Connections February 2016 by REALTOR® Association of Central Massachusetts

Connections Central Massachusetts Association of REALTORS®

February 2016 Inside this Issue: PRESIDENT’S MESSAGE President’s Message

Month at a Glance

Awards Nomination Form

Top Producer Application

4-6

Forms Update

Logo Design Contest

Membership News

11-12

Code of Ethics Training

Hello Fellow Realtors, We are off to a great start in 2016 at the Central Mass Association of Realtors! Committees are in full swing and underway with programs & events for the year. Remember to like our Facebook page by searching for the Central Massachusetts Association of Realtors to keep updated with everything going on. Furthermore, our new web address is www.cmarealtors.org for resources, calendars and more updates.

Professional Development 15-17 Affiliate Appreciation Night

CMAR Awards Luncheon

CREST

Gov’t Affairs

Local Market Update

Legal Hotline

Koffee with Kris

CMAR Mission Statement The purpose of the Central Massachusetts Association of REALTORS® is to: * Provide REALTOR® members with the resources that enable them to serve the public in an ethical and professional manner * Take an active role regarding issues affecting sellers, buyers, tenants and landlords.

It is a quadrennial year, which means all Realtors are obligated to take the 2.5 hour CEU Code of Ethics class. A full schedule of these monthly classes is on the website. A couple of Saturday classes have been added as well. Our Code is one of the things that sets us apart from non-Realtors. We set a higher standard of professionalism and ethics in our industry to better serve our clients. Please check out our schedule for next month as March has great things in store for our members. On March 3rd all committee members and chairs are invited to a Trivia Night. This night of friendly competition is to allow committee members to get to know each other in order to promote assistance across committees. Our Investment Property & Healthy Homes Summit on March 10th will go over the grant money that the City of Worcester has received. Realtors will be educated on how they can help their clients owning Worcester properties to better them. Finally March 24th is our Affiliate Appreciation Night at the Worcester Club from 5:30-7:30. Please come and meet new business partners while saying hi to our existing ones! It was a great event last year and will be again next month! We have a big responsibility to our clients whether buying or selling. Let’s remember to wear our “R’s” wherever we can. Be proud to be a Realtor and what we stand for. Wishing everyone a prosperous and healthy month! Best,

Kris

Kris Koliss 2016 WRAR President

Central Massachusetts Association of REALTORS® 1 www.wrar.org

CMAR MONTH-AT-A-GLANCE February 2016 Sunday

Monday

Tuesday

Wednesday

2 9 Govt Affairs Comm

3 9 Membership Comm. 9:30-12 Code of Ethics Training

4 9 CAC 10 Prof Development Comm

8 9:30-3:30 MLS PIN Training

9 10 Golf Comm. 11-1 Lunch & Learn w/Fairway Mortgage

10 9:30 Finance 10:30 BOD

12 12-2 Lunch & Learn w/Peoples Home Loans

15 Presidents’ Day

17 10-4 CEU Classes at CREST

18 12-2 Lunch & Learn w/Wintrust Mortgage

20 8-12 Pre-License Class

24 12-2 Lunch & Learn w/Security First Mortgage

26 9-12 Dotloop Bootcamp 1-4 Dotloop Bootcamp

27 8-12 Pre-License Class

CMAR CLOSED 21

22 5:30-9:30 PreLicense Class

29 5:30-9:30 PreLicense Class

Thursday

Friday

Saturday

Save the Date! Friday, March 4, 2016

Koffee with Kris

Thursday, March 10, 2016 Healthy Homes/Investment Property Summit at Holy Cross College Monday, March 21, 2016

DR Breakfast

Thursday, March 24, 2016 Affiliate Appreciation Night at The Worcester Club Thursday, April 14, 2016

CMAR Awards Luncheon at the Wachusett Country Club

Thurdsday, June 23, 2016 CMAR Golf Tournament at the Wachusett Country Club

Central Massachusetts Association of REALTORS® 2 www.wrar.org

2016 AWARDS NOMINATIONS

DEADLINE EXTENDED

Awards Process & Deadlines:

January 1: Nominations open for 2016 Awards February 16: Deadline for all nominations February 22: Task Force meets to review nominations to determine eligibility. Qualification Form sent to those nominees meeting eligibility. March 1: Deadline for Awards Qualification Forms to be submitted March 11: Task Force and 2015 recipients meet to review completed Qualification Forms. Winner in each category selected. Winners will be announced At the Annual Awards ceremony on April 14, 2016. General Requirements: Service is based on actual performance from January 2015 through December 2015. Must be a member in good standing of The ® Worcester Regional Association of REALTORS .

AFFILIATE OF THE YEAR AWARD Recognizes an outstanding Affiliate Business Partner of WRAR who has made the greatest contribution to the Association and the community at large. Requirements: Candidates must have held Affiliate membership with our Association for at least two years. Participation on an Association committee and events. Community service and other business affiliations. ROOKIE OF THE YEAR AWARD Recognizes a REALTOR® member who is new to the business and who embodies the REALTOR® culture by focusing on professional development and professional growth. Requirements: Must be nominated by your broker Must be a full‐time REALTOR® licensed for 24 months or less Number of hours in attendance at any education program given by the Association Number of designation or industry related college courses Community involvement Production‐ number of transactions Participation on Association committee and events recommended

REALTOR® OF THE YEAR AWARD Recognizes a REALTOR® for dedicated service to the Association, the community and the real estate industry. Requirements: Local, state or national association activities Community Service Business Accomplishments REALTOR® Spirit The successful candidate will represent the Worcester Regional Association of REALTORS® at the MAR REALTOR® of the Year and Professional Awards Banquet. NATALIE QUINLAN DISTINGUISHED SERVICE AWARD Recognizes individuals for continuous service to the Association over an extended period of time. Requirements: Minimum five years activity Full‐time REALTOR® High degree of real estate knowledge Public service Service to the Association in more than one area (may or may not have served in a leadership capacity). THE REALTORS® CHOICE AWARD Recognizes a WRAR REALTOR® member for outstanding ethics and professionalism; for courtesy and cooperation in the listing and selling of real estate. Service on an Association committee is not required.

‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Deadline for submission: February 16, 2016 – YOU CAN SUBMIT ONE CATEGORY OR ALL ‐ NO RESTRICTIONS REALTOR® of the Year Distinguished Service REALTORS® CHOICE Rookie of the Year

Affiliate of the Year

REQUIRED: Submitted by Office Please email form to lsprague@cmarealtors.org; Fax to 508‐832‐6620 or mail to: 492 Washington Street, Auburn, MA 01501

Central Massachusetts Association of REALTORS® 3 www.wrar.org

The Central Massachusetts Association of REALTORS® 2016 TOP PRODUCERS Award

CMAR seeks to recognize REALTORS® for their accomplishment of outstanding levels of production in real estate transactions during the calendar year. This award may be given to Individual Realtors® and Teams. Approximately 5% of CMAR members will be eligible for this award. All applications must be received by CMAR no later than March 11, 2016. Entries may be mailed, faxed or emailed to lsprague@cmarealtors.org.

ELIGIBILITY ‐ To qualify for consideration, the applicant must have been a primary member in good standing with CMAR during the past calendar year, and must have paid their 2016 CMAR dues in full.

CRITERIA FOR ELIGIBILITY OF TRANSACTION ‐ 1. Sold properties through MLS PIN or other MLS may be counted. The listing side of an Entry Only sale shall NOT be counted, but the sale side may be counted. 2. All entries not substantiated by MLS PIN will require documentation. 3. No credit will be given for outgoing referrals, leases or finder’s fees. 4. Applicant takes credit for the full sales price and 1 unit if either the listing or selling agent. If applicant is both listing and selling agent on the same transaction, he/she may count the full sale price twice and 1 unit for each side. 5. All entries are subject to verification by the Top Producers Committee. The Committee reserves the right to reject applications based on fraudulent information. 6. The Top Producers Awards Committee has the right to and may request additional documentation in order to verify an agent’s sales.

MINIMUM ENTRY REQUIREMENTS – An individual agent must have sold a minimum of either: ‐ $4 million volume plus a minimum of 16 units OR ‐ 22 units with no minimum volume OR ‐ $8 million with no minimum units The requirements for a Team are based on the number of people on that team, with each person on the team requiring an additional 50% of the individual production levels. For example: Team of 2 ‐ $6 million plus 24 units OR 33 units with no minimum volume OR $12 million Team of 3 ‐ $8 million plus 32 units OR 44 units with no minimum volume OR $16 million Team of 4 ‐ $10 million plus 40 units OR 55 units with no minimum volume OR $20 million, etc. * * A Team is defined as a group of agents who work together and all transactions are reported in MLS under one Team ID.

AWARD LEVELS – Certificates will be given on three levels of production, Ruby, Emerald and Diamond, based on the calculation of the award formula on the application. In 2014, the Ruby awards ranged from $71 – 314 Million, The Emerald from $348 – 847 Million and the Diamond from $1.23 – 2.44 Million. There will also be one Top Producer Award per category.

Awards will be presented at the CMAR Awards event on April 14, 2016. Central Massachusetts Association of REALTORS® 4 www.wrar.org

DOCUMENTATION TO ACCOMPANY YOUR APPLICATION:

MLS PIN report (see screen shot below)

In Pinergy, select: TOOLS In Tools, click on Market Reports In Market Reports, click on New Report At the top left of the screen, under Report Type, choose Market Share – My Market Share Under Property Type, select ALL categories Set the button to YES for Display Search Criteria Under Time Frame, scroll down and click “Choose a Time Frame”. Set Start Date to 1/1/2015, End Date to 12/31/2015 Click Search Now. A message will pop up telling you “You have selected NO TOWNS… Do you wish to continue? Click OK. Print the summary page from MLS showing your transactions and sides. 01/01/2015 12/31/2015

Non‐MLS Sales If you have a Non‐MLS listing that you would like considered for this award, you must attach a copy of the HUD statement identifying your company as an agent of the transaction as well as a signed statement from your Broker showing the amount of gross commission paid to your office and verifying you were the agent for the transaction.

Awards will be presented at the CMAR Awards event on April 14, 2016. Central Massachusetts Association of REALTORS® 5 www.wrar.org

2016 TOP PRODUCERS APPLICATION FORM Name: Office: Email: Other Team Members: Total MLS Dollar Volume $ Non‐MLS Dollar Volume $ Total Dollar Volume $ Multiply $ X Dollar Volume Total Total Sides

MLS ID:

Individual

Team

Total MLS Sides

Non‐MLS Sides

Total Sides

= $

** This formula will produce a very large number. This number is used to rank all applications to determine which category you fit into. This form must be accompanied by your MLS PIN Market Share report and any Non‐MLS documentation to be considered. Applications without the proper documentation may be returned or rejected. I hereby certify that all transactions submitted are truly my own, and not the sales or listings of other agents or assistants. I understand that falsifying my application will disqualify me from this award, may prohibit me from applying in the future, and may result in a hearing to assess a violation of the Realtor ®Code of Ethics. Signature: _________________________________________________________________________ Broker/Manager Signature: _______________________________________________________________ All applications must be received by CMAR no later than March 11, 2016.

Entries may be mailed, faxed or emailed to lsprague@cmarealtors.org.

Awards will be presented at the CMAR Awards event on April 14, 2016. Central Massachusetts Association of REALTORS® 6 www.wrar.org

CMAR DISCONTINUES LOCAL FORMS The Board of Directors has made a new policy decision to discontinue producing our own local listing agreements and offer forms effective February 15, 2016. There are many factors that went into this decision, including the legal costs required to keep the form current as well as increased printing costs. The forms from MAR are the most widely used and undergo annual scrutiny to make sure that our members are protected. We also support using the zipLogix on-line platform that is offered FREE to all REALTOR® members through MAR. In addition both NAR and MAR have included additional on-line tools to help you handle your transactions more efficiently. There are many other on-line platform such as DotLoop with the goal of paperless transactions. There will be many opportunities in the coming months for hands on training on all zipLogix products as well as a DotLoop bootcamp which will be held here at CMAR on Friday, February 26. To register: ___________________________ In addition, here are some helpful links: Here is the link to the MAR website which goes into details about the free forms: https://www.marealtor.com/members/benefits-and-discounts/real-estate-forms This is a How-to Video to show you exactly how to set up a zipLogix account: https://www.youtube.com/watch?v=96suVNTjiZY This is an overview of the forms benefit—what’s been available and what is new: https://www.youtube.com/watch?v=nwpbL2g6PwQ&feature=youtu.be

Central Massachusetts Association of REALTORS® 7 www.wrar.org

OUR VIP SPONSOR

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Central Massachusetts Association of REALTORS® 8 www.wrar.org

CMAR LOGO DESIGN CONTEST Central Massachusetts Association of REALTORS® Logo Design Contest The Central Massachusetts Association of REALTORS® (CMAR) is looking for a new logo following our recent name change. Since 1923, our organization has been proudly serving members in Central Massachusetts. Today we are comprised of over 1,500 real estate professionals, who work one-on-one with consumers and are involved in all aspects of residential and commercial real estate. Pursuant to our Mission Statement, we provide essential services and resources that promote home ownership in central Massachusetts. The purpose of the Central Massachusetts Association of REALTORS® is to: • Provide REALTOR® members with the resources that enable them to serve the public in an ethical and professional manner • Take an active role regarding issues affecting sellers, buyers, tenants and landlords. We are in search of a new logo that reects the important, professional work we do right here in the heart of our great Commonwealth.

YOUR WINNING DESIGN COULD BE PART OF THE NEW FACE OF THE ASSOCIATION!

General Rules

• The logo design contest will run from January 1 to February 29, 2016. It is open to all (members, family, friends, and the general public). All submissions should be postmarked by February 29, 2016. • The CMAR Board of Directors will choose the winning submission at their March 2016 meeting. • The winner of the contest will be announced at our Annual Awards Luncheon on April 14, 2016. All submissions will be displayed before the winner is announced. • Artwork should be submitted digitally. Accepted formats: Vector (preferred .ai; .eps) or .pdf • All submissions become the exclusive property of the Central Massachusetts Association of REALTORS®. Artists/ submitters may claim no copyright infringement. • CMAR reserves all rights to decline any and all submissions. • CMAR reserves the right to right to enhance or make changes to the winning design.

Submission Form Name: Address: City:

State:

Zip:

email: Phone: I agree to the General Rules stated above and hereby waive all rights, present and future, to the use of the submitted design.

Signature

Date

All art submissions shall include this form and should be sent to Colleen Pappas, Executive Vice President, at cpappas@wrar.org. Central Massachusetts Association of REALTORS® 9 www.wrar.org

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Central Massachusetts Association of REALTORS®

10 www.wrar.org

MEMBERSHIP NEWS New Applicants John Chalino Michael Deleppo Lisa D’Elia Preston Juskavitch Peter Lam Rhiannon Prunier

Keller Williams Realty Keller Williams Realty Exit Realty Partners Blackstone Valley Realty Keller Williams Realty Real Living Barbera Assoc.

Agents Transferred - New Office Worcester Bolton Worcester Mendon Worcester Worcester

January Orientation Attendees Zachary Aicardi Lissette Carter Bill Chviruk Margo Clark Paul Cutler Alyssa D’Amore Thomas DeCarlo Paul Donnellan Diane Erickson Dan Forkuo Shane Foss Joseph Griffin Kerry-Lynn Houghton Tina Jacobsen Jully Khattar Darlene Layton Vanessa L’Heureux Catherine Longo Glen Lucchese Suzanne MacKenzie Paula Mollov Jamie Mondino Donna Murphy Levites Katherine Nagda Peter Normandin Paula O’Brien Derik Opdyke Christiane Rankin Jason Richard Matthew Ross Zantia Seda Katie Siska Bernadette Smith Mark Stanhope Marc Surette Walter Swift Catherine Taylor Linda Tobey Bruce Wilson

Mendon Area Real Estate Exit Realty Partners LAER Realty Partners RE/MAX Professional Assoc. Keller Williams Realty Coldwell Banker Mendon Area Real Estate Keller Williams Realty Park Place Realty Exit Realty Partners Real Living Barbera Assoc. Exit Realty Partners ERA Key Realty Services RE/MAX Professional Assoc. Exit Realty Partners Exit Realty Partners Empire Real Estate Group Emerson REALTORS LeRoux Realty Group Century 21 N. Shore Realty Exit Realty Partners Salisbury Management, Inc Smith Realty Group Century 21 Commonwealth Keller Williams Realty Century 21 N. Shore Realty Park Place Realty Keller Williams Realty B.H.H.S. Hathaway Hope Real Estate Group. Exit Realty Partners Oribit Realty Coldwell Banker RE/MAX Professional Assoc. Empire Real Estate Group Mendon Area Real Estate Buyer’s Brokers Only, LLC Tangney Properties Exit Beacon Pointe Realty

Mendon Auburn Northboro Spencer Worcester Worcester Mendon Worcester Worcester Auburn Worcester Worcester Whitinsville Shrewsbury Worcester Worcester Gardner Auburn Holden Leominster Shrewsbury Boylston Mendon Milford Worcester Leominster Worcester Worcester Westboro Webster Worcester Webster Worcester Shrewsbury Gardner Mendon Haverhill Worcester Northboro

Central Massachusetts Association of REALTORS®

Ellen Barry Laurie Church Brian Coomey Shannon Gifford Cheryl Ann Kemp Anna Ling Pierce Gail Marengo Gracellen Riel Robin Riel Dawn Roy Janet Schoeny Dennis Urbanowski Seth Welcom

RE/MAX Vision RE/MAX Prof. Associates Exit Realty Partners Erika Sullivan Realty Group Exit Realty Partners RE/MAX Vision RE/MAX Best Choice RE/MAX Professional Assoc. Keller Williams Realty C21 Northshore Realty RE/MAX Vision Exit Realty Partners RE/MAX Vision

Shrewsbury Auburn Auburn Auburn Auburn Shrewsbury Framingham Sturbridge Worcester Leominster Shrewsbury Auburn Shrewsbury

Secondary Brokers Merit McIntyre Chris Whitten

Coldwell Banker Res. Brokerage 100 Fifth Ave, Suite 700, Waltham, MA Premeer Real Estate

1665 Hartford Ave, Suite 9, Johnston, RI

Agents Tranferred Board Michelle Bird Dawn Roy Nancy Russell

Afonso Real Estate C21 Northshore Coldwell Banker

Milford Leominster Worcester

New Affiliates Jarod DiSanto Ronald Blaze Christian Carter Ryan Coleman Nicholas Thalheimer Thomas Jung Stephen Smith

Peoples Homes Loans 198 U.S. 9 Suite 206, Englishtown, NJ Radius Financial Group Inc. 4 Mount Royal Avenue, Marlboro Radius Financial Group Inc. 4 Mount Royal Avenue, Marlboro Radius Financial Group Inc. 4 Mount Royal Avenue, Marlboro The Law Office David Rocheford 100 Erdman Way, Leominster Santander Bank 5 Whittier Street, Framingham, MA Santander Bank 5 Whittier Street,.Framingham, MA

Agents Transferred - New Office Mike Dutra Lisa Thomann

Peoples Homes Loans 198 U.S. 9 Suite 206, Englishtown, NJ The Law Office David Rocheford 100 Erdman Way, Leominster, MA

11 www.wrar.org

MEMBERSHIP NEWS

Kris Koliss, 2016 CMAR President (far left) and Kimberly Allard-Moccia, 2013 MAR President and CMAR Orientation Instructor, welcomed 39 new members to the Central Massachusetts Association of REALTORS速 at the January 20 New Member Orientation.

Central Massachusetts Association of REALTORS速

12 www.wrar.org

OUR VIP SPONSOR

Central Massachusetts Association of REALTORS速

13 www.wrar.org

CODE OF ETHICS TRAINING

The National Association of REALTORS® requires all REALTOR® members to complete a REALTOR® Code of Ethics course during the four year period that ends December 31, 2016.

Code of Ethics Training * * * *

Learn the role the Code should play in your business. Enhance professionalism and competency. Learn how to use the Code as a viable guide. Learn the benefits of Arbitration vs. Litigation For your convenience, CMAR will hold classes on the following dates. All classes are FREE for CMA members, and 2 CEU’s will be awarded. Weds., February 3 9:30 am - 12:00 pm Weds., March 2, 1:00 - 3:30 pm Weds., May 4 9:30 am - 12:00 pm Weds., June 1 1:00 - 3:30 pm Weds., August 31 9:30 am - 12:00 pm Weds., October 12 1:00 - 3:30 pm Sat., November 19 19, 12:30 - 3:00 pm Weds., November 30 9:30 am - 12:00 pm Sat., December 10 12:30 - 3:00 pm Weds., December 14 1:00 - 3:30 pm Weds., December 28 9:30 am - 12:00 pm Alternately, you may take online training on the NAR website at http://www.realtor.org/code-of-ethics/training. NO CEU’s are awarded for these online classes.

Don’t wait until the last minute. Fulfill your requirements early! You may register online at www.cmarealtors.org or call the office at 508-832-6600. The Central Massachusetts Association of REALTORS® 492 Washington Street * Auburn, MA 01501 Central Massachusetts Association of REALTORS®

14 www.wrar.org

PROFESSIONAL DEVELOPMENT

LUNCH & LEARN Presented by Bill Murphy CEU Course: RE25R08 Financing

We Will Address…

 TRID and ways to close more loans under the TRID guidelines.  2016 market outlook and what to expect with interest rates

#1 Mortgage Originator in Central MA -Banker & Tradesmen

Lunch and refreshments will be served courtesy of Attorney Jessica Albino Location: The Central Massachusetts Association of REALTORS® 492 Washington St. Auburn, MA 01501 When: February 9th, 11:00 am ‐ 1:00 pm ‐ Registration at 10:30 RSVP ONLINE: http://www.cmarealtors.org/events.html Managing transactions with TRID guidelines TRID (TILA RESPA Integrated Disclosure) was designed to simplify the mortgage process for borrowers.    

F a i rw a y I n d e p e n d e n t Mortgage 783 Southbridge St Au b u r n , M A 0 1 5 0 1 508-407-8300 w murphy@fairw aymc.com www.fairw aymorgagene.com

   

Best practice for TRID and managing expectations for smooth closing transactions Preapprovals vs. Pre‐Qualifications Change of circumstances to the Loan Estimate or Closing Disclosures can delay closings Learn about the new changes to mortgage financing, loan programs and guidelines in 2016. New projection of interest rates from market analysts and the impact on your buyers’ loan programs and purchasing power – What factors will drive rates? Gaining market share from the newest generation of home buyers o The fastest growing home owners market is Generation X and Y o Learn how to appeal to millennials How to improve the buyers’ credit scores and maximize their loan options Updates for FHA, VA, Conventional, USDA and MA Housing Manage Expectations + get more loans closed!!

This information is not intended to be an indication of loan qualification, loan approval or commitment to lend. Other limitations may apply. ©2014 Fairway Independent Mortgage Corporation NMLS ID#2289 (www.nmlsconsumeraccess.org) EQUAL HOUSING LENDER.

Central Massachusetts Association of REALTORS®

15 www.wrar.org

PROFESSIONAL DEVELOPMENT

trid is here

LET’S LEARN MORE ABOUT HOW TO MANAGE TRANSACTIONS IN THE AGE OF TRID.

You are invited to a Peoples Home Loans Lunch and Learn!

Earn 2 CEU’s - RE93R15: Consumer Financial Protection Bureau (CFPB) Effect on Real Estate Closings Friday, February 12th | 12PM to 2PM WRAR 492 Washington Street | Auburn MA 01501 Register at www.WRAR.org/events.html Speaker will be Michael Dutra from Peoples Lunch to be provided by Brian Daniels of Herlihy Insurance Realtors, let’s make this simple. Here’s 5 things to know: 1. TRID stands for TILA-RESPA Integrated Disclosure and is designed to simplify the mortgage process. 2. We cannot require documents prior to application. If your buyers need full pre-qualifications, they must volunteer their documentation. 3. Changes to Loan Estimates or Closing Disclosures can delay closings. 4. Changes to purchase agreements, missing fee/cost disclosures or delays in property inspections or application for homeowners insurance can delay closings. 5. While TRID is new, there are likely to be delays. Coach your buyers, sellers and other agents to give me their documents as quickly as possible when we ask for them.

We are well prepared to thrive in the new lending environment. Count on Peoples to help make the complex changes less complex.

Questions about the ever-changing market? Contact me today. I will be the clear guide through the mortgage industry. CEU’s sponsored by McLaughlin, Richards, Biller and Schindel, LLP

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Home Loans

Regional Sales Manager NMLS 13530 Direct: 508.372.9176 | Cell: 401.486.6894 mdutra@bankingunusual.com

A DIVISION OF PEOPLES BANK

bankingunusual.com Central Massachusetts Association of REALTORS®

www.TeamDutra.com

NMLS 690890 Member FDIC

16 www.wrar.org

PROFESSIONAL DEVELOPMENT Do you know that Mass Housing came out with a new program for our Veterans?

Mass Housing Operation Welcome Home Find out the difference between a traditional VA loan and Mass Housing Operation Welcome Home. Here are the highlights for Operation Welcome Home:

Please join us for Lunch and Learn Anne Marie Rafferty, Security First Mortgage

Heather Putnam Graham,

• Not just for Veterans – Reservists and National Guard members are eligible with no minimum of required service

Mass Housing

February 24th 12:00 to 2:00

• Non-spouse co-borrowers allowed • No residual income test for multi-unit purchases or previous landlord experience required • Up to a 3 % deferred, zero interest Mass Housing second that can be used or down payment and/or closing cost assistance • Conventional appraisal • MIPlus™ Payment Protection Benefit for eligible borrowers who are called to active duty or lose a job

Central Massachusetts Association of REALTORS® 492 Washington St Auburn, Ma 01501

NMLS #252771 Richard McNally MLO# 21892 Cell: 508-523-7971

Brian Tankersley MLO# 32634 Cell: 508-853-3000

Kelly Lizotte MLO# 32750 Cell: 508-523-6409

Anne Marie Rafferty MLO# 566034 Cell: 508-864-9216

Central Massachusetts Association of REALTORS®

Michael Morcone MLO# 1059166 Cell: 774-766-0257

Bruce Varner MLO# 752600 347-615-4444

Susan Bertenthal CT MLO# 1203529 860-384-2945

17 www.wrar.org

AFFILIATE APPRECIATION NIGHT

5:30-7:30 pm

Central Massachusetts Association of REALTORS速

18 www.wrar.org

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Central Massachusetts Association of REALTORS®

19 www.wrar.org

2016 CMAR AWARDS

2016 CMAR Awards Natalie Quinlan Distinguished Service

REALTOR速 of the Year

REALTORS速 Choice

Affiliate of the Year

Rookie of the Year

Each year the Central Mass. Association of REALTORS速 recognizes its members for their professional achievements, including involvement with our Association and contribution to our communities. Join us in celebrating those achievements, including our TOP PRODUCER Award.

Thursday, April 14 2016 Wachusett Country Club 11:30 am registration 12:00 Buffet Luncheon & Awards Member Price: Non-member Price: Table of 10:

$40 $45 $375

CONGRATULATE OUR NOMINEES BY PLACING AN AD IN OUR PROGRAM! Contact Jacki at jdinnocenzo@cmarealtors.org for more info.

REGISTRATION DEADLINE: APRIL 1, 2016

Register online at www.cmarealtors.org or return this form via fax to 508-832-6620 or via email to jdinnocenzo@cmarealtors.org You may also call the CMAR offices at 508-832-6600. Contact Name:______________________________________________ Company:__________________________________ Billing Address:_______________________________________________ City/State/Zip_______________________________ Phone:___________________________________________ Email:_______________________________________________ Amount Due__________

____Check

____American Express

____Discover

____MasterCard

____Visa

Card No______________________________________________________________ Expiration________________________ Signature_____________________________________________________________________________________________

Central Massachusetts Association of REALTORS速

20 www.wrar.org

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bankingunusual.com Central Massachusetts Association of REALTORS®

Peoples Bank is an Affirmative Action/Equal Opportunity Employer and we encourage diverse, talented, qualified applicants to apply. M/F/D/V NMLS 690890 Member FDIC

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CENTER FOR REAL ESTATE STUDIES & TRAINING Upcoming CEU Courses for February All classes are held at the Central Massachusetts Association of REALTORS® CREST School, 492 Washington Street, Auburn, MA 01501.WRAR Members in good standing receive FREE LOCAL CEU’s! Tuition for non-members is $20 for each 2-hour CEU. You may register for classes online at www.wrar.org or by calling the CMAR office at 508-8326600. Time

Instructor

Course Code

Course Title

Wednesday, February 3, 2016 9:30am- 12:00pm

Paula Savard

10:00am 12:00pm 2:00pm

Bob Falter Bob Falter Bob Falter

Code of Ethics Training

Wednesday, February 17, 2016 RE18RC07 Conducting Open Houses & Developing a Safety Plan RE02R06 Buyer Agency RE01R06 Seller Agency

GOVERNMENT AFFAIRS COMMITTEE Save the Date - Investment Property Summit Brought to you by the Professional Development and Government Affairs Committees Day/Date: Time: Place: Cost:

Thursday, March 10, 2016 8:30 am - 12:00 pm College of the Holy Cross, Hogan Center, One College Street, Worcester, MA 01610 FREE to CMAR Members

Topics include: • A Sneak Peek into Worcester’s Economic Future: Michael Traynor, Chief Development Officer, City of Worcester • Overview of Grant Programs available for Worcester property owners • Pro Tips for Property Owners: Valuation, Financing, Management and Legal Hot Topics • Presentation of the new Healthy Homes grant and application assistance

* Breakfast will be served * Registration is mandatory * Central Massachusetts Association of REALTORS®

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LOCAL MARKET UPDATE Local Market Update – December 2015 A RESEARCH TOOL PROVIDED BY THE MASSACHUSETTS ASSOCIATION OF REALTORS®

Worcester Regional Association of REALTORS®

+ 16.1%

+ 2.9%

- 21.8%

Year-Over-Year Change in Closed Sales All Properties

Year-Over-Year Change in Median Sales Price All Properties

Year-Over-Year Change in Inventory of Homes All Properties

December

Single-Family Properties

2014 273 446 $247,703 2,190 5.0 119 92.8% 306

Pending Sales Closed Sales Median Sales Price* Inventory of Homes for Sale Months Supply of Inventory Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings

2015 418 514 $254,000 1,684 3.5 118 93.7% 374

Year to Date +/– + 53.1% + 15.2% + 2.5% - 23.1% - 30.0% - 0.6% + 0.9% + 22.2%

2014 5,205 5,244 $255,000 --108 94.4% 8,485

December

Condominium Properties

2014 62 99 $184,000 413 3.8 119 94.3% 77

Pending Sales Closed Sales Median Sales Price* Inventory of Homes for Sale Months Supply of Inventory Cumulative Days on Market Until Sale Percent of Original List Price Received* New Listings

2015 93 119 $189,900 351 3.0 106 96.8% 93

2015 6,128 5,758 $262,000 --105 95.0% 8,885

+/– + 17.7% + 9.8% + 2.7% --- 3.3% + 0.7% + 4.7%

Year to Date +/– + 50.0% + 20.2% + 3.2% - 15.0% - 20.3% - 10.9% + 2.7% + 20.8%

2014 1,264 1,304 $202,500 --103 95.9% 1,827

2015 1,474 1,390 $214,250 --95 96.2% 2,001

+/– + 16.6% + 6.6% + 5.8% --- 8.2% + 0.3% + 9.5%

* Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price

BASED ON A ROLLING 12-MONTH AVERAGE

Single-Family Properties

Condominium Properties All MLS

All MLS

Worcester Regional Association of REALTORS®

$350,000

$300,000

$300,000 $250,000

$200,000 $250,000

$150,000

$200,000 1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

$100,000 1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

1-2015

All data from the Berkshire County Multiple Listing Service, Cape Cod & Islands Association of REALTORS®, Inc. and MLS Property Information Network, Inc. | Provided by MAR. | Powered by 10K Research and Marketing.

Central Massachusetts Association of REALTORS®

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LEGAL HOTLINE Michael McDonagh, MAR General Counsel Ashley Stolba, MAR Associate Counsel Justin Davidson, MAR Legislative & Regulatory Counsel

The MAR Forms Content Advisory reviews the Massachusetts Association Forms (MassForms®). If you use MassForms® in your business, please be advised that the 2015 Advisory approved some important changes to several MassForms®, and has also added new forms to the MassForms® library: • The “Broker’s Duties” sections in the MassForms® Exclusive Listing Agreements (Forms Numbers 707, 708, 709, 715) were amended to remove the following clause: “the BROKER… shall have no obligation to present any offer once an offer has been accepted and while a transaction is pending.” After extensive deliberation and guidance from MAR Counsel, it was the consensus of the Advisory that in most situations, it is in the best interest of the client to continue to have the opportunity to review offers, even after an offer has been accepted, and therefore should be the standard language. As a reminder, Standard of Practice 1-8 states that, “REALTORS®…shall recommend that buyers…obtain the advice of legal counsel if there is a question as to whether a pre-existing contract has been terminated.” As such, sellers should always work with an attorney when negotiating back-up offers. • The “Seller’s Statement of Property Condition” (Form Number 700) underwent a significant overhaul. Most importantly, the questions and sections were amended to read in a more user-friendly and understandable manner. There is also a new description/explanation column for the seller to provide additional information within the document. New property conditions were also added, such as information on energy audits, solar panels, and pools.

720). Similarly to the Exclusive Listing and Buyer Agency Agreements, these two new forms clearly spell out the terms upon which the broker and consumer shall agree when exclusive facilitation is practiced. • On October 3, 2015, the Real Estate Settlement Procedures Act (“RESPA”) and the Truth in Lending Act (“TILA”) were implemented. In light of these changes, the Advisory prepared the “Integrated Disclosure Addendum – Mortgages” (Form Number 518) that is intended to be used as an addendum to the Contract to Purchase and/or the Purchase and Sales Agreement. Under the new regulations, there are certain circumstances where the closing may need to be delayed in order to allow for sufficient time for the lender to provide copies of the new Closing Disclosure, which will replace the HUD-1 Form. This addendum allows the buyer and seller to agree to extend the closing in anticipation of such delays. It also requires the buyer and seller to use reasonable efforts to provide the closing attorney with information regarding any adjustments needed for closing.

• Two new facilitation forms were added to the MassForms® library: An “Exclusive Right to Sell Agreement – Facilitator” (Form Number 720) and an “Exclusive Buyer Agreement – Facilitator” (Form Number

It is important for REALTORS® to remember that, in many cases, real estate forms executed by the parties become binding contracts. All buyers and sellers should consult their personal attorneys to answer specific legal questions regarding the content of these forms.

Central Massachusetts Association of REALTORS®

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2016 BOARD OF DIRECTORS

KOFFEE WITH KRIS

President, Kris Koliss President Elect, Sarah Gustafson Vice-President, Judy Patterson Secretary, Tracey Fiorelli Treasurer, Michael Meurant Immediate Past President, Brad Roberts

Diane Dabrowski Mike DeLuca Erika Hall Lorraine Herbert Lee Joseph Kathy McSweeney Leslie Storrs John Vaillancourt Andrew Abu Leif Rosseland Nathan Stewart

Director Director Director Director Director Director Director Director Alternate Alternate Alternate

CMAR STAFF Executive VP, Colleen Pappas Office Manager, Lisa Sprague Marketing Manager, Jacki D’Innocenzo Accountant, Maura O’Connor

Friday, March 4, 9:00 - 10:00 am Join President Kris Koliss at a Meet & Greet to be held quarterly at the CMAR offices in Auburn. Stop by for a cup of coffee to chat about the market or discuss issues or concerns!

CMAR office hours are 9:00 am—5:00 pm. For assistance with the MLS Lockbox system, please make an appointment with Lisa Sprague at 508-832-6600. Please LIKE our facebook page at https://www.facebook.com/CentralMasslAssociationofREALTORS. By doing so you will not only get up-to-the-minute information on everything going on at CMAR, but you will help us to increase our visibility while growing your own business network. Central Massachusetts Association of REALTORS®

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