2012-13 DOC Required Module
Watch the Legal Description
Forms Changes Coming Soon
Fall Broker Management Conference
NAR Conference & Expo
Homes For All Documentary
Free Expo Tickets
9/19: 2012-13 Required Module: MN Distressed Properties @ Bigwood Event Center, Fergus Falls
9/20: 2012-13 Required Module: MN Distressed Properties @ Mpls Marriott NW SOLD OUT
9/21: Leadership Summit @ Sheraton Ridgedale
9/27: 2012-13 Required Module: MN Distressed Properties @ Prairie's Edge Conference Center, Granite Falls (Contact West Central Assn @ (320) 235-6881 to register)
9/27: 2012-13 Required Module: MN Distressed Properties @ River's Edge Confrence Center, St. Cloud (Contact St. Cloud Area Assn @ (320) 253-7149 to register)
9/27: 2012-13 Required Module: Contracts @St. Paul Area Assn, St. Paul (Contact St. Paul Area Assn @
(651) 776-6000 to register)
9/28: 2012-13 Required Module: MN Distressed Properties @ St. Paul Area Assn, St. Paul (Contact St. Paul Area Assn @
(651) 776-6000 to register)
From the September 2012 RESOURCE:
Q: After interviewing three agents who had performed a market analysis on my home, I selected the agent who indicated he would be able to obtain a higher sale price for my property than the other two agents. The agent also committed to perform a specific marketing plan if he received the listing on my home. I signed the listing agreement at the price suggested by this broker and I have now had my home listed for sale for the last two months. There have been a number of showings on my property and the feedback we've received from the other agents and their buyers is that we are overpriced when compared to other homes recently sold in the area. After just a few weeks on the market my listing agent was insisting that I lower my price, and I did agree at that time to a price reduction of 3%. Now, after two months on the market, my agent is telling me that unless I reduce the list price again, he will not continue to follow the marketing plan that he promised on my home. The reduction he's suggesting would place my list price below the price range indicated by the two other agents that I interviewed. I now feel that this agent may have exaggerated the value of my home in his market analysis and his commitment to perform his marketing plan in order to obtain my listing Is his behavior unethical?
Read the answer at: http://viewer.zmags.com/publication/45272b67#/45272b67/8
Attention: ALL Licensees - DOC Continuing Education Requirements for 2012-13
The MN Department of Commerce is required that ALL residential real estate licensees complete a 7.5 hour continuing education module prior to June 30, 2013. This module consists of two components:
• Contracts; AND
• MN Distressed Properties
Successful completion of BOTH components and a passing grade on the exam for BOTH components, prior to June 30, 2013, is necessary to satisfy the 7.5 hour module. The 7.5 module CANNOT be uploaded to Pulse Portal until both components have been satisfactorily completed with the same provider.
We are working very hard to help our members understand the additional statutory requirement that both components be taken by the SAME PROVIDER in the same format (i.e., either both in a classroom format or both in an online format).
Please note that "same provider" does NOT mean the same instructor or the same location. For example, the Minnesota Association of REALTORS® has seven instructors. Classes we provide taught by any of our seven instructors would meet the requirement. Many local associations and organizations are currently booking us to provide these module components throughout the year in multiple locations throughout the state. You can always see the current schedule of classes we are offering in partnership with local associations by going to our website www.mnrealtor.com, choosing the "MN Education Information" menu item on the top bar, then clicking "MNAR Classes" on the left side bar.
A list of those currently scheduled through the next two weeks are listed below. We will continue to update the list in future newsletters.
Wednesday, September 19th
MN Distressed Properties and Real Estate Update in Fergus Falls. Go to www.mnrealtor.com for more information or to register (scroll to the bottom of the page).
Thursday, September 20th
MN Distressed Properties in Minneapolis SOLD OUT. Go to www.mnrealtor.com for more information or to register (scroll to the bottom of the page).
Thursday, September 27th
Contracts and MN Distressed Properties in Granite Falls. Contact Sue Blumhoefer at firstname.lastname@example.org for more information or to register.
Thursday, September 27th
Contracts in St. Paul. Contact Andrea Riley at email@example.com for more information or to register.
Thursday, September 27th
Contracts and MN Distressed Properties in St. Cloud. Contact Kelly Travis at Kelly@StCloudRealtors.com for more information or to register.
Friday, September 28th
MN Distressed Properties in St. Paul. Contact Andrea Riley at firstname.lastname@example.org for more information or to register.
Wednesday, October 3rd
Contracts and Real Estate & Taxes in Baxter. Contact Janie Weston at Janie@greaterlakesrealtors.com for more information or to register.
Thursday, October 4th
Distressed Properties and Counselling Sellers in Baxter. Contact Janie Weston at Janie@greaterlakesrealtors.com for more information or to register.
WATCH THE LEGAL DESCRIPTION
Christopher Galler, CEO
When drafting purchase agreements it is important that you insert the appropriate legal description for the property. With auto-fill purchase agreements, it is easy to assume that the number or description is accurate. As we all know, people can make mistakes and a wrong key stroke here or there and you have a transaction problem. The Title Insurance/Closer industry is under significant pressure NOT to do that type of research because of the potential legal liability. When listing a home double check the PID or legal description before entering into the MLS system. When drafting a purchase agreement, make sure to double check the information the listing broker entered with the county to ensure that the information is accurate.
A few extra steps at the beginning of the transaction is better than having a problem later on.
2012 MNAR Forms Changes Coming Soon!
On October 1st, the MNAR Forms will be revised. There were several changes made this year to both the Residential and Commercial Forms library. Below is a listing of the forms that will be changing on October 1st:
- Commercial Contract for Exclusive Right to Represent Buyer and Commercial Contract for Exclusive Right to Represent Tenant have been combined into one form. This new form is titled Commercial Contract for Exclusive Right to Represent Buyer/Tenant
- Commercial Contract for Nonexclusive Right to Represent Buyer and Commercial Contract for Nonexclusive Right to Represent Tenant have been combined into one form. This new form is titled Commercial Contract for Nonexclusive Right to Represent Buyer/Tenant
- Commercial Exclusive Listing Agreement Sale and Commercial Exclusive Listing Agreement Lease have been combined into one form. This new form is titled Commercial Exclusive Listing Agreement
- Commercial Letter of Intent
- Commercial Nonexclusive Listing Agreement Sale and Commercial Nonexclusive Listing Agreement Lease have been combined into one form. This new form is titled Commercial Nonexclusive Listing Agreement
- Commercial One Time Showing Contract
- Commercial Purchase Agreement
- Examples of Clauses for Use in an Addendum to Commercial Purchase Agreement
New Commercial Forms
- Addendum to Commercial Purchase Agreement
- Amendment to Commercial Purchase Agreement
- Commercial Confidentiality Agreement
- Counteroffer Addendum to Commercial Purchase Agreement
Discontinued Commercial Forms
- Commercial Consent to Sublease by Landlord
- Commercial Exclusive Representation
- Office Lease
- Office/Warehouse Lease
- Commercial Option Agreement
- Commercial Request for Proposal for Space
- Commercial Sublease Agreement
- Amendment to Purchase Agreement Buyer's Move-In Agreement
- Amendment to Purchase Agreement Seller Holdover Possession Agreement "Rent Back"
- Arbitration Disclosure and Residential Real Property Arbitration Agreement
- Compensation Disclosure to Buyer/Tenant
- Condominium/Townhouse/Cooperative Addendum Common Interest Community (CIC)
- Exclusive Right to Lease Listing Contract
- Financing Addendum Contract for Deed
- Inspection Contingency Addendum
- New Construction Purchase Agreement
- Purchase Agreement
- Seller's Contributions to Buyer's Costs Addendum
- Seller's Disclosure Alternatives
- Seller's Property Disclosure Statement
- Showing Contract is retitled One Time Showing Contract (Purchase)
- Subsurface Sewage Treatment System and Well Inspection Contingency Addendum
- Vacant Land Disclosure Statement
- Vacant Land Purchase Agreement
- Addendum to Exclusive Right to Sell Listing Contract
- Earnest Money Receipt
- One Time Showing Contract (Lease)
- Receipt of Common Interest Community (CIC) Documents
- Buyer Purchasing "As Is" Addendum
View a summary of the 2012 changes to the MNAR Commercial Forms.
View a summary of the 2012 changes to the MNAR Residential Forms.
MNAR 2012 Fall Broker Management Conference
Brokers!! Managers!! Managing a real estate office requires you to be informed on the latest issues and trends and we've prepared an outstanding program to do just that. And this year, for your convenience, we're taking it on the road!! We've reduced your driving time by scheduling the same program at three convenient locations:
- October 11th, Arrowwood Conference Center, Alexandria
- October 24th, Grand Casino Hinckley
- November 14th, Mystic Lake Casino
This year's sessions are:
What Brokers Need to Know about Data Security Wayne Gilbert, Instructor
Legislative Update Chris Galler, Paul Eger and Ryan Hamilton, Instructors
Hot Topics for Brokers Lynn Leegard, Instructor
5.5 hours real estate CE Credits, refreshment breaks and lunch are included. Program runs from 9:30am-4:30pm. Cost is $79 for members/$89 for nonmembers if you register up to three weeks before the Conference date.
Later than three weeks before the Conference date, cost is $99 for members/$109 for nonmembers.
On-Site registration is $119 for members/$129 for nonmembers.
Go to www.mnrealtor.com to register.
Analysis: Federal Regulations have Significant Negative Economic Impact - According to a macro-economic analysis commissioned by the Manufacturers Alliance for Productivity and Innovation (MAPI), federal regulations have a significant and adverse impact on the American economy. The study examined the qualitative and quantitative impact of major federal regulations on the U.S. economy in general and the manufacturing sector in particular.
The study focused on five types of regulation that have the most significant impact on the manufacturing sector: financial, labor, energy, environmental, and transportation. The study analyzed over 30 years of all regulations, and developed several alternative calculations of the direct costs of major regulations to evaluate the macroeconomic consequences of major regulations.
- The pace of US federal regulations is accelerating. An average of 72 major regulations per year have been promulgated since 2009, compared to an average of 45 per year between 2001 to 2008, and 36 between 1993 to 2000.
- This increase in federal regulations has hurt manufacturing output, especially in energy-intensive sectors. In 2012 alone, regulation may reduce manufacturing output by between $200 billion and $500 billion, and manufacturing exports may be 6.5% to 17% lower than they would be without the regulatory burden.
- In terms of the broader economy, regulations may reduce GDP by between $240 billion and $630 billion this year, and cut the average household’s purchasing power by between $1,800 and $5,000.
- Although the study's estimates do not factor in the benefits of regulations, they can be used to help identify the cost of regulations, areas where regulatory review may be best focused, and the impacts of allowing regulations to expand at their current rate.
Download the report
FTC Issues Guidance for Mobile Apps on Privacy and Truth-in-Advertising Laws - On Sept. 5, 2012, the Federal Trade Commission (FTC) released non-binding guidance for mobile app developers intended to help them navigate privacy and truth-in-advertising principles as they develop and market apps. The guidance provides an overview of existing laws and FTC policy, and includes a number of “general guidelines” that mobile app developers should consider:
- Tell the Truth About What Your App Can Do.
- Disclose Key Information Clearly and Conspicuously.
- Build Privacy Considerations in From the Start.
- Offer Choices that are Easy to Find and Easy to Use.
- Honor Your Privacy Promises.
- Collect Sensitive Information Only with Consent.
- Keep User Data Secure.
Illustrating each guideline, the FTC notes it has taken action against companies that made broad statements about privacy practices, but did not disclose the extent to which they collected information. The FTC recognizes that the guidelines are not a “one-size-fits-all approach” because every app is different, but that there are general guidelines that every mobile app developer should consider.
The FTC also specifically rebuts any notion that small developers can escape notice under the privacy and truth-in-advertising laws. Being a small company that hasn’t made any money yet is “(a)ll the more reason to build compliance in from the start.”
Overview of the Guidelines
The MN Association of REALTORS® is teaming up again with Sun Country Airlines, the Hometown Airline, to offer REALTORS® a discount on travel to Orlando to attend the 2012 REALTORS® Conference & Expo. Use the promotion code “MNAR15” on Sun Country Airlines’ website www.suncountry.com to receive 15% off their lowest applicable fare. The discount is valid for all flights between Minneapolis and Orlando from November 6, 2012 until November 16, 2012.
The discount applies to coach class, but not First Class. Affordable upgrades are available during check-in. The discounted flights can be combined with outbound/return flights outside of the promotion dates, but only the flights segments within the promotion period are discounted. The discount can be used for both one-way and round-trip reservations. The special REALTOR® discount cannot be combined with other discounts, promotions, UflyRewardsPlus fares, Sun Country Vacations Cruise/Hotel packages, vouchers or gift certificates. It is not retroactive and cannot be applied to existing reservations. Standard Sun Country Airlines change fees, bag fees, etc. and all other policies apply.
Homes for All Documentary
Minnesota's affordable housing communities are an essential part of the state's economic and social health. Join us for an in-depth conversation with residents, experts and community leaders that will show you the many ways Minnesotan's benefit when we're able to provide homes for all. Produced by MN Housing Partnership, Metropolitan Consortium of Community Developers and MN Community Land Trust Coalition.
This program will air on the following dates and times on Twin Cities Public Television:
September 30th @ 9:00PM
October 7th @ 3:00AM, 9:00AM and 3:00PM
Free Expo Passes for You, Your Customers, Clients, Prospects, Family and Friends!
The Expo Guys are happy to supply you with plentiful "Admit 2 Free" EXPO Passes for you and your employees, friends and families. These passes allow them to attend our up-coming expos and seminars FREE of charge.
These FREE Passes are available in quantity, for as many as you request, while supplies last.
Download the order form, and fax back to (952) 929-9510.
Tickets for the following events are available:
HEALTHY LIFE EXPO:
October 20-21, 2012 @ Minneapolis Convention Center
HOME IMPROVEMENT & DESIGN EXPO
October 20-21, 2012 @ Minneapolis Convention Center
October 27, 2012 @ National Sports Center, Blaine
November 3, 2012 @ Maple Grove Community Center
For more information, visit www.MediaMaxEvents.com.