Designated Realtor - February 2017

DESIGNATED

REALTOR

®

ISSUE 1: FEBRUARY 2017

A SPECIAL BI-MONTHLY DIGITAL MAGAZINE FOR NEW JERSEY’S BROKERS & REAL ESTATE LEADERS

NJREALTOR.COM

EVENTS AND DEADLINES February 20

NJ Realtors® Office closed Presidents’ Day

March 14

NJ Realtors® Board of Directors meeting Edison

April 7

Scholarship application deadline NJ Realtors® Educational Foundation njrealtor.com/ef

LOOKING

AHEAD

September 29

Deadline to invest $100 in RPAC for 2017 NJ Realtors® Circle of Excellence® Unit njrealtor.com/account

April 30

Deadline to complete CE and not be charged a $200 late fee njrealtorsace.com

May 15-20

NAR Legislative Meetings and Trade Expo nar.realtor/midyear

June 30

Final deadline to complete 2017 CE requirement njrealtorsace.com

December 4-7

Realtors® Triple Play Convention & Trade Expo Atlantic City realtorstripleplay.com

November 1-6

NAR Annual Meetings and Expo Chicago, Ill. nar.realtor/convention

We’re Going to Need Your Help There are multiple packages of bills in different stages of the legislature that could threaten the way you conduct your business. New Jersey Realtors®’ government affairs department is always tracking these bills closely, but when the time comes to contact your legislator, we need to stand united as an industry.

A Call for Action is an email we send whenever we feel there is legislation that could significantly impact Realtors® in positive or detrimental ways. When a Call for Action goes out we ask that as many Realtors® as possible send a pre-written letter to the inbox of the appropriate legislator, which is determined in our system.

As a proven leader in the industry, we ask that you not only make sure you are signed up to receive our emails and Calls For Actions, but that you encourage the other Realtors® in your office to partake, too. Every Realtor® adds to the overall impact — after all, we have the potential to have a 48,000-strong voice.

If you’re not currently enrolled in the Broker Involvement Program but would like to learn more, contact Bruce Shapiro at bshapiro@njrealtor.com.

LEGISLATION WE ARE WATCHING Lead Remediation Bill Package These bills are meant to address the perceived lead problems in the state. While the association understands the need to address lead-related issues, we have concerns with some of the language in the bills.

• A3585: Requires municipality to conduct lead paint inspections in single and two family dwellings.

• A3611: Property must be tested for lead paint and if its found, must be abated; no encapsulation.

• A4304: Requires a compilation of and public access to tests of soil lead levels.

• A4305: Prevents sale from being closed on until lead testing is done by the seller.

• A4306: Directs DEP to create a statewide plan.

Sprinkler Bill A1484 This bill would require properties with a lawn sprinkler system to install a rain-sensing device before the property could be sold. While the association isn’t opposed to adding rain sensors, we believe the language in the bill should be altered to lessen the burden on the seller.

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2 0 17 President Robert Oppenheimer President-Elect Christian Schlueter First Vice President Ilene Horowitz Treasurer Jeffrey Jones Immediate Past President Tg Glazer Chief Executive Officer Jarrod Grasso

Is Your Contact Information Up to Date?

T

o ensure that you continue to receive important information and updates, please take a moment to confirm the personal account details you have with the Realtor® association are

2017 NJ Realtors® Leadership Team

DIVISION OFFICERS

LEADERSHIP TEAM

Leadership Team Division Officers

Association Operations Jorge Ledesma Communications & Public Relations Nick Manis Industry Advocacy Adam Reynolds Professional Conduct John Terebey Professional Development Lynne Mortimer

correct. You can view all of the information on file at njrealtor.com/account. If this information is not up-to-date, please contact your local board.

Each issue of New Jersey Realtor® magazine is sent based on the information in this system, so if it’s incorrect, you might not be receiving vital information. As a reminder, digital editions of the magazine can always be accessed at issuu.com/newjerseyrealtor issuu.com/newjerseyrealtor.

If you need to update the email address that is on file, you can do so right from the account page, by clicking the “change email” prompt that is highlighted in blue.

NJ Realtors® Weekly — the membership newsletter sent every Wednesday — uses these email addresses, so make sure it’s correct! If you’re not seeing the email, check your spam folder. If you’re still not receiving the emails, contact news@njrealtor.com to be manually added.

Designated REALTOR® | FEB 2017 | 1

12

credits of continuing education must be completed prior to renewing your license

6

credits must be obtained in courses within the core topic area, including 2 ethics credits

6

remaining credits can be obtained in core, ethics, or elective topic areas

4.30.17 deadline to complete your CE and not be charged a $200 late fee

$200

late fee applies if you complete your CE after April 30 and until June 30, 2017

6.30.17

final deadline to complete your 2017 CE requirement and renew your license

2 | DESIGNATED REALTOR® | JAN/FEB 2017

Continuing Education Deadline T

he New Jersey Real Estate Commission mandates that all actively licensed brokers, broker-salespersons and salespersons complete 12 continuing education credits every two years to maintain their licenses.

The current 2017 term began on July 1, 2015 and will end on June 30, 2017. All CE credits are required to be completed by April 30, 2017 — if you complete the requirement after this date and until June 30, 2017, a $200 late fee will be assessed to your license renewal.

Any person who completes a New Jersey Brokers Course is deemed to have fulfilled the CE requirement for the licensing term in which the Brokers Course was completed. Additionally, you are exempt from the CE requirement if you were originally licensed after July 1, 2016. For example, if you were originally licensed on July 15, 2016, you are exempt from the CE requirement for the 2017 term. However, if you were originally licensed on May 15, 2016, you are not exempt and must complete the CE Requirement for the 2017 term.

We encourage you to take advantage of NJ Realtors® Academy of Continuing Education to reach the statemandated requirements. This online system will help you search, register for, and manage your continuing education credits. There are a number of online, selfpaced courses available, in addition to live, in-person classes hosted by participating local boards/associations.

Visit njrealtorsace.com to get started.

NJ Realtors® automatically reports all credits to PSI Exams, the New Jersey Real Estate Commission’s online CE tracking system. You can also check your credits at njrece.psiexams.com.

L

ow inventory has plagued the market for years, but confidence and prices have remained high. It’s been a tricky market to navigate, but Realtors® around the state aren’t slowing down. Below are some yearto-date comparisons for 2016.

Complete market data reports for the state, counties, and towns are available at njrealtor.com/10k.

FAST FACTS

2016 Year-End Market Report

TOTAL MARKET OVERVIEW

MARKET BREAKDOWNS

Closed Sales up 13.2 percent to 106,217

Single Family Closed Sales up 15.1 percent to 74,535

Median Sales Price remained the same at $280,000

Townhouse-Condo Closed Sales up 8.8 percent to 22,455

Days on Market down 4.7 percent to 81 days

Adult Communities Closed Sales up 8.7 percent to 7,295

Affordability Index up 5.8 percent to 145

Single Family Median Sales Price down 1.6 percent to $302,500

Percentage of List Price Received up .5 percent to 96.7 percent

Townhouse-Condo Median Sales Price down 0.6 percent to $249,500

New Listings up 2.2 percent to 126, 595

Adult Communities Median Sales Price up 2.9 percent to $175,000

National Flood Insurance Report

T

he New Jersey Realtors® Governmental Research Foundation recently released a report showing the impact of the National Flood Insurance Program on the state. While focused on New Jersey, the findings are applicable nationwide.

“With the National Flood Insurance Program expiring at the end of 2017, examining the program’s impacts on states and residents is extremely crucial for legislators to have at their disposal for careful consideration during renewal talks,” said Jarrod C. Grasso, CEO of NJ Realtors®.

“It is critical for the NFIP to remain in place as both an affordable and sustainable insurance source for millions of Americans.”

The study provides an in-depth examination of the National Flood Insurance Program, and the impact of rate changes based on Flood Insurance Rate Map updates.

Additionally, it examines the future flood risk conditions in communities around the state.

Often, flood insurance in the state is associated with the Jersey Shore, but there are many other areas of the state away from the ocean that are also impacted by map and insurance rate changes. Notably, towns near rivers are also particularly susceptible to flooding, as seen during Hurricane Sandy in 2012 in places like Hoboken and portions of Passaic County.

Both reports are available at njrealtor.com/research.

DESIGNATED REALTOR® | FEB 2017 | 3

Relive 100 Years of Excellence

Limited Edition

In honor of our centennial, New Jersey Realtors® has created a commemorative book that captures the essence of the association and highlights the many Realtors® who’ve helped shape the last 100 years.

Net proceeds from book sales will benefit a special 2017 Centennial Scholarship for the NJ Realtors® Educational Foundation.

100

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$20 each or 2 for $35

Years of Excellence

1940 -1949

IT OPPORTUN HOUSING ON FOUNDATI

earl Harbor is bombed

“

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GI ill makes low interest mortgages available to veterans

I have assured our men in the armed forces that the American people wouldn’t let them down when the war is won.

”

— Franklin Roosevelt

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Purchase your copy at 100.njrealtor.com!