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LISTED

a magazine of the richmond association of REALTORS® rarealtors.com

AFFORDABLE HOUSING AWARENESS WEEK April 22-28

+ How to Minimize Your Cyber Liabilities + CVR MLS “Coming Soon” Status + 2017 General Assembly Recap

FPO ADDRESS LABEL

FROM THE PRESIDENT John O’Reilly

WHY ENGAGEMENT MATTERS We live in an increasingly disconnected world. Sure, we’re connected to technology; but often we are less and less connected to one another. This is certainly the case when it comes to the practice of real estate. The staff and leadership of CVR MLS have worked hard to provide us with an incredible array of technology tools—Instanet, Homesnap, Showing Time, etc.—aimed at making us more effective and efficient. That’s great. But the downside to all this technology is the less we interact, the less we know each other; and the less we know one another, the weaker our relationships are.

Sometimes, it is on the strength of our relationships with each other that we are able to save deals. Plus, the more we know and respect one another, the more likely we are to extend those daily, professional courtesies to one another that make our lives so much easier. The good news is that while our MLS provides us with technology, our Association offers us with ample opportunities to network with each other, learn from one another, and enjoy each other’s company. So I hope you will join me this year at our Outstanding Production Awards ceremony—May 10; a joint appearance of the gubernatorial candidates— June 21; and our TRENDS seminar on October 24.

Just as we invest time in cultivating relationships with one another, we need to do the same with our clients. High tech can never be a substitute for high touch, if we want to demonstrate our true value proposition. Our clients don’t need us for listing

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data, they need us to explain the data. Apps can do a lot of things, but they can’t lend a sympathetic ear in the middle of a harried home inspection or offer a calming voice when last minute closing hiccups occur. We can execute a transaction online; but there’s nothing like turning over the keys in person.

As your President this year, I will be looking for ways to help us better understand our value proposition, so we can communicate it more effectively to our clients.

Finally, engagement within our broader community isn’t a nicety, it’s a necessity. People don’t buy houses, until they have first “bought into” a community’s quality of life. So it makes perfect sense that your Association is at the forefront of so many quality of life initiatives: providing resources and volunteers to area schools; promoting a regional public transit plan; working with local officials to stimulate reinvestment in older neighborhoods and aging commercial corridors. If it’s an issue that is important to the quality of life in the Richmond region, our representatives are at the table with their sleeves rolled up. And speaking of rolling up our sleeves, I want to invite each of you to join me during Affordable Housing Awareness Week, April 24 – 29, as we hammer, paint, rake—anything and everything to build and improve affordable housing in our region. This year marks the tenth anniversary of Affordable Housing Week. Let’s plan to engage with one another and our community; because engagement makes all the difference.

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Association News Upcoming Events

Listed Magazine is published triannually by: Richmond Association of REALTORS® 8975 Three Chopt Road Richmond, VA 23229 Editor-in-Chief Kate Landis Marketing & Public Relations Manager Advertising & Sponsorship Kellie Whitlow 804-422-5009 kwhitlow@RARealtors.com

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Feature Affordable Housing Awareness Week

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Professional Development How to Minimize Your Cyber Liabilities Class Features New Biennial Ethics Training Requirement CVR MLS “Coming Soon” Status

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Government Affairs 2017 General Assembly Recap

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Printing & Production Carter Printing Company Office: 804-422-5000 Fax: 804-422-5088 Web: RARealtors.com Copyright © 2017. 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®.

The publisher does not endorse advertised products unless specifically stated, and reserves the right to reject any advertisements at any time.

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.

Postmaster: Please send change of address to: Listed Magazine Richmond Association of REALTORS® 8975 Three Chopt Road Richmond, VA 23229

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ASSOCIATION

NEWS Upcoming Events

AFFORDABLE HOUSING AWARENESS WEEK APRIL 22-28, 2017

Visit AffordableHousingRichmond.com for information on how to get involved.

Outstanding Production Awards Reception Wednesday, May 10, 2017 | 5-7pm Country Club of Virginia James River Clubhouse This cocktail reception honors outstanding producers in 2016.

Affordable Housing Awareness Week April 22-28, 2017 The Partnership for Housing Affordability will host the tenth annual Affordable Housing Awareness Week (AHAW) April 22-28.

Volunteers will join seventeen local housing nonprofits to work together to increase awareness about housing affordability in new and innovative ways. As always, we are thrilled to see area REALTORS® roll up their sleeves to support the cause and thank you for your participation throughout the years.

Virginia Gubernatorial Candidate Joint Appearance Wednesday, June 21, 2017 | 8:30-11am The Westin Richmond 6631 W Broad St, Richmond, VA 23230

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2017

RAR and CVR MLS Holiday Office Closings Memorial Day

May 29

Independence Day

July 4

Labor Day

September 4

RAR LEADERSHIP

Billing Date

Due Date

Q3 2017 MLS Fees

June 1

before 5pm June 30

Q4 2017 MLS Fees

September 1

before 5pm September 29

2018 Annual Association Dues

October 2

before 5pm October 31

Q1 2018 MLS Fees

December 1

before 5pm December 29

DIRECTORS Gail Ailor Bradley Boykin Don Carnesi Rodney Chenault Marianne Donahue Wayne Gauthier Carol Haley

Upcoming Dues Billing Dates Item

2017

John O’Reilly 2017 President

Dawn Bradley 2017 Immediate Past President

SAVE THE DATE

David Hamil Becky Hatch Mike Hogan Rhonda Howlett Karen Smith Keith Smith

USEFUL

URLS

Grassroots Action Center RealtorActionCenter.com RAR Education RARealtors.com/education

TRENDS 2017

Virginia Real Estate Board DPOR.Virginia.gov/boards/real-estate

Tuesday, October 24, 2017 University of Richmond Jepson Alumni Center

Susan Swink 2017 President-Elect

Curt Reichstetter 2017 Vice President

Virginia Association of REALTORS® VARealtor.com Consumer Website WeAreTheR.com

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FE ATURE

Sponsors

AFFORDABLE HOUSING AWARENESS WEEK 2017 CELEBRATING 10 YEARS Each April, hundreds of residents across the Richmond region look forward to putting on t-shirts instead of office attire to help build and repair homes for those in need. Affordable Housing Awareness Week (AHAW), the Partnership for Housing Affordability’s (PHA) annual signature event, engages members of the community; local businesses, whose employees volunteer at worksites; nonprofits that are building and repairing homes; and most importantly, our neighbors in need, who often work side by side with volunteers.

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Affordable Housing Awareness Week (AHAW) began with eight partner organizations and has since grown to seventeen. These are the folks in the trenches day in and day out, making sure all members of our community have a safe, affordable place to call home.

LEADER SPONSORS

BENEFACTOR SPONSORS

Media Support

AHAW has partnered with the Richmond Times-Dispatch through the years, which has helped keep the issue of affordable housing in our region in the spotlight by running articles on AHAW, as well as OP/Ed pieces and editorials. iheart radio has been a huge part of spreading the word about affordable housing issues by running public service announcements about each of our nonprofit partners. The radio personalities have been advocates of AHAW by conducting interviews and making mentions prior to and during the week, as well as personally volunteering for many of the projects and participating in Walking in Their Shoes.

-Client assisted during a past AHAW

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TITLE SPONSOR

Nonprofit Housing Partners

Since AHAW began a decade ago, more than 4,500 volunteers from across the Richmond region have worked at over 375 worksites, improving the quality of life for hundreds of our neighbors in need. Area residents, local businesses, and community leaders volunteer with our housing nonprofit partners.

“Thank you, Thank you, Thank you. You and your team are a blessing, heaven sent. You have made living in my home easier and safer. You don’t know what a difference you have made in my life. I will never forget you. May God bless and keep all of you in his care.”

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2017 SPONSORS

Volunteer Efforts

Since AHAW began a decade ago, more than 4,500 volunteers from across the Richmond area have worked at over 375 worksites, improving the quality of life for hundreds of our neighbors. Many hundreds more have learned about affordable housing issues within our community, and have become more active and engaged in making a difference. We invite you to join us during our tenth anniversary year, as AHAW continues to bring attention to Richmond’s affordable housing needs in new and exciting ways.

We could not have accomplished any of what we’ve done without the generosity and support of our sponsors throughout the years. A very special thank you to TowneBank, who started their support on year one (as Franklin Federal) and have continued to support AHAW as our Title Sponsor for the past nine years.

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®

AHAW Over the Years

The first year of AHAW began with a kickoff breakfast with Dr. John Moesser and panel members, trying to talk over the hammering of construction workers beginning renovations on the Virginia Museum of Fine Arts. PHA worked with eight nonprofit housing partners that year. Now, in 2017, AWAH combines the efforts of seventeen nonprofit housing partners.

Events

AHAW has conducted bus tours, highlighting the excellent work of our nonprofit partners around Richmond.

AHAW has raised awareness about affordable housing issues in the region through hosting seminars, including: • Revitalization Workshop • Mapping RVA: Where You Live Makes all the Difference • Housing the Richmond Region: Needs, Impediments & Strategies • RVA Snapshot: How our Regional Baseline Indicators Link to Housing

This year, AHAW will be hosting Affordable Housing Richmond: Then and Now. AHAW has held community parties in the East End, Fulton Hill, Blackwell, and will hold one this year in Highland Park.

Walking in Their Shoes

Each year during AHAW, Homeward has hosted a simulation where over 175 community leaders have joined us throughout the years to navigate the many challenges faced by our region’s homeless population.

For more information on the Partnership for Housing Affordability’s signature event and other opportunities to get involved throughout the year, please visit AffordableHousingRichmond.com or PartnershipAffordableHousing.com.

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P R OF E S S I O N A L DEV ELOPMENT

How to Minimize Your Cyber Liabilities Kate Mahan Professional Development Administrator

Electronic communications have become an integral part of real estate transactions.

As new electronic trends emerge, so does the potential for fraud and liability. Digital media touches upon many aspects of federal and state regulations, which often become complicated and confusing for agents and brokers to interpret.

In February, RAR Legal Counsel Michael P. Lafayette led a series of member and broker town hall sessions to address liability issues associated with today’s business climate.

In these sessions, Lafayette recommended ways to ensure compliance with federal and state regulations, while remaining protected from fraud and potential liabilities.

CYBER FRAUD Picture this scenario: A hacker sits in front of his computer in an unknown location overseas.

He has already hacked into an unsuspecting real estate agent’s e-mail and has been monitoring the account for weeks. As closing approaches, the hacker uses a stolen identity to e-mail fraudulent wire transfer instructions to representatives of the financial institution. The client’s money is transferred to an overseas bank account, never to be seen again.

Think it can’t happen to you? Cyber Fraud exploded in 2016, and will continue to be a major issue for real estate agents and brokers right here in the Richmond area. Today’s hackers are sophisticated and clever. In a virtual environment, they pose as settlement agents, attorneys, brokers, and clients. They do an amazing job of mimicking e-mail accounts.

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These fraudulent e-mails are difficult to discern.

And today’s hackers have mastered the English language; unlike hackers of the past.

With tens of thousands of dollars missing, finger pointing will occur. And, most likely, the agents and brokers will assume a large share of the liability. Civil liability action can be taken by a client against the agent, broker, or firm to recoup lost funds. Disciplinary action by the Virginia Real Estate Board is a possibility, if the agent is found to have failed to protect the interests of his or her clients by not monitoring their e-mail account. A broker may be disciplined on the grounds of negligent agent supervision.

While there are no fail-safe measures to protect against cyber fraud, the steps on the following page can mitigate liability: RAREALTORS.COM

• Avoid free public domain e-mail accounts.

Hackers go for obvious targets, and most public domain e-mails are easy prey. Instead, use a company domain name (preferably an exchange server) and install a firewall.

• Always examine e-mail addresses sending information. If anything seems suspicious, get on the phone and notify clients and settlement agents immediately.

• Watch out for phishing e-mails that contain embedded links or attachments; even if they appear to come from a trusted source. Delete the e-mail and do not click on any links.

• DO NOT accept a change in wiring instructions via e-mail. PERIOD. Make sure that clients, attorneys, and settlement agents are all on the same page and any wiring instructions are verified by calling the phone number in the file and not in an e-mail.

Special tips to protect Broker liability: Make sure that your Office Policy Manual contains: • Requirements for agent e-mail accounts • Specific procedures to handle wiring instructions and communications *Educate your agents and make sure that they abide by the Office Policy Manual.

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COPYRIGHT LAW All REALTORS® rely on pictures and videos to market properties. There is a significant amount of liability associated with obtaining and utilizing digital images. The Digital Millennium Copyright Act (DMCA) is a federal law that addresses a range of copyright issues (e.g., videos, photographs, drawings, sketches, etc.) that infringe on a thirdparty’s copyrights. When copyright infringements occur, penalties are harsh.

Fortunately, the DMCA Take Down Notice provides a safe harbor to potentially mitigate the liability placed on agents and brokers. Here is how it works: • The agent or broker responsible for maintaining the website must appoint a “designated agent” to receive infringement claims.

• The designated agent must be registered with the US Copyright office (www.copyright.gov).

The cost is $6.

• Display the designated agent contact information on a publicly accessible portion of the website, along with a DMCA website policy, so third parties can report copyright infringement. (See NAR website notice in “Terms of Use” for an example of language to use.)

• If an infringement is reported, take material down immediately and contact a copyright attorney.

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The DMCA safe harbor only applies if there is no actual knowledge of infringement activity.

Copyright infringement committed intentionally will not be covered by the DMCA safe harbor.

Special tips to protect Broker liability: Update Office Policy Manual with procedures to proactively avoid copyright infringement.

• Have agents use the “Work Made for Hire Agreement” or transfer of rights form (available on Instanet) whenever using the services of a professional photographer, videographer, artist, or architect.

• Double check website services (such as Shutter stock) for usage restrictions. Often the website will specify whether purchases are licensed for commercial use. *Educate your agents and make sure that they abide by the Office Policy Manual.

WEBSITE COMPLIANCE UNDER ADA (Americans with Disabilities Act) The Americans with Disabilities Act became law in 1990. This civil rights law protects individuals with disabilities from discrimination in all areas of public life, including jobs, school, transportation, communications, and public places.

Websites are also entering the ADA arena.

There is a current trend in lawsuits from plaintiff attorneys directed toward brokerage firms, agents, and MLSs, claiming a lack of accessibility on websites. The Department of Justice (DOJ) is implementing new rules for website accessibility under the ADA. These rules are expected to become effective in 2018. At that time, all brokers, agents, firms, and MLSs with public websites will be required to adhere to the new rules.

Recent DOJ settlements have deferred to W3C Web Content Accessibility Guidelines (WCAG) 2.0 Standards. WCAG are part of a series of web accessibility guidelines published by the Web Accessibility Initiative (WAI) of the World Wide Web Consortium (W3C), the main international standards organization for the Internet.

Some of the established standards are: • Providing text alternatives or non-text content • Providing captions and other alternatives for multimedia • Making it easier for users to see and hear content • Helping users navigate and find content • Avoiding content that may cause seizures Stay ahead of the compliance curve. Once new laws pass and regulations are promulgated, it is likely that the ADA will no longer provide a safe harbor. Start taking steps toward compliance now: • Talk to your website provider or use a “compliance consultant” to review your website.

• Create your own ADA notice to help resolve issues, before legal action is taken. NAR displays an ADA notice on its website.

Consider incorporating this model language into your website.

SOCIAL MEDIA When the VREB released updated advertising regulations, electronic media advertising received its own set of required disclosures.

Electronic media includes websites, Facebook and other social media, e-mail, texting, mobile communications, etc. The disclosure requirements for electronic media are as follows: Electronic media advertising by FIRM Must be viewable on the main page or not more than one click away* from the main page:

When using social media, prevent liability by avoiding these mistakes: • Mixing business with pleasure. Something as simple as sharing a listing on a “personal” Facebook page requires compliance with the VREB and NAR Code of Ethics requirements.

• Violating client confidentiality. Discussing client information online, even in a closed user group, is a violation of the Code of Virginia.

• Providing false and/or information to prospective buyers and sellers online.

• Disparaging people and other REALTORS® on social media.

Special tips to protect Broker liability: Update Office Policy Manual.

• Detail the company procedures regarding the use of social networking, websites and online communications.

• Require compliance with the VREB online advertising regulations.

In addition, brokers need to ensure that all agents have the required information in their e-signature. If an agent is not compliant, brokers can be found by the VREB to be negligent of sufficient supervision. *Educate your agents and make sure that they abide by the Office Policy Manual.

BROKER OFFICE POLICY MANUAL WORKSHOP Monday, October 16, 2017 8:30AM-12:30PM Instructor: Michael Lafayette, Esq. Credit: CE 4hrs Broker Management RAR Member Fee: $150 All VA real estate firms are required to have a written policies and procedures manual.

This includes sole proprietorships and referral companies. This four-hour workshop covers all required policies set forth in the DPOR Rules and Regulations.

A model office policy manual, created by Michael Lafayette, will be used during the workshop. Working with this sample manual, brokers will be able to create customized content for their individual practices. All class attendees will receive an electronic version of the sample manual at the completion of the class**.

This popular workshop is only offered once each year. Register now and reserve a spot! **Previous class attendees may re-take the class and receive an updated version of the sample manual for the reduced rate of $75.

1. Firm’s licensed name 2. City and state in which the firm’s main or

branch office is located 3. State of licensure**

Call 804-422-5000 to register at the reduced rate.

Electronic media advertising by LICENSEE Must be viewable on the main page or not more than one click away* from the main page:

Register online at RARealtors.com/education or call 804-422-5000.

1. Licensee’s name 2. Firm’s licensed name 3. City and state in which the licensee’s place

of business is located

RAR Education policies are available at RARealtors.com/education.

4. State of licensure** *Non-main pages must either contain the required information on each online page OR link to the Home page where the required information is displayed. **NAR Code of Ethics require that state of licensure is included on all websites.

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REGISTRATION Register online at RARealtors.com/education or call 804-422-5000.

2017 CLASS FEATURES

RAR education policies are available at RARealtors.com/education.

NEW ABR® ELECTIVE

REAL ESTATE INVESTMENT

REAL ESTATE NEGOTIATION EXPERT (2-DAY COURSE) CE credits: 2 hrs Ethics and 3 hrs Real Estate related PLE credits: 2 hrs Current Industry Trends

BUILD YOUR BUSINESS REPRESENTING INVESTORS AND BECOMING ONE YOURSELF CE/PLE/BCE: Credits Pending

Instructor: Joshua Romano Monday, May 1, 2017 | 9AM-5PM

Instructor: Matthew Rathbun, ABR®, GRI®, CRB, CRS® Wednesday, September 13, 2017 | 9AM-5PM Thursday, September 14, 2017 | 9AM-5PM

Early Registration through April 17, 2017: $95 Registration after April 17, 2017: $110 Non-Member Registration: $110

Early Registration through August 30, 2017: $225 Registration after August 30, 2017: $260 The two-day Real Estate Negotiation Expert (RENE) certification is for real estate professionals who want to sharpen their negotiation skills. The RENE certification program gives REALTORS® the tips and tools they need to be skillful advocates for their clients. This course is also recognized as both an ABR and SRS elective course.

Expand your business services and boost your bottom line with this one-day course that examines the fundamentals of real estate investment.

After completing this course, you will be able to: • Use new skills to serve clients who want to invest in single family homes, condos, townhomes, and small multifamily properties.

DAY 1: POWER NEGOTIATOR’S PLAY BOOK

Instructor Matthew Rathbun will examine a full spectrum of tips, tools and techniques necessary to provide effective results for your client.

• Work with investors as they set goals, evaluate and acquire properties, as well as manage them.

The following topics will be covered:

• Become a real estate investor yourself.

• • • • • •

When and how to negotiate How to craft a plan/strategy for any negotiation Recognizing patterns and tactics Adjusting your communication style to achieve optimum results Utilizing the principles of persuasion Effectively negotiating face-to-face, by phone, e-mail and other media

DAY 2: ADVANCED FIELD NEGOTIATIONS

On day two, students will focus on real-world field scenarios and apply the power tools, techniques and tactics learned on day one.

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P R OF E S S I O N A L DEV ELOPMENT

BROKER PRE-LICENSURE FAST TRACK PROGRAM 45 HOURS OF PRE-LICENSING CREDIT PER COURSE

BROKER LAW

Instructor: Pat Turner

Early Registration through June 26, 2017: $300 Registration after June 26, 2017: $325

Thursday | June 1

9 AM – 5 PM

Monday | July 10

9 AM – 5 PM

Monday | June 5

1 PM – 4:30 PM

Wednesday | July 12

1 PM – 4:30 PM

Tuesday | June 6

1 PM – 4:30 PM

Thursday | July 13

1 PM – 4:30 PM

Thursday | June 8

9 AM – 12:30 PM

Monday | July 17

1 PM – 4:30 PM

Monday | June 12

9 AM – 12:30 PM

Thursday | July 20

1 PM – 4:30 PM

BROKER PROPERTY MANAGEMENT

REAL ESTATE BROKERAGE

Early Registration through June 5, 2017: $300 Registration after June 5, 2017: $325

Early Registration through July 24, 2017: $300 Registration after July 24, 2017: $325

Instructor: Duke Dodson

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RAR education policies are available at RARealtors.com/education.

BROKER APPRAISAL

SM

Registration through May 18, 2017: $300 Registration after May 18, 2017: $325

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Register online at RARealtors.com/education or call 804-422-5000.

FINISH YOUR BROKER LICENSE CLASSES IN 2017

Instructor: Donna Procise, ABR®, ABRM , GRI®, SFR® Early

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REGISTRATION

These condensed courses are ideal for busy real estate professionals who are ready to complete the Virginia Real Estate Broker education requirements. Save time and money, through a combination of home study and classroom instruction. Don’t let time run out. Make 2017 your year to complete Broker Pre-licensure requirements.

Instructor: Donna Procise, ABR®, ABRMSM, GRI®, SFR®

Monday | June 19

9 AM – 5 PM

Monday | August 7

9 AM – 5 PM

Wednesday | June 21

9 AM – 12:30 PM

Tuesday | August 8

1 PM – 4:30 PM

Friday | June 23

9 AM – 12:30 PM

Thursday | August 10

9 AM – 12:30 PM

Monday | June 26

9 AM – 12:30 PM

Monday | August 14

9 AM – 12:30 PM

Wednesday | June 28

1 PM – 4:30 PM

Tuesday | August 15

1 PM – 4:30 PM

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P R OF E S S I O N A L DEV ELOPMENT

REGISTRATION Register online at RARealtors.com/education or call 804-422-5000.

New Biennial Ethics Training Requirement

2017 Ethics Training Class Dates

Peggy Lynch Vice President, Professional Development and Compliance

At its November 2016 meeting, the National Association of REALTORS® Board of Directors approved a change to the NAR Code of Ethics educational requirement frequency. As of January 1, 2017, REALTORS® must now complete a two and a half hour Ethics training class every two years.

The NAR Code of Ethics distinguishes REALTORS® from other real estate licensees. It is recognized by real estate practitioners and the public alike as the industry standard of professionalism.

Here is what you need to know about this new requirement: • All REALTORS® must now complete a two and a half hour, NAR approved Code of Ethics training once every two years—either online, in a classroom, or via self-study education.

• REALTORS® completing such training during any two-year cycle shall not be required to complete additional ethics training (in respect to this requirement) for any other board or association.

• Failure to complete the required periodic Code of Ethics training will be considered a violation of membership duty, the consequence for which is REALTOR® membership suspension until the required training is completed.

The Richmond Association of REALTORS® now offers free NAR Code of Ethics training classes as a member benefit. In addition to satisfying the NAR biennial ethics requirement, these free classes offer three hours of Ethics CE/ PLE credit.

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Friday | May 19

9 AM – 12 PM

Friday | September 22

9 AM – 12 PM

Friday | November 17

9 AM – 12 PM

RAR education policies are available at RARealtors.com/education.

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P R OF E S S I O N A L DEV ELOPMENT

CVR MLS

Coming Soon Status Peggy Lynch Vice President, Professional Development and Compliance

”Coming Soon” has been added as a status option in the CVR MLS Matrix system.

This new status indicates that the listing agent and the seller are preparing the property for sale, but it is not yet ready for marketing and showing. By adding this status, listing agents now have the ability to enter their listing information into the MLS up to 21 days in advance of the listing becoming Active. In turn, buyer agents have the ability to share information about these listings with their clients to give them a better understanding of their home buying options.

Five Things to Know About the New Coming Soon Listing Status: 1. Listings under the Coming Soon status are not pocket listings. Coming Soon listing information is available within Matrix to all CVR MLS subscribers.

2. Only properties with a signed listing agreement and pre-marketing addendum may be entered under Coming Soon status.

3. Listings may not be shown while under the Coming Soon status. If a Seller decides to allow showings prior to the Expected On Market Date, the listing must be changed to Active status immediately.

The benefits of the Coming Soon status include: • Listing agents have time to prepare a listed property so that it is fully marketable when it goes to Active status.

4. The Coming Soon status will automatically update to Active on the Expected On-Market Date.

• Listing agents are able to share their listings in the MLS with other agents, while finishing touches (such as new paint, flooring, staging etc.) are being completed.

5. Use of the Coming Soon listing status is limited to 21 days. After 21 days have passed, the listing status will change to Active automatically. If additional time is needed, the listing should be placed in the Temp Withdrawn listing status.

• Days on Market (DOM) do not accrue while a listing is under the Coming Soon listing status.

• All Coming Soon listings have an Expected On-Market date, which allows CVR MLS subscribers and their clients to make informed purchases based on the homes currently on the market, as well as future listings.

The CVR MLS Premarketing Addendum can be found on Instanet. If you have questions concerning Coming Soon, there is a list of frequently asked questions under the External Links widget on your Matrix homepage. You may also call 422-5000 for additional assistance.

• Listings are viewable in Matrix to CVR MLS subscribers only. Consumers will only have access to information about these listings by working with a CVR MLS subscriber.

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G OV E R N MENT A F FA I R S

The first REALTOR® bill pertained to the transfer of security deposits, allowing a property manager to transfer a security deposit to a property owner with a simple notification to the tenant. In the past, a property manager was required to obtain written consent from all parties. This makes it easier for our members who manage property to do their jobs.

The second bill codified what was common practice among property managers. Upon the foreclosure of a rental property, this bill allows the tenant to continue paying rent to the property manager. It also allows the property management agreement to continue on a month-to-month basis.

2017 GENERAL ASSEMBLY RECAP Jo Gehlbach, Government Affairs Coordinator

While the 2017 General Assembly Session only lasted forty-five days, legislators reviewed over 2500 bills and hammered out a budget. In the flurry of activity, this also meant that your peers serving on the Public Policy Committee and the REALTORS® Government Affairs team also reviewed those bills, searching for items that would enhance your ability to do business and working to stop bills that would be detrimental to you and your clients. The REALTORS® introduced four bills this year. All passed easily through both chambers and, as of press time, two have been signed and three are awaiting the signature of Governor McAuliffe.

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Every year, we make technical amendments to the Property and Condo Owner Association Acts. This year, we prohibited associations from prohibiting or limiting “For Sale” signs that comply with the Virginia Real Estate Board regulations. Additionally, the bill forbids associations to stipulate a formal power of attorney when a real estate licensee is representing their client before the association.

Another element of this bill, perhaps the most substantive, creates a $1000 fine for associations that fail to deliver a disclosure packet within the 14-day requirement.

conservation easements and community development authorities. It also allows for electronic delivery of the form to the buyer.

We played a fair amount of defense this year, as well. The REALTORS® actively opposed fifteen bills, and all fifteen were defeated or amended. In addition to stopping bills, we work with legislators and stakeholders to amend bills that could potentially be harmful. For example, in debates regarding short-term rental legislation, we successfully created a carve-out for real estate licensees, so that our members can continue the responsible leasing of properties without being penalized by the rising popularity of platforms like Airbnb.

If you have any questions about the 2017 General Assembly session, or have an issue you think could be solved by legislative or regulatory means, please email Jo Gehlbach at jgehlbach@rarealtors.com.

The final bill is a consumer protection bill that renames the “red-flag” disclosure statement the “buyer to beware” statement; since the form encourages a buyer to inquire about the listed conditions, but does not disclose information specific to the property. The bill also adds language to the statement regarding

RAREALTORS.COM

2017, ISSUE 1

LISTED MAGAZINE

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G OV E R N MENT A F FA I R S

RPAC 2016 DONORS LIST ADDENDUM

GOVERNOR’S CLUB $500

The following members represent the 2016 Real Estate Elite who contributed after the December Issue of Listed’s 10/11/16 press date or are corrections from the original printing.

STERLING R $1,000 Jennie Barrett Shaw Joyner Fine Properties

Sandy Owens RE/MAX Commonwealth

CAPITAL INSIDER $250 Daniel Salomonsky Heather Valentine Valentine Properties

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LISTED MAGAZINE

2017, ISSUE 1

Jim Brooks

Town & Country Sales and Management

Blake Eudailey

Certified Appraisals LLC

Real Living Eudailey Real Estate

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