Connections - February 2013

Worcester Regional Association of REALTORS® www.wrar.org

I N S I D E T H I S I S S U E : President’s Message 1

Month-at-a-Glance 2

Membership News 3

CREST Updates 4

Tech Topics 6

Legal Corner 7

Market Update 9

Code of Ethics 8

RPR & Committee Info 10

Your Success is our Business!

Wow, it's already February and 2013 is marching ahead. I hope you all have your business plans in place and are getting ready for a robust spring market. As you're planning, are you stretching yourself both personally and professionally to reach higher? What are you doing to step out of your comfort zone and get purposeful about your growth? Check the WRAR web-site for classes to help you take that next step. Your Professional Develop-ment Committee is hard at work to bring you programs to meet your chal-lenges and give you the tools and knowledge to grow. We'd like to hear from you -- call or email us with your suggestions and feedback. We really would welcome it!

Now for the numbers: As you might have noticed, 2012 finished strong after a wimpy start in the first quarter. Despite 'fiscal cliff' talks and the doom and gloom in the media,buyers stayed focused and continued to take advantage of the market with its low interest rates and great prices. Lower inventory is getting the buyers off the fence, putting upward pressure on prices and swinging the pendulum towards the sellers. The month’s Supply of Inventory was 5.5 months for single family homes and 5.6 months for condos at the end of December. In the WRAR market area median sale price for all properties was up 11.1% And although our 2012 SF and condo sales appear to have finished with a slightly lower average sales price than 2011

(SF down -1.8% and condos -2.9%), that was caused by a really tough start in January and February. The end of year finished strong. December 2012 median sales prices were up, single families increased +8.6% from $198,000 (2011) to

$215,000 (2012); condos increased +36.1% from $147,000 (2011) to $200,000 (2012).

Statewide December was the 18th straight month of increases. In the WRAR area

Closed sales were UP 9.2% and Statewide closings were UP by a whopping 21% 46,312 (2012) vs. 38,146 (2011). December had the most closings since Decem-ber 2005!

MAR reports Economic growth is on an upward trend and several prominent housing indices continue to showcase market turnaround. Momentum is on our side, though it won't necessarily be fast, consistent or universal. But after five or six challenging years,

it's a welcome change of pace. Plenty of opportunity lies ahead.

So back to YOU: What are you doing to take advantage of the market; to get your share of the wealth? Have you planned your family and personal time and put them in your calendar? You should -- it is most important. Next, come to the Board for classes and networking. Make this the year YOU get involved. I've never meet anyone who didn't get back many times over what they gave! Make this the year YOU Reach for More!

Rochelle Rochelle Jonswold, 2013 WRAR President

“The results you achieve will be in direct proportion to the effort you apply.”

~Denis Waitley

February 2013

Worcester Regional Association of REALTORS® www.wrar.org 2

February 2013 Sun Mon Tue Wed Thu Fri Sat 1 2

9-5 RE Sales Pre-license Class

3 4 5 9-10 Government Affairs Comm.

6 8:45-3:00 New Member Orientation

7 6-10 RE Sales Pre-license Class

8 9 9-5 RE Sales Pre-license Class Career Fair for CREST Graduates

10 11 9-3 MLS Training 6-9 CDC Home Buying Seminar

12 13 9-10 Finance Comm

10:30–12 BOD Mtg

6-9 CDC Home Buying Seminar

14 6-10 RE Sales Pre-license Class

15 16

17 18 Presidents’ Day WRAR Closed

19 20 9-1 CEU Classes @ Fidelity Bank Bldg, Leominster

21 22 23

24 25 WCR Joint Mtg w/ Central Middlesex & Boston Chapters

26 9-3 MLS Training

27 8-8 CEU Classes MAR NERC Conf. & Leadership Training @ Mohegan Sun

28 MAR NERC Conf. & Leadership Training @ Mohegan Sun

Upcoming Events—Mark Your Calendars! Feb. 27-28: New England REALTORS® Conference @ Mohegan Sun April 2013: Fair Housing Month April 20-21: Nationwide REALTOR® Open House Weekend May 1, 2013: Deadline for Submissions for WRAR Scholarships May 29, 2013: WRAR Awards Banquet June 4, 2013: REALTOR® day on Beacon Hill

WRAR MONTH-AT-A-GLANCE


MEMBERSHIP COMMITTEE

Welcome to our Newest Members

Office Visits The Membership Committee has developed a 20-minute presentation on the benefits of being a member of the Worcester Regional Association of REALTORS® and is ready to bring this roadshow to your office! If you would like to schedule a visit, please contact Lisa Sprague for arrangements via email at [email protected].

DID YOU KNOW: There is a dues waiver for REALTORS® and their spouses called into active mili-tary duty. Please contact Lisa Sprague., Membership Manag-er, for details at 508-832-6600, ext. 230.

Dues Payments—Late Fees! A reminder that late fees went into effect as of January 1. There was a $60 late fee automatically added to your unpaid account on January 1; that amount was increased to $75 on February 1. Contact Lisa Sprague Membership Manager, with questions at 508-832-6600.

WRAR Scholarships Be on the lookout for the WRAR Scholarship Application for children and grandchil-dren of WRAR REALTOR® and Affiliate Members. The application will be available o n o u r w e b s i t e (www.wrar.org) and in the M a r c h i s s u e o f “Connections.”

Scholarships are a minimum of $500 and a committee will review all applications and make decisions based on academic achievement, extracurricular activities, community service, work ex-perience and the student’s goals and personal accom-plishments. Deadline for submission is May 3, 2013.

WRAR holds events throughout the year to fundraise for our Scholarship Fund. Please continue to support this worthwhile endeavor!

For full Scholarship details and an application, please visit our Document Resources section at www.wrar.org.

Amy Bonner Keller Williams Realty-Gr.Worc. Worcester

Donna Durrance Classic Properties Medway

Rita Forrester Realty Executives Tri County Bellingham

Jeremy Geary RE/MAX Professional Associates Shrewsbury

Allen Greenman Coldwell Banker Res. Brokerage Shrewsbury

Patrick Kennedy Nextage Welcom Realty Worcester

Shane Ludden Keller Williams Realty-Gr.Worc Worcester

Angela Mann Coldwell Banker Res. Brokerage Shrewsbury

Brian Sanginario ERA Key Realty Services Worcester

Louis Sparanges RE/MAX Professional Associates Shrewsbury

Robert Stratton Century 21 Commonwealth Milford

Suzanne Tolley Coldwell Banker Res. Brokerage Shrewsbury

James Vacarelo C21 DeNault Realty, Inc. Leominster

Doreen Whitney Century 21 Commonwealth Milford

New Office

Chris Whitten Premeer Real Estate 1665 Hartford Ave. , Johnston, RI

Reinstated Members

Olotu Johnny Wariebu Xsell Realty, LLC

Transfer Members

Ekta Rani ERA Key Realty Services Chelmsford

John Olivari Century 21 Realty Team Leominster

Elizabeth Lorden Century 21 Realty Team Leominster

James Keenan Keller Williams Realty Westboro

Amy Bitz Keller Williams Realty Framingham

New Applicants


All classes are held at the Worcester Regional Association of REALTORS® CREST School, 492 Washington Street, Auburn, MA 01501. In addition, we are now offering classes in Leominster at the Fidelity Bank Building, 478 Mechanic Street. WRAR Members in good standing receive FREE LOCAL CEU’s! Tuition for non-members is $30 for each 2-hour CEU. You may register for classes online at www.CrestRealEstateSchool.com or by calling the WRAR office at 508-832-6600. Please note that during the winter months, we follow the local school system for opening. If they are closed, we are closed. During weekends, announcements will be made on WTAG. As always, use your best judgment.

CENTER FOR REAL ESTATE STUDIES & TRAINING

Upcoming CEU Courses for February

AUBURN February 27 Instructor

Course Code Course Name

8:00 - 10:00 am Gene Check RE08RC12 MA Real Estate License Law & Regulations

10:00 - 12:00 n Gene Check RE21RC01 Americans with Disabilities Act (ADA)

12:00 - 2:00 pm Gene Check RE54R06 Alternative Dispute Resolution (ADR) & Procuring Cause

2:00 - 4:00 pm Jo Ann Szymczak RE55R06 Leisure Homes, Second Homes & Age Restricted Housing

4:00 - 6:00 pm Jo Ann Szymczak RE33RC11 Real Estate Brokerage Professional Ethics

6:00 - 8:00 pm Jo Ann Szymczak RE01R06 Seller Agency

11:00 - 1:00 pm Craig Reynolds RE28RC07 Foreclosures

9:00 - 11:00 am Craig Reynolds RE40R05 Probate

LEOMINSTER February 20 Instructor

Course Code Course Name

Interested in Teaching? If so, then the MAR Instructor Training Program is for you! MAR will be holding a three-day program designed to prepare instruc-tors of real estate education to develop course content, organize course layout and instructional methods and deliver courses ef-fectively to maximize adult learning. Dates: February 5-7, 2013 Times: See Schedule Below Price: $525 for members; $625 for non- members Place: MAR Headquarters, 600 Hickory Drive, Waltham Schedule February 5, Day One: 8:00am-5:30pm (homework assignment – 1-2 hours additional) February 6, Day Two: 8:30am–7:00pm (homework assignment – 2-3 hours additional) February 7, Day Three: 8:30am–5:00pm For more information and/or to register, visit the MAR Calendar of Events.

Career & Networking Fair Attention Brokers! Our CREST school is growing and our current Pre-License class has over 30 people enrolled -- 30 NEW people who will soon have their real estate license and who are on their way to becoming REALTORS®. Show them what your office has to offer and how you can lead them on the path to a successful real estate career!

Our Career Fair will be held on February 9 from 11:30-1:00 pm. The cost for Broker Officers is $50 for a table. Contact Jacki

D’Innocenzo at 508-832-6600 for more info or return the registration form on the following page.

Lunch is generously sponsored by Kwame Bonsu of Wells Fargo Mortgage.

We look forward to a great day and to the beginning of some great relationships!


Hot Real Estate Apps to Make Your Job Easier The National Association of REALTORS® and Jeff Barnett, NAR’s Liaison for Large Firm Relations, write a Power Broker Roundtable column each month, in which they address broker issues, concerns and milestones. The last roundtable included the following participants: Moderator: Jeff Barnett, Liaison for Large Residential Firms Relations, NAR Participants: Dean Asher, Broker/Owner, Don Asher & Associates, Orlando, Fla. Jennifer Branchini, Better Homes & Gardens Tri-Valley Realty, Pleasanton, Calif. Rick Haase, President, Latter & Blum, New Orleans, La.

Mobile apps can go in and out of favor faster than weight-loss diets – but here’s a quick and dirty sampling the Roundtable panel currently likes for Apple, Android or smartphone:

BlockShopper – Do hyper-targeted research on a property’s sale history and ownership DropBox – free service lets you collect and share with clients all photos, documents and videos

DocuSign – Get electronic signatures, distribute and store signed contracts for easy access

EKey – Open lockboxes from your smartphone. Part of the Supra System

Expensify – Create free expense reports that rock. Scan receipts, log purchases and more

Foreclosure Search By – Find 1.5 million pre-foreclosures, auction or bank-owned listings

GroupText – Send group messages to all or selected contacts on your distribution lists

HomeSnap – Get all the data on any house just by snapping a picture

HotPads – Do on-the-go map-based research on apartments, homes and rentals

LoopNet – The Zillow or Trulia of commercial real estate

MagicPlan – Measures rooms and draws a floor plan just by snapping pictures

SkyDrive – Upload files to cloud storage, share and access via Web browser or mobile device

SugarSync – Free service for synching files, cloud storage, and online access from anywhere

WordPress – Create a customized blog and manage content. Free with paid upgrades available

TECH TOPICS


LEGAL CORNER

Michael McDonagh, MAR General Counsel, and Ashley Stolba, MAR Staff Attorney

MAR Legal Hotline

Q. My file cabinets are overflowing! For how long must my of-fice retain documents?

A. Generally, we recommend brokers to keep all transaction

documents for seven years. Although license law requires less for certain documents, the statute of limitations on con-tract actions is six years, so you want to be sure that you retain enough information regarding a transaction in order to defend yourself, if needed. Certain documents, such as corporate records, partnership agreements, audit reports, general ledgers, tax returns and deeds should be kept per-manently; we suggest you work with attorney and/or ac-countant to develop and maintain a record retention policy. In most cases, it is acceptable to store these documents electronically, as long as you are safely and securely backing up all of your data.

Q. Are there any specific laws or regulations that actually re-

quire me to keep certain transaction documents? A. Yes. There are several laws and regulations that require cer-

tain transaction documents to be retained for a specified amount of time. They are as follows:

Client Funds State Regulation CMR 254 CMR 3.00 (10)(b) requires every

broker to keep “a record of funds deposited in his/her es-crow accounts, which records shall clearly indicate the date and from whom the broker received the money, date depos-ited along with the source of the money and check number, date of withdrawal with the name of the person receiving such withdrawal, and other pertinent information concerning the transaction and shall clearly show for whose account the money is deposited and to whom the money belongs” for a period of 3 years from the date of issuance.

Agency Disclosure State Regulation CMR 254 CMR 3.00 (13) requires brokers

to retain the Massachusetts Mandatory Licensee-Consumer Relationship Disclosure, as well as Consent to Dual Agency Disclosures and Designated Agency Disclosures for a period of 3 years from the date of the notice.

Rentals State Regulation 254 CMR 7.00 (2-7) requires the following

items to be retained for a period of 3 years: the Tenant Fee Disclosure, from the date on which the notice was provided; “all rental listings and written documents that demonstrate the availability of an apartment at the time it is advertised for rental” from the date on which the apartment was rent-ed; and “a copy of any check, money order and written cash receipt for any fees, deposits or payments made by a pro-spective tenant or actual tenant” from the date of issuance.

Lead Paint Federal Regulation 24 CFR § 35.175 re-

quires brokers to retain the Lead Paint Form for 3 years. Additionally, HUD recom-mends that, “given the liability issues as-sociated with lead-based paint,” the fol-lowing forms should be kept indefinitely: the Receipt of Lead Hazard Information Pamphlet; copies of the Lead Hazard Eval-uation and Reduction Notices; Evaluation, Lead Hazard Reduction and Clearance Reports; and ongoing Mainte-nance Records.

Q. I have heard rumors that the Licensing Board has in-

creased their efforts to audit renewal forms for Continuing Education classes. Who is selected for continuing educa-tion audits by the Board of Registration for Real Estate Brokers and Salespersons and what documents must I submit to the Board if I am audited?

A. From time to time, the Board of Registration for Real Es-

tate Brokers and Salespersons conducts random audits of licensed real estate agents to ensure compliance with the continuing education requirements. Recently, the Board has increased their auditing efforts in order to have access to a larger sample size. It is important to know that the audits are entirely random, and usually the Board lacks any affiliation information when conducting such audits.

The current requirement is twelve hours of continuing edu-

cation every two years if you intend to renew your license as active. The continuing education requirement should be taken very seriously and you should be sure to keep rec-ords and certificates of classes taken. If you have been contacted recently by the Board, it is not because you have been specifically targeted, rather, you have been randomly selected by the Board to show evidence that you have in-fact completed the requirement. If you cannot find your records or course certificates, contact the real estate school that offered the class and ask for a copy. Schools are required to maintain records on licensees who have take courses through their school.

Lastly, it is important to remember that brokers and sales-

persons may not certify to the Board that they have com-pleted the 12 hours of required classes unless they have actually completed the course. The Board will not accept a license renewal unless all class dates occur before the date of signing on the renewal form. The Board may im-pose disciplinary action against any licensee who fails to complete the twelve hour course requirement or who mis-represents information regarding the completion of those courses.


REALTOR® PRIDE: THE CODE OF ETHICS TURNS 100

The Code is what sets REALTORS® apart from other real estate professionals. Distinguish yourself by promot-ing the ethical duties that REALTORS® owe clients and customers, the public, and each other.

The REALTOR Code of Ethics signifies the decision REALTORS® make to commit themselves to honor and service. For 100 years, the Code has grown in meaning, sentiment, and value, becom-ing a shining symbol of integrity, pride, and professionalism.

Visit www.REALTOR.org/topics/code-of-ethics-centennial for Code of Ethics resources:

♦ See the visionaries who created the 1913 Code of Ethics

♦ See the preamble proudly on display in 1944

♦ Order Code of Ethics Pins and Banners at the REALTOR® Team Store—OR — LET US CUSTOMIZE A BANNER FOR YOU AT A BIG DISCOUNT! Contact Jacki D’Innocenzo at 508-832-6600 for details.

♦ Read the 1913 Code and Historical context

NAR’s Code of Ethics is re-nowned for its progressive atti-tude towards equal opportunity and fair housing. The Code of Ethics has served as a vital benchmark for conducting busi-ness the right way for a century, and it will continue to lead the way for REALTORS® into its second century.


LOCAL MARKET UPDATE


2013 Directors

& Staff Members President, Rochelle Jonswold

Pres. Elect, Dave Stead Vice President, Brad Roberts

Secretary, Kris Koliss Treasurer, Mary Gale

Past President, Diane DeCiccio

Jayne DiLiberto, Director Tony Economou, Director Sarah Gustafson, Director

Erica Hall, Director Lorraine Herbert, Director Judy Patterson, Director Judy Reynolds, Director

Mary Stolarczyk, Director Leslie Storrs, Director

Kathleen Cooper, Alternate Tracy Fiorelli, Alternate Gina Lewis, Alternate

Executive VP, Colleen Pappas

Membership Manager, Lisa Sprague

Programs & Events Coordinator,

Jacki D’Innocenzo Staff Accountant, Maura O’Connor

Administrative Assistant, Lynne Walls

Please LIKE our face-book page at https://www.facebook.com/WorcesterRegionalAssociationof-REALTORS. By doing so you will not only get up-to-the-minute information on every-thing going on at WRAR, but you will help us to increase our visibility while growing your own business network.

Make a New Year’s resolution to GET INVOLVED with your board! Join a committee and make a difference in your career and your community. Take a look at our 2013 Committee Brochure (http://issuu.com/worcesterregionalassnrealtors/docs/2013committeebookletforissu?mode=window) to get an idea of the many ways you can get INVOLVED in your association and increase your career opportunities. Contact Colleen Pappas or Lisa Sprague at 508-832-6600 for more information on how you can join a committee.

Have you created your Realtors Property Resource (RPR) account yet? As of November 1, 2012 this valuable NAR member benefit is now available to all REALTORS across the country. If you’re new to RPR you can create your account today by visiting www.narrpr.com. It will only take a few minutes, and you will immediately be able to search property information over 147 million parcels of property in the United States.

Visit the RPR Blog site at http://blog.narrpr.com/ for a complete resource guide for Agents, Brokers, Apprais-ers, Commercial, etc. You’ll find a Tip of the Week sec-tion, Sales Meeting Training Modules, RPR User Stories and more Don’t let this newest resource go unused.

Check it out today!

2013 COMMITTEES

Realtors Property Resource (RPR)

Connections - February 2013

Documents

Transcript of Connections - February 2013