As many of you already know, the Home Valuation Code of Conduct (HVCC) came out of an agreement between New York Attorney General Andrew Cuomo and Fannie Mae and Freddie Mac. The HVCC provides a code of conduct for appraisals used in Fannie and Freddie loans and sets up an Independent Valuation Protection Institute to monitor the appraisal business. The institute will accept complaints from consumers and appraisers regarding the conduct of appraiser professionals. The largest concern stemming from the proposed HVCC dealt with Appraisal Management companies.
On the federal level, HR 3126 was introduced to create the Consumer Financial Protection Act. The bill cleared the House Financial Services committee with an amendment that would sunset the HVCC. The amendment requires the new Consumer Financial Protection Agency to come up with rules on appraisal independence within 60 days of passage. The HVCC would sunset at the adoption of this rule. We continue to monitor the progress of this legislation, and will keep you informed of any new updates.
Below, please click on the link from the National Association of REALTORS® for more information on the HVCC issue and legislative developments.
HVCC Talking Points HVCC Myths vs. Facts HVCC FAQ's
The Department of Energy, Labor and Economic Growth (DELEG), Commercial Licensing Division, will be sending letters next week to licensees who attempted to renew by 10/31/2009 either by paper application or online, but did not meet their entire CE requirement or do not have an active employing broker, or both. If you submitted your renewal application by 10/31/2009, you have not received your license from the department AND you have not met all of the requirements, your license status currently is lapsed and reflects that “lapsed” status on the licensing web site. Contact your broker to discuss your licensure status and renewal options at your earliest convenience. You will have until 12/30/2009 to remedy the situation; however, you may recommence practice only after receipt of the updated license. DELEG will be mailing over 5,000 follow up letters to licensees who applied prior to 10/31/2009 but who were not eligible for renewal prior to the expiration date.
If you did not submit your renewal application by 10/31/2009, you have until 12/30/2009 to remedy the situation. While the 60-day “late renewal” period is in place, that merely means that you can renew during those 60 days by paying an additional $20 late renewal fee, meeting the CE requirements and being licensed to an actively licensed employing broker (if applicable). Once the 10/31/2009 expiration date license document is received, practice can recommence.
The following link provides extensive information about renewals, continuing education (CE) and other important facts that are helpful regarding real estate license renewals. All real estate licenses expired on the same date – October 31, 2009 and are being renewed to expire October 31, 2012. Renewal notice mailings began in early September and all renewal information and continuing education credits the department has received are current in the DELEG database. For renewal of 10/31/2009 licenses, only those CE courses designated “K” are eligible and if the same course is duplicated, only one will count toward renewal. View this information at:
http://www.michigan.gov/documents/dleg/Important_License_Renewal_Information_11_13_08_257167_7.pdf
Questions about your renewal can be e-mailed to:
RE_Brokers@michigan.gov; include all pertinent information in your inquiry.
Michelle Phaup was one of five REALTORS® who were recognized by the Good Neighbor judges for honorable mention in 2009, announced at the 2009 NAR Convention & Expo. These five Good Neighbor honorable mentions will each receive a $2,500 grant for their cause plus a $500 gift card from Lowe's.
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With the help of McClelland & Anderson, we are taking the most commonly asked questions from our legal hotline and putting them in E-news. We will be featuring a different question each issue.
QUESTION: I am a REALTOR® representing an individual who owns rental properties. He prohibits pets in his apartments. A blind person who uses a guide dog has expressed interest in one of the apartments. Can the property owner refuse to rent an apartment to this individual based on the pet prohibition?
ANSWER: NO. A guide/leader dog is not considered a “pet,” but rather a service animal. Prohibiting service animals would most likely be deemed to violate various laws/regulations prohibiting discrimination against disabled persons.
Nearly 200 Michigan members joined 20,000 REALTORS® in San Diego during the 2009 REALTORS Conference & Expo, "Chart a Winning Course," held November 13-16.
Attendees assembled at the National Association of REALTORS® annual conference to address industry issues affecting REALTORS® nationwide and to invest in education and networking for their local businesses. The various forums, classes, exhibits and workshops provided attendees with the pertinent information and skills necessary to prepare themselves for today's industry challenges and opportunities.
Charles McMillan, NAR's 2009 president, praised his fellow members for their resiliency in the face of a challenging year for real estate. "REALTORS® handle hundreds, if not thousands, of real estate transaction over the course of their careers, and understand the real estate market is cyclical," said McMillan. "They've been there every step of the way to ensure potential buyers are well informed about the once-in-a-lifetime opportunities available to them in this market - low interest rates, lots of inventory, affordable prices, and, of course, the recently extended and expanded home buyer tax credit."
More than 400 exhibitors displayed the latest in professional development services, "green" products and services, Internet advertising and other state-of-the-art inudstry tools at the Conference's expo. Including MAR Edge Company, MongoFax who held a contest for all Michigan members who visited their booth. Sandi Gentry, of Grand Haven, was selected as the winner of $100 Visa Gift Card.
The Michigan Association of REALTORS® stocks a wide variety of standard real estate forms and publications for members real estate transaction needs. MAR’s real estate forms library contains disclosure statements; agency forms; lead based paint forms; listing agreements; sales contracts; closing statements; and sample language for miscellaneous transactions.
MAR also stocks brochures and publication to keep you and your customers in the know with informative brochures and guides. To view samples or place an order, visit the real estate forms and publication library online at:
http://www.mirealtors.com/content/forms.htm.
What’s Hot!
Form H Seller’s Disclosure Statements
Form I Sales Contract
Form K Disclosure Regarding Real Estate Agency Relationships
Form L-3 Lead Based Paint Seller’s Disclosure Form
Form X Lead Based Paint Pamphlet
MAR’s real estate forms are available in electronic format through ZipLogix. To order electronic versions, please visit:
http://www.zipform.com/ ; or call 866-MY FORMS (866-693-6767).