Indiana REALTOR Advocate
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Headlines
INDUSTRY EVENTS

March 21, 2014

Scam Alert:  Are your listings being used to trick people out of money? How about your identify? Be aware, property scams ARE happening across the state. Learn how to protect your listings and yourself, and learn what to do if criminals find you below.

Focus on Government Affairs

REALTOR Advocacy

State Legislators Adjourn Sine Die
Members of the Indiana General Assembly last week adjourned sine die, thus completing this year’s state legislative session. The next day IAR Government Affairs staff published a list of the most important bills to the real estate community. See the list along with a summary and status of each bill and staff contact information for questions here:  http://bit.ly/2014LegSummary.

Congress Passes Bill to Slow Flood Insurance Hikes
NAR-backed legislation that puts the brakes on skyrocketing flood insurance premium hikes passed Congress last week and is expected to be signed by President Obama. The Homeowner Flood Insurance Affordability Act (H.R. 3370) generally limits any annual increase to 18 percent on newer homes and 25 percent on some older ones. The bill also charges a temporary assessment to help the Federal Emergency Management Agency improve its financial picture. Follow this link for more information.

RPAC Fundraising Continues at Brisk Pace
REALTORS® in Indiana have now raised nearly $40,000 for RPAC, putting the state at 18% of its annual Fair Share goal. Members of the Greater Northwest Indiana of REALTORS® were particularly active last month:  Kathleen Boswell and Edith Cothran contributed at the Capitol Club level, and George Jerome contributed at the $99 Club level. See how your local board/association compares here. Email IAR’s Eric Augustus for fundraising help. All RPAC contributions support pro-REALTOR® candidates.

Focus on Legal Affairs

Focus On Legal Affairs

Property Scams:  Be Aware, Protect Your Listings and Yourself
Be aware, property scams ARE happening across Indiana. Here is a typical scenario. You, a real estate professional, put a listing for sale online. A criminal scrapes the listing’s photos and information, and uses a legitimate, reputable website to offer the property for rent. An unsuspecting member of the public then provides deposit money to the criminal, who has created an email address similar to yours. You become aware when the victim shows up at the home to move in and/or calls you for the key after an Internet search reveals your true phone number(s). The good news is that there are easy ways to protect your listings and your identity, and ways to pursue criminals if and when they find you. Watch this video produced by IAR and RECP for more details; it features an officer of the Indiana State Police and a representative of the Indiana Attorney General. Or, read this note from IAR’s General Counsel, Richelle Cohen Mossler.

Monthly Legal Hotline Q&As:  Who Chooses the Title Company?
The question of who chooses the title company is one that last year made its way around the state, but seems to be starting a second tour. The answer is not simple except that it is certainly NOT the real estate agent’s or broker’s choice! Senior Staff Counsel Kelly Shonborn tells you more in her monthly column

As a reminder, the Legal Hotline is available to Principal and Managing Broker members and their designated agents. There are three ways to reach IAR attorneys -

  • Phone:  317-913-3254 or 800-444-5472

  • Online:  Complete this form

  • Fax:  317-842-8494

Focus on Education

RECP

An Easy-to-Follow June 30th To Do List for Legacy Brokers
Are you a Legacy Broker? Legacy Brokers are those who were licensed by the state of Indiana as a real estate Broker on June 30, 2012. Here is what you must do before June 30 of this summer in order to stay in business.

 

1.   Complete 24 hours of continuing education including -

  • 16 hours of the old curriculum, specifically 6 mandatory and 10 elective hours, taken between July 1, 2011 and June 30, 2014. This is the same CE requirement Brokers had prior to enactment of the 2012 legislation that changed the way real estate professionals are licensed. The license renewal deadline was just extended by 1 year.

  • 8 hours of the new curriculum taken between July 1, 2013 and June 30, 2014. This includes the 2-hour updated Indiana license law class that details the 2012 legislation and the reasons for its enactment.

2.   Renew license.

After July 1, if a Legacy Broker completes the to do list above, they will continue being licensed as a real estate Broker and placed on a 3 year license renewal cycle with a specific 12 hour CE requirement to be completed each year of that cycle for a total 36 hours.

Are you the Principal Broker of your firm? You must complete the to do list above before June 30, 2014. After July 1, the term Principal Broker is eliminated. You will be licensed as a real estate Managing Broker and placed on a 3 year license renewal cycle with a specific 12 hour CE requirement to be completed each year of that cycle for a total 36 hours.

Are you a Branch Managing Broker of your firm? You must complete the to do list above before June 30, 2014. A Managing Broker course is not necessary. After July 1, you will be licensed as a real estate Broker but known as a Branch Manager and placed on a 3 year license renewal cycle with a specific 12 hour CE requirement to be completed each year of that cycle for a total 36 hours.

Last Chance to Take Pre-licensing Salesperson Course
RECP will only be offering the 54 hour pre-licensing Salesperson course for a few more months. Those wanting to enter the real estate business before July 1 must act quickly because they will not only need to complete this course, but also take and pass the 24 hour Broker Transition course and make all necessary applications to the state of Indiana. In person courses begin March 25, April 7, May 5 and June 2. Online courses begin immediately. Cost for the 54 hour pre-licensing Salesperson course is $405-$445. Those who complete the course will be eligible for a $25 discount off the 24 hour Broker Transition course. Call RECP at 800-742-4067 to register and receive the discount.

AE Institute
March 21-25, 2014
Baltimore, MD

Indiana Real Estate Markets Report
March 25, 2014
Indianapolis, IN
More Info»

IAR Finance Committee
April 2, 2014
Indianapolis, IN

IAR Board of Directors
April 3, 2014
Indianapolis, IN

REALTOR® Party Convention & Trade Expo
May 12-17, 2014
Washington D.C.

Indiana Commercial Real Estate Conference
June 19-20, 2014
Indianapolis, IN
More Info»

Legacy Broker License
Renewal Deadline 

June 30, 2014
More Info»

Salesperson-to-Broker Transition Deadline
June 30, 2014
More Info»

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