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2010 PCBOR REALTORS Community Project - CUMAC Food Bank

Fri, 05 Feb 2010 15:56:38 EST

The Passaic County Board of REALTORS® President, Jo-Anne Mitchell has once again chosen CUMAC Food Pantry in Paterson as its 2010 REALTORS Community Project. In addition to volunteer days, soon to be announced, we will be collecting plastic bags and coffee cans which are essential items for CUMAC food distribution. We also will collect non perishable pantry items. CUMAC’s mission is to “FEED PEOPLE CHANGE THEIR LIVES”. It works to alleviate hunger and its root causes for those in need in Paterson, Passaic County and Northern New Jersey.

PCBOR® will gladly assist you in picking up your collection of plastic bags and coffee cans, otherwise, please bring them to the Board office or to any Board event you attend throughout 2010.

REAL Stories for RealStoryNJ.COM

Tue, 02 Feb 2010 14:35:49 EST

HELP TO SPREAD THE REAL STORY
www.realstorynj.com

REALTOR® RESOURCES
Many consumers are uncertain when it comes to buying or selling a home in today's market. Now more than ever, it’s crucial for consumers to get accurate information about their local housing markets.

On the RealStoryNJ site, there is a section only for REALTORS®, you will find a variety of tips for sharing the Real Story on New Jersey real estate with your clients and customers. Talking points about the tax credit, market trends and Get the Real Story campaign have been prepared to help you craft your message. Read on to learn what you can do to change market perceptions:

One purpose of the Get the REAL Story® campaign is to show that buyers and sellers can find real estate success in any market. Through the written and video real stories on the website (http://www.realstorynj.com/news/real-stories) NJAR is showcasing clients who have had a great experience working with a REALTOR®.

Please review the attached flyer, NJAR is looking for clients willing to share their positive feedback for this campaign.
Website Tools for you to use on www.realstorynj.com
YouTube videos
Website Widget
Website Banners
Publications

Educate your clients
• Print copies of the tax credit FAQs and fact sheet to out to clients and at open houses.
• Use the Market Facts to show your clients why buying a home in New Jersey is a good investment.
• Post a Windows of Opportunity poster in your office. Hand out the Windows of Opportunity brochure.
• Watch the video “real story” of David and Jensen, first-time buyers who found success in the marketplace. Share your clients' real stories, and pass them on to other potential clients in similar situations.
• Send the Press Releases to your sphere of influence, or post the information in a newsletter.

Continuing Education for Real Estate Licensees Signed Into Law

Fri, 29 Jan 2010 11:13:32 EST

Continuing Education for Real Estate Licensees Signed Into Law

On January 19, 2010, former Governor Jon Corzine signed A-3099/S-2068 into law, which provides for mandatory continuing education (CE) for real estate brokers, broker-salespersons and salespersons. This new law, which takes effect on July 1, 2011 in coordination with the start of the next real estate licensing cycle in New Jersey, represents nearly two years of work by NJAR® and the NJAR® CE Task Force.

The new law states that no more than 16 CE hours will be required as a condition of license renewal. The measures provides that, upon the approval of an appointed advisory panel, CE courses may be delivered in a classroom setting or via the Internet, distance learning, correspondence or video. The law also allows CE credits received in other states for "elective courses" to be counted towards a licensee's CE requirements with proof of completion and prior approval by the advisory committee. In addtion, the law also creates a new licensing category for referral agents, who will not be subject to CE requirements as long as they stay within the referral category.

NJAR® will be working closely with the New Jersey Real Estate Commission, which will have to adopt new regulations that are necessary to implement this law. Stay tuned to NJAR®’s CE webpage for further updates on how this law will affect licensees.

Rebate Legislation & Legislative Update

Fri, 15 Jan 2010 15:34:03 EST

One of the biggest complaints political insiders have about the political process in New Jersey is that issues move too fast for the public and decision makers to weigh in and fully vet an issue. So, when on October 23, 2006 Assemblyman Patrick Diegnan (D-18) introduced legislation, A3567, that would allow real estate brokers, broker-salespersons, and salespersons to provide rebates to sellers or purchasers, NJAR® was obviously concerned. The concept of rebates, while currently allowed in approximately 40 states, has always been prohibited during real estate transactions in New Jersey.

The NJAR® Legislative Committee, which is comprised of real estate brokers, broker-salespersons, and salespersons from both large and small firms from all areas of New Jersey, reviewed the legislation and recommended that NJAR® support the legislation with amendments to be crafted by a task force formed by the NJAR® president. In early 2007, the NJAR® Executive Committee approved a motion to change NJAR®’s position to oppose. The NJAR® Board of Directors approved the opposition to A3567 and to create the task force to work on amendments to the legislation, should the measure move forward in the legislative process.

On February 6, 2007, the issue of rebates came before the New Jersey Real Estate Commission (NJREC). The NJREC is comprised of brokers, agents and public members and is the regulatory body for all real estate licensees in New Jersey. At the hearing, a company in support of the legislation and Assemblyman Diegnan were invited to speak to the Commission on the issue of rebates. This hearing was the first of more than 20 times the Commission heard arguments regarding rebates from various interested parties, including NJAR®, Assemblyman Diegnan, large and small brokers, the United States Department of Justice, and other interested parties. At the time of this writing, the NJREC does not support or oppose rebates in New Jersey.

It was during those hearings and through research that NJAR® learned of the various groups who support the concept of rebates in New Jersey. As stated, the Unites States Department of Justice became very interested in this issue on a national level, which is part of a larger goal of creating competition in real estate. The Department of Justice has even created a website for consumers to learn more about competition in real estate. The New Jersey Black Ministers’ Council and Governor Jon Corzine’s then Commissioner of the Department of Banking and Insurance, Stephen Goldman, both submitted letters of support for rebates.

During this time, there was a re-organization of the legislature and the bills had to be reintroduced. The legislation was now A373 sponsored by Assemblyman Deignan and S139 sponsored by Senator Nicholas Scutari (D-22).

While the NJREC held hearings throughout 2007 and 2008, NJAR® was contacted by Assemblyman Diegnan, who indicated that this legislation was a priority for him and that the legislation would move in the winter of 2008/09. Recognizing the broad support other groups have for this consumer-friendly measure, NJAR®, at the direction of the Board of Directors began to work on amendments to the bill.

Working with Assemblyman Deignan, NJAR® offered amendments to clarify the bill to protect REALTORS® and allow the legislation to work in New Jersey.

Those amendments include:
1. Limiting rebates to buyers.
2. Stating that only brokers may offer rebates to buyers as opposed to all real estate licensees offering rebates to buyers at the onset of the realtionship
3. Rebates must be clearly defined in a buyer agency agreement or in a written or electronic document.
4. Rebates can no longer be in the form of cash or goods (like a refrigerator), but only in the form of a credit reducing the amount of commission payable to the broker or a check.
5. Requiring advertisements for rebates to include a statement informing the buyer to contact a tax professional about their rebate.
6. Limiting the rebates to only buyers of residential property.

On January 15, 2009 the legislation was heard before the Assembly Regulated Professions and Independent Authorities Committee where committee members discussed the legislation and adopted the amendments above. The bill was then brought before the full General Assembly on March 16, 2009 where it passed with 45 in favor, 26 opposed and 7 abstentions.
More recently, the bill had a hearing before the Senate Commerce Committee on December 14, 2009 and was passed out of committee with the same amendments as the Assembly version.

Many of you may be wondering whats’s next for the legislation to become law. First, the Senate President must decide to schedule the bill for a full vote in the Senate. As long as no amendments are made, the bill would be sent to Governor Corzine for his approval. If Governor Corzine does not sign the bill by January 19, 2010, the whole process starts over with the possibility of the bills being reintroduced.

As of January 1, 2010, NJAR® has received all of the above listed amendments. While NJAR® does not support this legislation; the amendments ensure that if the Legislature does move forward and Governor Corzine enacts the measure into law, the amendments provide a working bill for all involved parties. NJAR® will continue to provide updates to our membership on this and other important legislative matters through our website, our magazine, our Week In Review and our Legislative Update that is sent to your offices Designated REALTOR® twice a year.

As always, NJAR® will continue to work with the Legislature to improve this and other legislation that affects the real estate industry. As always, I encourage you to visit www.njar.com/government_affairs/index.php to read about this and other pieces of legislation. If you have any questions, please feel free to contact me at 732-494-4720 or at dtomson@njar.com.