January 2014 Inside this Issue: President’s Message
1
January Month-at-aGlance
2
Meet our VIP Sponsors
3
Latest News
4
Installation of Officers & Directors Recap
5-6
Award Nomination Forms
7-10
Membership News
11-12
CREST
13-14
Committee on Govt. Affairs
15
Legal Hotline
16
Scholarship Drive Raffle
17
President’s Message As the 2014 President of the Worcester Regional Association of REALTORS®, I’d like to begin by thanking all of you for your membership, and I’d like to recognize those who made 2013 such a successful year. 2013 President Rochelle Jonswold, all of our Officers and Directors, our dedicated staff, and our ever-supportive business partners. Economists are optimistic for the 2014 Real Estate Market. The market has stabilized and there are less short sale and foreclosure properties on the market. Inventory continues to be low, but it is expected to increase to normal levels. We anticipate some challenges: higher interest rates and some tighter lending standards as more federal regulations take effect. At our Association, we’ve got a lot in store for this year.
WRAR Mission Statement The purpose of the Worcester Regional Association of REALTORS® is to: * Provide 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.
Our Professional Development task force is developing a new and exciting “Business Builders” series. The first one is coming up on February 13 - watch for details! Our new YPN Chapter is planning it’s first event for January 23rd. In addition to networking with other young professionals, Joe Schutt, CRS President & Technology sage will be presenting cutting edge apps that will make you instantly more productive in your business. It’s a great opportunity to learn about new developments and network a bit with other professionals. This event is sponsored by our YPN, but ALL ages are welcome! CEU classes are being offered throughout the month. It’s a great time to take a class or two before the busy spring and summer months. We’ve got some great designation classes planned for the next few months- stay tuned for more info. Be sure to visit the MVP page on the Realtor.org website before 1/15. If you register to receive the MVP newsletter, you’ll get the 2013 NAR profile of Homebuyers and Sellers free- It’s a 100+ page report loaded with great information- usually it’s $20 for members. I’m looking forward to a great year!
Dave David Stead 2014 WRAR President Worcester Regional Association of REALTORS® 1 www.wrar.org
WRAR MONTH-AT-A-GLANCE
Happy New Year
January 2014 Sunday
Monday
Tuesday
Wednesday 1 New Years Day
Thursday
Friday
2
3
Saturday 4
WRAR Closed 5
6 9:30-3:30 MLS PIN Training
7
8 9 Finance Comm 10:30 BOD Mtg
9 2-4 Prof Devel. Task Force 6-8 CEU Class
10 11 9:30 Membership 9-5 Prelicense & Comm. Mtg. Broker Classes
12
13
14 8-2 CEU Classes
15
16
17 9:30 YPN Mtg.
18 9-5 Prelicense & Broker Classes
19
20 Martin Luther King Jr. Day
21
22
23 4-6 YPN Appy Hour
24 8-2 CEU Classes
25 9-5 Prelicense & Broker Classes
26
27
28
29 9:30-3:30 MLS PIN Training
30
31
WRAR Closed
Save the Date Monday, February 3, 2014 8:30-10:30
DR Breakfast WRAR, 492 Washington Street, Auburn
Thursday, February 27, 2014 Affiliate Appreciation Night 5:00-7:00 pm WRAR, 492 Washington Street, Auburn Thursday, April 17, 2014 11:30 - 2:30
WRAR Awards Celebration Wachusett Country Club, West Boylston
Thursday, June 26, 2014 9:00 am
WRAR Annual Golf Tournament Wachusett Country Club, West Boylston
Worcester Regional Association of REALTORS速 2 www.wrar.org
OUR 2014 VIP SPONSORS We’d like to thank and recognize our 2014 VIP Sponsors. You will see a lot of them this year. They are sponsoring every major WRAR event, our New Member Orientations, CEU Classes, Professional Development classes, etc. They believe in our Association and what the REALTOR® name brings to each and every purchase and sale. Please show your return support by using their services and recommending them whenever possible. Like all of our Business Partners, they provide quality service and live up to the ethical and compliance standards of their profession. In addition, they will promptly follow up and communicate with any leads or referrals they receive from WRAR members.
Platinum Sponsors Emery Federal Credit Union 74 Elm Street Worcester MA 01609 (781) 503-1478
Fairway Mortgage New England 5 Albert Street Auburn MA 01501 (508) 407-8300
Southbridge Savings Bank 70 West Boylston Street Worcester MA 01606 (508) 853-3834
MLS PIN 904 Hartford Turnpike Shrewsbury MA 01545 (508) 845-1011
Security First Mortgage One Ararat Street Worcester MA 01606 (508) 853-3000
Also Charlton & Southbridge
Gold Sponsors The Law Office Jess Albino 102 Puritan Avenue Worcester MA 01604 (774) 641-4201 Compass Consulting Group 645 Chandler Street Worcester, MA 01602 Phone: 508-796-5950
Prospect Mortgage 1393D Grafton Street Worcester MA 01604 (508) 459-3610
Silver Sponsors The Law Office Harry Kotseas, PC 94 Highland Street Worcester MA 01609 (508) 753-5933
Bronze Sponsors Shamrock Financial Corporation 32 Coolidge Street Auburn MA 01501 (800) 321-8129
O’Connell & O’Connell, PC 425 Pakachoag Street Auburn MA 01501 (508) 8325872
Worcester Regional Association of REALTORS® 3 www.wrar.org
LATEST NEWS Lease Space Available There is a current vacancy in our WRAR Headquarter building on 492 Washington St., Auburn. First floor location with Route 20 street exposure in one of the newest office buildings south of Worcester. This A1 office space will give your business the exposure and proper presence that it deserves. Common area restrooms and an ADA compliant space. MLS Pin List # 71555847.
For further information on the space and bonus, please contact our listing agent, Randy DeVries (508) 320-1145
SPECIAL THROUGH MARCH ONLY: WRAR is offering a $2000 bonus to any licensee who successfully brings a qualified tenant that results in an executed lease.
Affiliate Appreciation Night Join us for Beer, Wine & Appetizers Thursday, February 27th 5:00 - 7:00 pm WRAR, 492 Washington Street, Auburn
More details to follow!
Worcester Regional Association of REALTORS速 4 www.wrar.org
INSTALLATION OF 2014 OFFICERS & DIRECTORS Our annual Installation of Officers & Directors took place at the Cyprian Keyes Golf Club on December 12 with a full house. Winner of the Blackberry tablet raffle was Peter Ruffini, 2014 MAR President 50/50 raffle winner was Tim O’Leary of Rollstone Bank. Roz Levine of Roz Real Estate won the gift basket door prize. Congratulations to the following REALTORS® on their new positions:
2014 Board of Directors
Event Sponsors
President: President Elect: Vice President: Secretary Treasurer: Imm. Past Pres.:
Big thanks to our Event Sponsors for making this day extra special for our newly installed representatives
David Stead Brad Roberts Kris Koliss Sarah Gustafson Conrad Allen Rochelle Jonswold
WRAR Directors Leslie Storrs Judy Patterson Mary Stolarczyk Jayne Diliberto Kathleen Cooper Erika Hall Tracey Fiorelli Lee Joseph Lorraine Herbert Kathleen McSweeney Diane Dabrowski
Director Director Director Director Director Director Director Director Director Alternate Alternate
Ransford Environmental Solutions
Executive Sponsor
MLS PIN
Favor Sponsor
Landy Insurance
Dessert Table Sponsor
The Law Office of Harry P. Kotseas Sullivan & Garrity Insurance Patrick Manning, RMS Mortgage Law Office of Catherine Hennessy, P.C. Bay State Savings Bank
Business Sponsor Business Sponsor Business Sponsor Business Sponsor Business Sponsor
The traditional passing of the gavel begins and ends with Dave Stead, 2014 President, accepting the gavel from Rochelle Jonswold, 2013 President.
Worcester Regional Association of REALTORS® 5 www.wrar.org
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Worcester Regional Association of REALTORS速 6 www.wrar.org
MEMBERSHIP NEWS - Nominating Committee
Awards Process & Deadlines:
January 3: February 3: February 10: March 10: March 17:
Nominations open for 2014 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 meets to review completed Qualification Forms. Winner in each category selected. Winners announced at Annual Awards ceremony. General Requirements: Cannot be part of the Selection Committee or be a past recipient. Service is based on actual performance from January 2013 through ® December 2013. 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
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Deadline for submission: Monday, February 3, 2014 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® 7 www.wrar.org
MEMBERSHIP NEWS - Top Producer Award The Worcester Regional Association of Realtors® is proud to announce the inaugural year of our 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 February 17, 2014. 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 2014 WRAR dues in full by December 31, 2013. Members enrolled in the budget plan must be paid in full by February 28th. 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 – Awards will be given on three levels of production: Ruby, Emerald and Diamond
Awards will be presented at the WRAR Awards event on April 17, 2014. Worcester Regional Association of REALTORS® 8 www.wrar.org
MEMBERSHIP NEWS - Top Producer Award 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 1/1/2013, End Date to 12/31/2013 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 17, 2014. Worcester Regional Association of REALTORS® 9 www.wrar.org
MEMBERSHIP NEWS - Top Producer Award 2014 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 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 February 17, 2014. Entries may be mailed, faxed or emailed to lsprague@wrar.org.
Awards will be presented at the WRAR Awards event on April 17, 2014. Worcester Regional Association of REALTORS速
10 www.wrar.org
MEMBERSHIP NEWS New Applicants Elizabeth Bannon Michael Foster Shannon Gifford Charig Parikh Deborah Waterson
Dora Naves & Associates Ernest W. Foster Jr. RE RE/MAX Professional Assoc. Keller Williams Realty Keller Williams Realty
Transferred Member From Greater Boston Association: Richard Kady Michelle Williams
RE/MAX Prestige Toll Brothers Real Estate
Marlboro W.Boylston Sturbridge Worcester Worcester
Northboro Westboro
Agents Transferred to New Office: Jennifer Holland James Reinke Ann Trotto Lisa Westerman
ERA Key Realty Services Re/Max Professional Assoc. Re/Max Professional Assoc. Re/Max Prestige
Worcester Spencer Shrewsbury Northboro
New REALTOR® Office Robin Zonghi
Toll Brothers Real Estate 134 Flanders Road, Ste 275 Westboro
New Affiliates Tom Valentine
Compass Consulting Group 645 Chandler Street
Worcester
Dan Candell
Dan Candell Hypnosis LLC 300 West Main St, Bldg. A
Northboro
John Saari
Emery Federal Credit Union 74 Elm Street Worcester
MAR launches Returning Veterans Program
As a way to say thank you to new and current Massachusetts REALTORS® who have recently returned from active duty or deployment, MAR recently launched the Returning Veterans Program. Through this program, MAR and many local associations are offering REALTORS® who are recent military veterans free dues for at least a year. To qualify, you need to have returned from active duty or deployment within 36 months prior to the date of your REALTOR® membership application. To apply, you need to submit your DD 214 form for honorably and medically discharged veterans (or equivalent documentation) to your local REALTOR® association. Depending on the date of the membership application, the state dues waiver will be in effect for 12-23 months (balance of the remaining membership year plus 12 months). Contact your Lisa Sprague, Membership Manager, to see if you qualify and thank you for serving!
Office Visits
The Membership Committee has developed a 20-minute presentation on the benefits of being a member of the Worcester Regional Association of REALTORS® and is ready to bring this roadshow to your office! If you would like to schedule a visit, please contact Lisa Sprague for arrangements via email at lsprague@wrar.org.
Fundraiser in Honor of Marcia Head
A check for $7,500 was presented to the Hope Lodge in Worcester in memory of Marcia Head. Marcia touched the lives of many. Her children were present at the Installation of Officers & Directors for the check presentation and the raffle drawing. Congratulations to Sharon McManus, retired from McManus Realty in Holden, for winning the $1,000 worth of scratch tickets for the Mass State Lottery Worcester Regional Association of REALTORS®
11 www.wrar.org
MEMBERSHIP NEWS - Young Professionals Network
YPN
Professional Development & Networking Opportunities for today’s REALTOR®
Young Professionals Network
appy Hour
The Young Professionals Network of the Worcester Regional Association of REALTORS® cordially invites you to their first event!
Two Hours of Apps & Appetizers!
Date: Time: Place: Cost:
Thursday, January 23, 2014 (snow date, Jan. 30) 4:00-6:00 pm WRAR, 492 Washington Street, Auburn, MA $10 optional donation to the WRAR Scholarship Fund includes arm’s length of tickets for gift basket raffle
Learn about the BEST apps for your smartphones & tablets to EXCEL in your REAL ESTATE CAREER! Speakers: Joe Schutt, Chris Whitten and Kathleen Cooper
There’s an app for that! Appetizers, Beer & Wine sponsored by Bryan Larson of Fairway Mortgage, Boston The Law Office of Jessica Albino
Fax this form to 508-832-6620 or email to jdinnocenzo@wrar.org Name:________________________________________________________________________________________ Company:_____________________________________________________________________________________ email:________________________________________________________________________________________ Here’s my donation to the scholarship fund! $_______
Check enclosed_____
Credit Card_____
Credit Card No.______________________________________________________ Expiration_________________ Worcester Regional Association of REALTORS®
12 www.wrar.org
CENTER FOR REAL ESTATE STUDIES & TRAINING Upcoming CEU Courses for January 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 $30 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, January 14, 2014 Time
Instructor
Course Code
Course Title
8:00 - 10:00
Jo Ann Szymczak
RE58RC09
Auction 101
10:00 - 12:00
Jo Ann Szymczak
RE18RC07
Property Assessments, Valuation & Taxation
12:00 - 2:00
Jo Ann Szymczak
:RE05RC12
Contract Law
Auburn, Friday, January 24, 2014 8:00 - 10:00
Paul G Yorkis
RE23RC12
The Wetlands Protection Act
10:00 - 12:00
Paul G Yorkis
RE79R13
21 E for Residential Real Estate
12:00 - 2:00
Bill Murphy
RE47R05
Residential Mtg. Loan Market & Credit Today
Next CEU Classes: February 11 and February 28, 2014, 8:00 am - 2:00 pm. For a complete schedule, visit http://www.wrar.org/month-at-a-glance.html
CEU Changes for 2014
PreLicense & Broker Courses
Effective January 2014, our 12-hour days of CEU’s will now switch to two 6-hour days, We find that shorter days are more conducive to learning.
The CREST Real Estate School offers Pre-License courses that introduce the fundamentals of Real Estate in preparation for the State of Massachusetts Real Estate License Exams for Real Estate Salespersons and Real Estate Brokers.
CEU classes will remain FREE for all WRAR Members.
We also offer a Broker Course in preparation for the State Broker Exam. Prior to the exam, a salesperson must complete forty (40) hours of pre-licensure broker education AND must affiliate with a broker for three (3) years.
Non members - New for 2014 - Get your 12 education credits for license renewal for only $99.00! Pay all at once and have the luxury of attending the classes you want; at your pace. As always, you may continue to take online courses at the MAR Online Education Center. Contact Lynne Walls at lwalls@wrar.org to schedule your classes.
The costs are $325 for each class and $50 for the text books. Our next Pre-License Salesperson class and Broker class are scheduled to begin on January 11, 2014 and run on the following Saturdays from 9:00 am - 5:00 pm: January 11, January 18, January 25 , February 1, February 8, 2014 You may register for these online or by calling the WRAR offices at 508-832-6600.
View the complete calendar at www.wrar.org. Worcester Regional Association of REALTORS®
13 www.wrar.org
CENTER FOR REAL ESTATE STUDIES & TRAINING
SUCCEED IN ’14! Contact me today to set your one-on-one appointment! (508) 407-8300 WMurphy@fairwaymc.com
Subhead. Subhead. Subhead. Goals. Success. Improvement. Subhead.
We all want a better a year for ourselves. Whether that means more money earned, more properties listed and sold, getting more buyers to purchase, or increasing our networking/referral circles. Strong preapprovals and visual tools for your buyers and sellers will help make that happen. Attend one of the upcoming classes to expand your knowledge, eat lunch, and learn more about:
How to get buyers & sellers off the fence Qualified Mortgage & the ability to repay and what it means for your client’s financing Submitting strong offers with strong preapprovals Over 50 Mortgage & Credit Gotcha Secrets Setting and achieving your 2014 goals Key success principles from top producers th
Let us help you bridge your gaps to your goals!
January 24 Lunch & Learn 12p-2p 2 CE’s (RE47R05) Residential Mortgage Loan Market and Credit Today th
January 28 Lunch & Learn 11a-1p Registration at 10:30am 2 CE’s (RE47R05) Residential Mortgage Loan Market and Credit Today February 25th Lunch & Learn 11a-1p Registration at 10:30am 2 CE’s (RE25RC08) Financing
William B Murphy – Fairway Independent Mortgage – 5 Albert St, Auburn, MA 01501 – (508) 407-8300 WMurphy@fairwaymc.com – www.billmurphyonline.com License # MC5103 – NMLS: 19301 – Fairway NMLS: 2289
Worcester Regional Association of REALTORS®
14 www.wrar.org
Committee on Government & Legislative Affairs We would like to thank our membership for another successful RPAC year. With the 387 Fair Share Donations and our major investors, listed below, we have met our RPAC goals for 2013. These funds assist in supporting causes that affect the real estate profession: most notably, this year in protecting the mortgage interest rate deduction at the federal level, supporting the scrap metal bill at the state level, and the current negotiations affecting flood insurance at the federal level. To assist in the continuing support of these issues, you can donate today.
Crystal R - $2,500 • Crystal Tropeano
Sterling R President’s Circle $1,000-$2,000 • Michael Durkin
INVEST TODAY!
We con�nue to implement changes that will assist all of us in our roles as REALTORS®, but we need your support! The small amount of $20.00 we ask will help with these efforts. Please take a moment and help yourselves by helping your WRAR Government Affairs Commi�ee to con�nue to look out for you and your clients.
Sterling R - $1,000 • Andrew Abu • Anthony Economou • Jane Fine • Tracey Fiorelli • Deb Flot • Lorraine Herbert • Lee Joseph • Kris Koliss • Kathy Spangler • Dave Stead
I WANT TO INVEST IN MY REAL ESTATE CAREER! Name: Company: Address: City:
State:
Zip:
I will help by contribu�ng: ☐$20
☐$30
☐$50
☐Other
Form of payment: ☐Check enclosed (Payable to RPAC) ☐Visa
☐Mastercard
☐Amex ☐Discover
Credit Card No.: Exp. Date: Signature: Please mail to Worcester Regional Associa�on of REALTORS® 492 Washington Street, Auburn, MA 01501 or fax to: 508-832-6620
Worcester Regional Association of REALTORS®
15 www.wrar.org
LEGAL CORNER - MAR Legal Hotline Michael McDonagh, MAR General Counsel Ashley Stolba, MAR Associate Counsel Justin Davidson, MAR Staff Attorney
Q: I have heard about some new financing rules that will take effect in 2014 and could impact buyers. What are these new rules? A. In 2010 Congress passed the “Dodd-Frank Wall Street Reform and Consumer Protection Act.” One result of this law is the new Qualified Mortgage, or ability-to-repay rule, as promulgated by the Consumer Financial Protection Bureau (CFPB). The QM rules will largely determine the underwriting standards that the majority of lenders will use to qualify prospective borrowers. The rules will take effect January 10, 2014 and you should be aware of the impact they may have on some homebuyers’ ability to secure financing. Some of the main provisions of the rules include: • • •
Points and fees must be less than or equal to 3% of the loan amount for loans greater than $100,000 Loans must have a debt-to-income ratio of 43% or less Qualified Mortgages can no longer have risky features such as negative amortization, interest-only or balloon loans and the maximum loan term must be less than or equal to 30 years
With the help of NAR advocacy, a safe harbor was created in the QM rules exempting loans underwritten to the standards required by Fannie Mae/Freddie Mac, the Federal Housing Authority, Veterans Administration and Rural Housing Service (within their respective loan limits) for up to seven years. This safe harbor will ensure the wide availability of affordable mortgage credit for qualified borrowers. Borrowers will still be able to get a private loan as long as the loan does not have risky features and the borrower’s total debt to income (DTI) isn’t over 43%. For additional information about the new rules, please visit http://www.realtor.org/topics/qualified-mortgage.
Q. My seller-client is preparing to sell her home. She is concerned and has questions about a very large tree in her yard that she thinks straddles the boundary line with her neighbor. Who is responsible for maintaining the tree? A. Generally, under Massachusetts law, where the trunk of a tree stands wholly on the land of one property owner, he or she will be deemed the owner of the entire tree. In this situation, a neighbor has the right to trim branches that overhang over their property or to remove roots that extend into their land. Both should only be done with reasonable care. Alternatively, where the trunk sits across Worcester Regional Association of REALTORS®
the boundary line more difficult questions arise. A Massachusetts case, Levine v. Black, suggests that each neighbor has title to only that part of the tree on his or her side of the property line, but has a right to prevent a neighbor from acting unreasonably or in a way that would damage the whole tree. To be sure, reasonable care should be taken to not destroy or harm the entire tree. It would be in your client’s best interest to consult with an attorney to accurately determine the ownership interest of the tree. Q. My client owns a multi-family and insists that he has no responsibility for removal of snow except for clearing the sidewalks as required by municipal ordinance. Is he correct? A. No. The landlord is responsible for removing snow on the property. Many landlords attempt to pass this responsibility onto their tenants by writing a provision into their leases; however, this practice may not protect the landlord from liability. The Massachusetts Sanitary Code provides that the “owner shall maintain all means of egress in a safe, operable condition” and that all “exterior stairways, fire escapes, and egress balcony, shall be kept free of snow and ice.” Massachusetts law also provides that any provision in a rental agreement that waives the protections given by the Sanitary Code is void, as it is against public policy. Taken together it would appear that the landlord cannot assign this responsibility in a lease. However, the law remains unclear.
It should also be noted that the Sanitary Code does not cover driveways or sidewalks; therefore, logic would suggest these could be assigned into a lease. If a landlord decides to form a side agreement with a tenant to compensate them for snow and ice removal they should carry workers’ compensation insurance as these tenants could be classified as employees of the landlord. Again, clients that have specific questions regarding their duty to clear snow should consult with their attorney.
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2014 BOARD OF DIRECTORS
President, Dave Stead Pres. Elect, Brad Roberts Vice President, Kris Koliss Secretary, Sarah Gustafson Treasurer, Conrad Allen Past President, Rochelle Jonswold Kathleen Cooper, Director Jayne DiLiberto, Director Tracy Fiorelli, Director Erika Hall, Director Lorraine Herbert, Director Lee Joseph, Director Judy Patterson, Director Mary Stolarczyk, Director Leslie Storrs, Director Diane Dabrowski, Alternate Kathleen McSweeney, Alternate
SCHOLARSHIP DRIVE RAFFLE WRAR Scholarship Funds are designated for children or grandchildren of REALTOR® members, Affiliate members or full-time staff employees of the Association. Each year our Scholarship Committee reviews all applications, and makes decisions based on factors including academic achievement, school and sports involvement, community activities, work experience and the student’s goals and personal accomplishments. A minimum of two scholarships are awarded each year, with a minimum value of $500 each. We would love to be able to increase these amounts, but are dependent upon the monies available in the fund. In an effort to raise scholarship money, Wendy Burdett of Prospect Mortgage has very generously donated the use of her Myrtle Beach, South Carolina condominum for one week to one lucky winner. Raffle tickets are $40 each or 3 for $100. Dates are subject to availability and can be arranged through Wendy. For more information on the condo, visit http://www.vrbo.com/100933.
WRAR STAFF
To purchase a ticket, you may call the WRAR office at 508-832-6600 and ask for Lisa, or return the form below via fax to 508-832-6620.
Executive VP, Colleen Pappas
________________________________________________
Membership Manager, Lisa Sprague Marketing Manager, Jacki D’Innocenzo Staff Accountant, Maura O’Connor Administrative Assistant, Lynne Walls
I want to enter! I will purchase: _____ One ticket for $40 _____ Three tickets for $100
Name__________________________________________________________________ Billing Address__________________________________________________________ _______________________________________________________________________
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 508832-6600. Please LIKE our facebook page at https://www. fa c e b o o k . c o m / WorcesterRegionalAssociationofREALTORS.
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