Connections February 2015 by REALTOR® Association of Central Massachusetts

February 2015 Inside this Issue: PRESIDENT’S MESSAGE President’s Message

Month-at-a-Glance

Awards Nominations Form

Top Producer Awards

6-8

Classes/Events

9-13

WRAR Scholarships

Membership News

15-16

CREST

Government Affairs

Local Market Update

Legal Corner

Committee Info

WRAR Mission Statement The purpose of the Worcester Regional 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.

Happy February and Happy Valentine’s Day. I am happy to report that between 1 February and 28 February the amount of daylight available will increase by 33 minutes. Your 2015 Leadership Team has been extremely busy locally and on the State level. This month brought us a number of important governance meetings as we worked through a lot of the changes called for in the newlyrevised NAR Core Standards. Fortunately for us, our full time staff has made our transition seamless. I am happy to report that we are in full compliance. We anticipate additional changes and have started now pre-positioning ourselves to ensure our compliance. The mutual commitment between your local and national associations will help to provide our members with the tools, training and techniques necessary to be successful in our ever-changing environment. February is the start of our Awards process. I encourage ALL of you to review the requirements found on page 4. It is imperative that our Association recognizes the best and the brighest our industry has to offer and we count on you, our members, to nominate those that are deserving. The Top Producer Awards were a huge success last year, so be sure you and/or your agents read the requirements and submit your application by the deadline. I encourage everyone to review our website and Facebook page for updated CEU training as well as other education opportunities. Finally, as always, we encourage your participation, comments and feedback.

Brad

Brad Roberts 2015 WRAR President

Worcester Regional Association of REALTORS® 1 www.wrar.org

WRAR MONTH-AT-A-GLANCE February 2015 Sunday

Monday

Tuesday

Wednesday

Thursday

Friday

Saturday

3 12-2 Lunch & Learn w/Atty. Nicholas Daviau

4 10 Greivance Comm.

5 9 Government Affairs Comm.

7 8-12 Pre-license Class

9 5:30-9:30 Pre-license Class

10 10-4 CEU Classes

11 9:30 Finance 10:30 BOD 9:30-3:30 MLS PIN Training

12 10 Prof Devel. Comm. 2-4 Business Builder

14 8-12 Pre-license Class

16 5:30-9:30 Pre-license Class

21 8-12 Pre-license Class

23 11-1 Lunch & Learn w/Fairway Mortgage 5:30-9:30 Pre-license Class

25 10-4 CEU Classes

27 9:30-3:30 MLS PIN Training

WRAR CLOSED

Mortgage Financing with

a Personal Touch

Cheryll LeBlanc

District Manager, NLMS #484281 cleblanc@mortgagenetwork.com (508) 498-7570

www.CheryllLeBlanc.com 23 Midstate Drive Suite 23 │ Auburn, MA 01501 © 2014 Mortgage Network, Inc. NMLS ID# 2668. Massachusetts Mortgage Lender and Broker MC2668. This is not a commitment to lend. Restrictions apply. Equal Housing Lender.

Save the Date March 2, 2015

Awards Nominations Deadline & Top Producer Application Deadline

April 16, 2015

Awards Luncheon at the Wachusett Country Club

June 25, 2015

Annual Golf Tournament at the Wachusett Country Club

Worcester Regional Association of REALTORS® 2 www.wrar.org

REAL E ESTATE

2015 VIP SPONSOR

The lAW office OF

JESSICA ALBINO

Real Estate Law with a Personal Touch

Because we're a small office, we can bring a personal touch to our services that larger offices cannot. With more than 18 years in real estate, I know the ins and outs of the system, so I can help you navigate all the requirements and documentation. What's more, I recognize the stresses and demands of buying and selling property. I do everything I can to make the process easier, more equitable, and more efficient, whether adjusting my schedule to fit yours or negotiating terms for you窶ｦ all within competitive fee structures. Simply put, we're not a traditional attorney's office.

Services Our Ofﾏ進ce Provides Representation of Buyers & Sellers Real Estate Conveyance for Lenders Specializing in Mortgage Foreclosures Title Insurance and Title Issues Estate Planning Business Formations 21 Harrison Avenue, Auburn, MA 01501 (T) 774-641-4201 * (F) 508-365-5459 email: albinolaw@live.com Find us on Facebook Worcester Regional Association of REALTORSﾂｮ 3 www.wrar.org

2015 AWARDS NOMINATIONS

Awards Process & Deadlines: February 3: March 2: March 6: March 20: March 24:

Nominations open for 2015 Awards Deadline for all nominations Task Force meets to review nominations to determine eligibility. Qualification Form sent to those nominees meeting eligibility. Deadline for Awards Qualification Forms to be submitted Task Force and 2014 recipients meet to review completed Qualification Forms. Winner in each category selected. Winners will be announced At the Annual Awards ceremony on April 16, 2015. General Requirements: Service is based on actual performance from January 2014 through December 2014. Must be a member in good standing of The ® Worcester Regional Association of REALTORS .

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.

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

--------------------------------------------------------------------------------------------------------

Deadline for submission: Monday, March 2, 2015 REALTOR® of the Year

Distinguished Service

REALTORS® CHOICE

Affiliate of the Year

REQUIRED: Submitted by

Office

Rookie of the Year

Fax to 508-832-6620 or mail to: Worcester Regional Association of REALTORS®, 492 Washington Street, Auburn, MA 01501

Worcester Regional Association of REALTORS® 4 www.wrar.org

2015 VIP SPONSOR

Looking For Your First Home? As A First Time Home Buyer You Can: • Get up to $11K in down payment assistance* • Down payment and closing cost assistance • For qualified buyers anywhere in Massachusetts

1-800-939-9103 | www.southbridgesavingsbank.com *Some Restrictions apply. Call a mortgage consultant today for more information

Worcester Regional Association of REALTORS® 5 www.wrar.org

2015 TOP PRODUCER AWARDS The Worcester Regional Association of Realtors® 2015 TOP PRODUCERS Award WRAR 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 WRAR members will be eligible for this award. All applications must be received by WRAR no later than March 2, 2015. Entries may be mailed, faxed or emailed to lsprague@wrar.org. ELIGIBILITY To qualify for consideration, the applicant must have been a primary member in good standing with WRAR during the past calendar year, and must have paid their 2015 WRAR dues in full by December 31, 2014. CRITERIA FOR ELIGIBILITY OF TRANSACTION 1. Sold properties through MLSPIN 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 MLSPIN 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 WRAR Awards event on April 16, 2015. Worcester Regional Association of REALTORS® 6 www.wrar.org

2015 TOP PRODUCER AWARDS DOCUMENTATION TO ACCOMPANY YOUR APPLICATION: MLSPIN report (see screen shot below) In H3, 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 1/1/2014, End Date to 12/31/2014 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.

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 WRAR Awards event on April 16, 2015. Worcester Regional Association of REALTORS® 7 www.wrar.org

2015 TOP PRODUCER AWARDS 2015 TOP PRODUCERS APPLICATION FORM Name: ______________________________________________ MLS ID: ________________________ Office: ______________________________________________________________________________ Email: ________________________________________ Individual ____________ Team ____________ Other Team Members: __________________________________________________________________ Total MLS Dollar Volume $__________________________

Total MLS Sides ____________________

Non-MLS Dollar Volume

$__________________________

Non-MLS Sides ____________________

Total Dollar Volume

$__________________________

Total Sides

____________________

Multiply $_____________________________ X ________________ = $ ___________________________ Dollar Volume Total 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 MLSPIN 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 速Code of Ethics.

Signature:

_________________________________________________________________________

Broker/Manager Signature: _______________________________________________________________

All applications must be received by WRAR no later than March 2, 2015. may be mailed, or emailed to lsprague@wrar.org. AwardsEntries will be presented atfaxed the WRAR Awards event on April 16, 2015. Worcester Regional Association of REALTORS速 8 www.wrar.org

Business Builder Session 2:

THE PRICE IS RIGHT Appraiser's Pricing Tips

Date: Time: Place:

Thursday, February 12 2:00-4:00 pm WRAR, 492 Washington St. Auburn Price: FREE to WRAR Members Speaker: Liz Clemenzi, Commonweath Appraisal Services

• • • • • • •

Arriving at values like an appraiser CMA pro tips Comping unique homes Determining hyper local market trends Helpful pricing scripts Be prepared for the spring market! Q&A

This event is sponsored by: REAL E ESTATE

A monthly educational series brought to you by the WRAR Professional Development Committee

Business Builders

PROFESSIONAL DEVELOPMENT

The lAW office OF

JESSICA ALBINO

.......................................................... Sign me up ! Return this form via fax to 508-832-6620 or email to lwalls@wrar.org. You may also enroll online at www.wrar.org Name ___________________________________________________________________________________ Address__________________________________________________________________________________ City/State/Zip_____________________________________________________________________________ Phone______________________________________ email_______________________________________

Worcester Regional Association of REALTORS® 9 www.wrar.org

PROFESSIONAL DEVELOPMENT You’re Invited!

Lunch and Learn with Bill Murphy of Fairway Mortgage CEU Course: RE25R08

Financing

The Worcester Regional Association of REALTORS® 492 Washington St. Auburn, MA 01501 February 23rd 2015 11:00 AM – 1:00 PM (Registration 10:30 AM) Lunch and refreshments will be served courtesy of attorney Jessica Albino

RSVP ONLINE: http://www.wrar.org/events.html

What to Expect:     

   

New changes in August 2015 that could impact your closing date Reduced mortgage insurance premium to make FHA more desirable New 3% down payment Conventional loan program New appraisal changes and how it will impact buyers and sellers New projection of interest rates from market analysts and the impact on your buyer’s loan programs and purchasing power o What factors will drive rates in 2015 o Recent drop in interest rates will allow your buyer to have increased buying power with similar monthly payments How to submit strong offers with strong preapprovals Helping the millennial generation understand their student loan debt and housing options and gaining market share from the newest generation of home buyers How to improve your client’s credit score and maximize their loan options Cheat sheet for FHA, VA, Conventional, USDA and MA Housing

Hosted by: Bill Murphy of Fairway Independent Mortgage – CMP Jessica Albino of the Law Office of Jessica L. Albino Center for Real Estate Studies & Training

Corporation NMLS ID#2289 (www.nmlsconsumeraccess.org) EQUAL HOUSING LENDER. Worcester Independent RegionalMortgage Association of REALTORS® 10 www.wrar.org

PROFESSIONAL DEVELOPMENT

LEAD PAINT: Beyond the Disclosure If you list, sell, rent or manage buildings built before 1978, DON’T MISS THIS CLASS!

Date: Time: Place: Cost:

Tuesday, February 24 2:00 - 3:30 pm WRAR, 492 Washington Street, Auburn FREE for WRAR Members

Topics include: Deleading vs Renovating RRP Certification- How it affects listing agents and buyer agents Unauthorized Deleading- How it affects home value Lead Safe Database and how to read a Lead Paint Report Funding Sources for Deleading Register online at www.wrar.org or call 508-832-6600

Worcester Regional Association of REALTORS®

11 www.wrar.org

PROFESSIONAL DEVELOPMENT

You’ r e Invi t e d To a Lunch and Learn With Amy Tierce and Michael Dutra Of Wintrust Mortgage

ceu course re47r05 - Residential Loan Market and Credit Today

Make Sure You are Writing offers That Stick In 2015 March 3rd, 2015 11:00am - 1:00 pm The Worcester Regional Association of REALTORS®, 492 Washington Street, Auburn, MA Register at http://www.wrar.org/events.html or by calling WRAR at 508-832-6600 Lunch provided by Ted Silva and Eric Stevens of Quick Silva Title

The Mortgage Gotchas:

Save time, money and stress by learning about all the little Gotchas that will ‘Getch-ya’ and potentially kill your purchase transaction. • Understand today’s mortgage process and all the details that go into creating a smooth transaction • Lean the truth about relaxing standards and lower down payment programs • How to determine if a pre-approval or pre-qualification letter is legitimate

• Why the timing of a transaction is so important • How to avoid the little things that can cause days of delay • Special tips to better manage the appraisal process

You don’t want to miss this valuable program with Free* CE and Lunch Who is Wintrust: Wintrust Mortgage was created to assist in the realization of the American dream of home ownership. Our large volume means competitive rates and in 2014 we originated nearly $3.4 Billion. Along with the ability to lend in all 50 states, this makes us one of the largest mortgage bankers in the country. Wintrust Mortgage is a part of Wintrust Financial Corporation, a well capitalized, diverse, $20 billion asset, financial services company. Our company offers unbeatable service and a wide variety of solutions. Amy Tierce, VP, Regional Sales Manager, NMLS# 15695. Michael S. Dutra, Senior Mortgage Loan Professional, NMLS# 13530.

Who is Quick Silva: QuickSilva is a full service Real Estate Law Firm based in Massachusetts. The QuickSilva Advantage have been designed to provide your borrowers with a closing experience they will rave about to anyone they know. Our top priority is being a partner to your business. Our benefits go beyond the typical real estate attorney services. We can guarantee to help your business grow. On any New England Purchase we provide: $275.00 attorney closing fee, Complimentary Purchase and Sale Review & Negotiation, night and weekend attorney availability, and our promise to Close Anywhere, At Anytime – Guaranteed.

Wintrust Mortgage • 175 Highland Avenue, Suite 306 • Needham, MA 02494 *All CEU classes held at facility are FREE for WRAR Members, non-members will be charged a $20 fee. This information is intended for mortgage and real estate professional use only and is not an advertisement to extend customer credit as defined by Section 226.2 Regulation Z. Wintrust Mortgage is a division of Barrington Bank & Trust Company, N.A., a Wintrust Community Bank NMLS# 449042 – © 2015 Wintrust Mortgage. 150100354TL

Worcester Regional Association of REALTORS®

12 www.wrar.org

BUSINESS PARTNER APPRECIATION NIGHT

rn At to

Mortgage Providers

ey s

Appreciation Night Partnership

Professional Services

Success

Our Business Partners are not only a trusted resource for our members, they are a key component to the success of our Association.

We invite you to join us for a Cocktail Reception to honor our valued Business Partners. Date: Time: Place: Cost:

Thursday, March 12, 2015 5:00-7:00 pm The Worcester Club One Oak Street, Worcester MA FREE to all Affiliate and REALTOR速 members of WRAR

Appetizers & Drink Tickets Provided Space is LIMITED: You MUST pre-register at www.wrar.org or by calling WRAR at 508-832-6600. REGISTRATION DEADLINE March 1 or until sold out - First Come/First Served

Worcester Regional Association of REALTORS速

13 www.wrar.org

WRAR SCHOLARSHIP

The Membership Committee of the Worcester Regional Association of REALTORS® is excited to announce the 2015 Scholarship Recognition Program. In the past, through the efforts of our membership, we have granted scholarships to children of REALTORS® and Affiliate members to help further their educational endeavors. Rules & Regulations for Scholarship Awards 1. The Scholarship will be awarded on the basis of scholas�c achievement including transcripts and awards (50%); leadership ability (10%); community involvement (10%) ; and essay (30%). Applica�on must be submi�ed with most recent transcript. 2. The Candidate must: a) be a high school senior or full-�me college student b) maintain a 3.2 GPA or higher 3. At the discre�on of the Selec�on Commi�ee, candidates may be asked to par�cipate in a personal interview. 4. This Scholarship will be awarded a�er the student has received their rst semester grades. He/she will submit their transcript to Lisa Sprague at the Worcester Regional Associa�on of REALTORS® to receive their scholarship award. In the event that a recipient does not use the scholarship within the allo�ed �me, the next highest candidate in order will be awarded the scholarship. If any winner accepts the scholarship and therea�er does not a�end school or does not maintain reasonable a�endance or grades, the award, or balance thereof, shall be returned to the Worcester Regional Associa�on of REALTORS® Scholarship Fund . 5. Scholarships are designated for children or grandchildren of REALTOR® members of the Associa�on; Affiliate members of the Associa�on, or full-�me staff employees of the Associa�on. 6. Scholarship Applica�ons may be obitained online at h�p://www.wrar.org or by calling the WRAR office at 508-832-6600. 7. The applica�on and all a�achments should be sent to the Worcester Regional Associa�on of REALTORS®,

492 Washington Street, Auburn, MA 01501, no later than May 1, 2015. Any applica�on postmarked a�er that date will be disqualied.

Worcester Regional Association of REALTORS®

14 www.wrar.org

MEMBERSHIP NEWS

New Applicants Susanna Bianco Genevieve Botelho Lewis Brugger Manoel Dias Luis Garcia Michael Martin Pauline McLaughlin Daniel Meservey Sandra Milller Ivelin Mollov Leslie Parece Robin Riel Joshua Somers

Keller Williams Realty McGeough Lamacchia Realty, Inc. Keller Williams Realty Xsell Realty Exit Realty Partners Exit Realty Partners Afonso Real Estate LAER Realty Partners Coldwell Banker Exit Realty Partners Exit Realty Partners ERA Key Realty Services Exit Realty Partners

Agents Transferred Offices Worcester Waltham Worcester Worcester Shrewsbury Worcester Milford Northboro Worcester Shrewsbury Shrewsbury Milford Auburn

Yvonne Amagliani Dave Bottcher Lisa Carpenter Elizabeth Champi Poisson Kimberley Germain Luz Gonzalez Barbara Hines Lisa Jacobs Dawn Lavallee Angela Masiello Nicholas McNeil Marie Mingione/nn George Nanis Festim Pishtari Karen Pockey

LAER Realty Partners Northboro Rick McPhee Real Estate Holden Exit Realty Partners Worcester Exit Realty Partners ERA Key Realty Services Exit Realty Partners RE/MAX Vision RE/MAX Professional The Mercure Group Coldwell Banker RE/MAX Professional RE/MAX Vision Keller Williams Realty Exit Realty Partners VanderZicht Real Estate

Worcester Auburn Worcester Shrewsbury Charlton Douglas Worcester Shrewsbury Shrewsbury Westboro Worcester Whitinsville

Milestones Congratulations to Century 21 I & V Walsh Real Estate, for celebrating 60 years in business in 2015; and to Janice Mitchell of Janice Mitchell Real Estate for celebrating 25 years in real estate in December. We have just learned of the passing of of Anne Cataldo of RE/MAX Advantage, Inger Christensen of Coldwell Banker Res.Brokerage, Eric Hamel of Sulllivan Real Estate Group, Phyllis Hickox of Anderson Real Estate, and Jack Larson of Allworth Realty. We extended our deepest sympathies to their families, friends and co-workers.

Worcester Regional Association of REALTORS速

15 www.wrar.org

MEMBERSHIP NEWS Scholarship Raffle

Our Young Professionals Networking Group is holding a raffle in support of the WRAR Scholarship Fund. As most of you know, the Scholarship Fund exists to help children and grandchildren of REALTOR® and Affiliate members to help further their education. Scholarships are awarded each spring. In 2014, we gave $4,000 ($1,000 each) to children of WRAR members. To build up our 2015 Scholarship Funds, we will be selling raffle tickets for $25 each. The winner will receive the use of a cottage in Ogunquit, ME, for the week of June 13th through June 20th, 2015. This holds a $1,300 value. For more information and pictures, visit http://www.homeaway.com/vacation-rental/p365187.

Thank you to Bryan Larson of Fairway Mortgage, Boston, for the generous donation of the cottage. To purchase a ticket, call Lisa Sprague, Membership Manager, at 508-832-6600, ext. 230, or email Lisa at lsprague@wrar.org.

2015 VIP SPONSORS

Homebuyer WorksHop

Wednesday, February 11tH 6-8pm Worcester Board of Realtors 492 Washington Street (Route 20), Auburn Please use the back entrance!

are you aFraid you can't buy a house? Join Bank of Canton and American Consumer Credit Counseling and take the ﬁrst step toward understanding what it takes to buy a house. Familiarize yourself with the homebuying process and get the information you need to prepare yourself for the next step. We want to help!

Member FDIC. Member DIF.

First-time homebuyer attendees will receive a

$300 credit

toward closing costs on a oF

canton mortgage!

bank

For reserved seating, call by Saturday, February 7th 508.450.6160 Maureen Linehan Sweet Regional Lending Manager NMLS #1115540 508.450.6160 (mobile) 508.832.0078 (ofﬁce) 781.830.6414 (efax) msweet@ thebankofcanton.com 1 Offer valid until 12/31/15 Cannot be combined with any other Bank of Canton offer. Limit one coupon per mortgage loan application. Ad must be presented at time of application. Offer subject to credit approval.

Bank of Canton Mortgage Center • 850 Southbridge Street • Auburn, MA • 508.832.0078 Worcester Regional Association of REALTORS®

16 www.wrar.org

CENTER FOR REAL ESTATE STUDIES & TRAINING Upcoming CEU Courses for February All classes are held at the Worcester Regional Association of REALTORS® CREST School, 492 Washington Street, Auburn, MA 01501.. We also hold periodic classes at the Fidelity Bank Building, 478 Mechanic Street in Leominster. 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 WRAR office at 508-832-6600.

Auburn, Tuesday, February 10, 2015 Time

Instructor

Course Code

Course Title

10:00 - 12:00

Jo Ann Szymczak RE91R14

Disclosures…Disclosures…Disclosures

12:00 - 2:00

Jo Ann Szymczak RE22RC13

Title V

2:00 - 4:00

Jo Ann Szymczak RE02R06

Buyer Agency

Auburn, Wednesday, February 25, 2015 10:00 - 12:00

Bob Falter

RE39C05

Commonly Used Forms: Mandatory/Optional

12:00 - 2:00

Bob Falter

RE23RC12

The Wetlands Protection Act

2:00 - 4:00

Bob Falter

RE63RC10

Environmental Issues

GOVERNMENT AFFAIRS COMMITTEE President Signs TRIA Into Law

On January 12, President Obama signed H.R. 26, the Terrorism Risk Insurance Program Reauthorization Act of 2015, into law. On January 7 the House passed H.R. 26, by a vote of 416-5; the following day, the Senate passed it by a vote of 93-4. This follows strong advocacy efforts by NAR in support of reauthorization, including many visits to Congressional offices, letters to both the House and Senate, and participation as a steering committee member in the Coalition to Insure Against Terrorism (CIAT).

Fannie Mae’s New Appraisal Risk-Assessment Tool: Collateral Underwriter (CU)

At the end of January 2015, Fannie Mae will make Collateral Underwriter (CU), an appraisal risk-assessment tool, available to lenders. CU is an optional, free tool that lenders can use to assign a risk score to appraisals and identify aspects of the appraisal that may require further attention. The tool can provide the lender a list of additional comps for possible appraiser review. NAR members are concerned that this could add time to the appraisal process and force appraisers to use lower-value, lower-quality comps—a tool that appears to encourage lower-value appraisals. At the end of December 2014, a video circulated that referred to CU as an “appraisal time bomb” and renewed concerns among NAR members about the implementation of CU. NAR has brought these concerns to Fannie Mae’s attention and will work to dispel myths and communicate facts about CU in 2015. NAR is proactively working with Fannie Mae on this issue and watching the roll-out of CU closely

Worcester Regional Association of REALTORS®

17 www.wrar.org

LOCAL MARKET UPDATE Local Market Update – December 2014 A RESEARCH TOOL PROVIDED BY THE MASSACHUSETTS ASSOCIATION OF REALTORS®

Worcester Regional Association of REALTORS®

+ 2.0%

+ 4.4%

- 15.6%

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

2013 249 418 $235,600 2,051 4.5 122 92.8% 260

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

2014 335 429 $250,000 1,805 4.1 118 92.8% 308

Year to Date +/– + 34.5% + 2.6% + 6.1% - 12.0% - 7.2% - 3.0% + 0.0% + 18.5%

2013 5,507 5,508 $246,000 --110 93.9% 8,185

December

Condominium Properties

2013 59 98 $200,000 470 4.4 111 95.5% 72

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

2014 76 98 $184,500 345 3.2 119 94.2% 78

2014 5,375 5,225 $255,000 --108 94.4% 8,481

+/– - 2.4% - 5.1% + 3.7% --- 1.7% + 0.5% + 3.6%

Year to Date +/– + 28.8% 0.0% - 7.8% - 26.6% - 27.7% + 6.6% - 1.4% + 8.3%

2013 1,267 1,275 $195,000 --117 95.7% 1,853

2014 1,293 1,294 $200,500 --103 95.8% 1,832

+/– + 2.1% + 1.5% + 2.8% --- 12.1% + 0.2% - 1.1%

* 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 Worcester Regional Association of REALTORS® $350,000

All MLS Worcester Regional Association of REALTORS®

b a

$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

$100,000 1-2008

1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

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

Worcester Regional Association of REALTORS®

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MAR LEGAL HOTLINE Michael McDonagh, MAR General Counsel Ashley Stolba, MAR Associate Counsel Justin Davidson, MAR Staff Attorney

mined not to use a particular service provider, such as a certain newspaper. Avoid problems by: Making decisions on whether to do business with other real estate companies or service providers based on your company’s own judgments, goals, and experiences.

Q. One area of the law that I often find confusing is antitrust. I know from my continuing education classes that the penalties for violations can be severe. What tips can I follow to try to keep myself and my office out of trouble? A. Antitrust can sometimes seem like a very complicated issue for REALTORS® to understand in their day to day practice. Federal laws on the subject tend to be complex; however, NAR has identified four main areas of concern for real estate licensees. 1. Price/term fixing. In most businesses, including real estate, many competitors may charge similar prices for the same services. This isn’t illegal as long as each competitor sets prices independently. An antitrust violation occurs when you discuss and actually agree to charge the same prices or offer exactly the same terms as one or more of your competitors. Avoid problems by: Establishing your company’s fees, commission splits, and listing terms independently and without any discussion with competitors. Even informal conversations where you have no intention of actually setting prices could be misinterpreted as the basis of a price-fixing agreement. 2. Territorial assignments. Agreements between competitors to divide the market geographically, by price range, type of property, or some other segmentation are considered anticompetitive because they conspire to establish dominance in a particular market. This isn’t the same as an individual company’s practice of specializing in certain properties such as historic buildings or custom-built housing. Avoid problems by: Documenting your decisions to focus on certain property types with marketing and demographic studies. 3. Boycotts. Boycotts occur when a group of businesses agree not to do business with a particular party. A typical group boycott allegation in the real estate brokerage business involves a claim that two or more brokerages have agreed to refuse to cooperate, or to cooperate on less favorable terms, with a third brokerage company. The intent is to eliminate that company as a competitor or to force it to abandon certain practices. Another form of boycott would occur if several companies collectively deter-

Worcester Regional Association of REALTORS®

4. Association meetings. Associations are groups of competitors who come together to promote their common business interests. As such, they are vulnerable to allegations that agreements by members to use identical business practices are illegal conspiracies. Avoid problems by: Remaining alert to discussions at meetings relating to commission rates, pricing structures, listing policies, or marketing practices of other brokers. Q. I have received a survey that asks questions regarding my business practices, but I am afraid that it might be anticompetitive if I fill it out. What should I look out for? A. Whether or not a survey is a violation of federal antitrust laws will be dependent upon the specific questions asked. Of course, you will want to avoid any questions that lead to anticompetitive behavior. Questions regarding commission splits and other terms are not a per se violation, but you should be mindful of antitrust when answering them.

When determining whether or not to answer the questions, you will want to consider whether the survey involves current, past or future pricing information. If the survey is of past pricing which is not necessarily representative of current or future prices, the issue will have much less concern.

Another consideration to be mindful of is, who received the survey results, and why? If the survey was created and distributed for academic purposes, there is less of a concern. However, if the survey was conducted by industry participants for the purposes of creating an industry standard, the questions should be avoided.

For more information on antitrust from the National Association of REALTORS®, please visit: http://www.realtor.org/field-guides/field-guide-to-antitrust

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2015 BOARD OF DIRECTORS President, Brad Roberts President Elect, Kris Koliss Vice-President, Sarah Gustafson Secretary, Judy Patterson Treasurer, Michael Meurant Immediate Past President, Dave Stead

Kathleen Cooper Diane Dabrowski Jayne Diliberto Tracey Fiorelli Erika Hall Lorraine Herbert Lee Joseph Kathy McSweeney Leslie Storrs James Keenan John Vaillancourt

Director Director Director Director Director Director Director Director Director Alternate Alternate

COMMITTEE SERVICE We always welcome new members to each of our committees. We encourage you to review the following committee list and let us know which most interests you. You will find that the increased interaction with other members will provide you with new business opportunities you never expected. Each committee has an appointed chair or co-chairs who help to organize the many programs and events offered to our members. Participation on our committees is open to all of our members and affiliated business partners. • • • • •

MEMBERSHIP COMMITTEE PROFESSIONAL DEVELOPMENT GOVERNMENT AFFAIRS COMMITTEE COMMUNITY ACTION COMMITTEE PROFESSIONAL STANDARDS COMMITTEE

WRAR STAFF Executive VP, Colleen Pappas Membership Manager, Lisa Sprague Marketing Manager, Jacki D’Innocenzo Accountant, Maura O’Connor Administrative Assistant, Lynne Walls

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

Worcester Regional Association of REALTORS®

20 www.wrar.org