VPAR August 2013 REALTOR Update

No REALTOR ® Update August 2013 - page 1

REALTOR® UpdateAugust 2013

Published by the Virginia Peninsula Association of REALTORS®

NAR Board Votes to give realtor.com

More Flexibility

In a nearly unanimous vote on July 24th, the NAR Board of Directors approved recommenda-tions that will help realtor.com compete head-to-head with third-party listing aggregators on building a comprehensive site, including more unlisted new homes and rentals. Although the realtor.com domain is owned by NAR, the site is operated by San Jose, Calif., based Move Inc. under an operating agreement between two subsidiary companies: NAR’s REALTORS® Information Network (RIN) and RealSelect, a subsidiary of Move. The site has been an un-disputed leader in engaging consumers who are in the market for homes, but over the last several years, third-party sites such as Zillow and Trulia have drawn heavy attention from a wider range of consumers—from the merely curious to current homeowners looking to case their neighborhood for recent sold properties. As a result of the vote, the RIN board approved amending the operating agreement with RealSelect in three fundamental ways:

1. Amending the restriction that says Move may display only listings that have been sourced from REALTOR®-owned and controlled MLSs or from REALTORS®. Under the revised agreement, Move will be able to obtain listings from entities that are not REALTOR®- owned and controlled and from brokers who are not REALTORS®. 2. Amending the restriction on unlisted properties. The revised agreement will allow the dis-play of unlisted new homes and new home communities and will allow the display of unlisted properties that are for rent. Individual consumer FSBOs remain precluded from the site. continued on pg 21

Diamond SponsorsAtlantic Bay Mortgage - (757) 874-6040

Platinum SponsorsMonarch Mortgage - 757-291-4004

Real Estate Information Network (REIN) - 757-531-7900

Gold SponsorsFidelity Bank Mortgage - 757-597-0431National Exterminating - 757-599-3621

PNC Mortgage - 757-599-6882PrimeLending - 757-344-3366

SunTrust of Hampton - 757-896-4982 Towne Bank Mortgage - 757-687-5005

Silver SponsorsC&F Mortgage - 757-873-8200

Commonwealth Exterminating Co. - 757-873-2030Fulton Mortgage Company - 757-873-0435

Movement Mortgage - 757-585-4941 Pillar To Post - 757-564-4454

Bronze SponsorsDaily Press - 757-247-4891

NARPM - 757-876-0284 Old Point Mortgage - 757-876-5681

Peninsula Title - 757-595-2536ServPro of Hampton - 757-560-0757

Shaheen Law - 7567-369-2831Wells Fargo Home Mortgage- 757-873-3308

No REALTOR ® Update August 2013 - page 2 No

Support your Affiliate Partners Today!A very special thank you to the following Partners

Your Member Service with FEET! Check Out Our Tech Department. VPAR offers our members fantastic tech support via our tech guru, Rich Benet. Along with giving general advice, we provide computer repair services at 30 to 50% less than what most tech stores

charge. So, why not try us? Contact Rich Benet at 757-599-5222 or [email protected].

No No REALTOR ® Update August 2013 - page 3

Advertising PolicyWhile this magazine makes reasonable effort to establish the integrity of its advertisers, it does not endorse advertised products or services unless specifically stated. The publisher reserves the right to reject any advertisement at anytime. Advertisements refused may include, but are not limited to, those that are legally questionable, that may support products or services of questionable stan-dards, or that are inconsistent with the high professional standard of the Code of Ethics of the Association. Advertising is open to

REALTOR® members, member firms, affiliate members and non-members. Product advertising is limited to residential subdivisions, commercial, or industrial units and real estate related products and services, excluding personal listings.

Equal Opportunity PolicyVPAR is pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity. The Association encourages and supports an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race,

color, elderliness, religion, sex, handicap, familial status, or national origin.

NoticeVPAR does not fix, control, recommend, suggest, or maintain commission rates or fees for services rendered by cooperating

members or non-members.

EditorDana R. Holben, RCE, e-PRO

REALTOR® Update is published monthly by the Virginia Peninsula Association of REALTORS® as a service to its membership. Cor-respondence and requests for advertising packets should be mailed to REALTOR® Update, Attention: Dana R. Holben, Editor, 1001

North Campus Parkway, Hampton, VA 23666 or call VPAR at (757) 599-5222 or e-mail at [email protected].

REALTOR® UpdateThe Official Publication of the

Virginia Peninsula Association of REALTORS® Officers

PresidentPamela McKinney Lewis, ABR, SFR

President-ElectKimi Dornan, ABR, GRI, SFR

TreasurerChandra Patterson

Immediate Past PresidentSheila Dann, ABR, GRI, SFR

Directors Carl Burt • Carol Davanay, ABR, GREEN

Theresa Embler • Dewey Hutchins, Jr.Chris Pray • Diana Rondinelli

Regina Scott


Happy August Members! Have you heard about the new online resource we have to assist us in our everyday real estate business? This new online resource is called REALTORS® Property Resource (RPR) and you can access it by going to https://www.narrpr.com. For all those who hate the public estimates on your listings, I bet you will love the Automated Valuation Method (AVM) that we now have access to for over 131 million properties. RPR is only available to REALTORS® and is 100% owned by REALTORS® and there is no member cost for you to use this resource. Start today and register yourself on the RPR site (https://www.narrpr.com) by clicking on “new user” and just follow the steps. In addition, there are online seminars hosted through the RPR site on how to use the site and VPAR will be hosting training events. Enjoy!

Cheers,

Pamela McKinney Lewis, 2013 VPAR President

President’s Messageby Pamela McKinney-Lewis, 2013 VPAR President

Do you ever hear your parents’ voices in your head? With summer in full swing, we have been going and doing more as my son is older now. And then it happened! I said, “We don’t have to do everything in one day!” My Dad’s voice magically appeared. And then the best one of all, “CLOSE THE DOOR! You weren’t born in a barn!” You guessed it, my MOM! We are who we are but we all have a splash of someone that will make you go… I didn’t just say that!

The last week of June my family and I moved to Fort Monroe. We love it. We have been walking around and seeing all the history and everything that the Fort has to offer. But then I got to thinking, you need to know this information, as well as everything else that is happening on the peninsula.

If a client asks you what is going on this week, month or year, here are a few ideas and sites that you can use to give this information….

All of Hampton Roads - http://hamptonroads.com/

Newport News Events - http://www.newport-news.org/things-to-do/events.php

Hampton Events – http://www.visithampton.com/

Poquoson Events – http://www.ci.poquoson.va.us/parks_recreation/events

York County – http://www.visityorkcounty.com/whats-happening/festivals/

Isle of Wright - http://www.isleofwight.com/whatson.html

So make sure you have a great time this summer and enjoy all that the Peninsula and Isle of Wright have to offer!

As always, if you need anything please don’t hesitate to call myself or staff as we are here to assist you! Fun Fact: When you are hot this summer and you get in your nice cool house, remember to thank Mr. Carrier. The first modern electrical air conditioning unit was invented by Willis Haviland Carrier in Buffalo, NY in 1902.

Off my Desk…. CEO ReportDana R. Holben, RCE, e-PRO


200 Ednam DriveCharlottesville, VA 22903 Phone: (434) 296-2181

Toll Free: (800) 476-1988

Discounted Room rate $145.00 (plus tax).

Please contact the Reservations Dept. at: 800-476-1988 and indicate Relocation Day Rate

or visit www.boarsheadinn.com Book now, Select dates, enter Group and Code VRLTR2.

Room block expires July 21, 2013.

Relocation Day 2013 August 22, 2013

Highlights Networking & Continental

Breakfast & Lunch Welcome by Mary Dykstra—VAR

2013 President Completing BMA Forms Suc-

cessfully. Approved for 1 hour Real Estate Related Credit CE or 1 hour of Elective PL.

Broker Expectations—Corporate Panel

Speed Networking Breakout Sessions

ERC Worldwide & Industry - Update - Pandra Ritchie

Conference Times 5:00 pm-6:30 pm Social Networking Event—Roy Wheeler Realty 8/21 8:30 am-9:00 am Continental Breakfast/Registration 8/22 8:30 am-4:00 pm Conference Sessions 8/22

Easy Ways to Register 1) Online w/ credit card @ http://www.varealtor.com/events/relocation-day

2) Fax w/ credit card to (804) 212/1415 3) Mail w/ check payable to VAR, 10231 Telegraph Road, Glen Allen, VA, 23059

For more information, contact us at (804) 264-5033 or e-mail [email protected]

Name Nickname for Badge

Firm Name __________________________________ Phone

Address _

E-mail___________________________________________________________________

Payment Method: VISA MC AMEX DISCOVER CHECK

#____________________________________________________ Exp. ___________________

Authorized Signature __________________________________________________________

I have a disability which will require special services. (Please attach a description of needs.)

The Relocation Council reserves the right to cancel any scheduled course presentation at any time. If a course is can-celed, we will notify you (by phone, fax, mail, and/or e-mail) and you will be given a full refund. We are not responsible for any expenses including but not limited to lodging or transportation expenses incurred by the registrant due to cancel-lation. Cancellations will be accepted in writing by August 8, for refunds less a $25.00 administrative fee. Please contact the Relocation Council Office with any questions (804) 264-5033.

Conference Event Fee Total

On or before August 8, 2013 79 $

After August 9, 2013 99 $


By Christina Mlynski, HousingWire

The latest trend developing amongst policymakers is the creation of proposals to reconstruct the mortgage finance system.

The leaders of the Senate Banking Committee have jumped on the bandwagon and introduced legislation aimed at reforming the Federal Housing Finance Administration with a goal to ensure stability in the mortgage market and protect taxpayers.

Senate Banking Committee Chair Tim Johnson, D-S.D., and ranking member Mike Crapo, R-ID, are leading the proposed bill, which will give the FHA tools to improve its financial condition, including strengthened underwriting standards, improved lender accountability measures and reforms to the agency’s reverse mortgage program.

“The Federal Housing Administration plays a key role in our nation’s housing market, and I am pleased that Ranking Member Crapo and I have been able to work together on this bipartisan legislation,” Johnson said. He added, “Our bill will give the FHA the tools it needs to get back on stable footing and strengthen a program important to many Americans, and I look forward to working with the rest of the committee to move this legislation forward.”

The bill would implement a number of changes to the FHA’s authority including, the establishment of a minimum mortgage insurance premium of 55 basis points.

Additionally, the legislation would increase the current ceiling of mortgage insurance premiums from 155 basis points to 205 basis points.

The bill also would expand the FHA’s indemnification authority to its direct endorsement program and also the authority to terminate a mortgagee’s approval on a national basis rather than the current limitation to only geographic areas.

Furthermore, the proposal mandates that the Secretary of Housing and Urban Development “evaluate and revise as necessary FHA’s underwriting standards” through the use of metrics such as back-end debt-to-income. The proposal also gives the FHA authority to govern the Home Equity Conversion Mortgage (HECM) program through mort-gagee letters and a mandate that the FHA Mutual Mortgage Insurance (MMI) Fund’s capital reserve ratio reach 3% within 10% years as opposed to its current target of 2%.

“Chairman Johnson and I have crafted a bill that includes bipartisan, effective reforms that put FHA on a path toward improv-ing its unsustainable financial condition,” Crapo explained.

He continued, “Many of these reforms include priorities from our colleagues on the Committee, and I am eager to work with them to return the FHA to a strong, self-sustaining insurance program that can remain a viable option for future homeowners.”

However, market experts are not convinced that this particular FHA solvency bill is the solution to housing reform.Regarding the prospects for FHA legislation passing Congress, the outlook is negative, analysts claim.

“FHA reform plays an integral role within the House GOP legislation and there is no indication that members of the House Financial Services Committee are willing to address the FHA on a standalone basis,” said Compass Point analyst Isaac Boltan-sky.

He added, “To this end, we believe that House Republican leadership allowed the HECM fix (H.R. 2167) to pass in June since they were prepared to refuse considering broader FHA reform on a standalone basis.”

Going forward, FHA reform will more than likely be met with a warm reception in the Senate, but a clear path to passage for legislation in the House does not seem plausible at this point given the other issues impacting Capitol Hill, such as the seques-ter.

“At most, we can see the targeted HECM fix becoming law given its noncontroversial nature,” Compass Point concluded.


FHA wants authority to transfer loan servicing to prevent risk of losses


Risk Management Corner

Transfer on Death Deeds By Brian Lytle

Effective July 1, 2013, Virginia adopted the Uniform Real Property Transfer on Death Act, Va. Code § 64.2-621 et seq. This is actually a big deal and a significant change: now Virginia real property owners can execute and record a deed that specifies who gets their real estate when they die, and that transfer is made outside of probate.

Previously, real estate transferred at someone’s death in one of four basic ways: First, there might have been a survivorship provision in the deed such that by operation of law the real property transferred to the surviving joint owner. Second, there could be a life estate (commonly referred to by laymen as “life rights”) where the life tenant “owns” the property during his natural life and then at death the property passes to the named remaindermen. Third, one could die intestate (no will) and the property would pass by intestate succession. Fourth the property could be transferred by will.

But under the new Virginia transfer on death act, one can execute a deed that simply designates who the new owner will be upon the current owner’s death. This transfer on death deed does not transfer any present interest in the property to the named death beneficiary, unlike the life estate or joint-owner-survivorship form of title and interest, and it transfers the property completely outside of probate or estate administration (like a pay on death or transfer on death bank account). Moreover, these transfers have no present tax consequences, they are exempt from recordation tax, and they are fully revocable during the lifetime of the owner.

I think it will be a while before real estate agents go to listing interviews where the seller purports to own the property under a transfer on death deed, but be prepared for them as they will start coming soon enough. And, my experience has been that real estate agents often serve on the front lines of knowing when to have past or future clients meet with an attorney – so if you have a client who asks whether these sorts of transfers or deeds are possible then please refer them to one of the association attorneys.

Brian D. Lytle, a local lawyer, has been an affiliate member of VPAR for over two decades and has been named Affiliate of the Year twice. Please do not hesitate to email Brian at [email protected] if you have any questions about this article or suggestions for a future article.


HamptonThe City has been actively working with willing sellers regarding lands adjacent to Langley Air Force Base. You will recall that VPAR worked with the City during the General Assembly Session to lobby for state funds for this purpose so that proper-ties near the base might be purchased to protect the base from further encroach-ment – a BRAC “red flag.” VPAR members who might be working with sellers in this situation are encouraged to contact the Association’s Legislative Consultant, Susan Gaston, at 757-871-1445 or by email at [email protected].

Isle of Wight CountyThe County Planning Commission convened on July 23rd to discuss the issue of cash proffers. The County had been considering a three-year moratorium on the collection of cash proffers if a developer obtained a certificate of occupancy within that timeframe. Given the positive effect a moratorium would have on the housing industry specifically and the economy in general, VPAR supported that proposal.

However, we opposed the underlying notion that at the end of any moratorium, if approved, and likely even if not approved, cash proffers for single family units would increase.

At the Commission meeting in July, both Andrew Sinclair with the Hampton Roads REALTORS® Asso-ciation and Susan Gaston, VPAR’s Legislative Consultant, spoke to the Commission. VPAR’s remarks focused on the moratorium as well as our opposition of any increase in the overall cash proffer require-ment. Use these links to read the remarks and see a comparative table prepared by VPAR for the meet-ing. Additional comments from VPAR were based upon the Virginia Commission on Local Government that details where Virginia localities spend their cash proffers; that entire subject was a core discussion among the Commissioners and VPAR suggested that the areas where the County wishes to expend cash proffer revenue may not fall into the rational nexus as dictated by the Commonwealth. Finally, in order to demonstrate the relatively low amount of revenue that a locality collects in cash proffers revenue when compared to their overall operating budgets, VPAR provided the Commission with the attached chart showing where Isle of Wight County fits into other localities in terms of the percentage of their total rev-enue cash proffers fall. As noted in the remarks, that data negates local governments’ argument that cash proffers must be applied so that the locality can pay for needed infrastructure.

Among the Commissioners, there was general consensus that the current single family proffer of $13,358 as suggested by the County’s Consultant is too high. Several options were discussed, ranging from placing a cap on the cash proffer requirement to continuing to operate on a case-by-case basis to the three-year moratorium to offering a trade-off for certain construction concessions. The Commission finally reached consensus that the following be recommended to the Board of Supervisors:“Accept the 2012 study data as County cash proffer policy, with the cash proffer amounts to be based upon demonstrated impact by various County Departments by category.”

The Commission is asking Planning Staff to detail the impact of each rezoning on public service area of the County – roads, utilities, schools, libraries, public safety, government facilities, etc. If there is not demonstrated impact of the development in a category of public service, then no cash proffer would apply in that category and the amount would be reduced according to the real impact.

VPAR generally is concerned that the proposal may be too complicated and cumbersome, creating arbi-trary situations for developers that, just by the time involved, may turn them away from the County.

VPAR and HRRA are working collaboratively to develop a joint strategy for the September Board of Su-pervisors meeting to outline our shared concerns. Stay tuned!

August PPC BRIEFSby Susan Gaston, Governmental Affairs Consultant


Newport NewsVPAR has extended a welcome to Jim Bourey, newly appointed City Manager for Newport News. Your Legislative Consultant is meeting with the Manager later this month to discuss a variety of issues, includ-ing the Comprehensive Plan that will be under review.

A number of zoning ordinance amendments that impact real estate were before the City’s Regulations Committee last month. VPAR’s Legislative Consultant, Susan Gaston, and VPAR REALTOR Member Michael Carpenter both are Committee members. The following should be of interest:

1. It was recommended that the “Summary of Uses by District” be amended to allow for residential uses, with a conditional use permit, within the Office District (O1) with a maximum density of 6.1 acres per unit. This will allow for offices, offices with residential uses and small mixed use to be approved under the Zoning Ordinance. Areas along Jefferson Avenue and Warwick Boulevard, including Lee Hall, Hilton and parts of Main Street, are examples of where this use would be helpful. The City is receiving input from landlords that when there has been a vacancy in the O1 District where the building has been a residential unit, it is becoming increasingly difficult to find a new tenant. This use amendment will allow for vacancies to be filled more readily.

2. It was recommended that the Zoning Ordinance be amended to allow for the adaptive re-use of buildings 50 years or older, including being adapted for a use other than that for which the building originally was intended. This could include schools, churches, and other structures to be more easily rehabilitated and occupied, thereby decreasing the number of vacant properties within the City.

3. It was recommended that the Zoning Ordinance be amended to allow for custodian apartments to be approved in areas no larger than 700 square feet for full-time employees only, and when the unit is not being used primarily as a residential unit. This also will provide incentives to businesses to have space where employees can have a residential component in an overnight situation, for example, and again have the effect of reducing vacancies in the City.

4. A variety of amendments were made to sections of the sign provisions of the Zoning Ordinance regarding animated and electronic display signs. a. Animated signs are deleted from the allowable uses section if the sign utilizes any form of movement, including animation, revolution, vertical or horizontal motion, etc. b. Included in the provision is new language that defines an electronic display sign containing LED, fiber optics, light bulbs, plasma screens, series of vertical and horizontal slats, colors, etc. c. The electronic display signs will be allowed by right in conjunction with commercial and/or industrial uses. The signs would be non-conforming uses in residential neighborhoods.

Sign discussions will continue with regard to the use of electronic display signs providing advertisement or directions for the general public to businesses, services, or events. VPAR insisted that the use of di-rectional signs for real estate purposes, including open houses, not be brought under this language so as not to impede the ability of the general public to find open house events. VPAR has been assured by the City Attorney, the Planning Director and the Director of Codes Compliance that real estate signs will not be impacted by any language relative to the electronic display provisions since the real estate section of the sign ordinance is covered very comprehensively in an entirely different area.

continued on pg 15

JUNE PPC BRIEFS, continuedby Susan Gaston, Governmental Affairs Consultant

The Virginia Peninsula Association of REALTORS® presents…

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(Approved for 7HRS CE/PL real estate related credit)

Distance Course Instructor: Pat Ermen

Members primarily involved in residential real estate wanting to increase their knowledge and skills in a broad array of technical subjects and the fundamentals of real estate participate in the REALTOR® Institute, Graduate program to earn the GRI designation. The program also provides opportunities to develop important business contacts. The

GRI is a nationally recognized designation of the National Association of Realtors®. REQUIREMENTS:

REALTOR® Institute - GRI The Graduate, Realtor® Institute is the most popular designation among successful Realtors®. GRI teaches you the skills you need to really be successful in your field.

To earn the GRI designation in Virginia you must: * Complete the nine "required" modules and take three of the five "optional" modules or equivalent credit within five (5) years.

* Receive a passing grade for each module examination and you may not miss more than 15 minutes of any one module session.

* Hold membership in the National Association of REALTORS®.

* Complete the GRI Designation Application and pay the one-time fee of $25 (application will be mailed to you upon completion of last module). You may make use of the GRI Designation on business cards, stationery, etc. only when you have completed all of the steps listed above

REGISTER AT WWW.VAREALTOR.COM

Tuesday, August 13, 2013 8:00 a.m. – 5:00 p.m. Distance Learning Course

Register at www.varealtor.com/GRI VPAR Headquarters Training Room A 1001 North Campus Parkway Hampton, VA 23666

Early Bird Pricing before 8/5 by NOON Cost: $90 Register after, Cost: $105



A KUDOS TO THE VPAR MEMBERSHIP: The Director of Codes Compliance commended the Asso-ciation and its members on the continued good work and diligence toward preventing sign violations in Newport News. They are minimal! Good job, folks!

PoquosonWorking with REIN and the City, VPAR continues to assist both entities in connecting toward a data feed that will allow the City to post Poquoson listings on its website. After a number of questions were raised at the REIN Board meeting, the issue of how to create the data feed for the City now is being sent to the REIN Technical Committee. The City is providing details to REIN on a number of specific inquiries.

York CountyAugust is a busy month in York County regarding the Comprehensive Plan. Both a joint work session with the Planning Commission and the Board of Supervisors as well as a voting Session of the Commission later in the month will find VPAR addressing its areas of support and concern in the Plan. Look to the September UPDATE for details.

STATEThe Virginia Real Estate Board is in the process of updating its regulations. Public comment on the proposed regulations began July 1 and runs through August 31. Both VAR and VPAR are fully engaged in this detailed process. VAR Attorneys Michael Lafayette, Sarah Petcher, Laura Farley, Erika Almstead and Blake Hegeman have reviewed each regulation and made suggested edits. VPAR’s Public Policy Committee is reviewing the latest edits, and VPAR will submit a comprehensive document outlining any additional concerns or suggestions.

VAR will interview all six candidates seeking statewide office later this month. VPAR’s Legislative Consul-tant will participate in that important process and will report endorsement results as soon as available.

FEDERALHouse Holds Hearing on PATH ActLast month, the House Financial Services Committee held a hearing on the Protecting American Taxpay-ers and Homeowners (PATH) Act discussion draft, introduced by Chairman Hensarling (R-TX). The com-prehensive discussion draft includes reforms to FHA, the GSEs, and the financial regulatory law known as the Dodd-Frank Act.

Flood Insurance Legislative UpdateWith NAR’s support, Senator Mary Landrieu (D-LA) successfully added a 1-year delay of “grandfathered” flood insurance rates to the Senate Homeland Security Appropriations Bill as approved by committee on July 18. The House-passed version also includes this provision. Next, the full Senate must vote on the measure.

Administration Unveils Full Regulatory AgendaThe Obama administration is looking forward to a host of new environmental regulations that go far be-yond the president’s plans to issue new standards for greenhouse gas emissions from new and existing power plants.

The new regulations that could impact real estate, previewed in the administration’s spring regulatory roadmap released on July 7, cover everything from increasing listings of endangered species and reno-vation activities in commercial buildings to long-delayed rules on waters of the U.S. In some cases, the regulations will be issued long after they were called for under a statute passed by Congress.

The regulatory agenda is usually published twice a year, in April and October, so the July 3 release was late in coming. Last year, the administration published just one rulemaking roadmap, in December.

For additional details, please contact VPAR’s Legislative Consultant, Susan Gaston, at 757-871-1445 or by email at [email protected].

JUNE PPC BRIEFS, continuedby Susan Gaston, Governmental Affairs Consultant


RPAC Update, Keith Canty, RPAC Chair Wow, it’s August already. What an exciting July I had. I spent the middle of July in a very intense and enlightening retreat with my VLA classmates. Part of that retreat was white water rafting on the James River, a time to enjoy a unique experience and develop teamwork under challenging conditions.

What I learned was that there is no place in the raft going down a class IV fall for the 80/20 rule. Everyone had to pull their weight with their paddle. Anything less meant you were cargo and putting everyone else at risk. The water was rough and every stroke counted.

Aside from being an adventure story, what does that mean to you?

Well, for the last couple of years the real estate market and its environment like the James River Rapids has been cresting and becoming rougher and increasingly more roiled with significant increases in turbulence forecast. Congress, both houses, has proposed to put everything on the table, including real estate and home ownership benefits as we know them, to rewrite the tax code. NAR has issued a call for REALTORs to ask their elected officials do no harm.

For me this is a good start, but without strong continued participation from REALTORs® in our REALTOR® Party and RPAC, it is like sitting in a raft watching the river and rough white water do with us what it wants. To get through this with real estate continuing to be a viable profession and home ownership continuing to be an aspiration and beneficial reality, we need to all put our oars in the water and row.

The waves and turbulence may pound us, but if we all row together we can control the raft and get to where we need and want to go. If not we are going to take a very rough, wet ride and end up who knows where. But I can assure you of this, it won’t be where we want to be – there are rocks out there and the rushing water loves to smash things against them.

We have many very successful REALTORs® in our association and I have done so, and do congratulate you on the work you do and your success. As RPAC chair, I know that we are the most under represented association in regards to major RPAC investors and among the large Virginia associa-tions we have the smallest number of RPAC investors – less than half of the next smallest. This means, in fact, that most of us are along for the ride. We are failing to take our business, our profession and our clients seriously.

I have talked to many of you over the years and have never had anyone tell me that they were in this profession only for the money. Well, actions speak louder than words and if you look at our actions as I do, you will see the lip service. We haven’t invested in our own profession. It’s like we can talk about the threats but when it comes time to step up we put our heads in the sand. I’m busy let someone else take care of the problem – everything, I hope, will come out alright.

The answer and the call is for more of us to take charge of our business and the laws and regulations that affect us and our clients. I know you are busy, but only you can protect yourselves, your clients and your profession by making a fair share investment in your RPAC. Would I like to see more major investors? Yes, but we all can make some level of investment in ourselves. As REALTORs® we have the largest most organized and effective PAC in the state. Even though money is always important your participation in RPAC is critical in these interesting times. As a peer and colleague I ask that you join me in action. Check http://www.realtorschoose.com/rpac-101/ for the facts and regular updates.


2013 RPAC Campaign Contributors (As of June 21, 2013)

Vince Cowling*Joanne McNamara DalyAaron Davis*Elizabeth Davis*Donna DellingerGene EfirdTheresa EmblerKatharina Formy DuValRobbie GarnettCaye GarrettGreg GarrettSusan GastonJoy GibbsElizabeth GriffithGina HansonCathie HarneyKyle HauseRon Heim*Kimberly Hockaday*Sandra HoodRodney HuskeyDick HydeMary IshamYvonne JohnsonDee Karlsson*Barbara Lassley*Ellen McDanielDot McKelvin*Jo McNamara DalyLiz MooreDeloris Morgan*Helen NachmanCory NewellKelly NicolLila NicollsZoran Pajevic*Johnny ParkerPerry PilgrimAdrienne Pittinger*Michelle PollockChris PrayPat RichardsonKathy RidleyDiana RondinelliVictor RondinelliNeal RosenbaumRegina ScottBrooke Scutt*Tom SmartSharon Snyder-BartelsMarion SparksWanda Stevens*Lynn TeravainenAdam Triplett

STERLING “R” ($1000 - $2500)Keith CantyJoe CarneyDale ChandlerSheila DannLynn GrimsleyPamela McKinney Lewis

PRESIDENT’S CLUB ($750 - $999)

GOVERNOR’S CLUB ($500 - $749)Karen Bohlke EnriquezDewey Hutchins*Dan Matter*Donna Moyer*Barry NachmanChandra Patterson*Valerie SmootPam Strahorn-RoeTeresa SullivanPeggy Todd*

CAPITOL INSIDER ($250 - $499)Stephen Abbitt*Penny BoydDorothy BurchCarl BurtCarol DavanayKimi DornanDana Holben*Eugenia JacksonKaren PenningtonSandra von SchillingPeggy ToddDavid Whitley

99 CLUB ($99 - $249)Marvin Adams Jr.Martha AndersBrad AndersonTerri AsheTessie BakerPenny BoydRobert BurchWilliam BrownMary Lou CallMichael Carpenter*Bob ChapmanKatey ChapmanMaria Christian

Ray Upright*Mildred Walker*Beth WallsJosie Wells*Christina WilliamsSandy WhiteSamuel WhiteDavid Whitley

*pledge


NAR Board Votes to give realtor.com More Flexibility, continued

3. Amending the requirement for listing broker’s consent for the foreclosure status of a listing to be displayed. Under the revised agreement, unless the listing broker objects, Move/RealSelect will have the ability to identify: • Properties where notice of default has been recorded • Auctions of distressed properties • Short sales• Foreclosures• Bank-owned properties

The 673-member NAR board represents the nation’s 1 million REALTORS® and more than 600 attended June 24th’s historic meeting in Chicago, the first special meeting of the board since 1996, when the original operating agreement was executed between RIN and RealSelect. Since May, when the special meeting was announced, people have been speculating about what changes might be in the offing. Because Move is a publicly traded company, however, NAR maintained silence about the proposed changes, providing board mem-bers with only general meeting information in advance and requiring that they check their smartphones at the door to avoid having the proposal broadcast and debated via social media before the vote. Security guards were posted outside the closed-door meeting to prevent journalists from entering. For directors who weren’t at the 1996 gathering, NAR CEO Dale Stinton opened the meeting with a “walk down memory lane,” a slide show juxtaposing NAR’s 20-year histo-ry with what was happening in the world and in technology. At the outset of the commer-cial Internet era, he said, there was great uncertainty about whether REALTORS® would maintain their roles at the center of the real estate transaction. Indeed, in a REALTOR® Magazine Q&A published in 1998, Move Chairman Joe F. Hanauer (a member of the RealSelect board then and now) argued that as Internet tech-nologies evolved, it would be critical to have an entity that protected REALTORS® in the online space. Without it, third parties could easily change the rules, making it harder and more expensive to do business.

“Every real estate broker and salesperson knows what it’s like when a new newspaper, magazine, or TV home show is launched in their market. They’d rather not support it because, if they do, it will gain acceptance and need to become a permanent part of their promotional budget,” Hanauer said. “Yet they’re offered special terms and a preferred position as part of the new venture, and if they don’t take it, their competitors will, and they’ll have to live with a secondary position for a long time.”

By the same token, agents and brokers who’ve actively positioned themselves as content providers for today’s third-party aggregators have accrued advantages in the form continued on pg 23

Virginia Peninsula Association of REALTORS® presents….

CCIITTYY OOFF HHAAMMPPTTOONN’’SS FFLLOOOODD IINNSSUURRAANNCCEE UUPPDDAATTEE

FREE SEMINAR with Important Information for REALTORS®

Do you know there are flood insurance changes that might impact your ability to sell a property?

Do you know where to go to determine if a property is in a flood zone?

Review FEMA System official maps.

Upcoming changes being considered could include eliminating the transfer of flood insurance on a property to a new buyer – grandfather rules may become extinct!

Possibility of paying the full actuary value of the policy.

PRESENTED BY:

Gayle Hicks, Certified Flood Plain Manager, City of Hampton and

Community Rating System Coordinator

Thursday, August 22, 2013 10:00 – 11:00 a.m. At VPAR Training Room A

FREE CITY OF HAMPTON FLOOD INSURANCE SEMINAR Return registration form to VPAR via mail to

1001 North Campus Parkway, Hampton, VA 23666, FAX – 596‐3911 or register online at members.vpar.org

Name(s): Member#:

Firm: E‐mail:

Signature

Please notify in advance if you have a disability requiring special services. Questions? Call Jo McNamara Daly at 599‐5222 or [email protected]



NAR Board Votes to give realtor.com More Flexibility, continued

of increased visibility, credibility, and leads. That’s great for them and for consumers. But it doesn’t negate the need for a partner that can meet consumers’ needs while protect-ing REALTORS®’ interests, according to Hanauer’s argument. “If a site can capture your listing data until it has strong consumer acceptance and then change its policy regarding protections, you’ve simply bought into tomorrow’s problems.” At the meeting, directors had a chance to see the danger of such a scenario. Curt Beard-sley, vice president of business development for realtor.com, showed practices that dem-onstrate Zillow’s attitude toward the industry. The site, he said, leaves the real estate practitioner out of its advertising; puts inaccurate Zestimates next to list prices; encour-ages consumers to sell without an agent; posts inaccurate, out-of-date information; and buries basic listings behind pages of “featured” (paid) listings. Brian Boero of 1000 Watt Consulting then took the stage to talk about the meaning of brand and the value of the REALTOR® brand, recently valued at $4.5 million, according to NAR CEO Dale Stinton. In the world of technology, Boero said, “you can innovate or be innovated on, and 17 years ago, when you started realtor.com, you chose to innovate. And because you chose to innovate, you set the standard for how listing sites operate in the United States. In the U.S., brokers do not pay to display listings on aggregator sites; the rest of the world is “pay to list.” “And realtor.com is more than a technology partner,” Boero said. “It is a brand partner. It is an instrument of the REALTOR® brand, generating 450 million brand impressions every month through its web site, mobile apps, and social media. Brand equals meaning, and real estate today equals REALTORS®. It’s in consumers’ minds. What’s happening here today is deepening that.” Before the proposal was put before the board, Samuelson took the stage to show how realtor.com is incorporating the brand into its listings, mobile apps, and advertising, and he shared some of the innovation that’s underway. He said realtor.com is preferred by consumers in the home sales space two times more than Zillow and 28 times more than Trulia, but the site is facing an eroding share of Internet traffic, particularly in markets where there are many non-REALTOR® practitioners. “REALTORS® have invested a lot of time and millions of dollars in building information technology to give consumers online access to real estate information, and we know that consumer demand for all things ‘home’ has never been greater,” said NAR President Gary Thomas. “We want realtor.com to have the resources and flexibility it needs to give consumers what they want while ensuring that today’s buyers and sellers can continue to rely on REALTORS® for the most accurate, credible market data. We think the proposed changes achieve both goals.”


FHA Commissioner fields questions on agency’s solvency

By Megan Hopkins, Housing WireEarlier this month, Senators Tim Johnson, D-S.D., and Mike Crapo, R-ID, reached a bipartisan agreement on legislation that aims to ensure the solvency of the Federal Housing Administration. The Senators revisited the legislation Wednesday, asking the Senate Committee on Banking, Housing and Urban Affairs to focus on the stability of the FHA during the hearing, as the members sought to reach similar bipartisan agreements on housing finance reform legislation in the coming weeks and months.“Earlier this year, ranking member Crapo and I agreed that addressing the stability of the FHA’s finances would be first on our housing agenda, followed closely by a broader housing finance reform effort,” said Sen. Johnson in the hearing, which is titled “The FHFA Solvency Act of 2013.”“The FHA serves a critical role in our housing market by insuring affordable, well-documented and underwritten mortgages for families across the country. That insurance maintains liquidity in the mortgage market during a recession, fulfilling the FHA’s countercyclical mission,” said Johnson. “Without the FHA, the housing crisis would have been much deeper – by as much as 25% – because mortgage credit would not have been available to most qualified borrowers,” he added. The FHA Solvency Act of 2013 would provide the FHA with a number of the tools requested by Secretary Donovan in the U.S. Department of Housing and Urban Development’s 2012 Report to congress as well as in his testimony before the committee.This bill would better assist the FHA to hold lenders accountable for fraud or inappropriate loans, as well as require annual reviews of loan performance and premium levels to ensure that pricing and underwriting standards are appropriate. “Many of these reforms include priorities from our colleagues on the committee, and I am eager to work with them to return the FHA to a strong, self-sustaining insurance program that can remain a viable option for future homeowners,” said Crapo. A composed FHA Commissioner Carol Galante addressed the accomplishments of the FHA thus far, stating that improved risk management and replenishment of the capital reserve account remain the current goal. The latest data shows that the fund is continuing its positive trajectory, while the percentage of seriously delinquent loans dropped 15% year-over-year in June. “We know our work is not done and these encouraging trends can be accelerated,” said Galante. There are several areas where additional conversations with members of Congress will be neces-sary, Galante acknowledged. We remain committed to continuously improving our stewardship of the fund, she said. Galante noted that the FHA would benefit from additional changes to provide operation tools to the fund. The commissioner mentioned the aging infrastructure of the FHA, which is operating on 1970s technology. The ease of doing business needs to be brought up to 21st century standards, said Galante. We need much better internal risk analysis, she added. Galante also noted that several developments have helped the agency lean more toward solvency. Those factors include home price appreciation, which was significantly more than was estimated, and rising interest rates — both of which have lifted the FHA’s outlook this year.


The Virginia Peninsula Association of REALTORS® presents…

TThhee AAccccrreeddiitteedd BBuuyyeerr RReepprreesseennttaattiivvee DDeessiiggnnaattiioonn

(Approved for 12HRS CE/PL credit)

Accredited Buyer Representative Designation Course – September 5 & 6, 2013

NAME: FIRM:

ADDRESS: MEMBER#:

CITY: STATE: ZIP:

PHONE: E-MAIL:

Method of Payment: Check

Credit Card # Exp. date

Signature (Your signature indicates acceptance of VPAR registration policy and authorization of credit card charges.) Real Estate License # Exp. date

PLEASE RETURN TO VPAR AT FAX NUMBER 757-596-3911; MAIL TO VPAR, 1001 North Campus Parkway, Hampton, VA 23666 or register online at members.vpar.org

QUESTIONS? CALL 757-599-5222 *Cancellations must be received within 48- business hours of course to receive a refund. Registrations are non-transferable. On-site late registration fee is $325. VPAR RESERVES THE RIGHT TO CANCEL THE COURSE IF

MINIMUM REGISTRATIONS ARE NOT MET. Please notify us in advance if you have a disability that requires special services.

Thursday & Friday September 5 & 6, 2013 8:30 a.m. – 5:00 p.m.

SEPTEMBER IS A SPECIAL DISCOUNT MONTH (REGULAR MEMBER RATE IS $295)

VPAR Headquarters Training Room A 1001 North Campus Parkway Hampton, VA 23666

Early Bird Pricing before 8/28 by NOON Members: $255 Non-Members: $275

Register after, Members: $275 Non-Members: $300

*On-site registration fee is $325

Night Court on Monday, August 5th from 4- 6 p.m. – Procuring Cause – Will YOU get Paid?Cost is $20 for members and $25 for non-members. Register at members.vpar.org. Pending 2 hours CE/PL credit. What you don’t know can cost you money! Sponsored by Atlantic Bay Mort-gage and SERVPRO.

8 Hour Required CE Course on Monday, August 12th8 Hour Required Subjects Continuing Education – $50 members, $60 non-members 8: 30 A.M. -5:00 P.M. Register at members.vpar.org.

REALTOR® Enrichment Series: Your Client Database – It’s Your Security Blanket CE Course on Thursday, August 15th from 1-2 p.m.Thursday, August 15th 1:00 – 2:00 p.m. at the VPAR building. Instructed by Tommy Holland, 1step2referrals.com. Cost is $10 for members; $15 for non-members. Register at members.vpar.org. The only true asset is your database – learn how to protect it, use it the right way and grow it. Pending 1 hour CE/PL credit. Tommy will have a workshop after class with hands on demos. Sponsored by SERVPRO.

New Health Care Reform FREE Seminar on Friday, August 16th from 9:30 a.m. – 10:30 a.m. The Affordable Health Care Act – don’t’ get caught being fined by not having health care insur-ance – how the new rules will affect your business. Presented by Derry L. Haywood II, owner of PFG Insurance & Employee Benefits. Get your questions answered at the beginning of this important change in our healthcare system.

City of Hampton Flood Insurance UpdateFREE Seminar on Thursday, August 22nd from 10:00 – 11:00 a.m. at VPAR. Register online at members.vpar.org Flood Insurance changes are on the way – learn what the City of Hampton has to say! Instructed by Gail Hicks, Certified Flood Plain Manager and Community Rating System Coordinator.

Mark Your Calendars Now for Upcoming August Courses & EventsMonday, August 5 – Night CourtThursday, August 8 – Lunch & Learn: Working with Prospective TenantsMonday, August 12– 8 Hour Required Continuing Education CourseThursday, August 15– RES Course – Database CourseFriday, August 16 – Health Care Reform FREE SeminarMonday, August 19– VPAR After Hours SocialThursday, August 22 – City of Hampton Flood Insurance FREE Seminar

SAVE THIS DATE: The 2014 VPAR Installation & 2013 Annual Awards Reception will be held on Thursday, November 14th at the James River Country Club.Our online continuing education partners, The CE Shop present a special promotion for August:http://vpar.theceshop.com/


Education Opportunities


Welcome New Members!Members on the Move - Transfers

Leah Haley to Keller Williams EliteTerrence James to Long & Foster Real EstateRonald Morris to Keller Williams Realty EliteZoran Pajevic to RE/MAX PeninsulaDeb Scott to Keller Williams Elite

NEW MEMBERS

Carla Stokes – Century 21 NachmanMelissa Nealon-Newton – William E. WoodJonathan Phelps Skinner – Coldwell Banker ProfessionalsDeb Sandiford - Long & Foster Real EstateMaribel Milton – Rose & Womble RealtyWendell Haynes – Keller Williams EliteDavid Blalock – Abbitt Management


Virginia Peninsula Association of REALTORS® (VPAR) and REALTORS® Property Resource (RPR) are pleased to announce that they will be offering integrated MLS data to VPAR members in the RPR Application. Real Estate Information Network, Inc. (REIN MLS), the multiple listing service for the Hampton Roads area executed RPR’s Data Content License Agreement, which will allow VPAR to begin offering all its REALTOR® members the full features and functionality of RPR’s member benefit application.

“RPR’s core mission is to provide a one stop application that works in cooperation with local and regional MLS systems, assisting REALTORS® with greater access to property information than today’s technology empowered consumers. RPR’s high value reports are designed for REALTORS® to assist their clients and customers in making the most informed decisions about buying and selling property,” says RPR CEO Dale Ross.

Realtors Property Resource® (RPR) began in 2008 as one of NAR’s Second Century Initiatives. RPR’s goal was to create an online real estate library that will provide NAR’S REALTOR® members with valuable data on every property in the United States.

This initiative is based on the collaborative efforts of REALTORS® and the real estate community, in-cluding brokers, MLSs and associations. RPR’s core mission is to reinforce the REALTOR’s® value in the market place by keeping the agent ahead of the technology curve, enabling the REALTOR® to better serve today’s technology-empowered consumer.

RPR, LLC was incorporated in November of 2009. RPR, LLC is a wholly owned subsidiary corporation of the National Association of REALTORS®, and has no stockholders, no partners, and no outside investors. It is funded by NAR’s Second Century Initiatives’ reserves, and all technologies, databases, systems, and any future return on NAR’s investments belong to NAR’s members.

RPR will provide NAR’s REALTOR® members access to a national database of robust information which will give REALTORS® the greatest access to nationwide property information needed to best serve their clients and customers. RPR is a parcel-centric system which will aggregate all available data sets and attach them to a property, including tax assessment and public record information, notice of default, REO, foreclosure and pre-foreclosure data, MLS/CIE-provided information, zoning, liens, permits, school districts, flood plain maps, demographics and much more.

RPR™ is an exclusive benefit to REALTOR® members of NAR. RPR will have no public or consumer access, and will not allow any feeds to third parties. Advanced reporting features will allow the REALTOR® to create custom reports to provide to clients and customers, keeping the REALTOR® in the center of the transaction, armed with tremendous information and analytics, all in one place.

RPR has been available to all REALTORS® since November 2012 and with this new resource REAL-TORS® will have unparalleled access to data that will give you a competitive edge with your clients. At its base are over 147 million property records, built from public record and assessment

continued on pg 33

Virginia Peninsula Association of REALTORS® Partners with RPR®

October 4th – REALTOR® Enrichment Series – Jeff Elias FREE Finance Seminar7th – 8 Hour Required CE Course10th – Lunch & Learn Free Course15th – Broker/Manager 8 Hour CE Course21st – VPAR Election Day21st - After Hours Social22nd – General Membership Breakfast25th – Broker/Manager Retreat

November 4th – New Member Indoctrination Course5th – REALTOR® Enrichment Series12th – 8 Hour Required CE Course14th – Lunch & Learn Free Course14th – VPAR Installation & Annual Awards Banquet18th – Residential Standard Agency Course18th – After Hours Social19th – 8 Hour Elective CE Course28th -29th – VPAR Office Closed

December10th – 8 Hour Required CE Course16th – VPAR Holiday Social24th-25th – VPAR Office Closed31st – VPAR Office Closed

August5th – Night Court8th – Lunch & Learn Free Course8th – Broker Forum12th- 8 Hour Required CE Course13th – GRI 409 Business Development15th – REALTOR® Enrichment Series19th – After Hours Social22nd – City of Hampton Flood Insurance Seminar26th – Broker Licensing Property Management Module Begins27th – Broker/Manager 8 Hour CE Course

September5th & 6th – ABR Core Course9th – New Member Indoctrination Course10th – 8 Hour Required CE Course10th – PYPN Seminar/Social12th – Lunch & Learn Free Course16th – Night Court17th – 8 Hour Elective CE course19th – REALTOR® Enrichment Series23rd – Residential Standard Agency Course23rd – 25th – Post Licensing Course Series23rd – After Hours Social


2013 Education and Events Year at a Glance

Virginia Peninsula Association of REALTORS® Partners with RPR® continued

information. Then layers of data have been added such as zoning, permits, and mortgage and lien data, schools and the largest database of foreclosure information in the industry. REALTOR® mem-bers of participating MLSs will also have their localized MLS active and off-market data integrated with these robust national data sets.

The RPR™ is not a national MLS, and will carry no offers of cooperation and compensation. “VPAR is thrilled to provide this benefit to our members,” says Pamela Lewis, VPAR president. “Having the access to the full use of all of the technology tools and features that RPR offers, includ-ing extensive demographic databases and with REIN’s MLS local listing, it will offer VPAR members more value to their clients and give the public one more reason to know working with a REALTOR® is the right choice,” Lewis says.

RPR is currently working with REIN to map and build the data into the RPR system. Watch for launch details coming soon.


VPAR SOARING TO SUCCESS NEW AGENT SERIES PLE/CE Mandatory Courses Offered by the Peninsula Real Estate School

Owned and Operated by the Virginia Peninsula Association of REALTORS®

Agent training designed for the new agent or the agent that needs a

shot of motivation! All new licensees must complete 30 hours (15 Mandatory and 15 Elective) of post licensing (PL) credits within their first twelve months to remain active. Our classes provide both mandatory PL and renewal CE

for seasoned agents. $25 Members; $30 Non-Members if pre-registered. You can register online at members.vpar.org. Please register in advance to assure adequate materials and to guarantee enough registrations to hold the course. The Peninsula Real Estate School reserves the right to cancel the class if less than 10 students are registered. No-shows will be billed and 48 business hours is required for cancellation with refund. SPONSORED BY: Shaheen Law. Module 1 – Agency Law Monday, September 23, 2013 9 AM - Noon Approved for Agency CE Agency law in Virginia Types of Seller Representation in Virginia Types of Buyer Representation in Virginia Overlapping representation The need for signed agreements Review the Exclusive Right to Represent Buyer Agreement Disclosures

Module 2 – Real Estate Law Monday, September 23, 2013 1 PM - 4 PM Approved for Legal Update CE DPOR rules and regulations Common Interest Communities (HOA/POA) Legal Updates Environmental issues Disclosures

Module 4 – Ethics & standards of Conduct Issue & Trends Tuesday, September 24, 2013 1 PM – 4 PM Approved for Ethics CE and NAR Quadrennial Requirement Code of Ethics Standards of Conduct Current Industry Issues Real Estate Trends – What does the future hold? Module 5 – Offers to Purchase Wednesday, September 25, 2013 9 AM - Noon Approved for Contracts CE Contract Law Documents Purchase Agreements Contract clauses Settlement Disclosures

Module 3 - Fair Housing Tuesday, September 24, 2013 9 AM - Noon Approved for Fair Housing CE Fair housing issues that face the Real Estate Agent Review of the Protected classes

ADA compliance Property Management and Fair Housing Module 6 – Listing & Pricing Properties Wednesday, September 25, 2013 1 PM – 4 PM Approved for CE Real Estate Related Elective

Overcoming Listing Objections & Two Step Approach

Instructed by Pat Snyder ABR, GRI, SRES e-Pro Register at www.members.vpar.ORG or call VPAR at 757-599-5222

All Classes Held at the VPAR Building 1001 North Campus Parkway Hampton, VA 23666

Go to www.VPAR.org for the Calendar of Events


VPAR August 2013 REALTOR Update

Documents

Transcript of VPAR August 2013 REALTOR Update