Vonnie Judge Editor & Owner
MEMO FROM THE EDITOR
Welcome to Comps News,
This business-focused publication shares valuable advice from successful industry leaders while highlighting the journey of our current and former students.
As I relaunch the publication, I thank my wonderful students and sponsors for making Comps Academy one of the most highly sought-after real estate schools for the past 6 years.
Let's continue to victoriously grow our industry, communities, and businesses together!!
Kind Regards, Vonnie Judge
COMPS NEWS
Publisher & Editor
Savonnia Sharp Judge
Editorial Consultant
Scherrie Poindexter
Art Design & Support
Zyaire Judge
Contributing Photographers
Silvio Suarez
Media Consultant
Savonnia Sharp Judge
Distribution
Online with limited Print
COMPS NEWS is published three times per year by JUDGE REALTY LLC.
All rights reserved Reproduction electronically or in print format without the express written consent of the publisher is strictly prohibited and a violation of US copyrights laws
Inquiries to: COMPS NEWS PO Box 532, Huntersville, NC 28070
Photo: Silvio Suarez
MARK YOUR CALENDAR
Aug
12
Aug
5
SC Fundamental of RE: Unit 1
Aug 12 - Oct 21 | Mon & Wed
6 pm to 9 pm
Online via Zoom
SC Real Estate Associate applicants must complete a 60-hr Fundamental of RE Unit 1 & 30-hr Advanced Principles Unit 2.
NC Post License 302
Oct 1 - Oct 30 | Tue & Thurs
6 pm to 9 pm
Online via Zoom
NC Provisional Brokers must complete 90 hours of Post Licensing courses within 18 months for a full Broker license.
SC Advanced Principles- Unit 2
Aug 5 - Aug 8 | Mon - Thur 9 am to 4 pm
Online via Zoom | In Person
SC Real Estate Associate applicants must complete a 60 hr Fundamental of RE Unit 1 & 30-hr Advanced Principles Unit 2
Aug
20
Oct
1
NC Post License 301
Aug 20 - Sept 19 | Tue & Thurs 6 pm to 9 pm Online via Zoom
NC Provisional Brokers must complete 90 hours of Post Licensing courses within 18 months for a full Broker license
www.CompsAcademy.com
Oct
SC Broker B
Oct 28 - Nov 6 | Mon & Wed 8:30 am - 4:30 pm Online via Zoom
SC Real Estate Broker applicants must complete a 30-hour Broker A and 30-hour Broker B.
28 31 Oct
We want to hear from current or former Comps Students!!
Participate in the upcoming issue by submitting your Must Read author and book’s title or Best Advice for new, or experienced agents
14
SC Fundamental of RE: Unit 1 Oct 14 - Oct 25 | Mon - Fri 9 am to 3:30 pm In Person - Rock Hill
SC Real Estate Associate applicants must complete a 60 hr Fundamental of RE Unit 1 & 30-hr Advanced Principles Unit 2.
5
NC Post License 303 Nov 5 - Dec 5 | Tues & Thurs 8:30 am to 4:30 pm Online via Zoom
NC Provisional Brokers must complete 90 hours of Post Licensing courses within 18 months for a full Broker license
Meet A SC Commissioner
JohnD.Rinehart
Profession: Commissioner Rinehart has been a licensed Real Estate Broker in North Carolina since 1973 and in South Carolina since 1976. He is the founder of Rinehart Realty Corporation and Rinehart School of Real Estate. Rinehart has served as Past President and Vice President of the South Carolina Association of Realtors® and Piedmont Regional Association of Realtors®. He has held multiple committee positions with the local Association of Realtors® Chapters and the National Association of Realtors®. He currently is Vice Chair of the Licensing Law and Regulation Committee for ARELLO and serves on the ARELLO Finance Committee.
Term of Service: Rinehart has represented the South Carolina Real Estate Commission District 5 since 2015 and currently is Chair of the SCREC Rules and
Regulations Task Force
Education/Training: Rinehart graduated cum laude (with distinction and honors) with a Bachelor of Science Degree from Appalachian State University and is a member of Alpha Chi academic honor society.
Personal Life: Rinehart enjoys boating, traveling, and spending time with his family. He has been married to his wife Geri Rinehart since 1969.
Rinehart has a son, John David Rinehart Jr. (Jay), and daughter-in-law, Dee Dee, and grandchildren, Madison and Ashley (twins), 23, Courtney, 20, and John David III, 21. Mr Rinehart also has a daughter, Jennifer Pearson, and son-in-law, Dr Andrew Pearson, and grandchildren Mackenzie, 24, Bennett, age 21, and Elizabeth Grace, 17
Read to Get the Competitive Edge
Ninja Selling Larry Kendall | 2017 | $16.51
Ninja Selling is an invaluable step-by-step guide that shows readers how to be more effective in their sales careers and increase their income per hour so that they can lead full lives.
Order: Amazon
The Cost to Close ReShawna Leaven | $16.35
The Cost to Close takes you on a captivating journey through the unpredictable landscape of real estate transactions This book offers engaging stories and valuable insights, shedding light on the hurdles and traps that even experienced agents may encounter Unlike traditional resources focused solely on lead generation, The Cost to Close fills a knowledge gap by providing agents with an indispensable list of common obstacles to avoid
Order: Amazon & Realtor.com
10 Things You Need To Know About Land: A How-To Guide About Lots And Vacant Land for Agents, Investors, and You. Cheryl L Sain | $19.95
Navigating the complexities of buying and selling land can be a daunting task, fraught with potential pitfalls and intricate details. Whether you're a prospective buyer, seller, agent, investor, or landowner, Cheryl Sain’s 10 Things You Need To Know About Land offers indispensable insights to ensure a successful land transaction.
Order: Amazon & Realtor.com
The number of real estate questions I answer daily often surprises me While teaching a CE class, I asked licensees who would they call to answer their real estate questions. A student shouted, “We would just Ask Vonnie!”
Let’s Review SC New Law
Q.
Are SC real estate licensees allowed to wholesale for a client or customer?
A.
A.
Q Ask Vonnie!
No, licensees are prohibited from wholesaling because of duties owed to clients and customers.
Q.
Is the advertising of real property the same as the contractual position in a sales contract?
No, therefore they must be treated differently when marketing or advertising.
Q. May a licensee advertise or share the listings of other firms?
A.
Not without written authorization from that firm or its licensees.
Q.
If a seller receives multiple offers, then accepts one. What must the listing firm send to notify the other buyers of the rejections?
A.
The listing agent must send a Rejection Form within 48 hours of the rejection.
Got A Real Estate Question?
Let’s Review SC New Law
Q.
What are the new requirements to become a broker in South Carolina?
Q.
Applicants after May 21, must have five years of active South Carolina associate licensure within the past seven years. How long does an applicant have to complete the licensing requirements after applying to the Commission?
A.The new laws changed the timeframe from five years to three years. The education certification is still valid for five years.
A.
Q. Did the Commission change the timeframe before a lapsed license is canceled?
Yes, you may carry over up to four elective hours into the next renewal period. A. A.
Q Department
Yes, it increased to 24 months with a $15 per month penalty fee.
Q.
Can I carry over continuing education hours into the next renewal period?
Bittersweet Agency
A Quick Review of North Carolina and South Carolina Agency Laws
The law of agency rings a sweet rhythm in the real estate industry. It governs how real estate professionals move and must treat their customers and clients in real estate transactions. Every state has a form of agency laws, but the laws differ from state to state. Therefore, licensees must ensure consumers are aware of their rights before initiating conversations that can harm their buying powers and bargaining positions.
What is agency? Agency occurs when consumers hire a firm to represent their interests in real estate transactions. It is the professional relationship established between the
firm to work to bring the best outcomes and solutions for its clients This sounds amazing for both the firms and their clients, so why is there any bitterness?
One reason is that consumers may wonder if they need to hire a firm to assist them in a real estate transaction since home listings are readily accessible online The short answer is yes, especially if the consumers are not familiar with the state laws and can’t comfortably complete the sales contract without the advice or strategies of professionals They will need to hire a firm to assist them through this complicated process
The other reason is there have been so many recent
changes in the industry that make it difficult for licensees to keep track of agency laws in North Carolina and South Carolina when it’s blurred with the National Association of Realtors information campaign The NAR settlement news is everywhere and has caused much confusion among professionals not to mention consumers
Let’s review some common bitter misconceptions of agency law in hopes of spreading more sweetness back into the industry
Did the North Carolina or South Carolina Commission recently change the agency laws? No, neither Commissions have not changed their laws They have similar stances which
require all listing agreements to be in writing before marketing any properties and buyer agency agreements to be reduced to writing before the submission of the offer. Must there be a written buyer agency before showing buyers homes? It depends on your firm’s policy. Some firms are taking the suggestions of the National Association of Realtors that licensees should have these written agreements before touring with buyers. This is a very ethical way to ensure that the buyers are aware of how much the firm will be paid and when the buyers will have to make this payment for the services rendered.
Do verbal buyer agencies still legally exist in North Carolina and/or South Carolina? Yes, but both states require that they must be reduced to writing before the presentation of an offer. In addition, North Carolina laws state that brokers must provide a written letter to the buyer communicating the terms of the verbal agreement to include permission of a dual agency. This letter cannot restrict the buyer from working with other brokers or bind the buyers to any specific time frame. Again, licensees should always refer to your firm’s policy to determine if they may offer or practice verbal buyer-agency. Many firms are prohibiting this practice due to the advice
advice and recommendations of NAR.
Could buyer agents include the firm’s commission fees in the purchase contracts? North Carolina laws prohibit this practice. Therefore, NC brokers must submit a separate agreement to secure the firm’s compensation from the seller or listing firm. However, the South Carolina purchase agreements do allow for the buyer’s agent to include the firm’s compensation in the transaction cost section. The seller agrees to a total dollar amount that the buyer may use to pay transaction fees such as closing costs, prepaid costs, and agency costs.
I hope this brings some insight but your firm should be your true navigator in this process.
