VanEd Newslog

NAR Conference Registration open online

Registration for the 2008 NAR Conference and Expo is open and can be completed online. This year's event will be November 7th-10th in Orlando and will be hosted at the Orange County Convention Center. Lance Armstrong will join NAR President Dick Gaylord for the General Session!

Visit http://www.realtor.org/convention.nsf/ for more information about the educational events and opportunities for networking at the conference. You can CLICK HERE to register online for the NAR Conference and Expo.

The NAR annual meetings will also take place the same week in Orlando, November 5th - 10th. All REALTORS are encouraged to attend. You can view a list of the Committee Meetings and Governance Schedule by clicking here.

CAR Summer Conference and Business Meetings set for Keystone June 16-19

June 16th -19th is slated as the time for the CAR summer business meetings and conference, to be held in Keystone.  The conference will include the CRS 103 course, Personal & Career Management, on Monday followed by the Mountain Region Reception.

The Conference Keynote Lunch will be Tuesday followed by a choice of educational opportunities that include a 3 hour class or two one hour classes. Tuesday night the popular PSF Drinking for Diamonds Reception and dinner dance will take place.

Following the Conference, the summer business meetings will take place on Wednesday and Thursday. The conference registration form and schedule of events are available online. Use the following links for more information;

Schedule of Events

Registration Form

Conference Hotel Information

RESO approves draft format for sharing MLS data

The Real Estate Standards Organization, or RESO, has recently approved a draft of the updates to the standardized data format for distributing real estate listing information know as RETS, or the Real Estate Transaction Standard.

The new standard is designed to allow Multiple Listing Services and other industry organizations, including Zillow, Google and others, to more easily and effectively share property information and get that information to consumers more efficiently. The idea is to have the same information available for use on multiple real estate sites thus saving both time and money for the industry and the consumer.

Some of the partner organizations to the RESO will begin implementing the new standards immediately and then deliver feedback to the partners in August, when it is expected that a vote for final approval on the RETS will take place.

Van Education Center celebrates our 10th Anniversary!

Today Van Education Center (www.vaned.com) celebrates our 10th anniversary, and we wanted to take just a moment to thank all of our students, members, association partners, affiliates and YOU! You have helped make VanEd a nationwide leader in distance education for real estate, appraisal and mortgage brokers.

VanEd opened in 1998 as the first online real estate pre-license school in Colorado, and was one of the first online real estate education providers in the country. VanEd followed by teaching Continuing Education online. The next few years saw the online Appraisal program develop and VanEd became the online home to the Colorado Association of REALTORS® GRI, Graduate REALTOR® Institute program.

Today VanEd offers courses in more than 30 states, and is a recognized leader in online education. We  are proud to have been able to serve the industry for the past decade, and we are excited about the opportunities ahead. We will continue to provide the highest quality education and service to the highest caliber students.

And from all of us who have had the privilege of assisting our students over the years, we thank you for your support and look forward to the coming decade. And remember, whether you are currently a student or are planning a career in real estate, appraisal or the mortgage industries, we want you to know that our commitment to you remains the same. As always, we are here to help!

Fair Housing Conference scheduled for March 25-26

The Fair Housing Conference 2008 will be held Tuesday, March 25th & Wednesday, March 26th at the Embassy Suites conference Center in Lincoln. This day and a half event is limited to only the first 300 registered attendees and is being hosted by the Lincoln Commission On Human Rights.

Sessions will cover implementation of fair housing practices into real estate business activities, avoiding complaints and landlord tenant law. Funded in part by a grant from HUD, the Fair Housing Conference also has sessions covering disability law and Fair Housing for Elected Officials. For more information and a registration form, visit the Nebraska REALTOR® Association web site, or click here for a registration form.

CREC approves Short Sale Addendum and Seller Authorization forms

At the February meeting of the Colorado Real Estate Commission, two new forms were approved dealing with short sales. The Short Sale Addendum, designed to be added to a transaction file whenever a short sale is involved, and the Seller Authorization form. The authorization form should be used at the time of listing to allow the lien holder to supply loan information to specific people involved in the transaction. The Short Sale Addendum is to be used with the Contract to Buy and Sell, and will allow various parties access to information and place certain filing deadline obligations on the seller.

>>>Click Here to view the Seller Authorization form

>>>Click Here to view the Short Sale Addendum

Both of these new forms are Mandatory for use in Colorado beginning March 31, 2008. VanEd has added both of these new forms to our Colorado Residential Contracts continuing education course. That course is available online at www.vaned.com.

Ethics review course updated, includes 2008 Changes to the NAR Code of Ethics

The 2008 NAR Mandatory Ethics course is now available online at VanEd. This course is used to meet the NAR ethics Quadrennial Requirement for REALTORS®.

Every 4 years beginning in 2000, REALTORS® are required to complete minimum ethics course requirements. REALTORS® must complete the current cycle of required Ethics training by December 31, 2008.This course is designed specifically to comply with the NAR requirements, and includes all changes and updates to the Code of Ethics.

Those changes include an update to Article 12 of the Code, which requires REALTORS® to be honest and truthful in their real estate communications. There are also 2 new Standards of Practice in Article 12 that cover the improper registration and use of URLs or domain names, and the improper use of designations and certifications in communications with the public.

You can learn about these and other changes to the code by completing the course online. Click Here for more information on this course!

REALTOR® Day at the Capitol just around the corner

REALTOR® Day at the Capitol in Colorado is scheduled for Tuesday February 19th. REALTORS® from all over the state will travel to Denver and hear from Governor Ritter and State House and Senate leaders discuss issues related to REALTOR® interests.

REALTORS® will be updated on local issues and will be able to tour the state Capitol. This is your opportunity to network with your fellow REALTORS® and learn about the issues that directly impact your business.

For more information, visit the Colorado Association of REALTORS® web site by clicking here. The event includes lunch, materials and transportation to the Capitol. You can view a video introduction to the event, as well as register online at the CAR site.

Online Registration is now open for the REALTOR® Rally March 19th in Denver

The REALTOR® Rally is scheduled for March 19th in Denver at the Colorado Convention Center.  The Keynote speaker, Terry Watson, will be joined by other industry leaders, including Larry Kendall, Doug Barber and the Director of the Division of Real Estate Erin Toll. To view a list of speakers, click here.

This years event will be attended by more than 3,500 agents looking for new ideas and information to help them in their business. The full schedule of events is available online, and registration for the Rally is also available using the link below.

>>> Click Here to register online today!

Notes from the Field: Look to first time home buyers to expand business

An article in the January 18th, 2008 edition of the New York times states that "the ideal home buyer now - in a reverse of what was true for years - is a renter who is not burdened with a house". The article, titled Sorting Out the New Housing Market, goes on to explain that owning a home which may be hard to sell has now become a liability.

First-time homebuyers typically need as much information and assistance as possible to be comfortable with the buying process. Savvy real estate professionals add knowledge about affordable housing hoemwonerhsip programs and types of first-time home buyer financing to their repertoire to inform buyers about available options.

Affordable housing is locally developed which means you need to understand what is offered in your community and who may be eligible. These programs are usually developed to provided the extra boost needed for a renter to become a home owner. It's worth check out and can help you build your business!

Guest Author Judy Richtel is a real estate broker and author of affordable housing courses for real estate professionals. She can be reached at www.wkre.com. 

Texas enacts fingerprinting law for licensees

Under a new law that went into effect January 1st, real estate licensees in Texas will now be required to submit their fingerprints for an FBI criminal background check upon making application for license or renewal. As has been the case in other states, such as Colorado, this is a one time process. Once the fingerprints are on file with the Texas Department of Public Safety (DPS) licensees will not need to submit them upon future application.

All fingerprints must be submitted using the FAST Print Pass form in order to be fingerprinted at a PSI location. This form may be obtained from the Texas Real Estate Commission by clicking here or following the link provided below. Applicants will need to first obtain the form and then schedule a fingerprint appointment online or by telephone. There are 70 locations statewide and fingerprinting services should be available at the PSI locations in February of 2008.

Click Here to view the TREC Fingerprinting information page online.

Click Here to go directly to the FAST Print Pass order form page.

All the hot water you want for less money!

Who hasn't run out of hot water at just the worst time? Thanks to greatly improved "on demand" or instantaneous water heaters, those days are over. These great new models deliver unlimited hot water while they save money and space in your home. Tell your sphere or contacts how to take advantage of this convenience by directing them to EcoBroker's article on the subject.

   >>> Water Heating - instantaneous water heaters

This reliable green information is brought to you courtesy of the EcoBroker Certified professional designation, currently being offered online by Van Education Center. To learn more or to sign up for the EcoBroker courses online, visit http://www.vaned.com/ecobroker/ today!

Foreclosures Rates at Record High - Crisis or Opportunity?

The Mortgage Bankers Association reports that rates for starting and in-progress foreclosures are the
highest ever.  The report shows that besides the record level of foreclosures, there is a record level of borrowers who are 90 days late on their mortgage payment or more, which will likely raise the amount of future foreclosures.

In light of this news, there is an obvious way to maximize your retirement account, namely buy low and wait for the market to come back up, as most think it will.  However, you and your retirement account could swoop into a foreclosure situation to support the home-owners rather than simply buy the property.  Self-directed IRAs can also be used to loan the home-owner enough money to keep their house, assuming they can pay your IRA back with interest.  Secured and unsecured Notes are a common investment option for self-directed retirement accounts, and depending on the loan agreement, can maximize your retirement account as much or more than an investment property.

Having cash ready to go, as with a self-directed IRA or 401k is the key to jumping on an opportunity such as a foreclosure. The first step is contacting an IRA administrator for details on getting an account established and funded. Step two is finding a good investment, whether property or home-owners in temporary financial distress. Then it’s up to you to work with your IRA administrator to get the deal done.

Guest Authors Bill Humphrey and Catherine Wynne are Principals with Entrust New Direction IRA. Reach them online at www.newdirectionira.com.

Colorado real estate license renewal available now online

The Colorado Division of Real Estate has opened online license renewal for those whose licenses are set to expire December 31st, 2007 (the last of the "Annual" expiration dates) or anytime in January of 2008 (the first of the "Anniversary" expiration dates).

                    >>>>> click here for online renewal

If you are still uncertain about what the license renewal requirements are, VanEd offers our CE Requirements page online. Here you can read exactly what the requirements are to renew. The online renewal link is also located on that page. If you have any questions, you can email us directly from the CE Requirements page for Colorado and we'll be happy to answer those for you. You can also send us an email by clicking here.

                   >>>>> click here to view the CE renewal requirements page for Colorado

VanEd Presents: Colorado Contracts - updated for 2008!

Van Education Center has just completed our update of the Colorado Contracts course online to include all of the new forms required in Colorado. Beyond the CBS1, Contract to Buy and Sell, this course will also cover the new Source of Water disclosures, the revised Sellers Property Disclosure and changes to the Closing Instructions and the new Earnest Money Receipt form.

Students may take this course online today to prepare themselves for using the new forms. The forms are allowed to be used once promulgated on the Commission web site, and are mandatory January 1st, 2008.

Notes from the Field: Reduce your Carbon Footprint!

We all contribute to global warming every day. By calculating your carbon footprint, you can learn how much carbon dioxide your daily activities produce and the simple things you can do to reduce the impact you have on our environment. Get your kids involved with activities such as recycling and composting. Not only is it important to reduce your impact, but to teach your children how and why it is so important. Use the tools at the following address to begin making a difference:

                                                              http://www.nature.org/initiatives/climatechange/calculator/

You can also share this brief link to clients and help them to learn more about saving energy and money through "green" living.

Receive timely green information by signing up for EcoBroker's free newsletter. Click Here to sign up. This reliable green information is brought to you courtesy of the EcoBroker Certified(R) professional designation, currently being offered by Van Education Center. Find out more online by visiting:

                                                               www.vaned.com/EcoBroker.

Colorado Division of Real Estate issues Update Course Notice

On Thursday the Colorado Division of Real Estate issued a special notice concerning the CREC Annual Update Course requirements in an attempt to answer questions from licensees and confusion in the marketplace over the standards and requirements that licensees must follow.

VanEd students and members can be assured that VanEd has promulgated only the allowed and required courses online and in to our live presentation partners. VanEd also has made available our CE Requirements information page online. If you have any questions, please email us. We're happy to help.

The Notice that the DRE sent out on the 8th is below;

Special Notice From: The Colorado Division of Real Estate

On November 1, 2007 the 2007 Commission update course availability ended. The 2008 Commission Update Course is currently available. Commission rule B-2.(b) does not prohibit use of the 2008 course to meet the requirements for license renewal in 2007. 

(b) Beginning April 1, 2006 each licensee must take the 4-hour Annual Commission Update course twice during each license period. A licensee may not take the same version of the Annual Update Course more than once during each license period. If the Annual Commission Update course is taken three times during a license period, the licensee will receive elective credit hours for the third course.

Thank you,
The Colorado Division of Real Estate

Looking to take the current CREC Annual Update course?    >>> click here!

Notes from the field: Will Social Security be Secure?

Social Security preservation has finally hit the campaign trail. Both John Edwards and Hillary Clinton have recently expressed concerns about the health of social security. Remedies could include both greater fiscal responsibility and eliminating the current $97,500 income limit for the social security tax. Experts predict that consumers will be expected to shoulder the burden of their retirement through IRA, Roth and SEP accounts, in addition to Health Savings Accounts, a new tax-deferred/tax-free savings option for every American.

Investing IRA assets in real estate is an opportunity that real estate agents and their customers may have previously overlooked, but that may become a more popular option. You can learn about these individual retirement options in various classes offered online by Van Education Center.

Guest Authors Bill Humphrey and Catherine Wynne are Principals with Entrust New Direction IRA.They believe that education is the most important ingredient when self directing into non-traditional investments. Reach them online at www.newdirectionira.com

Redline version of 2008 Colorado Contract posted on VanEd

VanEd has put the redline version of the new 2008 Colorado contract to Buy and Sell real estate online. The form is available by clicking here, and highlights the changes made between the 2007 and 2008 Contract.

All other new and revised forms will be uploaded this week in both redline and clean copy for agents and managers to download. These forms are available for use as of October 30th and are mandatory for use January 1st, 2008. All contracts may be found online at VanEd by visiting the following link;

  http://www.vaned.com/contracts

Nebraska Property Tax Credit Act amount set for 2007

The Nebraska REALTORS® Association has published a letter that discusses the Nebraska Property Tax Credit Act, which was signed into law in May. The Act provides funding to a two year property tax credit for property owners in Nebraska.

Under the Act, the amount of the credit for each owner was determined after the September 15th valuation appeals deadline and was determined to be $83.22 per each $100,000 in real property value. Agents are reminded to make certain to account for the credit at closing. Language should be included that credits prorated taxes based on the date of closing.

To read the article from the NRA, which includes sample contract language, click here.

Pre-Registration for CAR Convention ends this week

The Colorado Association of REALTORS® annual convention and business meetings will run October 21st - 24th in Colorado Springs at the Broadmoor Hotel and Convention Center. Registration will be available on-site, but Pre-Registration for the event ends September 28th. Click here to see the planned speakers and events.

On-line registration is available for the convention and can be accessed by clicking here. Also, VanEd will be the provider of the CREC Annual Update course hosted by CAR at the convention. You can register for this class by logging in to your VanEd student account and selecting "Available Classroom Courses". Instructions for registration can be found by clicking here.

VanEd will also be in attendance at the Expo, so stop by and say hello. We will be raffling off free Continuing Education courses at the booth, so make sure to drop in a business card! Don't have a VanEd student account yet? You can create an account for free and then log in and view all of the current course offerings, including designation courses, on-line!

                                                                  >>> Click Here to create a free account!

CARHOF gets ready to Raffle the Grand Prize ~ A New Home!

The 2007 CARHOF raffle will again benefit the Colorado Association of REALTORS® Housing Opportunity Foundation, which works to promote affordable housing opportunities in Colorado.

This years Grand Prize is a new home built by Sanctuary Homes valued at $300,000. The winner may also choose to take $200,000 in cash. Only 10,000 tickets were scheduled to be sold in the raffle at $100 a piece. However, at this time CARHOF is reporting that only 1700 tickets have been sold so far and only 4400 tickets have been distributed. This means that with ticket sales ending in just over a month (the drawing will be held in Colorado Springs on October 25, 2007) the odds of winning the house are now even better! And CARHOF directs 50% of the profits from ticket sales back to the local associations around the state to support local communities through grant cycles and programs.

For more information you may online to the CARHOF Raffle page. Need tickets? Contact a local REALTOR® or the association office in your area or purchase tickets online using the following link - Purchase Tickets Now!

NRA Fall Meetings underway

The Nebraska REALTORS® Association 2007 Fall Meetings are being held this week in Lincoln. The Meetings opened on Tuesday and Continue today through Thursday with education events and the Board of Directors meeting.

Mildred Wilkins brings her knowledge of foreclosures and a changing market to today's session while tomorrow Steve Stazel and Mark Wehner teach courses on Professional Standards and Courtesy in the Industry. The Fall meetings and continuing education sessions conclude Thursday.

REALTOR Safety Week September 9th - 13th ~ Protect yourself

We are all reminded that our own personal safety is more important than that late night meeting in a vacant house. Remember to be on alert when showing houses and driving in a car with clients and customers. As part of REALTOR® Safety Week, we want to remind you to be aware of potential threats and institute a personal safety plan in your office.

In 2001 a Washington real estate agent was murdered and in response the Real Estate Safety Council was formed. They created a pamphlet highlighting many safety tips and agent resources. A copy of that can be found online by clicking here.

Some tips from us and from the real estate safety council; Use the buddy system and show houses with a co-worker. Have a call-in safe word for your office staff, and always let the office know who you will be meeting and where you will be going. Require your first meeting to be at your office and make copies of the Drivers License of each client to leave them that, along with a filled out New Customer form, with your office staff prior to departing on showings. When you head off for that evening listing appointment at a potential sellers home, take your buddy with you or have them either call you or you call them at specified intervals during the evening.

Every office or Buddy team should also have a distress code. This way when an agent in the field feels something is not right, or that they may be in danger, they can call in and use the distress word to let the office or their buddy know they need help.

These are just a few tips and ideas, but the most important safety tip is up to you; be aware, stay prepared. For more information on REALTOR® Safety week, visit the Realtor.org web site and read a special message from NAR President Pat V. Combs. There are videos on safety and even an online course that you can take to identify more ways to protect yourself.

Colorado Division of Real Estate reminds brokers about fingerprint requirements

The Colorado Division of Real Estate recently sent out a notice reminding licensees of the instructions and the requirements for fingerprint background checks required for license renewal for those real estate licenses expire December 31st, 2007.

2007 marks the final renewal cycle where fingerprints will be required for renewing licensees. Fingerprints that were submitted after July 1, 2004 are valid to meet the requirements. In addition, active licensees whose license expires anytime after December 31, 2007 have already met the fingerprint requirements. Fingerprints submitted as part of the requirements for Mortgage Broker registration will apply towards real estate broker's license renewals.

Any licensee whose license expires December 31, 2007 and who still needs to submit a fingerprint card should do so as soon as possible. Information and instructions can be found by clicking here. Also, if your license expires December 31, 2007 you can verify the status of your fingerprints online. You will need to log on to your online account. You may be required to set up a new account.

Click Here for Fingerprint information  -  Click Here for Fingerprint Status

New 2007 Colorado Real Estate Manual is now available

The new Colorado Real Estate Manual was recently made available for purchase from Bradford Publishing. The new manual includes new chapters covering;

• Mortgage Broker Licensing Act
• Law of Affiliated Business Arrangements
• Revised Water Rights

The manual is also presented with new features to make it easier to use and read. You may click here or use the following link to download the order form to purchase your new 2007 Manual. Please note that you will want to call Bradford Publishing so that you can make sure to get the final price that includes shipping and handling.

>>>Click Here for Manual Order form

License Expire December 31st, 2007? Have you completed your fingerprint background check yet?

For the past two years all renewing Colorado Licensees have been required to submit a Fingerprint based criminal history background check. This year is the third and final round of renewal fingerprints mandated by the Colorado Legislature. VanEd wants to remind all real estate licensees that this year Mortgage Brokers are also required to submit fingerprint cards to the CBI and Division of Real Estate. With a large pool of mortgage brokers potentially sending in fingerprint cards, all real estate licensees are advised to submit their fingerprint cards as soon as possible.

Any broker who does not complete the background check process prior to December 31st, 2007 will be inactivated beginning on January 1st, 2008.

Fingerprint cards can be taken to many local police stations and electronic fingerprints may be taken at any PSI testing center. Many local Associations are also offering fingerprinting. For more information and fingerprinting facilities, click here to view the CREC Notice. This notice is intended for those licenses whose license will expire December 31st, 2007.

Registration is open for the Colorado Association of REALTORS® Annual Convention

The 2007 CAR State Convention will be held October 21-23 at the Broadmoor Hotel in Colorado Springs. The convention will host numerous education offerings, including the CREC Annual Update Course scheduled for October 21st at 1:00pm. VanEd is proud to be the provider to the state association for this annual update course.

You can register online for the state convention by visiting the CAR website at www.coloradorealtors.com. You may also register for the CREC Annual Update course by logging on at VanEd and then selecting Classroom Courses under your Available Courses tab. For more information or assistance, email us at cecredit@vaned.com, or Click Here to register for the update course online.

Registration open for REBAC Networking and Awards reception at NAR conference

REBAC members are encouraged to register for the Networking & Awards reception to be held on Wednesday, November 14th at the NAR conference in Las Vegas. The event is free to those who list REBAC as their primary affiliation, and costs $25 for guests on members who do not indicate REBAC as their primary affiliation on their conference registration form.

REBAC is also providing various designation courses at the convention, and the registration form and list of events can be found by clicking here. Note: All members wishing to attend the networking event to be held at the Venetian Hotel must RSVP. You may also contact Dawn Headtke at 312-329-8488 to register for the reception.

Nebraska Real Estate Commission promotes Errors & Omissions seminars

Williams Underwriting Group, Inc., the program administrator for the state of Nebraska's Errors & Omissions Insurance Program, will be conducting a series of seminars as part of the services they provide. The seminars will include a review of loss and claim records, and there will be a discussion of risk management related topics. Dick Williams, Ph.D., CPCU, Chairman of Williams Underwriting Group, Inc., will be conducting the seminars and will also discuss current issues in the industry.

The seminars are being held between September 24th and September 28th in various parts of the state. For more information or to register contact the Nebraska Real Estate Commission.

Last chance to Register for NAR convention and get early bird discount

Register for the NAR annual convention and expo by August 15th and pay only $300 for the 4 day event. The conference, which will be held in Las Vegas November 13th - 16th, will include Bill Cosby at the General session and James Taylor playing at the REALTORS® celebrity concert.

You can view the Conference Schedule and register online by clicking here!

Colorado Real Estate Commission adopts new contract, names new Education Committee

At their August 7th meeting, the Colorado Real Estate Commission completed a rulemaking hearing to approve a new Buy/Sell contract. After a comment period that concludes Friday the forms committee and staff will review any notes from the commissioners and the public and then prepare to create the final copy of the new CBS1 form. A draft copy of this form is available by clicking here. Comments on the form should be directed to the Commission this week. The final approved form will not be mandatory until January.

The Division also announced the new education committee members at the meeting. They are Susan Plage, current President of the Colorado Real Estate Educators Association (CREEA), Rick Madden, former Director of Education for the Division of Real Estate, George Harvey, President of the Colorado Chapter of Realtors Land Institute, Caren Hunt, CAR Education Director and Curtis Hilty. A staff member from the Division will be assigned to begin working with the committee in the coming weeks.

Registration is open for the Nebraska REALTOR® Association Fall Meetings, scheduled September 10-13

Registration is open for the Nebraska REALTORS® Association Fall Meetings and education events, which will take place in Lincoln September 10th-13th, with the Presidents Hospitality reception slated for Monday the 9th. The schedule of events includes all association business meetings and continuing education sessions running each day during the event. Featured speakers include Rich Casto, Mildred Wilkins, Steve Stazel and Mark Wehner.

To learn more about the Fall Meetings, visit the NRA home page. You can register online for the meetings by clicking here. For hotel information, click here.

VanEd Revisits RESPA, attends HUD training

Last week, VanEd attended the "RESPA-1" training class conducted by HUD's Denver Regional office. Some of the highlights from the class are presented here, even though some may not be new information. While HUD expects a revised proposed RESPA rule, it was not certain as to when that rule may be available.

HUD recently changed it rules on who may pay closing charges on an FHA loan, eliminating many formerly restricted provisions. At present closing costs and fees are freely negotiable except for the tax service fee which the borrower may not pay.

Question: Can a real estate broker give money to the seller at closing without violating RESPA? Answer: Yes - as long as it is shown on the HUD-1 settlement statement.

The question often arises as to whether a broker may pay an unlicensed person for leads. This is acceptable provided 1) the payment is a flat fee 2) the payments is not conditional on closing a transaction and  3) the payment is not a sliding amount based on the potential value of the transaction.

The HUD Denver Regional Office covers 17 state for RESPA. There are currently 7 ongoing RESPA investigations in the office. The biggest complaint to HUD is low-ball Good Faith Estimates (GFE). Colorado law was recently revised to require any upward difference between the GFE and the actual settlement costs to the borrower be communicated to the borrower at least 3 days before closing.

Both HUD and the Colorado Division of Real Estate believe their hottest new enforcement issues to be affiliated business arrangements/shams, appraisal issues and mortgage fraud. Erin Toll, Director of the Colorado Division of Real Estate reminded all attendees of the requirement for all licensees to register affiliated business arrangements annually via the Division Website.

Click Here for more information on the Affiliated Business Arrangement disclosure.

Electronic disclosure of all Affiliated Business Arrangements required by Colorado Division of Real Estate

In an email issued today, the Colorado Division of Real Estate announced that the required disclosure of all Affiliated Business Arrangements may now be made electronically.  The disclosure is required by state law, and Rules E-22 and E-46 were changed this past year to implement the changes. Users will need to create an online account and then are required to disclose any ABA when any of the following occurs;

1. A licensee enters into an affiliated business arrangement
2. Any time a licensee changes affiliated business arrangements
3. A licensee applies for a license
4. A licensee changes status from inactive to active
5. Any time a licensee transfers from one brokerage firm to another

In addition, Employing Brokers are required to make disclosure annually.  It may be important to note that a separate form is required for each ABA. The online ABA disclosure replaces the previous paper disclosures discussed in an earlier Newslog post. You may register or log in to the new ABA disclosure page online at the Division web site or by clicking here.

VanEd Presents: Real Estate Professional Assistant course online

Van Education Center is proud to add the REPA^sm - Real Estate Professional Assistant certificate training program online. VanEd will begin offering the course through our partnership with Realtor University Online. The REPA^sm two-day certificate course provides an intensive introduction to the real estate business and to the specific ways support staff can become valuable assets to their employers.

During the program assistants will learn the basics of real estate ethics and will gain an understanding of transaction management. Agents are encouraged to have all of their support staff and assistants complete the training and earn the REPA^sm Certification.

For more information on this program visit www.vaned.com/REPA.

Colorado Division of Real Estate creates writable and new forms

The Colorado Division of Real Estate has created writable contracts and forms available for use now on the division web site. Many forms now allow you to fill in certain provisions in the forms directly online. The list of writable forms includes all of the listing and sales contracts as well as most of the disclosure documents. You can go directly to these writable forms online by clicking here.

The DRE has also made available draft copies of new forms to be approved for use. These include the CBS1 - Contract to Buy and Sell and the CL8 - Closing Instructions forms. Use the links to view the Draft copies of these forms. These new forms are not scheduled to be required for use until January 1, 2008. VanEd will of course update contract courses as soon as these new forms are available for use, currently scheduled for October 30, 2007.

Colorado Division of Real Estate 2007 Real Estate license renewal information

The Colorado DRE in May published the new Notice concerning fingerprint requirements for real estate broker licenses that expire December 31st, 2007.  All licenses that were originally issued prior to July 1, 2004, are on Active status, and whose license will expire this year must complete a new fingerprint based criminal history background check prior to renewal.

The Division is advising brokers to begin the background check process prior to July 1st, 2007 and notes that in 2006 the wait time for background checks was up to 3 months. The fees and locations where agents may be fingerprinted are available on the form. Licensees attempting to renew who do not complete the background check process prior to the end of the year will be placed on inactive status beginning on January 1st, 2008.

Learn more and print the official Division of Real Estate notice by clicking here.

Licensees should also be aware of the new requirements concerning the Affidavit of Eligibility which must also be submitted prior to a new or renewing license being issued by the division. The new form is available by clicking here.

TIC: Tenant in Common Investments continue to be defined

The question of weather a TIC, or Tenant in Common, investment is a real estate or securities transaction is drawing responses from both the regulator community and the real estate industry. Some states, including Utah, have enacted legislation defining a TIC investment as real estate while under Federal law most investments in undivided interest of real estate are treated as securities.

The Colorado Association of REALTORS® recently posted a document designed to help define what a TIC is and how they are regulated. That document can be found here: Tenant in Common Transactions.... and NAR posted a report on TIC's by the REALTOR Commercial Alliance from the Hot Topics Series that describes and covers TIC investments. View this report by clicking here.

At the 2006 ARELLO (Association of License Law Officials) annual conference, Dr. Harold Hunt, a research economist from The Real Estate Center at Texas A&M delivered a presentation to regulators from around the world at the TIC Symposium covering the background of these investments. His PowerPoint is available to view by visiting the ARELLO web site, or by clicking here.

Colorado Division of Real Estate advises early submission of fingerprints

At the April REC Meeting the Division of Real Estate staff was asked about the process for fingerprinting and the problems that had been associated with the previous two years of license renewal applications. In response, the DRE has been able to improve the systems in place and should be able to better assist brokers with this process.

The DRE and brokers throughout the state do not have control over the fingerprinting process as it relates to the CBI, Colorado Bureau of Investigation, or the FBI in relation to how long it takes to process a single set of fingerprints. In response, the DRE staff suggests that brokers who are set to renew this year complete their fingerprinting early. By completing the process early, brokers will help ensure their timely renewal. Information on the process is available on the Division site. Click Here for details.

Team Colorado REALTORS® rides in July

CAR President Kit Cowperthwaite announced that he will captain Team Colorado REALTORS® first public outreach event, the 2007 MS 150 bike tour on July 7-8. The tour will be a two day ride beginning and ending at the Broomfield Events Center. All levels of riders are encouraged to attend, and Team Colorado REALTORS® will work to enhance the event with shirts, water bottles and fun.

The ride benefits the Colorado Chapter of the National Multiple Sclerosis Society and includes an overnight stay in Ft. Collins, meals, plenty of rest stops, and of course bike mechanics. Information on the ride and the cause can be found on the CAR web site by clicking here.

It's 2007 ~ Time to create a Marketing Plan

If you didn't sit down in December to create your 2007 marketing plan, then now is the time. As the Spring market season quickly approaches agents should be getting ready now for what we hope is the busy season just ahead.

Do not worry about market forecasts or interest rates or even company advertising bills as you sit down to start planning. Instead, focus on what you can do to increase your personal traffic. Focus on your direct expenses and don't worry about indirect expenses that arise out of any given transaction. (Why not worry? Expenses are bad!) While you can save for a rainy day, you can't determine what calamity will befall any given transaction in advance, so planning for it won't help. Besides, we're looking for a positive year!

Clear some time in your schedule at the office. Don't plan in front of the TV while watching a congressional hearing or ER or even The Office. I assure you that your mood will be affected by any of those shows, and when planning it is best to keep an open mind to help you set some realistic goals and schedules. Another good reason to do this at the office is so that if you need help identifying what you did last year or the year before, you will be where the files are. Easy access to records will help speed up this process.

Now begin planning!

Sounds easy, but isn't. There are a variety of good resources out there that will help you get started. Programs such as Act! offer tools to help agents be more productive. I suggest that you start by reading a little bit on planning and goal setting, and Realtor Magazine Online has some good suggestions on where to start. You can read the article 8 Step personal marketing plan online. There are also links there that will show you sample plans and give you tips on Niche marketing and other areas that you may want to focus on. It's a good place to start, and now is the time.

Need a coaching program? Kelle Sparta of Sparta Success Systems offers an online coaching program that will help you identify your goals and plan and get you going.