HUD Clarifies How Real Estate Broker Commission Fees Should Be Disclosed Under RESPA
On January 22, 2010, the Department of Housing and Urban Development’s general counsel provided clarification regarding how real estate broker and real estate agent commission fees are to be disclosed.
Real estate brokers may charge a flat fee and/or a percentage fee so long as (a) the fee is disclosed in the listing or buyer’s broker agreement, (b) the fee charged on the HUD-1 is equal to what was disclosed, and (c) the fee disclosed on line 700 of the HUD-1 is disclosed as part of the commission. RESPA does not prescribe how these commission fees would be distributed between the real estate brokers and real estate agents. The division of the compensation is appropriately a matter for negotiation. Click here for RESPRO’s treatment of the issue.
Open Those Doors For Spring Open Houses:
Close Those Doors, Drawers For Potential Theft
Member Warning: Alleged Suspect Possibly Interested in Rxs
Members are cautioned to advise their seller clients to remove all jewelry, valuables and prescription drugs from their homes and to double check cabinets and drawers for those items prior to Open Houses.
This past weekend, two local Realtors® hosted a Fairfax County Open House and observed suspicious behavior by a visitor. One of the agents remembered this house hunter from a past Open House where prescription drugs were stolen. He observed the person looking into the medicine cabinets after requesting to be alone in the bathroom “to make a call.”
The alleged suspect is a white male, about 5'11", approximately 180 lbs., with light-colored hair, shoulder-length in back. His vehicle was a late model F150 royal blue pick-up truck, with “4 x 4” in white letters on the back end.
Learn From the Pros at CRS Meeting
You are invited:
Thursday, March 11, 9 a.m.
NVAR Fairfax Headquarters, Board Room, 3rd floor
Featured speaker James Nellis, a social networking guru, will present social media tips for your success
Questions: Call Bonnie Kyte at 703.517.2322
National Flood Insurance Program Extended To March 28
On March 2, President Obama signed into law H.R. 4691: the Temporary Extension Act of 2010, which, among other things, has extended the National Flood Insurance Program expiration date from Feb. 28, 2010 to March 28, 2010.
Pending before the Senate is an amendment that would extend the program through the end of the year. NAR will continue to push for the longer extension and we will post updates as they become available.
NAR Selects DocuSign for ESIGN Services
DocuSign, the newest partner under NAR’s REALTOR Benefits® Program, has introduced an all new “DocuSign REALTOR® Edition,” exclusively developed for NAR members. The e-signature service will offer exclusive benefits including preferred member pricing, a Realtor®-branded online console, Realtor®-branded e-signature, email templates and 40 DocuSign envelopes. Click here to learn more.
Realtor® Nationwide Open House Weekend
Saturday, Apr. 10 - Sunday, April 11, 2010
Participate in the first annual Realtor® Nationwide Open House Weekend by joining thousands of Realtors® around the nation and hosting an open house on April 10 and 11, 2010! Customize your advertising with this logo and click here to learn more.
Scam Warning:
Several real estate associations across the country have this warning on their Web sites. NVAR has been informed that this scam has been attempted recently with one of our members. Therefore, we want you to be forewarned.
Please be advised about this possible fraudulent activity:
Someone posing as a real estate buyer from China is contacting Realtors®. The scammer insists on sending purchase money in advance. When a fraudulent cashier’s check is received, the scammer tries to get the recipient to deposit it and return some portion of the funds to the scammer. Don’t get fooled!
Is Your SentriCard® current?
Since software requires occasional updates, feature enhancements, and "bug fixes," it is recommended that agents install the latest version of the Sentrilock Card Utility software. The most current version of the Sentrilock Card Utility is available exclusively at: http://www.sentrilock.com/files/.
Need help? Call 1-877-736-8745 between 8 a.m. and midnight Eastern Standard Time.
HUD Waives Flipping Restrictions
To help provide for sales of foreclosed homes, the Department of Housing and Urban Development (HUD) announced on January 15, 2010 a one-year waiver of a resale restriction under rules applicable to Federal Housing Administration (FHA) insured loans. The waiver became effective on February 1, 2010. Click here to read more.
NEW Short Sales Ethics Dialogue Group
Five local Realtor® associations formed a group to write a set of guidelines to help agents in dealing with short sales. (Read More)
Short Sales Guidelines Issued by the Treasury Department
Effective April 5, 2010 the new Treasury Department program entitled Home Affordable Foreclosure Alternatives Program (HAFA) goes into effect. HAFA is part of the Home Affordable Modification Program (HAMP). (Read More)
NAR Goes Public With New HouseLogic Site
NAR has just launched its new HouseLogic web site to the public! The comprehensive consumer Web site helps home owners make smart decisions and take responsible actions to maintain, protect and increase the value of their homes.
Check it out at www.houselogic.com. And be sure to tell your clients about it.
NVAR’s New Headquarters Is Making Great Strides
Click here to view information, pictures and interviews about NVAR's new headquarters