Volume 5, Issue 16:  July 27, 2012

 

The Rumor Mill: The 3.8% Health Care Tax on Home Sales:  From the National Association of REALTORS®:  "A 3.8 percent levy on certain investment income was included in healthcare legislation two years ago, and now misinformation about the tax’s application to home sales is being passed along over the Internet and e-mail, throwing some prospective home sellers into a panic. In actuality, very few owners will be affected by the new tax taking effect in 2013

The tax will only be on investment income of upper income taxpayers. Included in the definition of investment income is capital gains from home sales above a certain amount and for households whose income is above a certain amount.  This means individuals who make $200,000 a year or more, or married couples who earn at least $250,000 a year are affected. Additionally, the tax is only applied to home sales if the proceeds exceed $250,000 for an individual, or $500,000 for married couples. And there still are other income and tax particulars that are considered before the 3.8 percent tax is triggered. 

The National Association of REALTORS® recommends that members become familiar with the tax, but avoid coaching their clients on the policy because the amount of tax will vary from individual to individual as the elements that comprise adjusted gross income differ from taxpayer to taxpayer. NAR has published a brochure on how the tax works, which is now available online."  Click HERE to get the NAR brochure.

Read more about the 3.8% tax from Forbes, Smart Money, and snopes.com.

New Continuing Education Requirements from DREC:  DREC (Delaware Real Estate Commission) has changed the continuing education requirements for licensed agents and newly licensed agents.  Licensed agents are now required to take 21 hours continuing education credits based on the following Core Modules:

Module 1 - Agency and Fair Housing (3 Hours)
Module 2 - Professional Standards (Ethics) (3 Hours)
Module 3 - Real Estate Documents (3 Hours)
Module 4 - Office Management (3 Hours)
Module 5 - Legislative Issues (3 Hours)
Module 6 - Practices of Real Estate (3 Hours)
Module 7 - Elective Course (3 Hours)

Newly Licensed Salesperson Course Outline:  Newly licensed Salespersons must attest during licensure renewal that they have completed these four modules within the first year of licensure

New Salesperson Module 1 - Ethical Practices in Real Estate (3 Hours)
New Salesperson Module 2 - Agreement of Sale, Buyer Representation (3 Hours)
New Salesperson Module 3 - Real Estate Documents, Seller Representation (3 Hours)
New Salesperson Module 4 - Real Estate Professionals (3 Hours)

For more information visit the DAR website HERE, or check out the Delaware Real Estate Commission's website HERE.

2012 DAR Convention:  The 2012 Delaware Association of REALTORS Convention, Counting to the Future, is October 11, 2012!  To register click HERE.  For vendor opportunities click HERE

The Governor's Executive Order #36:  Governor Jack Markell has signed Executive Order #36, which requires a review of all state agency regulations that have been on the books for 3 1/2 years or longer.  Each state agency will have a different time frame for public meetings and public comment on regulations: 

AGENCY PUBLIC INPUT PERIOD
Agriculture July 1, 2012 – October 1, 2012
Children, Youth & Their Families (DSCYF) July 1, 2012 – October 1, 2012
Economic Development (DEDO) July 1, 2012 – October 1, 2012
Education

 

July 1, 2012 – October 1, 2012
Finance

 

July 1, 2012 – October 1, 2012
Health & Social Services (DHSS) September 1, 2012 – December 1, 2012
Housing (DSHA)

 

September 1, 2012 – December 1, 2012
Labor

 

September 1, 2012 – December 1, 2012
Management & Budget (OMB) September 1, 2012 – December 1, 2012
Natural Resources & Environmental Control (DNREC) December 1, 2012 – March 1, 2013
Safety and Homeland Security (DSHS) December 1, 2012 – March 1, 2013
State

 

December 1, 2012 – March 1, 2013
Technology & Information (DTI) December 1, 2012 – March 1, 2013
Transportation (DelDOT) December 1, 2012 – March 1, 2013

You can read about Executive Order #36 HERE.

Connect with DAR:  Like us on Facebook!  Follow us on Twitter! Check out our website!

Federal News In Case You Missed It: 

NAR's Legislative Talking Points:  The 2012 election season is upon us and that means our federal congressional delegation will be out and about  campaigning, so the National Association of REALTORS has issued Legislative Talking Points for you to use when you see our Senators or Congressman out shaking hands.  The talking points deal with taxes, (the mortgage interest deduction or the property tax deduction), and refinancing.  You can access the talking points HERE.   

Powered By Blackbaud
twitterfacebook
This message was sent to your email. Visit your subscription management page to modify your email communication preferences or update your personal profile. To stop receiving this e-mail in the future, click to remove yourself from this list. NAR maintains a separate email system to communicate our national news and programs. If you would like to manage those subscriptions and optin/optout of those communications please click here to login to Realtor.org.