february 2010

A M A G A Z I N E O F T H E R I C H M O N D A S S O C I AT I O N O F R E A L T O R S®

www.RARea l t o r s . c om

Volume 5, Issue 1

L ISTED

INSIDE:

• A Guide to the Extended Homebuyer Tax Credit

• Code of Ethics Changes for 2010

• The New Short Sales and Foreclosure Resource Certification

• MLS Reports - The Way You Want Them

• Professional Courtesy - A Refresher

REsourceHome:Connecting REALTORS®

and Consumers

Here’s to Brighter Days and Opportunities to Excel in 2010

I don’t know what the weather will be like when this edition of Listed arrives in your mailbox; it could well be

quite cold outside. But as I sit to write this column, we’re enjoying one of those clear blue sky, wonderfully warm

January days that Central Virginia is blessed with every so often. And if the weather isn’t reason enough to feel good

about the start of 2010, reports from numerous offices of increased sales activity are definitely cause for optimism.

While no one is predicting a return to the record-setting sales pace of 2004 – 2006, most analysts believe—and

I agree—that economic conditions should translate into steady, incremental growth in the real estate market in

the coming year. More importantly, no matter what happens in 2010, I’m bullish on the long-term strength and

sustainability of our regional community, our real estate market, our members, and our Association.

As this year’s President, my number one priority is a continued commitment to excellence; excellence in the

quality of the programs and products the Association provides as well as excellence in the service we deliver to each

and every member, each and every day. To achieve this goal, we will continue to offer a wide variety of high quality

continuing education classes. In addition, we will hold quarterly seminars addressing the most critical issues facing

practitioners today. For example, on April 15, RAR will host two sessions—one for brokers, one for agents—with

nationally known speaker Steve Harney. Steve does a masterful job translating market statistics into sales strategies

that you can employ to get both buyers and sellers to act. And 2010 marks the return of REALTORfest on October

26; back by popular demand at this event will be keynote speaker Mike Staver.

Also, by the time you read this column, our spring marketing campaign will be in high gear with billboards, print

and Internet ads promoting the use of the homebuyer tax credits to the public. We know that with a variety of inven-

tory, low interest rates, and the availability of the $6,500 and $8,000 tax credits to the public, now is a great time

to buy. We just need to remind the public of that fact; which is exactly what the multi-media marketing campaign

will do. And we will launch a new consumer website, www.REsourceHome.com, that will prove to be a benefit for

both you and your clients.

On the MLS front, we will significantly increase our efforts to communicate about and provide training on the

variety of MLS tools at members’ disposal. Having traveled the country and talked with REALTORS® from many

other MLSs, I know that CVR MLS provides one of the strongest, most cost-effective portfolios of technology products

available. Wireless MLS, driving directions, integrated tax and mapping, statistical market analysis via RE Stats—these

are just some of the products each member of CVR MLS can employ to facilitate their daily business practices and

enhance their professionalism.

In the coming year, our Association and each of us individually will have ample opportunities to make a good

impression, to make the sale, and to excel. We, at the Association, are committed to making the most of those

opportunities, so you can as well.

1

Karen Smith

www.RAReal tor s .com LISTED • 2010 ISSUE 1

From the President

L ISTEDContents Volume 5, Issue 1 2010

Listed Magazine is published quarterly

by the Richmond Association of REALTORS®,

8975 Three Chopt Road, Richmond, VA 23229

Editor-in-Chief

Karen J. Treanor

Director of Communications and Marketing

Managing Editor

Kelly Surmacewicz

Advertising Contact

Kellie Whitlow, Director of Development

(804) 422-5009 [email protected]

Printing & Production

Proforma Graphic Information Services

Graphic Design

Sattler Creative

The publisher does not endorse advertised products

unless specifically stated and reserves the right to reject

any advertisements at any time. Any questions about

advertising policy should be directed to the Managing

Editor or the Director of Development.

REALTOR® members pay annual dues with a one-year

subscription included within their dues. Sponsor and

affiliate members receive a subscription to the magazine

as part of their member dues. Annual subscription rate

for non-members is $25.

Office: (804) 422-5000

Fax: (804) 422-5088

Web: www.RARealtors.com

Copyright 2010. Richmond Association of REALTORS®.

All Rights Reserved. Articles of information from the

magazine may not be reprinted without the permission

of the Richmond Association of REALTORS®.

Postmaster: Please send change of address to

Listed Magazine, Richmond Association of REALTORS®,

8975 Three Chopt Road, Richmond, VA 23229

L ISTED

2 LISTED • 2010 ISSUE 1 www.RAReal tor s .com

12

18

16

F E A T U R E

Welcome to REsourceHome.comYour Total Real Estate Resource . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

D E PA R T M E N T S

Association NewsUpcoming Events, Homebuyer Tax Credit and more . . . . . . . . . . . . . . 4

CVR MLSCautionary Tales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Top MLS Violations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6MLS Reports The Way You Want Them . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6CVR MLS Training Schedule March - May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Technology TipThe Value of Right-clicking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Meet The Board of DirectorsKaren Smith and Cheryl Hamm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Government AffairsA Guide to the Extended Homebuyer Tax Credit . . . . . . . . . . . . . . . . . 16

EthicsNAR Code of Ethics and Standards of PracticeSummary of Changes for 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Professional DevelopmentSFR Certification NAR’s Newest Certification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Education Calendar March - May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Professional Courtesy A Refresher . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24


2010 RAR Leadership

Richard BowerNancy Cheely Amy EnochTom Innes Earl JacksonWayne Johnson, Jr.

Lummie JonesMark JoynerJean LongestCathy Saunders Linda StaplesBill White

Directors

Karen Smith 2010 President

Cheryl Hamm2010 President-Elect

Don Atkinson 2010 Immediate

Past President

Scott Ruth 2010 Vice President

Use

ful U

RL’s RAR Home Page

www.RARealtors.com

Bill Pay Site www.RARealtors.com/members/default.aspx

RAR Staff Directorywww.RARealtors.com/members/about/sdirectory.aspx

REALTOR® Storehttp://www.RARealtors.com/members/store.aspx

CVR MLS Rules and Regulationswww.RARealtors.com/members/cvrmls/rules.aspx

RAR Government Affairswww.RARealtors.com/members/government/default.aspx

Grassroots Action Centerwww.RARealtors.com/members/government/votervoice.aspx

The Real Estate Schoolwww.RARealtors.com/members/education/default.aspx

Virginia Real Estate Boardwww.state.va.us/dpor/reb_main.htm

Virginia Association of REALTORS®

www.varealtor.com

Local Home Searchwww.REsourceHome.com

Distinguished Achiever Awards Reception

April 15, 2010, 5:00 pm

The Westin - 6631 West Broad Street

Admission is free for award winners;

admission for all others, including spouses

or guests of award winners, is $15.

Admission includes hors d’oeuvres and two

complimentary drink tickets. Please RSVP

to Kathryn Burke at (804) 422-5010 if you

plan to attend.

Member and Broker Sessions

with Steve Harney on April 15

Prior to the Distinguished Achiever Awards

Reception, special guest Steve Harney will

present a session for RAR members titled

“Keeping Matters Current in Today’s Market.”

This session will be held at the Westin from

3:00-5:00 pm, and the cost to attend is

$10 per person.

Steve will also be speaking earlier in the

day at a broker lunch at RAR’s Three

Chopt Road office. This lunch session,

“Leadership in the Current Real Estate

Market,” will be held from 12:00-1:30 pm

and is restricted to brokers only. The cost

to attend is $10 per person.

CVR MLS Quarterly Dues Billing Dates

The easiest way to make sure your MLS bill

is paid on time is to enroll in RAR's Auto

Debit Program. If you would like to sign up

for the program and have your credit card

automatically charged for fees and dues

once they are issued, download the Auto

Debit/Credit Release form (available on the

Member Services page of RARealtors.com)

and submit it to the Accounting Department.

Please mark your calendars with

these important dates:

Date Billed Must Be Paid By:

March 1 March 31

June 1 June 30

September 1 September 30

Homebuyer Tax Credit Resources

The Extended Homebuyer Tax Credit

provides for an $8,000 tax credit for

qualified first-time buyers and a $6,500

tax credit for qualified repeat buyers

purchasing homes before April 30, 2010.

NAR has prepared several resources

for you to refer to as you guide your

clients through the provisions of these

tax credits; for more information,

visit our new consumer website

www.RESourceHome.com.

Another Home Sales Marketing Campaign

Each spring, CVR MLS sponsors a

marketing campaign highlighting the

reasons why now is a great time to buy

A S S O C I A T I O N N E W S

5www.RAReal tor s .com LISTED • 2010 ISSUE 1

a home in Richmond. Print, web, and

billboard ads focusing on the Extended

Homebuyer Tax Credit began running

in mid-February, and will continue through

the end of April. Copies of print and

web ads will be available for members

to download from www.RARealtors.com.

Login and click the "News & Events"

tab to find more information on our

marketing campaign.

John Powell REALTOR® of the Year

Ann Vandersyde A. Kenton Muhleman, Jr., Scholarship Award

Marianne DonahueREALTOR® Civic Leader of the Year

Dare TullochC. Porter Vaughan, Jr.Outstanding ServiceAward

Page GeorgeC. Porter Vaughan, Jr.Outstanding ServiceAward

Christina Royal C. Porter Vaughan, Jr.Outstanding ServiceAward

C V R M L S

COULD YOU BE VIOLATING

CVR MLS RULES AND REGULATIONS?

MLS CAUTIONARY TALES

Congratulations to our

2009 Award Winners

Governing Rule or Regulation: CVR MLS Rules & Regulations, 12.3.1 Inputting Data: Listing input forms must be either delivered to CVR MLS staff for entryinto the computer or broker-loaded in the MLS Database in a timely manner as setforth in Section 11.0 of these Rules & Regulations. Listing information contained inthe MLS Database shall include all ascertainable data in the fields designated by CVRMLS from time to time, including but not limited to link to tax (if available; if not, theagent must enter the appropriate Tax ID number manually)...

Explanation: When adding a listing, it is important to use the auto-population functionality topopulate the Tax ID field if the jurisdiction is available. This process links the listing tothe Tax Record, making it available from the listing results page of the listing.

Violations: Violation of this rule is subject to a $250.00 fine as outlined in Section 19.4.Over the past three months, 59 warning letters have been sent to members who have vio-lated this rule. A fine will be incurred for violations not corrected within the time framespecified in the warning letter. If more than three warning letters are received in a thirtyday time period, per the Rules & Regulations, an automatic fine of $1,000 is assessed.

An important aspect of providing MLS services is to help ensure the quality of the listing data in thesystem. The Tempo™ system is checked daily looking for listings that are in violation of the CVR MLSRules & Regulations. Anonymous faxes/e-mails from members of the association reporting violationson listings are also an extremely valuable source of quality control information. Anonymous tips canalso be sent by a member from the “Report a Violation” feature that has been added to the Quick LinkButton Bar on the side of Agent Reports. Should you have questions about what is correct procedure,please contact the MLS Department at 422-5004.

Copies of the CVR MLS Rules and Regulations can be obtained online athttp://cvrmls.myismart.com/pages/home orhttp://www.RARealtors.com/members/cvrmls/rules.aspx

Entering “0,” “N/A,” “TBD,” “--“, “99999” or “No” in the Tax ID field insteadof entering the appropriate Tax ID/Parcel ID number.

Invalid Link to Tax/Parcel IDFEATURED VIOLATION:

EXAMPLES OF VIOLATION:


he recent upgrade made to Tempo™ allows memberseven more opportunity to customize their MLSreports. The enhancements included in the upgradeallow users the ability to personalize a majority of

the listing search functions, search results displays and the listingreports. With the customization capabilities and the wide array ofpreferences available, members can tailor the MLS to work prettymuch the way they want it to work.

Using Report Manager, printouts, property flyers, reports andmuch more can be customized. Report Manager is located on thetop menu bar in Tempo™ under the Reports icon. Customizedreports can be built from an already existing report, or they can bemade from scratch.

Reports that have been created by CVR MLS and are availablein Tempo™ cannot be changed, but they can be copied andused as a template for a customized listing report. To create acustomized report similar to one that already exists, open upReport Manager scroll down the list of reports and locate the report

that is closest to what is needed. To copy, click on the checkboxto select the report, and then click on the Copy Report button atthe bottom. Be sure to save the report under a different name.Using this route helps to save a great deal of time and effort whencreating personalized reports.

Next, the report will need to be edited. Remove fields anditems not needed, add and rearrange additional fields from the leftside panel and customize features using the variety of tools andoptions on the top menu. Once changes have been made, clickon the Save As icon in the upper left corner of the menu bar andsave it using a name of your choice.

By John Hicks, e-PRODirector of MLS Training and Outreach

C V R M L S

The Way You Want Them

T

MLS Reports

TOP MLS VIOLATIONSOctober 1-31, 2009 November 1-30, 2009 December 1-31, 2009

Violation Rule # #of Warnings #Fined #of Warnings #Fined #of Warnings #Fined

•Automatic Audit Notice 11.1 102 0 105 0 82 0•No Photo 12.3.4 47 0 27 0 35 0•Failure to Report Settlement 17.4.3 35 0 81 0 47 0• Invalid Contact Information in Remarks Field 12.3.3 28 0 27 0 19 0• Invalid Mapbook/Mapbook Coordinates 12.3.1 27 0 23 0 28 0• Invalid Owner Name 12.3.1 19 0 21 0 15 0• Invalid Tax ID 12.3.1 18 0 21 0 20 0•Delayed Showing and No Showing in 12.4.3 11 0 11 0 3 0

Additional Showing Instructions Field•Not Listed within 2 Calendar Days/48 hours 11.1 10 0 5 0 10 0• Invalid URL in Remarks Field 12.3.3 10 0 16 0 8 0•No Supra Lockbox 32.1 10 0 14 0 4 0• Invalid Photo, Tour, Link or PDF 12.3.4 7 0 26 0 12 0•Duplicate Listing 12.4.23 6 0 2 0 5 0• Invalid Address 12.3.1 6 0 7 0 4 0• Invalid Compensation in 12.3.3 0 0 6 0 6 0

Agent Only Reference•Released and Re-entered Listing 12.4.19 1 0 1 0 1 0

Prior to Expiration•Failure to Report Pending Sales 17.4.1 0 0 1 0 1 0


Sometimes it’s easy to forget that a mouse orlaptop touchpad has more than oneclickable button. The right-click,however, can be a tremendouswork and time-saver. To test thecapabilities of this button try openingdifferent software programs and right-clickingon them. A vast number of shortcuts, tools and functions will beonly a click or two away. You can save, copy, paste, print andmuch more by using the right-click function. In many softwareprograms you will also discover quick access to specializedtools and functions. Once you use the right-click a few times,you will find it is faster and easier to perform many of the everydaytasks you use on your PC and your software.

Technology/Tip

Have You Tried Right-Clicking?

Report Manager also provides the ability to create a reportfrom scratch. To create a custom report from scratch, open ReportWriter and click on New Report. Select the type of report(Multiple Row, Multiple Column, Photo Gallery, Flyer or Label)and click OK. Report Manager opens an empty report grid allowingusers to add preferred fields, labels or images. When adding a datafield, be sure to check the Include Label box at the bottom. Thiswill display and identify that data. Text boxes, lines, frames andother common desktop publishing features can also be added fromthe Toolbox in the side panel. For even greater customizationselect fonts, colors, fills and other enhancements to be used in flyersand promotional materials that will be saved and used again.

When it comes to the Report Manager, customization may notbe for everyone. For this reason, CVR MLS has designed a newOne Page Report for each of the four residential property types inTempo™. In developing these reports, the most frequently usedreports and populated fields were selected to be included bydefault. For those that would like to include or remove certainfields on the report, a Report Manager Workshop is available. Thisclass teaches members how to create and save personalized one-page reports, create custom designs and promotional flyers, andmodify report pages in the CMA Wizard.

For a schedule of upcoming classes, please contact the RAREducation Department at (804) 422-5000. L


Easy Listing Modification

The Tempo™ homepage is designed to displayfunctions that most members use on a regularbasis. One of the more valuable tools on thispage is Inventory Watch, which is located inthe lower left corner of the homepage.Inventory Watch is an excellent way to trackpersonal listing and sale inventory activity,and can be used to access listing informationfor an entire office or firm. When listing infor-mation needs to be edited, a price change orstatus change must be made, or a photo orattachment uploaded, Inventory Watch is thefirst and best place to go.

To edit Active listings, Inventory Watchwill need to be set to personal for agents andbrokers or to office for Office Administrators.By clicking on the link for Active Listings, a listof all personal or office listings will display.From here, locate the specific listing thatneeds to be modified, point to the iBubblelocated to the right of the listing number, andclick on the Edit icon. This will take you intothe Edit mode for this particular listing.

To modify listing information such asprice or status, click the Edit button. To copya listing that may have expired or is beingre-listed, simply click on Copy. Click onImages to upload photos, or Attachments toupload attachments or additional unbrandeddocuments. Similarly, to promote an openhouse, click on Open House.

It’s a good idea to take some time tobecome familiar with all the tools available onthe i-Bubble toolbar in Tempo™. UsingInventory Watch along with the i-Bubblefeature can help make managing listingseasier and more convenient.

Classes at RAR North (Three Chopt Road Office):

MARCH

3 Prospecting & Contact Management 9:00-12:00 pm

19 Instanet Forms 9:00-11:00 am

19 Digital Camera & MLS Photography 1:00-3:00 pm

APRIL

16 MLS Marketing 9:00-11:00 am

16 CIE Workshop 1:00-3:00 pm


MAY

14 MLS Refresher 9:00-11:00 am

14 IMAPP/Tax Records 1:00-3:00 pm

Classes at RAR South (Midlothian Turnpike Office)

MARCH

10 MLS Rules & Regulations 9:00-11:00 am

10 IMAPP/Tax Records 1:00-3:00 pm

24 Top 10 Tips 9:00-11:00 am

APRIL

1 CMA-Price It Right 9:00-12:00 pm

MAY

3 Prospecting & Contact Management 9:00-12:00 pm


20 MLS Rules & Regulations 1:00-3:00 pm

To register, call the Education Department at 422-5016

or log onto www.RARealtors.com and click on "Education”

March – May 2010MLS Training Schedule

TempoTM Tip

Office & Years in Real EstateRE/MAX Commonwealth26 years in real estate

DesignationsABR, ABRM, CDPE, CRB, CRP, CRS, E-PRO, GRI

Experience at RARService on various committees including Education, Programs,

Awards, Professional Standards, MLS (Past Chair); RAR HonorSociety member since 1993; RAR/MLS Board of Directors mem-ber and current President.

How did you get involved in real estate?I wanted an independent career that would reward me based onmy contributions.

Favorite Richmond TraditionArts in the Park

Favorite Vacation Spot Anywhere in the Caribbean

Hobbies/Activities outside the officeGourmet cooking, shopping for antique bargains

///////////////////////////////////////////////////////////////////////////

Office & Years in Real EstateJoyner Fine Properties27 years in real estate

DesignationsCCIM, GRI

Experience at RARCommercial CIE (Chairman, 2 years), Distinguished AchieverAward winner since 2000 (last three were Dominion Awards -Commercial), RAR/CVR MLS Board of Directors (President-elect)

How did you get involved in real estate? I started in Property Management and Leasing in NorthernVirginia for a private partnership; then moved to Richmond, gotlicensed, and joined Joyner in 1999.

Favorite Richmond TraditionI grew up in Richmond, and my favorite traditions in the pastwere the Miller & Rhoads Tea Room and Santa Claus; the CloverRoom (best ice cream in town!); Lowes Theatre with EddieWeaver at the organ; and still today -- the Easter Parade onMonument Avenue.

Favorite Vacation Spot Gwynn's Island

Hobbies/Activities outside the officeReading, traveling, singing in the choir


Meet the Board of Directors Each issue of Listed features profiles of two current members of the Board of Directors.

Karen Smith2010 President

Cheryl Hamm2010 President-Elect

Don’t miss out on an opportunity to promote the extended $8,000 First Time Homebuyer tax credit along with thenew $6,500 Repeat Buyer credit! The new Tax Credit Solid Plastic 24” Rider is now available at the REALTOR®

Store for only $6.00 each. Visit one of our two locations (8975 Three Chopt Road or 9325 Midlothian Turnpike)and pick up one for each of your listings!

Special at The REALTOR® Store


Welcome to REsourceHome.comA Total Real Estate ResourceBy Kelly Surmacewicz

In mid-February, CVR MLS launched a new consumer focused website, www.REsourceHome.com. The website isdesigned to be a complete real estate resource for potential buyers and sellers, current homeowners, and localREALTORS®. In addition to property search functionality, the site includes a wealth of community information,and a special section with discounts and savings. If you have not yet visited REsourceHome.com, take a tour ofsome of the site’s many impressive features, on the following pages:

NOTE: Use this button to opt-in to the REsourceHome e-mail list, andreceive monthly e-mails with timelyinformation and promotions.


• Enter criteria for residential properties or rentals

• Search results display with photo and listing details

• Each listing is displayed on a Google map

PROPERTY SEARCH

• Key property details are at the top of the listing• Agent contact info appears• All images uploaded to CVR MLS display• Property details entered into Tempo™

CVR MLS display

PROPERTY RESULTS

• Search for open houses • Entered criteria and open house dates

display with the property listings

OPEN HOUSES


• Moving resources include utilities, DMV, news, and more

• Links to government sites and major public school systems

• Members are welcome to frame this page on their own websites if they choose

• Search for a REALTOR® by first name, last name, or both

• Search for a REALTOR® by office • Search results display firm

information, e-mail address, andwebsite link if applicable

FIND A REALTOR®

• Includes discounts and savings coupons from a variety of local businesses

• Coupons are accessible to all visitors and can be printed on standard paper

• Members are welcome to frame this page on their own websites if they choose

DISCOUNTS

COMMUNITY INFO

• Resources such as the Extended Homebuyer Tax Credit and other homeowner issues are available here.

BUYERS/SELLERS

• Information on MLS data products such as IMAPP and RE Stats is available here.

DATA PRODUCTS

L

We hope you will enjoy the many features REsourceHome.comhas to offer. Make REsourceHome.com your total real estateresource and share this site with your clients!


G OV E R N M E N T A F FA I R S

By Elizabeth Hancock GreenfieldDirector of Government AffairsEALTORS® called and Congress answered. After

months of letter writing campaigns, phone calls andlobbying Virginia’s Congressional delegation, Congresspassed a revised homebuyer tax credit in November2009. In its continued effort to spur the housing

market, Congress not only extended the deadline for the $8,000first time homebuyer tax credit to April 30, 2010, but also expandedthe credit to $6,500 for existing homebuyers.

Current Homeowner Tax CreditThe following is a guide to the revised credit regulations and whatclients should know regarding eligibility.

Who’s Eligible for the Move-Up/Repeat Home Buyer Tax Credit?The existing homebuyer tax credit is available to homeownerspurchasing a home between November 7, 2009 and April 30,2010. The buyer must have lived in their home for at least five outof the last eight years. The home they buy must become theirprimary residence, but the buyer does not have to sell theirprevious home. They can use the previous home as a rental or asecond home and still claim the credit.

How Much is the Tax Credit?The maximum allowable credit for current homeowners is $6,500;however, the credit may only be awarded on homes purchased for$800,000 or less.

Is There an Income Limit?Yes, single buyers with incomes of up to $125,000 and marriedcouples with incomes of up to $225,000 may receive the maximumtax credit.

If the Buyer’s Income Exceeds These Limits, Can They Still Receive the Credit?Yes, the credit decreases for buyers who earn between $125,000and $145,000 for single buyers and between $225,000 and$245,000 for home buyers filing jointly. The amount of the tax creditdecreases as their income approaches the maximum limit.Homebuyers earning more than the maximum qualifying income—over $145,000 for singles and over $245,000 for couples are noteligible for the credit.

R

A Guide to the Extended Homebuyer Tax Credit


Can a Buyer Still Qualify if Closing After April 30, 2010?Yes, as long as a written binding contract to purchase is in effect onApril 30, 2010, the purchaser will have until July 1, 2010 to close.

Can a Buyer Claim the Credit if They Purchase a Home From a Relative? No, legislation prohibits taxpayers from claiming the credit if thesale is between "related parties," including parents, grandparents,children or grandchildren.

Will the Tax Credit Need to Be Repaid?No, the buyer does not need to repay the tax credit if they occupythe home for three or more years; however, if the property is soldduring this three-year period, the full amount of the credit will berecouped on the sale.

Can The Credit Be Used Upfront In Conjunction With A FHA Loan?Yes, HUD has allowed FHA-approved lenders to develop bridgeloans that enable homebuyers to monetize the credit at the closingtable. Buyers are still required to put down the minimum 3.5%,but can use the loan to help cover closing costs, buy down aninterest rate, or increase a down payment.

First-Time Homebuyer Tax CreditProvisions of the $8,000 first-time homebuyer tax credit remain thesame with the following exceptions:

The credit deadline has been extended to April 30, 2010. If a writ-ten binding contract to purchase is in effect on April 30, 2010, thepurchaser will have until July 1, 2010 to close.

The income limits have been increased to $125,000 for singlepurchasers and $225,000 for married couples. The credit decreasesfor buyers who earn between $125,000 and $145,000 for singlebuyers and between $225,000 and $245,000 for home buyersfiling jointly. The amount of the tax credit decreases as incomeapproaches the maximum limit. Homebuyers earning more thanthe maximum qualifying income—over $145,000 for singles andover $245,000 for couples are not eligible for the credit.

Act NowWith the new April 30 deadline in place for clients to take advan-tage of the homebuyer tax credit, there are only two months left tobring qualified clients under contract before the credit expires.With low interest rates and plenty of inventory, don’t let this oppor-tunity pass clients by!

More information on the Extended Homebuyer Tax Credit can befound on CVR MLS’s new consumer website located atwww.REsourceHome.com. More specific details and questions arebest answered by a qualified tax professional or closing attorney. L

E T H I C S

here is no doubt that today’s REALTOR® is facingunprecedented challenges brought on by theuncertain economy and changing marketplace.Pressures exerted by these forces can, in somecases, lead agents and brokers to behave less than

professionally. The REALTOR® Code of Ethics, adopted in 1913,represents the “gold” standard of professional conduct for thereal estate industry. The Code consists of seventeen articles andrelated standards of practice and is periodically revised to reflectcurrent industry practices and provide instructive guidance inthe application of its duties. Below is a summary of the 2010additions and revisions to the Code of Ethics.

Standard of Practice 3-2:To be effective, any change in compensation offered for cooperativeservices must be communicated to the other REALTORS® prior tothe time such that REALTOR® submits an offer to purchase/leasethe property.

Explanation: Offers of compensation in the MLS are unconditional.CVR MLS Rules & Regulations require the listing broker to disclosethe cooperating compensation offered to the selling broker aseither a % of the gross sales price or a fixed amount. That said, itis not unethical or a violation of MLS Rules & Regulations for thelisting broker to ask the selling broker if he or she would be willingto accept a compensation reduction when a lender has conditioned

short sale approval on a reduction in broker compensation;however, the splitting of such a reduction may not be mandated.

Standard of Practice 3-9:REALTORS® shall not provide access to listed property on termsother than those established by the owner or the listing broker.

Explanation: Unauthorized access complaints have increasedover the last several years. Alleged offenses include listing agentsproviding combination lockbox codes to investor clients; buyeragents leaving clients and/or inspectors unsupervised in listedproperties; and buyer agents accessing property in violation of theaccess rules established by the listing broker and seller. Furtherexamples include not calling the agents or the seller prior toshowing, and failure to reset alarms or secure the property asdirected in the MLS.

Article 11 of the Code of Ethics:The services which REALTORS® provide to their clients and cus-tomers shall conform to the standards of practice and competencewhich are reasonably expected in the specific real estate disci-plines in which they engage; specifically, residential real estatebrokerage, real property management, commercial and industrialreal estate brokerage, land brokerage, real estate appraisal, realestate counseling, real estate syndication, real estate auction, andinternational real estate. REALTORS® shall not undertake to pro-vide specialized professional services concerning a type of proper-ty or service that is outside their field of competence unless theyengage the assistance of one who is competent on such types of


T

NAR Code of Ethics andStandards of Practice: Summary of Changes for 2010

By Peggy Lynch, GRI

Director of Professional Development and Broker Services

property or service, or unless the facts are fully disclosed to theclient. Any persons engaged to provide such assistance shall be soidentified to the client and their contribution to the assignmentshould be set forth.

Explanation: Land brokerage was added as a recognized business specialty.

Standard of Practice 11-1:When REALTORS® prepare opinions of real property value orprice, other than in pursuit of a listing or to assist a potential pur-chaser in formulating a purchase offer, such opinions shall includethe following unless the party requesting the opinion requires aspecific type of report or different data set:

1) Identification of the subject property2) Date prepared3) Defined value or price4) 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/tenants6) Basis for the opinion, including applicable market data7) If the opinion is not an appraisal, a statement to that effect

Explanation: This revision recognizes that clients requesting aBroker Opinion of Value (BPO) or Competitive Market Analysis(CMA) may not require all of the components listed underStandard of Practice 11-1. Virginia real estate licensees may, in theordinary course of business, provide a valuation or analysis of realestate for a fee; however, a licensee shall not hold himself out as areal estate appraiser, and the valuation may not be referred to as anappraisal and shall not be used in lieu of an appraisal performedby a licensed appraiser. The preparation of BPO’s and CMA’s is alicensed activity, and as such, licensees may only be compensatedfor these services through their brokerage.

Standard of Practice 12-5:REALTORS® shall not advertise nor permit any person employedby or affiliated with them to advertise real estate services or listedproperty in any medium (e.g., electronically, print, radio, televi-sion, etc.) without disclosing the name of that REALTOR®’s firm ina reasonable and readily apparent manner.

Explanation: All real estate advertising must comply with Virginiastatutes and VREB Rules and Regulations. Real estate teams andindividual agents must ensure that the name of the firm with whichthey are affiliated is included in any and all advertising.

Standard of Practice 15-3:The obligation to refrain from making false or misleading statementsabout competitors, competitors’ businesses and competitors’business practices includes the duty to publish a clarification aboutor to remove statements made by others on electronic media the

REALTOR® controls once the REALTOR® knows the statement isfalse or misleading.

Explanation: Social media outlets such as Facebook and Twitter arethe types of public forums where REALTORS® must exercise carewhen making statements about other REALTORS®, their firms and/ortheir business practices. REALTORS® now have an affirmativeobligation to correct or remove such statements if they know themto be false or misleading

Standard of Practice 16-20:REALTORS®, prior to or after their relationship with their currentfirm is terminated, shall not induce clients of their current firm tocancel exclusive contractual agreements between the client andthat firm. This does not preclude REALTORS® (principals) fromestablishing agreements with their associated licensees governingassignability of exclusive agreements.

Explanation: A change in the wording of this Standard of Practiceclarifies that REALTORS® may not encourage or induce clientswith their current or former firm to cancel exclusive agreementsregardless of whether it was the firm or the licensee who terminatedthe relationship.

If you have questions concerning the 2010 NAR Code of Ethicsand Standards of Practice, please contact Peggy Lynch,Director of Professional Development and Broker Services, [email protected] or 804-422-5006. L

P R O F E S S I O N A L D E V E L O P M E N T

ccording to NAR, nearly one-third of existinghome sales in 2009 were short sales or foreclo-sures, a growing trend that is not expected to slowanytime soon. Preparing oneself to deal with this

trend is essential to staying current in the real estate profession. Tomeet the needs for professional education on this emerging“traditional” transaction type, NAR has launched a new certifica-tion called the Short Sales and Foreclosure Resource (SFR) certifi-cation. This program is designed to help REALTORS® gain the con-fidence and knowledge to assist clients who are facing a short saleor foreclosure, and to help buyers who are looking to purchasethose types of properties.

The SFR certification program is offered by the Real EstateBuyer’s Agent Council (REBAC), a division of NAR, and includestraining on how to manage short sales, foreclosures and real-estateowned transactions. The program also provides resources to helpREALTORS® stay current on national and state-specific informa-tion as the market for distressed properties continues to evolve. It

is designed for agents at all experience levels and it providesinformation on how to direct distressed sellers to finance, tax,and legal professionals, qualify sellers for short sales, develop ashort-sales package, negotiate with lenders, tap into buyerdemand, safeguard commissions, limit risks and protect buyers.

Other benefits to becoming SFR certified include access to anelectronic short sale and foreclosure toolkit; free webinars with allof the latest information that can be downloaded and watchedanytime; the right to use the SFR logo in marketing materials;access to an exclusive online network of other SFR certifiedREALTORS® with whom to network and share ideas; and designationon www.realtor.com and www.realtor.org as an SFR certifiedREALTOR®, a database that is searchable by clients.

To earn the SFR certification, REALTORS® must complete theSFR application along with a one-day education program andthree free one-hour webinars. One-day education requirementsto earn the certification can be either the ABR elective “ShortSales & Foreclosures: What Real Estate Professionals Need to


ABy Jennifer Brown, Director of Education

Short Sales & Foreclosure Resource (SFR) Certification

Know” or the CRS elective “CRS 111: Short Sales & Foreclosures- Protecting your Client’s Interests.” Both courses count towardsthe SFR certification and their respective designations ofAccredited Buyer’s Representative (ABR) or the CertifiedResidential Specialist (CRS), which carry continuing education orpost licensure towards license renewal. Currently, as part of theRight Tools, Right Now initiative, NAR is waiving the applicationfee through the end of March 2010, which translates to a savingsof $175.00.

After attending either the ABR or CRS Short Sales &Foreclosure elective course, visit the SFR website,www.realtorsfr.org to download the SFR application and watchthe three free one-hour webinars to fulfill all requirements.Completing and returning the application to REBAC before March31, 2010, qualifies for the waiver of the $175 application fee. Don’t delay! Join over 16,000 REALTORS® who became SFRcertified last year and distinguish yourself as a Short Sales &Foreclosure resource.

Follow these steps:

1. Be a member in good standing with the National Association of REALTORS®.

2. Take and pass the one-day Short Sales and Foreclosures course offered by either ABR or CRS.

3. View three free one-hour webinars on related short sale and foreclosure topics.

4. Download and complete the application form. 5. Send your completed application to NAR at

[email protected]


How do I become SFR certified?

L

Deductible Portions of 2009 Dues and Assessments

NAR: 67% of the $80 dues is deductible ($54)100% of the $35 Public Awareness Campaign Assessment

VAR: 86.35% of the $110 dues is deductible ($95)100% of the $10 issues mobilization fee100% of the $30 New Member Fee and $33 Building Assessment charged to new members

RAR: 90% of the $120 dues is deductible ($108)

The Real Estate School / Tel: (804) 422-5016 / E-mail: [email protected] or log onto www.RARealtors.com and click “Education”

For more information or to register, please contact:

Classes at RAR North (Three Chopt Road Office)

MARCH4 Property Management: The Application Process 9:00-11:00 pm

11 Property Management: Top Ten Leasing Mistakes 9:00-11:00 pm

11 & 12 16-hour Continuing Education - Parts 1 & 2 8:30-5:00 pm

16 e-Pro Workshop 9:00-10:30 am

17 GRI 412: Construction & Selling New Homes 8:00-5:00 pm

18 Property Management: Evictions & Collections 9:00-11:00 pm

24-26 Broker Appraisal 8:30-5:00 pm

APRIL7-9 Broker Management 8:30-5:00 pm

12 Broker Exam Prep 9:00-4:30 pm

21 GRI 404: The Cyber-REALTOR® 8:00-5:00 pm

22 & 23 Property Management Basics for Residential Agents 8:00-5:00 pm

27 Fair Housing for Property Managers 9:00-12:30 pm

29 16 hour Continuing Education, Part 1: Mandatory Topics 8:30-5:00 pm

MAY3 & 4 ABR Core Course 9:00-5:00 pm

5 ABR Elective Course: e-Buyer 9:00-5:00 pm

7 Broker Continuing Education 8:30-5:00 pm

7 Virginia Residential Landlord Tenant Act (VRLTA) Update 9:00-4:00 pm

10 & 11 16-hour Continuing Education - Parts 1 & 2 8:30-5:00 pm

19 GRI 405: Marketing the Property 8:00-5:00 pm

20 Effective Contract Writing 9:00-12:00 pm

Classes at RAR South (Midlothian Turnpike Office)

MARCH17 Advanced Contract Writing 9:00-12:00 pm

19 Broker Continuing Education 8:30-5:00 pm

29 16-hour Continuing Education, Part 1: Mandatory Topics 8:30-5:00 pm

APRIL12 & 13 16-hour Continuing Education - Parts 1 & 2 8:30-5:00 pm

MAY26 16-hour Continuing Education, Part 1: Mandatory Topics 8:30-5:00 pm

Education Calendar March - May 2010



Richmond Association of REALTORS®

8975 Three Chopt Road • Richmond, Virginia 23229 Ph 804.422.5000 • Fx 804.422.5088

You.Every year, there are legislative proposals that place the real estate industry at risk. Make your RPAC investment now to ensure our continued success. Go to www.RARealtors.com today!

Now More Than Ever

What’s Missing?


Real estate is a highly interactive and sometimes stressful profession. Your role as a REALTOR® requires you to communicate withmany different people and to use your skills, knowledge, and personality to facilitate a smooth and successful transaction.Maintaining professionalism from beginning to end during the buying or selling process is of the utmost importance. Here are a fewimportant reminders regarding ways to show professional courtesy to your fellow agents and clients:

• Read the showing instructions and follow them.• Call before a showing whenever requested.• Keep every appointment made, and arrive on time.• Call the agent if an appointment must be cancelled or changed.• If you pick up a key, return it quickly. If you use the lockbox, put the key back right away.• Leave the home in the same condition you found it.• Never leave a listing unlocked. Check all the doors and windows before leaving.• Turn off all the lights when finished showing the home.• Keep your customers and their children in sight at all times.• Leave your business card.• Provide feedback to the agent, not to the homeowner. Let the agent report back to their client.• Do not discuss an agent or their firm with someone else’s client.• Call the listing agent afterward to let them know how it went.• Show everyone in the transaction the same courtesy you would expect.

Finally, remember that listings are not items, but other people’s homes. How you behave in their home, toward other real estateagents, and others in general, is a direct reflection on the industry. Let’s resolve to make every possible impression a good one.

Professional Courtesy: A Refresher

Proud to support Affordable Housing Awareness Week.

April 18–24, 2010 Please join us. Visit www.AffordableHousingRichmond.com

february 2010

Documents

i o n o f r e

s s o c i

t o r swww

n e o f t h e r i c

excellence excellence

cvr mls

wireless mls

homebuyer tax credits