June 2014 Inside this Issue: PRESIDENT’S MESSAGE President’s Message
1
June Month-at-a-Glance
2
2015 Nominations & Elections Process
3
Ethics Corner
4-5
MAR Charitable Foundation
6
Upcoming Classes
7-8
Membership News
11-12
Scholarship Winners
13
Golf Tournament
14
CREST
15
Government Affairs
16
Local Market Update
17
MAR Legal Hotline
18-19
Community Action Committee
20
WRAR Mission Statement The purpose of the Worcester Regional Association of REALTORS® is to:
REALTOR® Day on Beacon Hill is coming up on June 11th and I’m proud to report that we’re going to set a new record for attendees from our board. Advocating for homeowners, our industry, and private property rights is one of the most important things we do as an association. Hundreds of REALTORS® from all over the state will meet at the Statehouse. After a brief assembly in the Hall of Flags, we’ll break into small groups to meet with our local legislators and discuss current legislation that will directly affect our business and the people we represent. The legislators and their aides are genuinely interested to know how things are going in our industry. They all know people who are affected by the bills we’re working on. These meetings help get these bills signed into law. Here are some of the items we’re working on: Copper Pipe theft was rampant a few years ago, and seems to be making a comeback in recent months. We’re supporting legislation that would make it more difficult for these thieves to sell their stolen goods. It’s hard to believe that someone could walk in to a scrap yard with a grocery cart full of copper pipes and get cash without even providing an ID. The damaged homes are no longer financeable and their values plummet. Surrounding homes values also suffer as a result of this. This bill needs to be passed! Flood Insurance is required on some homes in our area, and premiums are constantly increasing. We’re supporting reform that would make flood insurance more affordable. The Mortgage Forgiveness Debt Relief Bill would prevent homeowners from being taxed on “phantom income” received when they complete a short sale, loan modification, and foreclosures. There’s some language in the Appraisal Management Company Regulation Bill that’s been proposed that would affect an agent’s ability to do BPO’s. We’re working to change that. There’s language in the Regulation of Debt Management Services that would require an additional license for agents involved in short sales. This bill needs to be amended.
* Provide members with the resources that enable them to serve the public in an ethical and professional manner
There’s a short-term room occupancy tax proposed that would increase costs for vacation rentals.
* Take an active role regarding issues affecting sellers, buyers, tenants and landlords.
There’s still time to register & there may still be room left on the bus. The board provides transportation, breakfast & lunch, and you’ll be home in time to make your evening appointments. Call the WRAR office at 508-832-6600.
Finally, there’s a Land Use Reform Bill that would negatively impact development and affordability for new construction. This bill would eliminate the ANR process and make it more expensive and complicated to develop new lots with frontage on existing roads. We need to oppose this legislation!
Dave Dave Stead 2014 WRAR President
Worcester Regional Association of REALTORS® 1 www.wrar.org
WRAR MONTH-AT-A-GLANCE June 2014 Sunday
Monday
Tuesday
Wednesday
Thursday
Friday
Saturday
1
2
3 9 Govt Affairs Comm Mtg
4 9-1 Broker Basics w/Jody O’Brien
5 9-3 CEU Classes
6 9:30 YPN Comm Mtg 11 Golf Comm Mtg
7
8
9
10 9 Finance Comm 10:30 BOD Mtg
11 REALTOR® Day on the Hill 9:30-3:30 MLS PIN Training
12 2-4 Business Builder 4-5 Prof Devel Comm Mtg
13 10 Membership Comm Mtg
14
15
16 9-5 CNE Designation Class 5:30-9:30 Prelicense Course
17 9-5 CNE Designation Class
18 3-9 New Member Orientation
19
20 8-2 CEU Classes
21
22
23 9:30-3:30 MLS PIN Training 5:30-9:30 Prelicense Course
24 9-1 CEU Classes, Leominster 11-1 Lunch & Learn with Fairway Mortgage
25 9:30-3:30 MLS PIN Training
26 8:30 Golf Tournament - Wachusett CC
27
28
29
WRAR CLOSED
30 5:30-9:30 Prelicense Course
Save the Date Friday, Aug. 15 1:00-5:00 pm
Family Outing sponsored by WRAR’s Young Professionals Network
Friday, Sept. 19
Legislative Breakfast at College of the Holy Cross
Wednesday, Oct. 22
WRAR Annual Meeting at College of the Holy Cross
Thursday, Dec. 4
Installation of 2015 Officers & Drectors Luncheon at the Wachusett Country Club
Worcester Regional Association of REALTORS®
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www.wrar.org
OUR 2014 VIP SPONSORS Award Winning Realtors Working with Award Winning Lenders The Mortgage Lending Team at Bank of Canton is proud to work with the Worcester Regional Association of Realtors ®. We’re eager to help you list and sell even more homes, so we’re dedicated to qualifying borrowers and ensuring we’re offering the products that they need, including Buy Worcester Now. Invite your client to experience the difference and find out first hand how our Mortgage Lending Team has maintained a Customer Satisfaction Score of 98%!
Your Trusted Lending Partners: To learn more about our home financing options for your clients, call 508.832.0078, visit us at 850 Southbridge Street in Auburn. Robert Bonofiglio
Regional Lending Manager NMLS# 454887
Arlette M. Lynch
Regional Lending Manager NMLS# 39595
Gary Premo
Area Sales Manager NMLS# 454909
508.832.0078 • 850 Southbridge St., Auburn, MA • Member FDIC. Member DIF.
NOMINATION & ELECTION PROCESS FOR 2015 The annual nomination and election of officers and directors for the Worcester Regional Association of REALTORS® and state directors to the Massachusetts Association of REALTORS® is intended to be an open process in which members may nominate themselves or fellow members. The Information & Application are available online at www.wrar.org You will find the job description and candidate qualifications for each elected office, as well as the nomination form which must be completed and submitted to the WRAR Nominating Committee in order to be eligible for consideration for office in 2015. In completing the nomination process, please be aware that three industry references are required when submitting a nomination entry. Nominations must be submitted by June 30, 2014. Nomination forms should be mailed to: Worcester Regional Association of REALTORS®, 492 Washington Street, Auburn, MA 01501. The WRAR Nominating Committee is responsible for reviewing all nominations to ensure candidates meet the qualifications of the position they have been nominated to serve, and may require interviews of nominees. For questions regarding the nomination or election process, contact WRAR Executive Vice-President, Colleen Pappas, at 508-832-6600 or cpappas@wrar.org. Worcester Regional Association of REALTORS®
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ETHICS CORNER Did you know that the Code of Ethics is an ever-changing document? Chances are that the Code you received at the time of orientation probably is not the same version in use today. The Professional Standards Committee of NAR reviews the code each year and makes recommendations for updates based on the changes in the market as well as social changes. Below are the recent changes for 2014. It is a good practice to review the code each year for revisions, as you may not be in compliance. The Code can always be accessed on-line at www.realtor.org It is your duty as a REALTOR® to not only abide by the Code, but to enforce the code when you believe that a REALTOR® member may have violated one of the Articles within the Code. The Code’s duties become aspirations at best, and potentially meaningless, if not enforced, and enforced with vigor and determination. Recently, MAR held a Professional Standards Roundtable discussion for the state to discuss the recent changes and to see what the most common complaint is across the state. When it comes to the public, the most common Articles cited are 1, 2, and 4. Complaints arising out of transactions, the Articles most commonly cited are 1, 3, 12 and 16. Are you sure you are following the Code? In an effort to have a better understanding of the Code and what to do if you think you have a complaint, the Grievance Committee is developing a presentation that we will be bringing to your offices. It is the hope of the committees and leadership that the level of professionalism in the industry will rise with education. Be on the lookout for more details throughout the summer. 2014 Summary of Key Professional Standards Changes This summary highlights substantive issues and changes, but is not all-inclusive. For complete information detailing all changes see the 2013 Professional Standards Committee Actions for Midyear and the Annual Convention on the Board Policy and Programs website (http://realtor.org/mempolweb.nsf/comnameweb; search on “Professional Standards Committee Actions”). Also review the shaded portions of the 2014 Code of Ethics and Arbitration Manual which highlights all changes. Changes to the Code of Ethics and Standards of Practice (Underscoring indicates additions; strikeouts indicate deletions.) • Standard of Practice 3-2 revised
To be effective, aAny change in compensation offered for cooperative services must be communicated to the other REALTOR® prior to the time that REALTOR® submits an offer to purchase/lease the property. After a REALTOR® has submitted an offer to purchase or lease property, the listing broker may not attempt to unilaterally modify the offered compensation with respect to that cooperative transaction. (Amended 1/14)
• Article 10 revised
REALTORS® shall not deny equal professional services to any person for reasons of race, color, religion, sex, handicap, familial status, national origin, or sexual orientation, or gender identity. REALTORS® shall not be parties to any plan or agreement to discriminate against a person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, or sexual orientation, or gender identity. (Amended 1/14)
Worcester Regional Association of REALTORS®
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ETHICS CORNER
REALTORS®, in their real estate employment practices, shall not discriminate against any person or persons on the basis of race, color, religion, sex, handicap, familial status, national origin, or sexual orientation, or gender identity. (Amended 1/14)
• Standard of Practice 10-3 revised
REALTORS® shall not print, display or circulate any statement or advertisement with respect to selling or renting of a property that indicates any preference, limitations or discrimination based on race, color, religion, sex, handicap, familial status, national origin, or sexual orientation, or gender identity. (Amended 1/14)
• Standard of Practice 11-1 revised
When REALTORS® prepare opinions of real property value or price, they must:
1) be knowledgeable about the type of property being valued, 2) have access to the information and resources necessary to formulate an accurate opinion, and 3) be familiar with the area where the subject property is located unless lack of any of these is disclosed to the party requesting the opinion in advance.
When an opinion of value or price is prepared other than in pursuit of a listing or to assist a potential purchaser in formulating a purchase offer, such the opinions shall include the following unless the party requesting the opinion requires a specific type of report or different data set:
1) identification of the subject property 2) date prepared 3) defined value or price 4) limiting conditions, including statements of purpose(s) and intended user(s) 5) any present or contemplated interest, including the possibility of representing the seller/landlord or buyers/ tenants 6) basis for the opinion, including applicable market data 7) if the opinion is not an appraisal, a statement to that effect 8) disclosure of whether and when a physical inspection of the property’s exterior was conducted 9) disclosure of whether and when a physical inspection of the property’s interior was conducted 10) disclosure of whether the REALTOR® has any conflicts of interest (Amended 1/14)
Worcester Regional Association of REALTORS®
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MAR CHARITABLE FOUNDATION Habitat for Humanity Metro West/Greater Worcester, Project Just Because, Inc., and the Charlton Chapter of the REAS Foundation are Presented Housing and Homeless Grant from the Worcester Regional Association of REALTORS®.
The Worcester Regional Association of REALTORS® announced today that the Habitat for Humanity Metro West/Greater Worcester, Project Just Because, Inc. and the Charlton Chapter of the REAS Foundation are recipients of Housing and Homeless Assistance Grants from the Massachusetts Association of REALTORS® Charitable Foundation. Nominated to receive the grant by the Worcester Regional Association of REALTORS®, these three charities were selected based on their initiatives to provide affordable housing, shelter and other emergency care services within Massachusetts. All together the grants totaled $4,500.00. The REAS Foundation is the Residential Energy Assistance for Seniors Foundation, and is built upon the belief that the greatness of a community is ultimately judged not so much by the beauty or magnificence of its structures, but rather, by its compassion, contributions, and care for its most vulnerable members. REAS Foundation Charlton Chapter is a 501(c)3 organization and their service area is exclusive to the Town of Charlton. Project Just Because is a non-profit charity that helps families in need with basic items. Our Project is dedicated to helping as many men, women and children as possible – providing dignity and love from the heart in a caring environment. Habitat for Humanity Metro West/Greater Worcester’s vision is a world where everyone has a decent place to live. “Both members and the Worcester Regional Association of REALTORS® have had a long relationship with these charities and we personally know how important their work is,” said President David Stead, broker with RE/MAX Advantage in Worcester. “It is because of their commitment that we are honored to present these grants to help them all to continue to meet their mission.” About the MAR Charitable Foundation: The Massachusetts Association of REALTORS® Charitable Foundation performs a variety of community outreach initiatives that provide assistance to needy individuals and the community at-large. Since its inception in 1992, the Foundation has implemented several grant programs aimed at furthering the REALTOR® tradition of giving back to the local community. For more information or to make a donation to the Foundation go to: www.marcharitable.com.
Worcester Regional Association of REALTORS®
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www.wrar.org
PROFESSIONAL DEVELOPMENT - CNE DESIGNATION The Best Negotiation Course in Real Estate:
CERTIFIED NEGOTIATION EXPERT (CNE) Designation Course The Certified Negotiation Expert (CNE) designation Course is designed specifically to give REALTORS® and real estate professionals the knowledge, training and ability needed to become expert negotiators - a vital skill required for real estate transactions.
Date:
Monday & Tuesday, June 16 & 17, 2014 Time: 9:00 am - 5:00 pm Place: WRAR 492 Washington Street Auburn, MA Price: $279 Register at http://www.cvent.com/d/b4qxqg
taught nationally by the Real Estate Negotiation Institute and Presented by Isabelle Perkins, MCNE, CIPS, ABR, GREEN, SFR, SRES Receive 2 CEU’s: RE35RC03 “Offers”
This two-day course includes the following: Competitive Win-Lose Hard Bargaining vs. Collaborative
Win-Win Negotiating Psychology of Buying Persuasion Principles CNE Model and Planning Guide Case Studies Skill Practice/Role Plays Group Discussion Topics
Students who take the CNE course will receive the following: 2-days of professional negotiation and business building training Certified Negotiation Expert designation awarded at end of Day 2 Continuing Education Credit Hours in most states Over 150 pages of negotiation summaries and marketing materials for your new designation Over 100 scripts for real estate negotiation situation using scientifically proven persuasion principles Quarterly newsletters with advanced negotiation tips and advice Access to leading edge negotiation research to use in real estate negotiation Worcester Regional Association of REALTORS® 7 www.wrar.org
PROFESSIONAL DEVELOPMENT
Boston Region Marketing Session DATE: PLACE: Ti Time:
REALTORS®
Commercial Alliance
Friday, June 20, 2014 Keller Williams 607 Boylston St. 5th Floor Boston, MA 02116 11:00 am - 5:00 pm
Join us from 9:00-11:00 am for a FREE CEU Class on Commercial Brokerage: Due Diligence and Marketing NO COST EVENT Luncheon included!
Presented by Peter West Peter West has been a REALTOR® since 1984. He is licensed in MA, NY, VT, and FL. Peter has been awarded the prestigious SEC designation from the Society of Exchange Counselors. He also has the CCIM, ABR, and CRS designations.
Benefits from attending this marketing session: The Generation of Potential Transactions for Buyer & Seller Clients or YOURSELF! Possible Earned Commissions Networking with other Brokers / Investors from the local market, as well as Regional and National Players Creative transactions & solutions Find Investor Cash for you or your clients
No stranger to the business, Peter has worked in residential, commercial, appraisal, land, new home sales and as a mortgage originator. Currently he focuses on commercial / investment and development for his own behalf or for clients on a nationwide basis. Besides his real estate practice, he is the Vice President and partner of a modular building company, Modular Building Systems Inc. A former National Sales Trainer for Century 21 Real Estate Corp., Peter now trains real estate agents throughout all of North America. He is a frequent presenter of NAR’s buyer agency programs. In 2007, Peter was inducted into the Buyer Agent Hall of Fame.He is also a National Moderator for Commercial Equity marketing sessions. Peter is a popular and frequent presenter at state and national conventions. Locally Peter serves as the Vice-Chairman of the Adams, MA Zoning Board of Appreals. He is also a past two term Chairman of the Board of Directors for Berkshire Family and Individual Resources, an agency providing services for individuals with developmental disabilities.
TO REGISTER EMAIL OR CALL: Colleen Pappas 508-832-6600 * cpappas@rcama.org
Worcester Regional Association of REALTORS®
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www.wrar.org
OUR 2014 VIP SPONSORS At Fairway New England Mortgage we make the dream of home ownership come true with the “Fairway Promise” where
You can rely on me for smart home financing options and exceptional service. After all, Fairway believes we are only as good as our last loan.
we close on time, all the time!
Contact me today if you or anyone you know is ready to finance a new home! Attention Realtors: Upcoming Lunch and Learn CEU Classes: June 24th – Financing Seminar 11:00 AM – 1:00 PM September 16th – Residential Loan Market and Credit Today 11:00 AM – 1:00 PM Call or email me today to meet one-on-one and find out how we can work together to make 2014 your best year ever!
Recent testimonials from real estate agents who attended our May 13th Lunch and Learn Seminar: “I will always take a course that Bill Murphy has. Great job Bill!”
William B. Murphy Certified Mortgage Planner NMLS: 19301 Fairway NMLS: 2289 5 Albert St., Auburn, MA 01501
“Enthusiastic, responsible, REAL LIFE examples. Great sense of humor! “Great course! Thank you! Particularly helpful with the credit portion.”
Office: 508-407-8300 Fax: 508-407-8304 Wmurphy@fairwaymc.com www.fairwaymortgagene.com
“The highest compliment I can receive is the referral of friends, family and colleagues. Thank you for your trust.” Worcester Regional Association of REALTORS®
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www.wrar.org
OUR 2014 VIP SPONSORS
“My goal is to help you grow your business by being an extension of the top quality service you provide to your clients. Let’s grab coffee or a smoothie and I can show you how.” ~ John B. Saari - 508-740-7442
Helping more clients and more referral partners through products, education, and communication • Sierra is both a direct lender and a broker with 25 lenders to help you close more transactions • FHA, VA, & USDA lending below a 640 credit score • Access to Credit Union PMI rates • Higher debt to income ratios than traditional lenders • No PMI loans • In house underwriting • Jumbo lending
www.themortgagebuddy.com
John B. Saari * Sierra Pacific Mortgage Company * 508-740-7442 themortgagebuddy@gmail.com * www.themortgagebuddy.com Sierra Pacific Mortgage NMLS: 1788
Worcester Regional Association of REALTORS®
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MEMBERSHIP NEWS New Applicants Herby Blanc Gina Chrostowski Richard Colby Tracie Hinman Andrew Levy Anne Nutter Ebenezer Pappoe Yudi Ramirez Tammy Ruda Nicole Terrio Walsh Carol Yeaton
Keller Williams Realty Keller Williams Realty Keller Williams Realty Keller Williams Realty ERA Key Realty Services ERA Key Realty Services Keller Williams Realty Keller Williams Realty ERA Key Realty Services Gatsby Real Estate Keller Williams Realty
Agents to New Office Worcester Worcester Worcester Worcester Worcester Worcester Worcester Worcester Spencer Rochdale Worcester
New Offices Stephanie Bayliss
MA Homes LLC 57 Paige Hill Road. Brimfield
Blaise Coco
Coco Early and Associates 251 Broadway, Methuen
Maribeth McCauley Lynch
Thrive Real Estate Specialists 21 Westwood Road, Shrewsbury
Annette Norton
RE/MAX Real Estate Center 45 Lyman Street Suite 18, Westboro
Marie Beauregard Mary Christensen Preben Christensen Fran Diaz Mary Foley Tim Foley June Hillier Barbara Hines Sandra Mayer Ananth Ram Robbi Rubenstein Debbie Schradieck Robert Smith Julie Squires Doug Stone Albert Surabian Stacey West Gwen Zilioli
RE/MAX Professional Assoc. Spencer RE/MAX Real Estate Center Westboro RE/MAX Real Estate Center Westboro Exit Realty Partners Shrewsbury RE/MAX Real Estate Center Westboro RE/MAX Real Estate Center Westboro RE/MAX Real Estate Center Westboro RE/MAX Vision Worcester RE/MAX Real Estate Center Westboro RE/MAX Real Estate Center Westboro RE/MAX Real Estate Center Westboro RE/MAX Real Estate Center Westboro RE/MAX Real Estate Center Westboro RE/MAX Real Estate Center Westboro RE/MAX Real Estate Center Westboro Coldwell Banker Worcester RE/MAX Real Estate Center Westboro Collins & Demac Real Estate Shrewsbury
New Affiliates Greg Gentile
Shamrock Financial 179 Shrewsbury Street, Shrewsbury
William Roland
Inland Home Mortgage 430 Main Street, Agawam
Steve Salerno
Inland Home Mortgage 430 Main Street, Agawam
Maureen Sweet
Bank of Canton 850 Southbridge Street, Auburn
Reinstated Members William Mattei
Mattei Realty
Worcester Regional Association of REALTORS速
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MEMBERSHIP NEWS
President Dave Stead, far left, welcomes the newest REALTORS® of WRAR at the May 9, 2014, New Member Orientation.
New Members - May 9, 2014 Orientation Ronald Allard Jennifer Beauregard Mark Beauregard Christopher Bishop Herby Blanc Kara Campbell Elizabeth Champi Poisson Rhiannon Gresty Gizely Guimaraes Lisa Hammes Debra Jakaitis Lei Li Michael McQueston Dawn Melvin Anne Nutter Scott O’Hara Russell Paige Ebenezer Pappoe Melanie Perez Kayleen Sauvageau Matthew Stewart Tara Szkutak Nicole Terrio-Walsh
RE/MAX Professional Associates Shrewsbury Coldwell Banker Res. Brokerage Northborough Coldwell Banker Res. Brokerage Northborough Coldwell Banker Res.Brok. Park Worcester Keller Williams Realty-Gr. Wor Worcester RE/MAX Executive Realty Hopkinton Community Realty Worcester Quaboag Valley Real Estate Brookfield Exit Beacon Pointe Realty Northboro Prudential Prime Properties Whitinsville ERA Key Realty Services Worcester Keller Williams Realty-Gr. Wor Worcester Keller Williams Realty-Gr. Wor Worcester Keller Williams Realty-Gr. Wor Worcester ERA Key Realty Services Worcester Century 21 Realty Team Leominster Keller Williams Realty-Gr. Wor Worcester Keller Williams Realty-Gr. Wor Worcester Hope Realty and Associates, LL Worcester ERA Key Realty Services Spencer CENTURY 21 Commonwealth Milford Keller Williams Realty-Gr. Wor Worcester Gatsby Real Estate Rochdale
Worcester Regional Association of REALTORS®
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2014 SCHOLARSHIP WINNERS Congratulations to our 2014 Scholarship Winners! Each recipient was awarded $1,000 to attend school next year. Elizabeth Prest of Leicester High School will attend Bridgewater State University in the fall majoring in Psychology. Elizabeth is the daughter of Gayle Prest of Mattei Realty. Erin Sullivan will graduate from Oxford High School and attend College of the Holy Cross in the fall, studying Political Science and International Relationships. Erin is the daughter of Thomas Sullivan of ERA Key Realty Services, Auburn. Victoria Gibbs, daughter of Jeffrey & Christy Gibbs of Gibbs Realty, Inc., is graduating from Wachusett Regional High School and plans a dual major in Mathematics and Elementary Education at Framingham State University in the fall. Erica Laney of David Prouty High School will attend Bridgewater State University to study Graphic Design and Photography. Erica is the daughter of Linda Laney of ERA Key Realty Services, Framingham.
Elizabeth Prest with Scholarship Committee Rep. Tracy Barber
Erica Laney (right) with Scholarship Committee Rep. Wendy Burdett
Victoria Gibbs (center) pictured with her parents, Jeff & Christy Gibbs) Erin Sullivan (center) with Scholarship Committee Rep. Kathleen Cooper Worcester Regional Association of REALTORS速
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WRAR ANNUAL GOLF TOURNAMENT
WRAR 16th Annual Golf Tournament Wachusett Country Club Thursday, June 26, 2014 Registration: 8:30 am Shotgun: 9:30 am Luncheon: 2:30 pm Registration Rates: Single: $135.00 * Foursome: $540.00 Registration includes 18 holes, cart, continental breakfast, luncheon.
by ored s n o sp k ges gs Ban y a s s n red b Ma e Savi o r i s a n h g po C uthbrid ive s Group r D o S s! allow sulting cket i m T h x n s ar So Co M mpass Red g n i o C lud s inc e fl f a R rizes or P o D
A portion of proceeds will be donated to The Friendly House and the Rainbow Child Development Center. For more info or to register, contact Jacki D’Innocenzo at 508-832-6600 or via email at jdinnocenzo@wrar.org. You may also send this form to WRAR, 492 Washington Street, Auburn, MA 01501 * FAX 508-832-6620 No. of Players_______
Team Captain:___________________________________________________________
Player 1_______________________________________ Player 2__________________________________________ Player 3_______________________________________ Player 4__________________________________________ Contact Name____________________________________________________________________________________ Billing Address___________________________________ City/State/Zip_____________________________________ Phone__________________________________________ email___________________________________________ Amount Due $______
_____Check
_____American Express
_____Discover
_____Master Card
_____Visa
Card No.____________________________________________________ Expiration___________________________ Signature_______________________________________________________________________________________
Worcester Regional Association of REALTORS®
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CENTER FOR REAL ESTATE STUDIES & TRAINING Upcoming CEU Courses for June 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, Thursday, June 5, 2014 Time
Instructor
Course Code
Course Title
8:00 - 10:00
Brad Roberts
RE22RC13
Title V
10:00 - 12:00
Brad Roberts
RE55R06
Leisure Homes, Second Homes & Restricted Homes
12:00 - 2:00
Brad Roberts
RE73R11
Veterans Administration (VA) Loans
8:00 - 10:00
Jo Ann Szymczak
RE04RC12
93A, Consumer Protection & Business Regulations
10:00 - 12:00
Jo Ann Szymczak
RE63RC10
Enviromental Issues
12:00 - 2:00
Jo Ann Szymczak
RE15R07
Selling Historical Homes
Auburn, Friday, June 20, 2014
Leominster, Tuesday, June 24, 2014 9:00 - 11:00
Craig Reynolds
RE07R13
Closing & Settlement
11:00 - 1:00
Craig Reynolds
RE74R11
Land Contracts, Lease Options & Deeds of Trust
OUR 2014 VIP SPONSORS
Law Office of Harry P. Kotseas Harry P. Kotseas, Esq. * Sharon F. LaPointe, Esq. * Annelle E. Benson, Esq. Highland Title & Closings Real Estate Mortgage Law Purchases & Sales Mortgage Closings Short Sales
Title & Closings Preparation of Wills Business Formation & Transfers Settlement of Estates
94 Highland Street, Worcester, MA 01609 * Tel: (508) 753-5933 * Fax: (508) 755-1244 * contact@kotseas.com Worcester Regional Association of REALTORS®
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COMMITTEE ON GOVERNMENT & LEGISLATIVE AFFAIRS Day on the Hill REALTOR® Day on Beacon Hill is scheduled for Wednesday, June 11, 2014, at 10:00 am at the State House, Great Hall. Pariticpation will give members a chance to meet with their elected officials and discuss legislation currently before the House of Representatives and the Senate. This year efforts will be focused on supporting a bill that would regulate the sale of scrap metal, as well as a bill that would reduce flood insurance costs required for some homeowners. REALTORS® will also continue to oppose the imposition of occupancy taxes on homes in the Commonwealth and a proposal to rewrite the state’s land use laws that would negatively impact private property rights Transportation is provided FREE for WRAR members. The bus will leave the TJ Maxx parking lot in Auburn at 8:00 am. Be sure to register online at www.wrar.org. Congratulations to the Government Affairs Committee for reaching their 2014 NAR goals for both participation and dollars. Keep up the good work!
2014 VIP SPONSORS Now available to all Realtors and affiliates your own owner-only 401k!! A Strategy for Independent Professionals Control, flexibility, freedom. These are just a few of the reasons why you own your own business. Now you can get the same features with your retirement plan.
Thomas M. Valentine Jr. President/Financial Advisor tom@compassconsultinggrp.com
Owner-Only 401(k) Plan Advantages: • Flexible contributions • Consolidation of retirement plans • Simplified administration and costs
645 Chandler Street • Worcester, MA 01602 • 508-796-5950 •www.compassconsultinggrp.com *Registered Representative, Securities offered through Cambridge Investment Research, Inc. A Broker/Dealer, Member FINRA/SIPC. Compass Consulting Group and Cambridge are not affiliated.
Worcester Regional Association of REALTORS®
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LOCAL MARKET UPDATE Local Market Update – April 2014 A RESEARCH TOOL PROVIDED BY THE MASSACHUSETTS ASSOCIATION OF REALTORS®
Worcester Regional Association of REALTORS®
- 5.9%
+ 1.5%
- 18.9%
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
April
Single-Family Properties
2013 638 392 $246,250 2,561 6.1 137 92.6% 1,054
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
Year to Date
2014 641 369 $250,000 2,079 4.6 114 94.7% 990
+/– + 0.5% - 5.9% + 1.5% - 18.8% - 24.9% - 16.9% + 2.2% - 6.1%
2013 1,831 1,332 $225,000 --150 91.7% 2,804
+/– + 14.8% - 5.0% - 0.3% - 19.6% - 28.5% - 0.2% + 1.0% + 3.1%
2013 416 341 $183,000 --135 94.1% 649
April
Condominium Properties
2013 128 101 $198,000 581 6.1 106 95.5% 191
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 1,801 1,258 $249,900 --124 93.5% 2,790
+/– - 1.6% - 5.6% + 11.1% --- 17.2% + 2.0% - 0.5%
Year to Date
2014 147 96 $197,500 467 4.3 106 96.4% 197
2014 475 355 $200,000 --107 95.4% 666
+/– + 14.2% + 4.1% + 9.3% --- 20.5% + 1.4% + 2.6%
* Does not account for seller concessions. | Activity for one month can sometimes look extreme due to small sample size.
Change in Median Sales Price from Prior Year (6-Month Average)** Single-Family Properties
Condominium Properties
All MLS Worcester Regional Association of REALTORS® + 20%
+ 40%
+ 15%
+ 30%
+ 10%
+ 20%
+ 5%
+ 10%
0%
0%
- 5%
- 10%
- 10%
- 20%
- 15%
- 30%
- 20% 1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
1-2014
b
All MLS Worcester Regional Association of REALTORS®
- 40% 1-2008
1-2009
1-2010
1-2011
1-2012
1-2013
a
1-2014
** Each dot represents the change in median sales price from the prior year using a 6-month weighted average. This means that each of the 6 months used in a dot are proportioned according to their share of sales during
that period period. | 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.
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MAR LEGAL HOTLINE Michael McDonagh, MAR General Counsel Ashley Stolba, MAR Associate Counsel Justin Davidson, MAR Staff Attorney
Q. I work in a designated agency office. What do I do if I represent a seller as a designated agent, and a customer calls me to see my listing? I do not plan on representing the customer at the time of the showing. I want to be sure that I disclose to the customer that I represent the seller, and do not represent the customer as an agent or a facilitator. I read in a recent Bay State Realtor magazine that the Mandatory Licensee-Consumer Relationship Disclosure Form cannot be altered in any way, but isn’t it necessary to amend this form in this situation? A. You are correct. In this situation, the form must be amended to properly disclose your relationship with the seller. This is the only time that it is acceptable to amend the disclosure form. If you want to show your listing to a customer, you should do the following: check the box that says “seller’s agent;” check the second box for designated agency; strike the words after “represents” and insert the word “SELLER.” The form should appear like this:
A. No, he is mistaken about the requirements of Massachusetts law. Under M.G.L. 112 Section 87RR, a salesman is prohibited from providing services defined as brokerage if he is unlicensed. The fact that he has a New Hampshire real estate license does not change the fact that he is unlicensed in Massachusetts. Further, the MA license of his broker does not mean that he, as a NH licensee, can sell homes in this state. For more information, the MA Board of Registration has a great summary of the reciprocity requirements for out of state licensees on their website: http:// www.mass.gov/dpl/boards/re/forms/recinf01.pdf Q: A seller client with whom I am working wants his attorney to hold the escrowed funds when an agreement is signed. Doesn’t the law require that I hold the escrowed money? A: No. State regulations are clear on the fact that the parties can agree in writing to stipulate that someone else may hold the escrowed funds. 254 CMR 3.00(10) states, in pertinent part, the following: Unless otherwise agreed to in writing by the parties in transactions involving the sale, purchase, renting or exchange of real property, all money of whatever kind and nature paid over to a real estate broker to be held during the pendency of a transaction shall be immediately deposited in a bank escrow account and such broker shall be responsible for such money until the transaction is either consummated or terminated, at which time a proper account and distribution of such money shall be made. (Emphasis added).
Q. A real estate agent from New Hampshire wants to show his client one of my listings in Massachusetts. When I asked him if he was licensed here in Massachusetts, he said he wasn’t but that it was okay for him to show it because his Broker had a Massachusetts license and she was the one that would be paid when the transaction closed. Is he right?
The important thing for your client to remember is that the buyer must agree in writing to the seller’s attorney holding the escrowed funds. If the offer that comes in from a buyer or a cooperating broker does not have such a provision in it and the seller wants his lawyer to hold the deposit, then the seller would have to incorporate that requirement into a counteroffer to the buyer and the buyer would have to agree to that provision.
Worcester Regional Association of REALTORS®
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LICENSING LAW Licensing Law - Supervision Requirements & Referral Fees by MAR Staff
brokering but not licensed to do so. Naturally, someone or some entity sending a broker a potential client who may either list their property for sale with the broker or may be a potential buyer of a listed property is practicing brokering under Massachusetts General Laws Chapter 112, §87PP. The law prohibits brokers from paying a referral fee or valuable consideration of any kind to such person or entity, since doing otherwise would allow such person or entity to practice brokering without the benefit of holding a license as such. The law, then, prohibits brokers from sharing in their valuable consideration with those unlicensed to uphold the integrity of the very licensing law itself.
Below, the Massachusetts Board of Registration of Real Estate Brokers and Salespersons answers queries by agents in the field regarding real estate licensing in Massachusetts.
Satisfying the Supervision Requirement Q. Do salespeople need to be supervised in order to gain work experience? A. Yes, they do. The relevant statute does not specifically state what constitutes supervision, which the Board may examine to provide more definition. However, those salespeople with virtually no contact with their “affiliated broker” do not satisfy the supervision requirement and are not getting the work experience that they need.
Brokers who attest that such salespeople are affiliated with them may be misrepresenting the existence of a real working relationship in violation of the licensing law. The Board, mindful of the statute, has been lenient in this respect by not insisting on a specific amount of direct supervision, but clearly those situations involving no supervision do not satisfy the oneyear work affiliation requirement.
Paying Referral Fees Q. Can I pay a referral fee to anyone sending me a prospect?
Having said this, some brokers confuse the prohibition on sharing valuable consideration with those unlicensed as also prohibiting inducements or rebates to sellers and buyers. This is not the case. Inducements or rebates to the seller or buyer are permissible given that the seller or buyer in the transaction is a principal and is not required to be licensed as a broker.
Brokers are, by definition, agents for either the seller or buyer. Consequently, using inducements to attract listings or giving incentives such as rebates for those who purchase a listed property do not violate the prohibition on sharing valuable consideration with those who are brokering without the benefit of a license. The sellers and buyers in purchase and sale transactions are not acting for anyone else and, therefore, are not brokering. Indeed, it is their broker who acts on their behalf.
A. The simple answer is no. The relevant licensing law prohibits real estate brokers from sharing in their fees, commissions, or other valuable consideration with those who are practicing
Worcester Regional Association of REALTORS®
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2014 BOARD OF DIRECTORS
COMMUNITY ACTION COMMITTEE
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 Tracey 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 WRAR STAFF Executive VP, Colleen Pappas Membership Manager, Lisa Sprague Marketing Manager, Jacki D’Innocenzo Staff Accountant, Maura O’Connor
to benefit elementary & middle school children of Worcester County.
We are looking to fill backpacks with the following supplies. Age-appropriate backpacks are needed as well. Anything you can contribute is greatly appreciated! Items Needed 6 Pens 6 Pencils 2 Pkg. of Lined Paper 3 Highlighters 1 Binder 3 Notebooks 3 Two-Pocket Folders 1 Ruler 1 Pencil Case 1 Pkg. of 8 Markers 1 Pkg. of Erasers 1 Box of 24 Crayons 1 Pkg. of 12 Colored Pencils 1 Bottle of Glue or Pkg. of Glue Sticks
Administrative Assistant, Lynne Walls
Drive runs from June 1 - August 14. Packing days are August 18 & 19. Items may be dropped at the WRAR Offices, 492 Washington Street Auburn, MA or at the following member offices: Bank of Canton – Auburn Coldwell Banker - Worcester Country Road Realty, Uxbridge ERA Key – Auburn, Spencer, Worcester, Whitinsville Janice Mitchell Real Estate – Holden RE/MAX Advantage 1 – Worcester RE/MAX Professional – Shrewsbury, Charlton, Sturbridge, Spencer RE/MAX Vision - Worcester
*Cash donations gladly accepted. A $20 donation will supply a backpack and supplies for one child. *In order to assist our volunteers, please do not put supplies inside of backpacks. *If you’d like to participate in the sorting process, please contact Jacki D’Innocenzo at jdinnocenzo@wrar.org Worcester Regional Association of REALTORS® * 492 Washington Street * Auburn, MA 01501 * 508-832-6600
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®
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