August 2011

Volume 6, Issue 3

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L I S T ED 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 ®

RAR–A Sound Return on Investment INSIDE: • InstanetTM Online Tools • Mobile MLS Upgrade • AHAW 2011 • 2011 Real Estate Trends Conference • New Forms and Regulatory Updates

From the

President Cheryl Hamm

A Rock Solid Return on Investment

Day in and day out, in ways large and small, we don’t simply want positive returns on our investments, we expect them. If I purchase an expensive suit, I expect it to last for many years (assuming I keep up my exercise routine). If I’m willing to offer up good money for dinner, I expect excellent service and fantastic food.

When I invest in the stock market or purchase real estate, I expect the values—over time-- to rise.

The same principle applies to RAR. When I invest my hard earned money in membership dues, I expect to receive exceedingly valuable programs, products, and services that facilitate my daily business practices, enhance my professionalism, and protect the future of the real estate industry. And I expect all of this to be delivered via effective, efficient, exceptional customer service. Fortunately, when it comes to meeting those expectations and providing a healthy return on my investment, RAR really delivers.

In just this year alone, membership in RAR will have provided the following: access to exceptional continuing education classes—both in classroom and online; a free seminar with nationally recognized RESPA expert Phil Schulman; for brokers, a three hour class and a 25 page office policy manual developed by RAR’s legal counsel (imagine paying for that on your own); a chance to hear from Majority Leader Eric Cantor, political commentator, Dr. Larry Sabato, and Dr. Lawrence Yun, NAR’s Chief Economist. In addition, RAR offers endless opportunities to network—from the Distinguished Achiever reception to our fall TRENDS conference; from quarterly membership meetings and Broker Town Halls to specialized programming for Appraisers, Commercial Practitioners, and Property Management professionals.

Moreover, RAR’s various communications—Twitter, Facebook, weekly eNewsletters, monthly market statistical updates, and the quarterly publication of Listed—are all designed to keep members abreast of the latest industry news. And if ever you or your firm needs to avail yourself of RAR’s Code of Ethics enforcement or Mediation and Arbitration services, exceedingly knowledgeable staff are available to guide you through these processes.

Of course, much of what RAR does for us, it does outside the walls of the Association. The leadership and staff of the Richmond Association of REALTORS® are widely recognized within our region as leading experts on the state of the housing market, local land use policies, and affordable housing initiatives. Whether offering commentary in the newspaper, speaking to a local rotary chapter, or making a presentation to City Council, RAR seeks continually to represent REALTORS® and the real estate profession in the most positive, productive light. In addition, RAR’s lobbyists routinely join forces with VAR and NAR lobbyists to defeat legislation that endangers our livelihood or the private property rights of our clients.

While most of us rarely think about what we’re getting in return for our dues dollars, we know that the benefits far outweigh the costs. In this issue of Listed, we’re highlighting those benefits of membership; because it never hurts to be reminded—and it always feels good to know—that when it comes to RAR, each of us is making a wise investment.

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L I S T ED Contents

Volume 6, Issue 3 2011

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Listed Magazine is published quarterly

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by the Richmond Association of REALTORS , ®

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8975 Three Chopt Road, Richmond, VA 23229 Editor-in-Chief Karen J. Treanor

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Director of Communications and Marketing Managing Editor Kate Loveluck

FEATURE

Communications & Marketing Coordinator

RAR Membership What’s in it for you? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Advertising & Sponsorship Lisa Garcia (804) 422-5009 marketing@RARealtors.com

D E PA R T M E N T S Printing & Production

Association News

Proforma Graphic Information Services

Trends Conference, RPAC Donor Reception, GRI grads . . . . . . . . . . . .

4 Graphic Design Sattler Creative

Technology Rootkits What to do about them

.......................................

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The publisher does not endorse advertised products unless specifically stated and reserves the right to reject

CVR MLS Instanet

TM

Online Tools . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Mobile MLS Upgrade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

CVR MLS Training Schedule September - November . . . . . . . . . . . . . . . . . . . . .

any advertisements at any time. Any questions about

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advertising policy should be directed to the Managing Editor or the Director of Communications and Marketing.

REALTOR® members pay annual dues with a one-year subscription included within their dues. Sponsor and

Government Affairs Political Awareness What’s at stake this year . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Affordable Housing Awareness Week 2011 . . . . . . . . . . . . . . . . . . . . . . 14

Professional Development 2011 Real Estate Trends Conference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

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 2011. Richmond Association of REALTORS .

New Forms and Regulatory Updates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

All Rights Reserved. Articles of information from the

RESPA Reform with Phil Schulman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

magazine may not be reprinted without the permission

Education Calendar September - November . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

of the Richmond Association of REALTORS®.

Postmaster: Please send change of address to

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Meet The Board of Directors

Listed Magazine, Richmond Association of REALTORS ,

John Finn and Mark Joyner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

8975 Three Chopt Road, Richmond, VA 23229

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ASSOCIATION NEWS 2011 Real Estate Trends Conference October 19, 2011 2:30pm – 5:30pm RAR’s biennial Economic Trends event will feature speakers Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of REALTORS® and Larry Sabato, Political Analyst and Director of the University of Virginia Center for Politics. This half-day seminar includes a discussion on a variety of topics, such as the current and future state of the housing market, buyer/seller trends, economic development trends and the state of the political environment.

REGISTER EARLY TO SAVE! Sign up by September 30 to save $5.00 off the cost of admission. See more details on page 25.

RPAC Donor Reception Wednesday, October 19, 5:30p.m. - 8:30p.m.

RAR’s RPAC recognition and legislative appreciation event will take place at the Virginia Museum of Fine Arts immediately following the RAR Real Estate Trends Conference. Those that have contributed $99 or more to RPAC before October 1, will be admitted free of charge to the RPAC recognition reception.

Those who contribute $250 or more will be invited to attend a private dinner with local and state elected officials following the reception.

2011 RAR Leadership

Cheryl Hamm

Scott Ruth

Karen Smith

Linda Staples Terry

2011 President

2011 President-Elect

2011 Immediate Past President

2011 Vice President

Directors Richard Bower Dawn Bradley Nancy Cheely Amy Enoch John Finn Woody Hogg

Tom Innes Wayne Johnson, Jr. Lummie Jones Mark Joyner Jean Longest Bill White

Upcoming Dues Payment Deadlines Billing Description 4th Quarter MLS Fees 2012 REALTOR® Dues (RAR, VAR & NAR)

Date Posted September 1 October 1

Date Due September 30 November 30

The GRI, Graduate REALTOR® Institute, designation is the most recognized and respected professional designation available to real estate professionals nationwide. REALTORS® who have earned the GRI designation demonstrate the commitment to provide a high level of professional services by securing a strong educational foundation. Congratulations to the above RAR Members who recently completed their GRI Designation. To view the upcoming schedule of GRI classes, visit www.RARealtors.com and look for Earn a designation.

RAR & CVRMLS Holiday Schedule The RAR and CVRMLS offices will be closed on the following holidays:

Useful URL’s

Labor Day – September 5, 2011 Thanksgiving – November 25 & 26, 2011 Christmas – December 23 & 26, 2011

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Justin Toney

Mary Ann Vencill

Mike Weeks

RAR Home Page www.RARealtors.com

RAR Government Affairs www.RARealtors.com/members/government/default.aspx

Virginia Real Estate Board www.state.va.us/dpor/reb_main.htm

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

Grassroots Action Center www.RARealtors.com/members/government/votervoice.aspx

Virginia Association of REALTORS® www.varealtor.com

CVR MLS Rules and Regulations http://cvrmls.myismart.com

The Real Estate School www.RARealtors.com/members/education/default.aspx

Local Home Search www.REsourceHome.com

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Technology/Tip

By Mark Luck, Director of Information Technology

5 Tips to Protect Your PC How can PC owners better protect themselves against this threat?

ROOTKITS What to do About Them

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any different threats are present while connected to the internet, such as viruses that spread via email or Malware that can be installed simply by visiting a website. With so many different terms, and long and complicated definitions, it’s easy to see why people throw their hands up in frustration when dealing with complications caused by one of these attacks. This article provides a brief overview of one of the more dangerous threats around – the rootkit.

A rootkit is a software program that can be installed and remain hidden on a computer without the owner’s knowledge.

This software is not always used maliciously; it is also commonly used by law enforcement agencies and parental control or “nanny- type” programs to monitor a user’s activity without their knowledge. The fact that the rootkit can hide itself from a user’s anti-virus software, however, makes it difficult to detect, and challenging to remove completely.

When used maliciously, a rootkit gives a hacker control to monitor a user’s activities and steal passwords or credit card and banking information. When infected, any activity conducted by the user while online could be monitored remotely, which makes rootkits excellent tools for law enforcement, but extremely dangerous when used by criminals.

Rootkits can be installed by visiting a website that has been compromised or set up to deploy the software, or they can be picked up by simply mousing over advertisements on sites.

How does a rootkit get installed on a PC? Like other threats, there are many different methods of installation. They can be installed by visiting a website that has been set up to deploy the software, or they can be picked up by simply mousing over an advertisement on a compromised site. Users also unwittingly install them under the false premise of downloading anti-virus software, which can actually contain a rootkit. One can be embedded in that “must watch” funny video that everyone passes on to all their friends. They are also frequently bundled inside software programs that have a legitimate use, such as a free game download. w w w. R A R e a l t o r s . c o m

1) Make sure anti-virus software remains updated. New viruses are released daily, so it’s critical that PC users don’t allow antivirus subscriptions to expire and that updates to the software are made daily.

2) Use additional malware protection alongside anti-virus software. A very good service with a free option is MalwareBytes, which can be downloaded from www.Malwarebytes.org.

3) Always keep your Windows PC up to date by installing Windows Updates. These can be set to update automatically by going to Start > Control Panel > Windows Updates. Be sure to update Java, Adobe Reader and Adobe Flash as well. Many users receive update notifications and simply choose to ignore them.

As a tip, most software updates pop up in a system tray in the bottom right corner of the monitor. Read these messages and get familiar with the icon that appears. Don’t procrastinate with updates. If it isn’t convenient to make the update as the reminder appears, plan time to do it later in the day. This 15 minute process could save you a lot of time and money in the long run.

4) Always pay close attention to what is opened and installed on your computer. Don’t just absently click at every pop up notification that appears when surfing the web. Know the name of the legitimate anti-virus software used on your PC. When surfing the web, a pop up may appear saying a virus has been detected. These often look real, but could be fake. Remember, that the only anti-virus software that will be scanning a computer is the originally installed software. If the name is not the same as what is on your computer, it’s not a legitimate message.

5) While email threats are becoming less common, pay attention to the sender and watch for subject lines that make messages tempting to open. As always, never follow links in anonymous emails, or anything that is questionable.

If your PC appears to be infected with a rootkit, take it to a qualified technician for inspection and repair. In many cases it may be necessary to completely reinstall the operating system to ensure removal.

While the internet has many threats, its uses far outweigh them. With a little knowledge of what these threats are and how they work, users will be better prepared to handle them when they appear. L L I S T ED • 2 0 11 I S S U E 3

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CVR MLS

Instanet Solutions ™

By Kate Loveluck, Communications & Marketing Coordinator

A Family of Online Document Management Tools The capabilities of the Instanet™ Solutions arsenal of tools have been expanded a great deal this year, taking online document management and storage to a new level. With the addition of two new products to compliment the Instanet Forms™ application, a complete family of online document management tools was created and they all work together to increase transaction efficiencies for all CVRMLS users.

Instanet Forms™, the flagship of the Instanet Solutions Transaction Desk, is a fully web based form management tool that allows forms to be downloaded, distributed between parties, interactively negotiated and tracked online. Using this electronic forms application saves time and paper.

The second tool in the arsenal of Instanet products is DocBox™, an online document storage solution that allows access to all important transaction documents anytime, anywhere, with unlimited storage and the capacity to upload, fax and/or email those documents on a local PC. DocBox-to-Go™ makes all these tasks possible from a web-enabled smartphone.

Mid-way through the year, the secure browser based online document signing service, Authentisign™, was introduced to CVRMLS members and joined the lineup of available Instanet™ Solutions tools.

Authentisign™ allows multiple parties to participate in transactions and sign documents online. It allows users to control and monitor every step of the signing process by providing postmarks, and it offers tamper protection and complete document history.

Each of these tools individually offer tremendous time savings; combined they can make you a productivity powerhouse! Specialized training for agents and brokers is offered frequently at RAR, free of charge. To take advantage of all of these general member benefits and become familiar with their functionality, view the CVRMLS Training schedule (page 8) for upcoming training dates. L

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Mobile MLS Upgrade New and Improved Resource for REALTORS® On the Go

By Kate Loveluck, Communications & Marketing Coordinator

CVRMLS’ Mobile MLS recently received a bit of a makeover.

At first glance, it is apparent that the new user interface is sleeker, more advanced and very user-friendly, but the new capabilities that come with this upgrade surpass all aesthetic improvements.

What Can It Do? Adapt. The new Mobile MLS senses which wireless device is being used to access it and it automatically adjusts to that specific device.

Who Can Use It? Mobile MLS is included with quarterly dues and is a general member benefit available to all CVRMLS subscribers. During the first week of its launch, nearly 500 members registered to take advantage of this valuable member resource.

How to Register 5 simple steps to register:

Email Flyers. It can email professionally branded property flyers to clients while on the go.

Show Your Listings. Access your own active listings in just one click. If you receive a call from a client asking about one of your listings, it’s simple to quickly pull up the information and email a branded property flyer without even hanging up the phone.

Provide In-Depth Information. The new Mobile MLS provides more than just basic property information. In-depth information is now available and includes estimated monthly payments and a Walk Score® that measures the walking distance to landmarks in the vicinity.

Step 1: Login to Tempo and click on the “Get Mobile MLS” link from the sidebar menu or go to http://mobile.cvrmls.com/reg and click on the red Not Registered button.

Step 2: Enter your MLS credentials to verify membership. Note: Passwords are now case sensitive. If an incorrect password is used, an error message will appear.

Step 3: Once the correct MLS credentials are entered, credentials for logging into Mobile MLS (Kurio®) will be requested.

The same user name and password used for Tempo® can be used, or you can choose something new. The user name selected must be unique. You will not be permitted to choose a user name that has already been claimed by another agent.

Show Daily Market Updates. Get a snapshot of what’s going on in the market each day, such as new listings, price reductions and upcoming open houses.

Step 4: Click Continue to go directly to the Mobile MLS dashboard greeting page. You’ve successfully created your account!

Follow You. Have you ever been out showing a home and had a client ask what else is listed nearby? Using GPS, the new Mobile MLS tracks where you are and shows other listings in the neighborhood.

Step 5: Save the link to Mobile MLS to your device.

Instructions on how to create a shortcut on the most popular mobile devices can be found at www.kurio.com/getting-started /create-a-shortcut-to-kurio.

Find a Fellow REALTOR®. Search an office roster and agent contact information and access convenient hyperlinks, which allow you to instantly initiate a phone call or email from within the record.

If you have questions, please contact CVRMLS between 8:30am and 5:00pm EST at 804.422.5004 or Kurio® Support between 11:00am and 8:00pm EST at 1.888.WE.KURIO (1.888.935.8746). L

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September - November 2011

MLS Training Schedule SEPTEMBER 7

Commercial Division Quarterly Networking Event 8:30am-10:30am

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Prospecting and Contact Management

9am-12pm

14

Instanet Solutions Classroom Training

1pm-4pm

19

Instanet Solutions Hands-on Principal/

1pm-4pm

Managing Brokers 21

Digital Cameras and MLS Photography

9am-11am

22

Instanet Solutions Hands-on for Agents

1pm-4pm

26

RE/Stats Navigator

9am-11am

26

CVRMLS Rules & Regulations-What Every

1pm-3pm

Broker & Agent Needs to Know 28

Instanet Solutions Classroom Training

1pm-4pm

OCTOBER 10

Top 10 Tempo Tips

1pm-3pm

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Instanet Solutions Hands-on Principal/

9am-12pm

Managing Brokers 21

Report Manager Workshop

8:30am-12pm

25

CMA Price it Right

1pm-4pm

31

Tempo - Jumpstart

9am-11am

31

RE/Stats Navigator

1pm-3pm

NOVEMBER 8

Prospecting and Contact Management

1pm-4pm

14

MLS Marketing

9am-11am

14

Digital Cameras and MLS Photography

1pm-3pm

22 30 30

MLS for Appraisers Commercial & CIE Workshop iMapp/Tax Records

9am-12pm 9am-11am 1pm-3pm

To register, call the Education Department at 804-422-5016 or log onto www.RARealtors.com and click on "Education”

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rbiSTATS Offers Intuitive & User-Friendly Market Snapshot New CVRMLS Tool is Coming Soon!

In September, another powerful new tool is coming to CVRMLS that will allow members to view local market statistics quickly and easily through charts, graphs, maps and metrics. rbiStats provides an online visualization of a wide variety of segmented market trends that can be viewed and compared in a number of different ways, making it one of the most intuitive real estate business intelligence tools on the market.

CVRMLS Market Statistics, Graphs and Charts An inventory of static graphs and charts will be available to print and share from CVRMLS or your site, which will include data such as: • Median Sold Price, Average DOM, Total Sales • Pending Sales vs. Active Sales • Average vs. Median Sales Price • Average Days on Market • Historical Inventory vs. Sales Training on this new useful tool will be available at RAR soon, free of charge, for all CVRMLS members. Come learn about the benefits of this new product, how to interpret the market data and how simple it can be to instantly display data-rich, visually-appealing market stats on your website. Visit www.RARealtors.com to find upcoming rbiSTATS training sessions.

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RAR Membership: What’s in it for You? Benefits and Returns on Your Annual Investment

By Karen J. Treanor, Director of Communications and Marketing

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embership in any organization typically has a price tag attached to it; but as an eligible member of the Richmond Association of REALTORS®, you qualify for benefits and cost savings that offer far-reaching rewards across many aspects of your business.

Your membership means that you belong to an organization that labors tirelessly to advance the knowledge, prominence and protection of REALTORS® and the real estate industry.

The Association works with you and for you to protect your interests as a real estate professional.

It also helps support your business by providing valuable services that ensure you are successful in your chosen profession.

The Richmond Association of REALTORS® Three Chopt Road facility serves many walk-in visitors each month. Every member that visits the Association has access to a full array of tangible benefits, such as the use of the lecture halls and computer labs, and the comforts and amenities available in the Cyber Café and member lounge, including wireless computer access and the gourmet coffee station. Members also have a knowledgeable and professionally-trained Association staff available to them to serve not only walk-in traffic, but thousands of members each and every day through phone and email support.

What other benefits does affiliation with this large, powerful network include? Here’s a breakdown of what a typical one year membership consists of: EDUCATION & EVENTS

Advocacy You Can Depend On

by the Numbers

Your Association membership supports advocacy efforts that champion the ideals and principals of REALTORS® by:

On an average quarterly basis RAR Members have the option to choose from:

50 CE/PL Classes 30 Online RAR Classes through the CE Shop

• Monitoring legislative issues affecting the home buying and selling public • Promoting calls to action that protect the real estate industry • Collecting RPAC contributions that support candidates and policies that help make your business more successful • Participating in lobbying and grass roots activities to get the REALTOR® message across • Providing for educational legislative events, such as the REALTOR® Day on the Hill outing and the Housing Symposium with Majority Leader Eric Cantor

15-20 MLS Classes

Education You Can Grow From

and/or Skill Building Workshops

Your Association membership affords you a competitive edge over other practitioners because it provides career development through Continuing Education and Online Classes offered at reduced or no cost to members such as:

3 Designation Classes 2-3 Special Education Offerings such as Commercial, Property Management or Appraisal

1 Membership Meeting 1 Member-wide Networking Event

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• Nationally recognized industry speakers and legal experts like Steve Harney & Phil Shulman • Market specific real estate business resources on timely topics • Workshops that help you navigate ethical issues that affect the industry • Seminars that help members advance themselves and improve the service they provide to clients • Day and evening classes designed to fit your busy schedule • A full day of CE at biennial REALTORfest®, with included meals and a cocktail hour • A day of economic and political updates related to the industry, presented by nationally recognized experts at the biennial Trends Conference

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Richmond Association of REALTORS® Value Summary of Member Programs and Services Services You Can Rely On

Annual Dues = $150 $150 / 12 months = $12.50 / month

Your Association membership affords you access to services that help to mitigate risks accompanying the profession, including:

Member Program/Service

• Risk Reduction Seminars • Code of Ethics Enforcement • Mediation and Arbitration Services

The Real Estate School • Access to quality in classroom and online CE/PL offerings

Information You Can Learn From Your Association membership delivers the latest Association & real estate industry news via: • Quarterly Membership Meetings for agents and brokers • Personal weekly and monthly eNews communications • Facebook and Twitter Updates • Listed Magazine, mailed to your home containing in-depth coverage of important industry and Association news • Market Statistics and updates provided on a monthly and quarterly basis • Scheduled staff visits to offices to present on timely topics • Public relations efforts that include press releases, interviews and media outreach

A Future You Can Count On Your Association membership offers access to a large, powerful network that can help guide you towards a bright and successful future through: • Opportunities to earn designations • Growing the next generation of leaders in the Leadership Development Academy • Providing opportunities for individuals that want to get personally involved through: Networking events Association Committees Young Professionals Network Community Service Activities In short, the return on investment of your RAR membership far exceeds the cost. Not only does it bring with it the privilege of using and wearing the REALTOR® trademark, it provides access to a large powerful network of constant support and guidance, greater standards of learning, and a wealth of resources and opportunities, ultimately helping to ensure career success.

Investment in Membership = Success! L

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Educational Offerings • Quarterly Membership Meetings for agents and brokers Professional Development & Risk Management • Standard real estate forms that protect you in the field • Code of Ethics Enforcement & Mediation and Arbitration Services • Salesperson and Broker Pre-Licensure Classes Opportunities to Hear National Speakers and Industry Experts • Phil Shulman • Larry Sabato • Lawrence Yun Legislative Initiatives Advocacy Efforts • A strong voice that represents your political interests, saving you money in real estate license fees • Day on the Hill Bus Tour & Luncheon • Housing Symposium with Eric Cantor Annual Events • RealtorFest® or Trends Conference offering CE Awards • Distinguished Achievers Reception Installation Reception Leadership Development Academy Marketing, Public Relations and Communications • An annual advertising campaign promoting homeownership and the use of a REALTOR® REALTOR® Store Onsite • A store with a wide array of products for the right price Other • Use of Association Facilities • Free online bill payment service • Easy, accessible service in person, online or by phone • Networking with Peers • Sponsor Discount Opportunities

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G O V E R N M E N T A F FA I R S

An Important Year for Political Awareness What’s at Stake This Year and How to Make a Difference

By Elizabeth Hancock Greenfield, Director of Government Affairs

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lected officials in Washington D.C., the General Assembly, County Boards of Supervisors and City Councils make decisions that affect the real estate industry, REALTOR® productivity, and the clients that REALTORS® represent.

Current Federal Legislative and Regulatory Issues Currently, there are several proposals at the Federal level that, if passed into law, could bring the housing market to a screeching halt. The critical issues being debated by Congress and federal regulatory bodies are: Elimination or Decrease in the Mortgage Interest Deduction President Obama’s Deficit Reduction Commission and a bi-partisan coalition of Senators introduced proposals to eliminate or reduce the mortgage interest deduction. According to NAR’s research, more than 75% of all homeowners utilize the deduction over the time period they own their home.

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Mandating a 20% Down Payment to be Eligible for a Qualified Residential Mortgage (QRM) A proposal before regulators would require a minimum 20 percent down payment on all residential transactions. Such a rule would put home ownership out of reach for middle-income Americans.According to calculations by the Center for Responsible Lending, if a household earning the median annual income of $47,777 (based on the latest data from the Census Bureau) did nothing but save for a 10 percent down payment plus 5 percent in closing costs, it would take 13 years to accumulate enough money (assuming the borrower had saved about 5 percent of their after-tax income) to buy a home with a U.S. median sales price of $173,333.

Restructuring of Fannie Mae and Freddie Mac Several proposals are on the table to restructure, or possibly eliminate, Fannie Mae and Freddie Mac - the Government Sponsored Enterprises, or GSEs. The National Association of REALTORS® has reached out to members and urged them to send a message to Congress addressing this important issue, stating, w w w. R A R e a l t o r s . c o m

“The GSEs remain critical to ensuring mortgage market liquidity.

Currently, estimates of GSE loan volume range as high as two-thirds of mortgage loans. Elimination of the GSEs, without a viable replacement for their secondary mortgage market mission, will mean severely restricted mortgage capital and higher costs for qualified, creditworthy borrowers.”

Decreasing Mortgage Loan Limits On October 1, 2011, the mortgage loan limits for FHA and the GSEs will decrease, lessening the availability of mortgage credit for hundreds of thousands of responsible and credit-worthy American families. Private investors have not yet returned to the housing market, and FHA and GSE mortgages together continue to constitute the vast majority of home financing available today, which makes it essential to extend the current limits.

“

Currently, there are several proposals at the Federal level that, if passed into law, could bring the housing market to a screeching halt.

Current State and Local Issues

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At the state and local level, elected officials look to the housing industry to pay for road and infrastructure costs. Each year, attempts are made by the General Assembly to increase transfer taxes – taxes paid on the transfer of real estate – in order to generate new money for transportation. At the local level, localities look to increased cash proffers – a one time, per-home fee paid by the builder and then passed on to the home buyer – to pay for infrastructure associated with new home development. Cash proffers can run as high as $18,000 in some jurisdictions in the area and clearly diminish the supply of affordable, workforce housing.

Invest In Your Future Today When considering whether to make an RPAC contribution, ask yourself whether you could do your business if: • Congress eliminates the Mortgage Interest Deduction?

• Federal regulations mandate a 20% down payment to be eligible for a Qualified Residential Mortgage (QRM)?

• State legislators increase the Grantor's tax, the tax paid by the seller at closing?

The REALTORS® Political Action Committee (RPAC) is fighting to protect the livelihood of REALTORS® on these issues and others.

To assist in these efforts, please log into www.RARealtors.com and click on Account Manager to make a $99 Fair Share RPAC investment. If $99 is not feasible, please consider making a $50 or $25 dollar contribution. Any and all contributions help RPAC continue its mission. L w w w. R A R e a l t o r s . c o m

RAR would like to offer a special thank you to several REALTORS® who have joined the Real Estate Elite. New RPAC major donors for 2011 include:

Sterling R $1,000

Katy Allenbaugh-Richards

Nathan Hughes

Jody Korman

Karen Smith

Governor’s Club $500

David Adams

Capitol Insider $250

Dawn Bradley

Pam Davis

John Daylor

Dara Friedlander

Wayne Gauthier

Jeffrey Huff

Jim Napier

Scott Ruth

Paige Shaheen

Sue Tepper

“I contribute to RPAC because I see it as the backbone that advocates for the conditions and policies which assist in keeping the Real Estate business vibrant. It helps facilitate how we do our jobs and influences the electoral and policy outcomes of our legislature.” – Pam Davis, Long and Foster REALTORS® “RPAC is important to our industry as a whole. There are certain representatives who want to start eliminating Mortgage Interest Deduction (MID) for homeowners and in our current environment that would be horrible for the housing market.” – Paige Shaheen, Long and Foster REALTORS® “I support RPAC because of the seriousness of what’s happening with Congress, specifically the proposal to repeal the mortgage interest deduction (MID). We have got to invest in our future and work to protect the consumers we represent. A repeal of the MID would seriously harm our industry.”

– Jody Korman, RE/MAX Commonwealth

Contributions made as of July 18, 2011

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Clockwise from top left: Franklin Federal & Community Partner Volunteers at a Better Housing Coalition Property; Henrico, Chesterfield & City of Richmond firemen volunteer at an ElderHomes project; Youth from Peter Paul Development Center wait in line for snowcones at the Building Block Party; REALTOR® Catina Wright helps organize at Habitat's ReStore.

Affordable Housing Awareness Week 2011 Local real estate professionals, staff at the Richmond Association of REALTORS® and many community volunteers rolled up their sleeves and assisted with the joint efforts of 15 housing nonprofits back in April for Affordable Housing Awareness Week. The week, which consists of a wide variety of projects including painting, organizing and landscaping, allows volunteers a chance to learn first-hand about the lack of affordable housing in Richmond. It also helps to advance the common mission of the participating nonprofits. “Our goal is to educate the community on the challenges of finding affordable housing. We discuss the issues and we offer participants an opportunity to be part of the solution. We do this by asking community members to volunteer their time and talent with one of our nonprofit partners at worksites throughout the Richmond region,” said Channy Franko, Program Director of the Partnership for Housing Affordability.

“Once they have a chance to participate, many choose to stay involved to help solve the problem.” To celebrate all the successful efforts of the week, a “Building Block Party” was held on Friday, April 29 at the Peter Paul Development Center. The family friendly celebration included food and entertainment for everyone in attendance. L

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Kelly King Horne (middle), Executive Director of Homeward, presents Lynn Bivens (left) and Channy Franko (right) with their awards

Affordable Housing Awareness Week Coordinators Recognized Channy Franko and Lynn Bivens of the Partnership for Housing Affordability, a non-profit affiliate of the Richmond Association of REALTORSÂŽ, were recently honored with Outstanding Board Member/Volunteer awards for 2011 at the Regional Conference on Best Practices to Prevent and End Homelessness. The award is given each year to volunteer or non-profit board members that have demonstrated a commitment to innovative and creative approaches that address the needs of people experiencing homelessness.

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PROFESSIONAL DEVELOPMENT Every other year, the Richmond Association of REALTORS® hosts a member conference on current real estate trends and market predictions, which features some of the most insightful and knowledgeable experts around.

This conference covers current events and helps to shed some light on statistical data and other market research.

This year, RAR has selected two guest speakers who will share their expertise on economic trends and politics as they relate to the real estate industry.

Make plans to attend. Participation in this general member event is your chance to walk away with the benefit of a greater understanding of political and economic factors that influence day-to-day business operations. The event takes place at the Virginia Museum of Fine Arts this year, which means that seating will be limited. Register early and save!

Early birds who register by September 30th will save $5.00 off the regular registration fee of $25.00.

Schedule

2011 REAL ESTATE TRENDS CONFERENCE October 19, 2011 2:30pm – 5:30pm Virginia Museum of Fine Arts

2:30pm-3:30pm Guest Speaker Lawrence Yun will discuss the following, with a special emphasis on the local market: • Recent developments in the housing market (national and local) • The direction of home prices in the next 12 to 24 months • Comparisons with past housing cycles • Showdown inventory and foreclosure impact • Economic backdrop • Forecast of economy and housing market 3:45pm-5:15pm Guest speaker Larry Sabato will discuss: • The upcoming 2012 presidential election and its potential impact on local and national politics • The House, Senate and Gubernatorial races in 2011 and 2012 • How the redistricting process affects how we are represented in Congress and in Richmond Following this event will be a special cocktail hour and reception.

5:30pm-6:30pm REALTORS® Political Action Committee (RPAC) Reception (all RAR members who’ve contributed $99 or more to RPAC this year may attend free of charge)

Speakers Dr. Lawrence Yun Chief Economist and Senior Vice President of Research, National Association of REALTORS® Lawrence Yun directs research activity for NAR and regularly provides commentary on real estate market trends for its 1 million REALTOR® members. Dr. Yun creates NAR’s forecasts and participates in many economic forecasting panels, including Blue Chip and the Harvard University Industrial Economist Council.

He appears regularly on financial news outlets and is a frequent speaker at real estate conferences throughout the United States. USA Today in 2008 listed him among the top 10 economic forecasters in the country.

Dr. Larry Sabato Political Analyst and Director, University of Virginia Center for Politics Dr. Sabato is a University Professor of Politics and Director of the UVA Center for Politics, founded in 1998 to improve civic education and the political process. His slogan is “Politics is a good thing!” At home both in the classroom and the television studio, Dr. Sabato bridges the gap between the ivory tower and the real world of politics. He is the author of 24 books and countless essays on politics. His latest book is the newlyreleased volume on the 2010 midterm elections entitled Pendulum Swing. In 2006, he was named the most accurate prognosticator by an unusual combination of news organizations: FOX News, MSNBC, CNBC, and Pew’s Project for Excellence in Journalism.

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The Richmond Association of REALTORS® Young Professionals Network The National Association of REALTORS® established the Young Professionals Network (YPN) in February 2009. Since then, YPN has quickly become a network of career-minded real estate professionals who periodically meet to learn about the latest technology and business practices, discuss newly available and developing resources and to share networking opportunities.

In April 2011, the Richmond Association of REALTORS® became one of 5 local associations in Virginia to establish its own YPN. RAR/YPN replaces Rapport, the former young real estate networking group, and has begun to expand on Rapport’s existing network to maximize involvement of Richmond’s young real estate professionals. Members or RAR/YPN receive invitations to exclusive events at REALTOR® conferences, news on how to get involved in leadership roles and tips to help foster career growth.

Recruitment for YPN kicked off in May, with a barbecue at Sylvia Place in Richmond’s Carver district and a happy hour in July at the hip urban re:mix lounge inside Aloft Hotel in Short Pump. All members and affiliates interested in joining should email info@RARealtors.com or keep an eye out for communications from RAR for details on the next recruiting event.

Left to right: New YPN members begin to gather for a recruiting and networking event; Jamal Bakari was the lucky winner of a Capital Ale House gift certificate at the first YPN event; New YPN members have a laugh while getting acquainted at a happy hour in the Aloft remix lounge.

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New Forms and Regulatory Updates

By Peggy Lynch, GRI Director of Professional Development and Broker Services

everal significant regulatory changes involving real estate related forms went into effect in July of this year.

On July 1, 2011, two new disclosure requirements and related forms went into effect, the revised Virginia Residential Property Disclosure Statement and the Defective Drywall Disclosure Statement

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Virginia Residential Property Disclosure Statement The Virginia Residential Property Disclosure Statement form now refers Purchasers to a web site maintained by the Real Estate Board (http://www.dpor.virginia.gov/dporweb/reb_consumer.cfm). Prior to establishing this consumer website, a revised form had to be issued each time a new disclosure requirement went into effect.

The DPOR consumer web page can now be updated with new or revised disclosure requirements, eliminating the necessity of replacing the form itself. The new form instructs purchasers to review the information contained on the web page. Sellers of improved, residential property must provide prospective purchasers

New Residential Property Disclosure

with new form prior to the acceptance of a real estate purchase contract. The form and related web site may also still be used to satisfy the disclosure requirements for transfers involving the first sale of a residence.

Defective Drywall Disclosure Statement The new Defective Drywall Disclosure form is required for both sale and lease transactions and, unlike the Virginia Residential Property Disclosure Statement, banks and other holders of foreclosed property are NOT exempt from this required disclosure.

Screenshot of DPOR disclosure website

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Section 36-156.1 of the Code of Virginia defines defective drywall as "‌drywall installed during new construction or renovation that occurred between 2001 and 2008, where there is visual evidence of the blackening of copper electrical wiring or air conditioning evaporator coils (or documentation of the replacement of evaporator coils due to blackened corrosion resulting in failure), and where two or more pieces of corroborating evidence are present in the form of defective conditions as demonstrated by testing procedures

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recommended by the Consumer Products Safety Commission, confirmed markings of the Chinese origin of the drywall, or strontium levels from drywall core samples from the property exceeding 1200 parts per million (ppm); elemental sulfur levels in samples of drywall core found in the home exceeding 10 ppm; elevated levels of hydrogen sulfide, carbonyl sulfide, or carbon disulfide emitted from samples of drywall from the home when placed in test chambers using ASTM Standard Test Method D5504-08 or similar chamber or headspace testing; or the corrosion of copper metal to form copper sulfide when copper is placed in test chambers with drywall samples taken from the property.”

Updates on the Mortgage Assistance Relief Services (MARS) Rule Issued by the FTC

Licensees representing sellers and landlords who have actual knowledge of defective drywall in a residential property or rental unit must disclose that information to the prospective buyer or tenant prior to the execution of a lease, or if there is no lease, occupancy of the property. § 55-248.12:2 “Any tenant who is not provided the disclosure required by subsection A may terminate the lease agreement at any time within 60 days of discovery of the existence of defective drywall by providing written notice to the landlord in accordance with the lease or as required by law.”

2. In compliance with state laws governing the practices of real estate professionals; and

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On July 15, 2011, the Federal Trade Commission announced that real estate professionals acting in their licensed capacity no longer need to comply with most of the MARS Rule requirements, including the required disclosures, advance fee ban, and recordkeeping requirements. This enforcement exemption applies only to real estate brokers (and real estate agents under their direction and control) who are: 1. Licensed and maintain good standing pursuant to any applicable state law requirements;

3. Assisting or attempting to assist a consumer in negotiating, obtaining or arranging a short sale of a dwelling in the course of securing the sale of the consumer’s home.

The FTC will still enforce the Rule’s prohibition against misrepresentations made by a real estate professional while assisting a consumer in negotiating or obtaining a short sale. L

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Snapshots from Recent Member Event Covering RESPA Reform Clockwise from top left: RAR's guest speaker Phil Schulman provides members with a current look at RESPA Reform; REALTORÂŽ Alvin Jackson won an hour of free legal advice during Schulman's RESPA law pop quiz challenge; Attorney Michael Lafayette provides an overview on the legal aspects of digital signature use; Gary Duda gives members an Authentisign presentation; HHHunt, an RAR sponsor, provided chocolates, office supplies and a preview of some of their communities at the event.

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September - October 2011

Education Calendar

SEPTEMBER 8 12 12 13 14 16 19 20-22 21 22 23 23 26 27 28 29

Broker Office Policy Workshop Continuing Education, CE 8hrs Mandatory Principles of Real Estate (new class begins) Continuing Education, 8hrs CE/PL Electives Prop. Mgmt. Mod 1 Duty to Owner Prop. Mgmt. Mod 2 Duty to Tenant New Member Orientation/Mandatory PL Broker Licensing Law GRI 409 - Business Development Property Management Division Quarterly Event Broker Continuing Education Residential Lease Purchase Workshop Smartphone Class for REALTORS® Prop. Mgmt. Mod 3 Security Deposit Prop. Mgmt. Mod 4 Breach of Lease Issues Contracts Course - Effective Contract Writing

9:00 AM-1:00 PM 8:30 AM-5:00 PM 6:30 PM-9:30 PM 8:30 AM-5:00 PM 8:00 AM-12:00 PM 8:00 AM-12:00 PM 8:30 AM-5:00 PM 8:30 AM-5:00 PM 8:00 AM-5:00 PM 3:00 PM-5:00 PM 8:30 AM-5:00 PM 10:00 AM-12:00 PM 9:00 AM-11:00 AM 8:00 AM-12:00 PM 8:00AM-12:00 PM 9:00 AM-12:00 PM

ABR Core Course ABR Elec. - Short Sales & Foreclosure Resource (SFR) Commercial Transaction Workshop New Member Orientation/ Mandatory PL Continuing Education, CE 8hrs Mandatory Continuing Education, 8hrs CE/PL Electives TRENDS Conference CRS 210 - Referral Course - Day1 Broker Licensing Finance Realtors® Guide to Selling HUD Homes GRI 410 - The Code of Ethics is Good Business Fair Housing & the Practice of Real Estate

9:00 AM-5:00 PM 9:00 AM-5:00 PM 8:00 AM-12:00 PM 8:30 AM-5:00 PM 8:30 AM-5:00 PM 8:30 AM-5:00 PM 2:30 PM-5:30 PM 8:30 AM-5:00 PM 8:30 AM-5:00 PM 10:00 AM-12:00 PM 8:00 AM-5:00 PM 9:00 AM-12:00 PM

Commercial Tenant Default & Bankruptcy Principles of Real Estate (new class begins) CCIM 104 Continuing Education, CE 8hrs Mandatory Continuing Education, 8hrs CE/PL Electives Contracts Course - Advanced Contract Writing GRI 411: Successful Settlement New Member Orientation/Mandatory PL Broker Town Hall Mtg.-Legal Updates Renovation Finance Broker Continuing Education Broker Licensing Appraisal

9:00 AM-12:00 PM 6:30 PM-9:30 PM 8:30 AM-5:00 PM 8:30 AM-5:00 PM 8:30 AM-5:00 PM 9:00 AM-12:00 PM 8:00 AM-5:00 PM 8:30 AM-5:00 PM 10:00 AM-12:00 PM 1:00 PM-5:00 PM 8:30 AM-5:00 PM 8:30 AM-5:00 PM

OCTOBER 3-4 5 10 12 13 14 19 20-21 24-26 25 26 28

NOVEMBER 1 7 7-11 9 10 15 16 17 17 17 18 21-23

For more information or to register, please contact: The Real Estate School / Tel: (804) 422-5016 E-mail: edu@RARealtors.com or log onto www.RARealtors.com and click “Education”

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Meet the Board of Directors

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

John Finn

Mark Joyner

Firm & Years in Real Estate Dominion First Realty, President/Broker; 35 years in the business.

Office and Years in Real Estate: Napier REALTORS® ERA; 23 years in real estate

Designations CRB, CRS, GRI

Designations Certified Mentor for Buffini & Company; Graduate of ERA real estate’s Leadership Academy, Educator of the Year Award from RAR

Experience at RAR Grievance and Legislative Committees, RPAC Subcommittee, Graduate of the Inaugural class of Leadership Development Academy, current RAR RPAC Trustee

Experience at RAR MLS, Grievance and Professional Standards Committees, and served as Chairman of the MLS and Grievance Committees, past member of the RAR Board of Directors.

How did you get involved in real estate?

My father was a contractor, so I grew up around bricks and mortar. I worked for him as a laborer in my teens and in college. I figured the brokerage end of the Real Estate Business had to be easier than nailing and shingles in 90 degree heat.

How did you get involved in real estate?

I am the son of Ken Joyner, President of Wedgewood Properties, Inc., a local custom home building firm. I’ve been around homes & land development my whole life. I graduated with a Bachelor of Business Administration in Finance & Real Estate from James Madison University and real estate was a perfect fit for me as a people person.

Favorite Richmond Tradition Style Weekly’s “You are very Richmond If… " contest. I love reading the results and actually won the contest in 1988. Also the Labor Day “West End Reunion,” “Arts in the Park,” The “2 Street Festival” and I never miss the Alpha Black & Gold Ball.

Favorite Richmond Tradition Live music at Innsbrook, the Watermelon Festival, fireworks at the Diamond, Music for Massey concert and fishing on the James River

Favorite Vacation Spot Rehobeth Beach, Delaware is where I go to relax with my family and recharge my batteries. When it comes to action, excitement and people watching though, there’s no place like South Beach, Miami. It’s where I met my wife Lorri, and we try to get down there at least once a year.

Favorite Vacation Spot As a kid, I enjoyed Roamer’s Cottages in Nag’s Head, NC. In my twenties Cancun was my favorite destination. In my thirties it was Scottsdale, AZ & Las Vegas. However, I just took my 3 children Sam (10), Olivia (12), and Hanna (14) to Assateague Island and that is now number one

Hobbies/Activities outside the office I enjoy golf. I also work with troubled youth and volunteer with the Metropolitan Business League and the Alpha Phi Alpha Scholarship Foundation. In the fall and winter around my house we live for Alabama Football, VCU Basketball and DA BEARS!

Hobbies/Activities outside the office I enjoy playing soccer, especially now that I qualify for the over 40 league! I tinker on my Harley and my Jeep when I have time.

I enjoy pedaling on my road bike and a hike in the mountains around Charlottesville. My favorite activity outside the office is anything I do with my kids. Last year we rented a houseboat and spent 4 days on Smith Mountain Lake – memories I will always cherish!

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