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March 2003 Newsletter
Requirements for Code of Ethics TrainingMany people are still confused about the Code of Ethics requirements for NAR. Some wonder if they have to have the Code of Ethics to renew their license, others aren't even aware of the requirement. The fact is that the Code of Ethics requirement is for NAR (The National Association of REALTORS®) and if you fail to take the required Code of Ethics training, you could be dropped from membership, and unable to call yourself a "REALTOR®", (among other benefits.) You do NOT have to have the Code of Ethics to renew your Maryland state license with DLLR. The requirements for DLLR are the same-6 hours of Continuing Education (4 1/2 of Legislative and 1 1/2 of Fair Housing) if you've had your license for over 10 years; or 15 hours (including 3 hours of Legislative and 1 1/2 hours of Fair Housing) if you've been licensed under 10 years. You can take the required Code of Ethics training on-line at www.realtor.org,(NAR's website) or at various locations including AACAR, or in June, at the 2003 Real Estate Now Convention at the Anne Arundel Community College. The requirement for Code of Ethics training is as follows: Professional Standards Policy Statement No. 48 provides: (For more information, please call Carole at 410-544-4554).
A Letter From Your President – Ron AndersonI have had the personal benefit of a respected, knowledgeable mentor from my first day in the industry to present. He has always been there. Regardless if the situation created was by my actions or another agent's actions (or lack of them). His guidance has kept me focused and if not error free (we all make mistakes) has helped me deal with those situations that arise in every REALTOR®'s life. My mentor was once asked to contribute to a continuing education program a few years ago at the Anne Arundel County Association of REALTORS® annual Real Estate NOW Convention. The following is a synopsis of his presentation:
"It's Not Easy Being Green"
You get the idea. Advise, Disclose, Know the Facts (or get them, do not "wing it")
You Be the JudgeClient A listed a small house with REALTOR® B who obtained an offer to buy it and a deposit in the form of a check for $2,000. Client A agreed to accept the offer, then heard nothing from REALTOR® B, the listing broker, for three weeks. At that time REALTOR® B called him to say that the sale had fallen through and that the buyer's check had been returned by the bank marked "Not Sufficient Funds."Client A complained to the local Board of REALTORS® against REALTOR® B charging him with dilatory and unprofessional conduct and apparent unfamiliarity with essential facts under laws governing procedures in real estate transactions. At the hearing, it was established that two days after making the offer the buyer had refused to sign escrow instructions, and that REALTOR® B had not deposited the buyer's check until ten days after receiving it. REALTOR® B's defense was that since the return of the check he had received numerous promises from the buyer that it would be made good, and that the buyer's reason for refusing to sign escrow instructions was to give the buyer's attorney time to read them. Questioning during the hearing established that the check had not been made good, the escrow instructions had not been signed, and that the delay had caused great inconvenience and possible loss to Client A. The Hearing Panel concluded that REALTOR® B should have deposited the check immediately, in which event it would either have been accepted, or its NSF status could have been known and reported to the client at once; that REALTOR® B should have advised his client immediately of the buyer's refusal to sign escrow instructions; that in this negligence REALTOR® B reflected a lack of adequate knowledge of essential facts under laws governing real estate transactions, and was in violation of Article 1 of the Code of Ethics, having failed to protect the client's interests.
Welcome new MembersCompiled by Carole Davis (January 15, 2003-February 21, 2003)Affiliate Members
Diane Church, Sunshine Mortgage REALTOR® Members
Wilfred Auber, Coldwell Banker Res. Brokerage
Updated Health Insurance Benefits for MAR MembersIn the last issue of our newsletter, we published information on health insurance benefits for MAR members, as posted on the MAR website. This has changed, and the correct information from Lois Bates of Benefit Choices, Inc. follows
MEMBER BENEFITS
HEALTH INSURANCE
INSURANCE INFORMATION
The benefits available to you if you are a member of MAR include:
BlueCross/BlueShield – Comprehensive Major Medical (Medically Underwritten)
BlueCross/BlueShield – *Guaranteed Issue Major Medical (No medical underwriting)
CareFirst BlueChoice – HMO (Medically Underwritten)
Kaiser Permanente – HMO (Medically Underwritten)
Plans (Available only in conjunction with Medical coverage)
All of these plans are available to MAR members without Medical Underwriting or Pre-existing Condition Limitations. (limitation first 2 years, full benefit thereafter) Learn more about these benefit programs by contacting Lois Bates @ Benefit Choices, Inc. (1-800-456-6033) or visit their Website (www.benefitchoicesinc.com) and click on MAR
Congress Has Spoken – Banks Do Not Belong in Real EstateThe National Association of REALTORS® announced today that the omnibus spending package passed by the U.S. House and Senate last night includes a provision that prohibits the U.S. Department of Treasury from finalizing a rule that would allow banks to enter the real estate business. This is a major victory for REALTORS®, consumers and communities everywhere and is a testament to the sustained, proactive grassroots activities of local REALTORS®. Banking conglomerates are seeking permission to sell and manage real estate via a proposed rule before the Federal Reserve Board and Treasury. However, the proposed rule is contrary to what Congress intended when it passed the 1999 Gramm-Leach-Bliley Act. The budget provision, which was inserted at the behest of U.S. Rep. Anne Northup (R-Ky.), specifically precludes the Treasury Department from using any funds to implement the rule in fiscal year 2003, which ends Sept. 30. Legislation that would amend the Bank Holding Company Act and permanently prohibit big banks from entering the real estate business was reintroduced last month with strong momentum and the same level of bipartisan support the bill gathered in the last Congress. Over 175 members of the House and 10 Senators have signed onto the Community Choice in Real Estate Act (H.R. 111, S. 98) since it was introduced Jan. 7 by Reps. Ken Calvert (R-Calif.) and Paul E. Kanjorski (D-Penn.) in the House and Sens. Richard Shelby (R-Ala.), Wayne Allard (R-Colo.) and Hillary Rodham Clinton (D-N.Y.) in the Senate. "Last night's votes on the floors of the House and Senate send a clear and strong message to the Treasury that Congress never intended to mix banking and commerce. Both houses of Congress have spoken and officially declared their intent to keep banks out of real estate. We are hopeful that Treasury will deny the rule. We continue to believe that the banks cannot obtain through regulation that which they obviously cannot get through legislation," said 2002 NAR President Martin Edwards. "We want to thank Congress and the hundreds of thousands of Realtors® who've responded to our calls for action for all their support that made this victory possible. While last night's votes were a tremendous step forward, we expect momentum for the stand-alone bill to grow even stronger as Realtors® continue their regularly scheduled visits with their local congressional delegation," said NAR President Cathy Whatley. NAR believes that congressional support for keeping banking conglomerates out of real estate also will mount this year in light of the recent accounting scandals and recent allegations that firewalls between different but separate bank activities have been violated. A chorus of consumer, community and small business advocates have also voiced their support because they agree that if big banks were allowed to take over local real estate businesses, there would be a negative impact on communities across America, leaving home buyers and sellers with fewer choices, higher loan fees and reduced customer service. "Housing continues to be the leading sector of our economy. Approximately 68 percent of new growth in our gross national product (GNP) last year was housing-related. We're thrilled that Congress agrees that America as a nation simply cannot afford to allow big banks to take over the real estate business, which has been the leading pillar of our economy," Whatley said. Organizations that have voiced support for the Community Choice in Real Estate Act include the Building Owners and Managers Association, CCIM Institute, Consumers Union, Institute of Real Estate Management, International Council of Shopping Centers, National Affordable Housing Management Association, National Association of Home Builders, National Association of Industrial and Office Properties, National Auctioneers Association, National Fair Housing Alliance, National Federation of Independent Business, National Leased Housing Association and the National Community Reinvestment Coalition.
Convention & Meeting UpdatesMark your calendars now to attend the 2003 NAR Midyear
Trade Expo in Washington, D.C., May 14-16.
The 2003 Midyear Meetings & Trade Expo includes There is no registration charge for Governance or Legislative Activities or for admission to the Trade Expo. Be sure to schedule time to visit the Midyear Trade Expo for new ideas, products, and services to increase your productivity. Click the Trade Expo tab at the top of this page to learn more about Trade Expo and who is exhibiting... and find out how you could win a new car!
REALTOR® Magazine Seeks Entries for 2003 Good Neighbor Awards: Grants Increased to $7,500REALTOR® Magazine, the official publication of the National Association of Realtors®, is seeking nominations for its fourth annual Good Neighbor Awards. The program recognizes Realtors® whose extraordinary commitment to community service has helped make their community a better place to live. In November, five winners will be announced in REALTOR® Magazine and will be recognized at the 2003 Realtors® Conference & Expo in San Francisco. The winners will receive travel expenses to the convention, national media exposure for their community cause, and a $7,500 grant-which is up from $5,000 last year. In addition to the winners, five honorable mentions will each receive a $1,500 grant. Last year's program drew more than 260 entries. NAR President Cathy Whatley said the Good Neighbor Awards has given NAR the opportunity to honor some of the many Realtors® who give of themselves to improve the quality of life in their communities. "These are not people who seek the spotlight. But the tremendous responses to the program demonstrate how Realtors® all across the country embrace many worthy causes and are committed to doing so much more to help their neighbors in addition to marketing real estate. Last year's winners, who contributed a combined total of nearly 5,000 hours to their causes, drew a standing ovation at the conference general session, a meeting of 6,000 Realtors®. The 2002 winners were Hal Ehretsman, Chartwell Group LLC, Cleveland, who as a basketball coach and mentor has helped inner-city teens earn more than $10 million in college scholarships; John Green, John M. Green, Realtors®, Franklin, Tenn., who as a Scoutmaster has mentored young men for the Boy Scouts of America for 50 years; Linda Norton, Coldwell Banker Residential Brokerage, Fort Collins, Colo., who has helped create more than 1,000 units of affordable housing; Cynthia Shafer, Lahaina Realty Inc., Fort Myers Beach, Fla., who serves as a court-appointed volunteer advocate for abused and neglected children; and Annemarie Torcivia, RE/MAX Real Estate Specialists, Malden, Mass., who founded an organization in which Realtors® help local families in crisis. "We hope the magazine's Good Neighbor Awards will inspire Realtors® everywhere-a family of more than 840,000 professionals-to give a little more or a lot more to help improve the quality of life in their communities," REALTOR® Magazine Editorial Director Pamela Geurds Kabati said. "This award program is fundamentally about recognizing and encouraging the power of one person to make a difference in the lives of others." REALTOR® Magazine's Good Neighbor Awards is sponsored by eNeighborhoods Inc., Fannie Mae and ConnectingNeighbors.com. "As founding sponsor of the Good Neighbor Awards, I get excited at this time of year to learn about the truly amazing things that Realtors® are accomplishing at the grassroots level in their communities," says Stu Siegel, CEO of eNeighborhoods Inc., who has also personally contributed to the program through The Stuart & Jill Siegel Foundation. "I've found that the most successful Realtors® are those who give back to their communities, and integrate community service with their day-to-day businesses in incredible ways." Good Neighbor Awards entries must be received by Wednesday, May 28, 2003. For more details and a nomination form, call 800/874-6500 or visit the Good Neighbor home page at http://www.realtormag.com/rmodaily.NSF/pages/goodneighborhomepage?OpenDocument eNeighborhoods Inc., of Boca Raton, Fla., is the industry leader in providing easy access to neighborhood information for every community in the United States. Real estate professionals who use this REALTOR VIP® benefit continually exceed their clients' expectations by providing consumer-friendly information about neighborhood demographics, public and private schools, housing values and trends, crime rates and climate. Fannie Mae is a private, shareholder-owned company based in Washington, D.C., that provides financial products and services that make it possible for low-, moderate-, and middle-income families to buy homes. Since 1968, Fannie Mae has helped more than 43 million families achieve homeownership. ConnectingNeighbors.com, Walled Lake, Mich., is the country's most experienced creator of Web-based venues that connect residents in individual neighborhoods. Connecting Neighbors Web sites, which allow residents to place free classified ads and announcements, are thoroughly screened for all content. Real estate professionals sponsor the sites as a service to residents and use them as a powerful marketing and farming tools. REALTOR® Magazine is the award-winning magazine of the National Association of Realtors®, Chicago. The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 840,000 members involved in all aspects of the residential and commercial real estate industries.
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