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   Michigan REALTOR E-News

 

Realtor®-Supported Legislation on the Docket in Lame Duck Session

Appraisal Qualification Standards – HB 5860 (SUPPORT)
House Bill 5860, sponsored by Representative and Realtor®-member Margaret O’Brien (R-Portage) brings Michigan Appraisal Qualifications into compliance with the Appraisal Qualification Board (AQB) standards. These standards must be updated from time to time to allow Michigan Appraisers to perform federally regulated transactions, (which include Fannie Mae and Freddie Mac) that  currently make up 70%-80% of all real estate transactions in Michigan.

Passage of HB 5860 is critical by the end of the year in order to comply with 3 items cited by federal auditors in September. Those citations are:

    Updating our statutory definition of AQB Criteria to reflect the latest iteration. This also includes making sure the rule making process is not an endless one.

    Change the definition of “limited real estate appraiser” so that our law does not conflict with the AQB standards.

    Update our use of the Uniform Standards of Appraisal Practice (USPAP). The Department of Licensing and Regulatory Affairs (LARA) is already in the rule making process on this change, and their only suggestion is to strike the date currently in the statute.


Tax Record Information – HB 5822 (SUPPORT)
This bill, sponsored by Representative Bruce Rendon (R-Lake City) modernizes the Transcripts and Abstracts of Records Act (TARA) of 1895 to provide reasonable cost of property tax record information that is electronically collected by counties in Michigan. It would cap at $1,500 per pull county-wide electronic tax record information. 

Both of these bills received consideration on the House floor this week, and we are hopeful that they continue through the legislative process before the end of this legislative cycle, which contains only 5 more days. Michigan Realtors® will continue to keep you updated on these bills as things progress.

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CE Marketplace Opens in January

As 2014 comes to a close you may be trying to determine how to manage your continuing education credits with the changes brought about by the passing of Public Act 106 of 2014. If you are unsure what Public Act 106 of 2014 is, let us briefly explain. This change removes continuing education preapproval and reporting requirements for all real estate brokers, salespersons, education sponsors and instructors. Continuing education courses will no longer require preapproval from the Department of Licensing and Regulatory Affairs (LARA) and neither education sponsors nor instructors will be required to report the hours as a condition of renewal or certification of a broker or sales license.

Licensees will still be required to complete a minimum of 18 clock hours of continuing education per three-year license cycle, with two hours per calendar year involving law, rules and court cases regarding real estate. While the new changes in the law will expand educational opportunities available to Realtors® by making CE more responsive to changes in the market, all courses will still be required by law to meet Department standards for the management and practice of real estate. Licensees will be responsible for tracking their own CE and providing documentation of course content upon request by LARA (during audit inquiry) similar to other professions – CPAs and builders for example.

The good news is that Michigan Realtors® has developed and will maintain a comprehensive database – officially named CE Marketplaceto provide for the tracking of continuing education credits as well as a streamlined process for course approval, with certification based on audit standards previously established by LARA. Which means that brokers and salespersons will be able to sign up for courses within the CE Marketplace and have the peace of mind knowing the course is certified based on Department standards and that their credit hours will be tracked. Additionally, the CE Marketplace will provide licensees with all of the relevant materials should they be audited upon license renewal. This one stop shop for CE course approval and tracking will benefit educators and licensees alike.

We look forward to our official launch of the CE Marketplace in January. If you have further questions please don’t hesitate to contact us.

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Read December Michigan REALTOR® Online Magazine

The winter edition of Michigan REALTOR® Online Magazine is available for viewing and download. Topics include technology trends, safety tips for winter showings, boost your international business and adapting to change as a leader.

Read Online

Download PDF 

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Legal White Paper – Marketing Services Agreements: Beware 

The Consumer Financial Protection Bureau has taken a much more aggressive approach with RESPA regulation and enforcement. Learn about recent developments and best practices here:

Download White Paper 

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Centennial Celebration – Advertising/Sponsorship Opportunities Available

In 2015, the Michigan Realtors® will celebrate 100 years of service to the real estate industry. A century advocating on behalf of Realtors® and private property owners is an amazing milestone and many exciting things are planned! Be a part of this historic year and include a business card ad in the commemorative March issue of the Michigan REALTOR® magazine. Interested in collaborating at a higher level? Consider sponsoring a centennial event. #REALTORS100
 
Join the celebration!
 
Centennial Celebration Sponsorship Opportunities

Business Card Artwork and Contract due 1.16.15

Download Rates Card

Download Ad Contract

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Infographic: Who Are Today’s Home Buyers and Sellers?

This infographic contains the latest information from the 2014 NAR Profile of Home Buyers and Sellers, including statistics about age and income, the home search process, the characteristics of homes purchased, and how buyers financed their purchase.

View infographic

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Legal Lines – Question of the Month
 
With the help of McClelland & Anderson, we are taking the most recently asked questions from our legal hotline and putting them in E-news. We will be featuring a different question each issue.

QUESTION:
A widow put her home in a trust and named her two children as successor trustees. After her death, one of the children moved into the home temporarily until it could be sold. Does there need to be a seller’s disclosure statement?    

ANSWER:
YES. The trustee who is residing in the home must complete a seller’s disclosure statement. Only non-occupant fiduciaries are exempt under the seller disclosure act.     

For more Legal Q&A, visit the new Legal Resources Web site

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Featured Member Benefit: Art Van Home Rewards

Art Van Home Rewards is a gift from you to your client: $300 in Art Van Gift Cards to use throughout the store or online, in every department, from any line we carry... Courtesy of you. Plus, priority processing for 0% financing with the Art Van Signature Card after their closing.

Sign up today

Download New Brochure

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In This Issue:

Featured Video
 
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December Board Meeting Recap

 

Events

Centennial Celebration 1915-2015
#REALTORS100 #centennialsaturdays
Sponsorship Opportunities

Convention & Expo
September 30 – October 1, 2015
Detroit Marriott at the Renaissance Center
Sponsorship Opportunities

For more Upcoming Statewide Events,
visit the Statewide Calendar

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Waymark Insurance

         

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Real Estate Radio Today: The Smart House

Real Estate Today opens doors for buyers and sellers with critical and credible information on the real estate market. It’s fast paced and fact packed with experts, interviews, call-ins, field reports, and timely market conditions.

Listen Today 

 

 

 
 

 

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