Government Affairs

Important Updates in Government Affairs: What You Need to Know

By: Max Brandow, RASM Government Affairs Director

Recent proposals to repeal or limit the 1031 likekind exchange could devastate the commercial real estate sector and investment in communities across the United States. From affordable housing providers to small businesses, to farmers, 1031 has been used by a range of Americans since its creation 100 years ago.

NAR LOOKING FOR MEMBER STORIES

We need your help to educate lawmakers and their staff about 1031s. It is not a tax loophole for the wealthy; it is a tax tool that has brought immeasurable revenue, jobs, investment, and economic benefit to the U.S.

Please visit www.nar.realtor/section-1031-like-kindexchange/like-kind-exchange-member-stories and tell NAR how you or your clients have used the 1031 exchange to bring development and economic benefit to your community. Your stories will put a human face on a critical issue for commercial real estate.

STOP THE DIVERSION OF EXISTING FUNDS FROM HOUSING TRUST FUNDS

Over the last 10 years, Florida government has diverted over $2 billion out of existing affordable housing trust funds, and spent it on other unrelated projects. To make the process more accountable, Floridians are proposing a constitutional amendment that would put affordable housing funds in a lock box so they are used for affordable housing, and nothing else.

This amendment would guarantee that the portion of the taxes charged on documents like deeds and mortgages will only be used to make homes and apartments safer and more affordable for seniors, lowincome, and moderate-income Florida residents. The intended purpose of these funds is that they be used for housing programs, but for nearly two decades the legislative process has resulted in billions of these dollars being used for non-housing projects.

Voting YES for the amendment would make sure these funds only go to affordable housing projects - but first, we need to get the amendment on the ballot!

Head over to https://housingfunds4housing.org to print and fill out a ballot today!

FREC CONSIDERING SOME ADDITIONS TO ADVERTISING RULES

At the Florida Real Estate Commission’s (FREC) July 22 meeting, commissioners discussed some possible changes to 61J-10.025. Rule 61J2-10.025 governs the rules and requirements of real estate advertising. FREC has another workshop planned for September 22, 2021, and will consider those proposed changes again. According to lawyers for Florida REALTORS®, members should review the proposed language carefully because the change may impact some Realtors®’ day-to-day practice as it relates to advertising efforts.

FREC is accepting comments about the proposed changes. Send comments to FREC’s Executive Director, Giuvanna Corona, no later than September 1, 2021. Realtors® with comments are also encouraged to attend the September 22 workshop either virtually or in person.

FREC PRELIMINARY LANGUAGE FOR CONSIDERATION: 61J210.025 ADVERTISING 1 | All advertising must be in a manner in which reasonable persons would know they are dealing with a real estate licensee. All real estate advertisements must include the licensed name of the brokerage firm. No real estate advertisement placed or caused to be placed by a licensee shall be fraudulent, false, deceptive or misleading. 2 | When the licensee’s personal name appears in the advertisement, at the very least the licensee’s last name must be used in the manner in which it is registered with the Commission. 3 | When advertising on a site on the Internet, or by any other electronic means, including but not limited to SMS or any digital messaging services of any kind, the brokerage firm name as required in subsection (1), above, shall be placed adjacent to or immediately above or below the point of contact information. “Point of contact information” refers to any means by which to contact the brokerage firm or individual licensee including mailing address(es), physical street address(es), email address(es), telephone number(s) or facsimile telephone number(s). 4 | The remaining requirements of subsections (1) and (2), apply to advertising on a site on the Internet or by any other electronic means, including but not limited to SMS or any digital messaging services of any kind.1 •