should attend the September 17-19 Indiana Association of REALTORS® Conference & Expo where than can earn as much as 18 GRI course credits. To apply as a new candidate or for more information, visit www.IndianaGRI.info.

RECP Answers Your Questions:
Q:  I’ve just completed my broker transition course. How do I transition my license to broker?
A:  After completing and passing the 24-hour broker transition course and exam, complete the application form. Send the course completion certificate along with payment of $64.25 to the Indiana Real Estate Commission (IREC).  Once your application has been reviewed and approved by the IREC, you will immediately receive a new license number as a real estate broker.  Please check the IREC free "search and verify" for the status of any recently submitted application.

Indiana Real Estate Markets Report
July 22, 2013 
More Info»

IAR Conference & Expo
September 18-21, 2013
 
CRS 111: Short Sales & Foreclosures
October 2, 2013 
More Info»

CRS 200: Business Planning & Marketing
October 17-18, 2013
More Info»
 
CALLING ALL LEADERS

2013 IAR Board of Directors
Election Information

 Electronic election: September 24-29

Qualified candidates to be posted by:
September 1st


Application deadline: August 15th
 

Official membership counts posted by August 1

REMEMBER: Your ballot will come by e-mail, so please take the time to ensure a correct e-mail address is on file for you in the National REALTORS Database System (NRDS) located here.

All members are encouraged to consider applying for a seat on the board. Those currently serving, whose terms expire, may submit an application for re-election if they are not noted as having fulfilled the maximum terms allowed under term limits.  For more information and to apply, visit the Governance page of indianarealtors.com.

IRLA Class of 2013-2014
Accepting Applications Now

Are you a volunteer looking to maximize your professional and personal growth and development?

Most of our graduates are active in their local communities, are serving on their local REALTOR® association board of directors or even serving in officer positions. In fact, 40% of the IAR Board of Directors are graduates as well.

Find out more about the program, including dates/topics for the sessions and how to apply. To hear directly from program participants about the value of the program and how they are using it to grow their personal and professional life, check out this video from the Class of 2012-2013. 

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irmls

IRMLS Named 2013
Innovator Award Finalist

Congratulations to the newly formed Indiana Regional MLS (IRMLS) Recently, they were a finalist for a 2013 Inman News Innovator Award for Most Innovative MLS or Real Estate Trade Association.  
The awards, created in 1997, honor real estate companies, technologies, services and individuals who have propelled the real estate industry forward by improving the real estate transaction process for both consumers and real estate professionals.  Winners are selected by an Inman News review team after a reader nominations process.  This year, there were 55 finalists in eight categories.


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