VPAR March 2012 REALTOR Online Update

REALTOR® UpdateMarch 2012

Published by the Virginia Peninsula Association of REALTORS®

Off My Desk… CEO ReportI skyped my parents the other night so that they could catch up with their grandson, and they told him it was snowing. He had all sorts of questions; how much, when did it start, and of course, Grandpa do you have my sled. You know all the important things to a 7 ½ year old. After we got off the computer (that is funny even typing it) he looked at me and said, “South Dakota has the best snow!” He then proceeded to tell me that Michigan had okay snow but Virginia (big sigh) has no snow! When I started in November everyone said “you will love our winters”, I thought for sure you all had jinxed yourselves. But I must say, winter has been easy!

With two months behind us in 2012, March is shaping up to be a very busy month. We have education for everyone, from the Lunch & Learn - 30 Apps in 60 Minutes for those who have technology but need a bit of help; the Broker Licensing for Salespersons to enhance their careers and become Brokers; the 15 hour required education for our new agents, Night Court and the REALTOR® Enrichment Series coming back; and of course March would not be complete without the OSC Banquet being held on Saturday, March 24th at the Hampton Roads Convention Center in Hampton. SIGN UP TODAY TO AT-TEND!!!

And with Spring just around the corner, we will not slow down anytime soon. We have and will continue to add things to the calendar to help you, VPAR Members, do your business. We are just an email, phone call or click away. And if you just want to see us, just stop by, we are always here.

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You spoke and we listened! The 2012 Partner Sponsorship Program has been revamped with you, the Partner, in mind. VPAR’s Partner Sponsorship Program refl ects our commit-ment to provide our members with the best environment to conduct business and allow them the chance to network with industry professionals who provide products or services they deem valuable.

The Virginia Peninsula Association of REALTORS® seeks to provide a valuable return to our sponsors in terms of exposure and advertising, while building on programs and ser-vices to our members. And we are pleased to provide you with this comprehensive menu of sponsorship items for calendar year 2012. On the following pages you’ll fi nd VPAR sponsorship opportunities that have been designed to help maximize your visibility, en-hance your brand identity, and provide a convenient way to distribute information regard-ing your organization’s products, services and capabilities at important VPAR events and educational offerings.

Most of the sponsorships were created to help leverage your participation at various VPAR educational offerings to get you noticed by the members VPAR represents. But your sponsorship will also reach other community businesses through the VPAR events. Your sponsorship helps support the vision and works for VPAR and helps VPAR continue to provide the highest visibility through a now customizable program.

The new VPAR Partner Sponsorship Program is an ala cart program where YOU are in control of how your marketing dollars are spent. We will no longer make you conform to the way we want the dollars spent, especially on something that you feel doesn’t bring you the visibility you want .

The new Partner Sponsorship Program is designed to be all-inclusive in cost, giving you more opportunity to network, communicate and enjoy your time with the VPAR members. VPAR’s Partner Sponsorship Program includes your fi rst primary membership, value $175 and any additional representatives are a low $50 each. And each category gives you something extra that will make your marketing dollars go further.

We hope that you will decide to participate in the NEW VPAR Partner Sponsorship Pro-gram. At any time we welcome your input and thoughts regarding these opportunities and are available to discuss at your convenience. If you would like to request specifi c spon-sorship or require additional information, please contact Dana R. Holben, CEO at 757-599-5222 ext. 304.

We look forward to building a stronger Association and community with our Business part-ners.

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New Partner Sponsorship Program

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Advertising PolicyWhile this magazine makes reasonable effort to establish the integrity of its advertisers, it does not endorse advertised products or

services unless specifi cally 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 standards, or that are inconsistent with the high professional standard of the Code of Ethics of the Association. Advertising is open to REALTOR®

members, member fi rms, affi liate 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 affi rmative 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 fi x, control, recommend, suggest, or maintain commission rates or fees for services rendered by cooperating

members or non-members.

EditorDana R. Holben

REALTOR® Update is published monthly by the Virginia Peninsula Association of REALTORS® as a service to its membership. Corre-spondence 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 Offi cial Publication of the

Virginia Peninsula Association of REALTORS®

Offi cers

PresidentSheila Dann, ABR, GRI, SFR

President-ElectPamela McKinney Lewis, ABR, SFR

TreasurerSharon Snyder-Bartels

Immediate Past PresidentDale Chandler

Directors Carol Davanay, ABR, GREEN • Kimi Dornan, ABR, GRI, SFR

Theresa Embler • Lynn Grimsley, ABR, AHWD, CRS, GRI, SRES Chandra Patterson • Regina Scott, ABR, GRI

Barbara Lassley, ABR, SFR

Chief Executive Offi cer - Dana R. Holben, RCE, e-PRO

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March in our real estate world comes in like a Lamb and goes out like a Lion because home sales activities are on the rise. Do you agree? March is a changing time for us when people are fi nding out their plans for mov-ing and then the search is on. Make sure you are ready for the next call that will be coming your way. Summer is only 3 short months away.

In January, I gave you steps to cre-ate a business plan, whether you had one and needed to revamp it, or if you need to create one. Remember, you are an inde-pendent contractor. Is your work ethic on that if you had you as an employee would you fi re you? So as we are come up on the end of the fi rst quarter, how are you working with your goals? Are you still on target? If not, ask yourself, “why”?

Education. It is a sentence all to itself. Right now is a great time to get yourself educated to help you grow your business. And if you need education, go to VPAR.org and check out the calendar of events. You may fi nd a class to help you. In February, I took the Expanding Housing Op-portunity and the Employer Assisted Hous-ing courses and I am excited and motivated to begin the process of creating my team.

President’s Messageby Sheila Dann, 2012 VPAR President

Get your calendars out and add these items:

March 11 – Daylight Savings time begins (Sorry you lose an hour of sleep)

March 8 - Lunch & Learn at VPAR - Noon (30 Apps in 60 Minutes – almost like speed dating with your phone)

March 17 – St. Patrick’s Day – wear green (and pretend you’re Irish if you’re not)

March 20 – Spring Begins

(WELCOME TULIPS)

March 24 – VPAR OSC Awards Banquet – sign up today

March 29 – VAR Professional Standards Road Show – If you are interested in serv-ing on the Professional Standards committee this is a MUST take course!

REALTORFEST – MAY 10!!!!!

Your VPAR Staff & Committees are working hard to provide you with the tools to be suc-cessful. Please take advantage of the oppor-tunities available to you.

General Membership

BreakfastApril 17, 2012

Member - $12.50

Non Member - $17.50

Register Now!

http://www.members.vpar.org

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Virginia Peninsula Association of REALTORS®

The

http://www.vpar.org

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MATERIAL FACTS

Most agent disclosure questions revolve around a listing agent’s duty to disclose to prospective purchasers. We rarely consider, or get asked about, an agent’s duty to disclose to his or her own client. A recent North Carolina appellate court decision illustrates that duty well.

The court considered whether a brokerage had a duty to alert its buyer to the fact that a princi-pal of the fi rm would be (might be) developing an adjacent parcel of land, which would obstruct the buyer’s ocean view. It was alleged that the buyer was told by his agent that the adjacent property was owned by a trust and would never be sold or developed, but the case did not hinge on misrep-resentation. After the buyer closed on his lot, and upon the adjoining property being purchased and subdivided by one of the owners of the broker-age fi rm, the buyer sued the fi rm and his agent on the ground that the fi rm knew a material fact (development and obstructed view) that it did not disclose to him. The trial court ruled in favor of the brokerage, but the appellate court reversed the trial court and remanded the case for trial.

Essentially the appellate court held that if the plan to develop the adjacent property was a material fact, and that fact was known to the brokerage, then the brokerage had a duty to disclose the in-formation to the buyer, its own client.

It appears that North Carolina law is actually a little broader than Virginia law in this respect, but in my view the difference would not change the result in Virginia.

Va. Code §§ 54.1-2131 and -2132 obligate an agent (and fi rm) to “disclose to the seller [buyer] material facts related to the property or concern-ing the transaction of which the licensee has actu-al knowledge.” As we have previously observed, you are almost always going to lose a fi ght over whether something is “material.” The test for materiality is whether it is a fact that would affect the buyer’s decision to buy the property upon the terms offered by the seller. In this particular case, there is no question but that the buyer’s decision to buy (and what to pay) would be affected if he knew the view would be blocked.

In summary, I think there would be very little infor-mation, if any, that you could learn about the prop-erty or the transaction that you should not share with your own client. Withholding information, intentionally or unintentionally, is always done at your own peril. As always, please do not hesitate to email me at [email protected], if you have any questions about this article or suggestions for a future article.

Education Now March 8th - 8hr Broker Management Instructor Mary WomackClick Here to Register

March 8th - Lunch and Learn

March 20th - REALTOR® Enrichment Series, Underwriting

March 26th - Night Court - Risky Business

Legal Cornerby Brian Lytle, Attorney

Va. Code §§ 54.1-2131 and -2132 obligate an agent (and fi rm) to “disclose to the seller [buyer] material facts related to the property or concern-ing the transaction of which the licensee has actu-al knowledge.” As we have previously observed, you are almost always going to lose a fi ght over whether something is “material.” The test for materiality is whether it is a fact that would affect the buyer’s decision to buy the property upon the terms offered by the seller. In this particular case, there is no question but that the buyer’s decision to buy (and what to pay) would be affected if he


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No No REALTOR7 Update November 2009 - page 9REALTOR7 Update

Want to be an R-Man?

Would you like to be the first to participate in NAR’s newest way to keep you informed of

breaking news? Sign up for the REALTOR® Mo-bile Action Network (we like to call it R-MAN), and you’ll receive text messages right on your mobile phone with instant and important information. We’ll also use R-MAN to communicate with you when we need your help. It’s not a Call for Action (CFA), but rather a quick and easy way to alert you to an im-pending CFA or to connect you with your Member of Congress for an instant call to relay vital REAL-TOR® information. Visit http://www.realtoraction-center.com/realtor-party/realtor-mobile-action.html for more details and to subscribe to this service!

Rangel, Pelosi Comment about Tax Credit Ex-tension - At a press conference on October 8,

House Speaker Pelosi (D-CA) responded favorably when asked about the likelihood of extending the first-time homebuyer tax credit. When asked about the possibility of further housing legislation, she re-sponded “Yes, there is under consideration whether we extend the first time homeowners credit. And the question is, would that be just first time homeown-ers or would you open it up to other purchasers of homes?” She shed no further light on whether the credit would be expanded, but did note that the cost of an expansion would be the major consideration in the decision process.

When asked for comment, Bloomberg Wire Ser-vices reports that Chairman Rangel (D-NY)

said, “There’s no question that I think it should be extended; for how long, we should discuss.” As yet, no formal action has been announced.

House Extends Credit for Military, Intelligence and Diplomatic Personnel - The House has

voted 416 - 0 to extend through 2010 the benefits

the first-time homebuyer tax credit to military, intelli-gence and diplomatic personnel. To be eligible, pin 2009. The measure (H.R. 3590) now goes to the Senate. Timing and process for its consideration of are unknown.

IVPI Interim Complaint Process Available in No-vember 2009 - The Independent Valuation Pro-

tection Institute (IVPI) was announced as an inte-gral part of the Home Valuation Code of Conduct (HVCC). The purpose of the IVPI is to receive complaints from appraisers and users of appraisal services on the improper influence or attempted im-proper influence of appraisers. The IVPI has not yet been established but an interim web site is currently under development.

Fannie Mae and Freddie Mac announced a complaint form that will appear on the interim

Independent Valuation Protection Institute (IVPI) Complaint Web site. The complaint form is for dem-onstration purposes only and is not available for fil-ing a complaint until the Web site is publicly avail-able in November 2009. The Web site, http://www.ivpicomplaint.org, will collect complaints from any party about non-compliance with the HVCC or at-tempted improper influencing of appraisers or the appraisal process.

FHA May Further Delay Implementation of New Condominium Rules - The new condominium

approval process under Mortgagee Letter 2009-19 was to be effective for all case numbers assigned on or after October 1, 2009. While the new effec-tive date is for case numbers assigned on or after November 2, 2009, NAR understands that the new effective date may be delayed even further. The site condo and manufactured housing condo project changes that have already taken effect are not af-fected by this delay. However, all other rules of the condominium program remain in effect. For exam-ple, lenders are permitted to offer spot loans until the new condominium rules go into effect.

Governmental Affairs Update Continued!

Contributions are not deductivle for Federal income tax purposes. RPAC contributions are voluntary and used for political purposes. The amount suggested is merely a guideline and you may contribute more or less than the suggested amount. You may refuse to contribute without reprisal or otherwise affecting your membership rights. Seventy percent of your contribution goes to your State Association to support state and local political candidates. Thirty percent is sent to National RPAC to support Federal candidates against your limits under 2 U.S.C. 441a; after the state PAC reaches it RPAC goal, it may elect to retain your entire contribution for use in supporting state and local candidates.

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(As of February 10, 2012)

STERLING “R” ($1000 - $2500)Joe Carney*Dale ChandlerJohn Daly*Lynn Grimsley Sandy Wagner

PRESIDENT’S CLUB ($750 - $999)

GOVERNOR’S CLUB ($500 - $749)Pamela McKinney Lewis*

CAPITOL INSIDER ($250 - $499) Carl Burt*Keith CantyValerie SmootPam Strahorn-Roe

99 CLUB ($99 - $249)Lou CallSandra HoodSharon HowardSancy IshamYvonne JohnsonLynn Kirk

Jon May Karen PenningtonTu Ritter*Patsy Sheppard

Contributing Member($25 - $98)Pamela Dunn

100% Office Participation

*pledge

2012 RPAC Contributors

2012 Goal: $19,200 ~ Total Raised to Date: $1,000


Seller Contributionsby Tu Ritter, Suntrust Mortgage

Christmas might be a couple of months be-hind us now (maybe not the bills), but it is still Christmas for buyers when it comes to asking for seller concessions. Of course there are no free lunches, but sellers tend to be a little more willing to swallow some closing costs versus taking a lower sales price when it comes to negotiating a purchase transaction. The big question is whether buyers can ask for the moon or not. De-pending on the type or mortgage product, their wish list might be limited.

Let’s start with the more popular programs. FHA (Federal Housing Authority) will allow a Sellers (or other interested third parties such as real estate agents, builders, or developers) pay up to six percent of the sales price to be used for actual standard and customary closing costs, prepaid expenses, discount points and other fi nancing concessions allowable by HUD. This also includes up to $200 towards home inspec-tions that can be reimbursed at closing (along with appraisal/credit upfront costs) with evidence that funds have cleared the borrower’s bank account.

There is talk of reducing the 6% to the same as conventional which is 3% max.

VA is similar to FHA in that it also allows ac-tual standard and customary closing costs, pre-paid expenses, discount points and other fi nanc-ing concessions but there is not set percentage cap like FHA and conventional. This is where the terms “standard and customary” are the deter-mining limits. There are some standard fees that the Veteran is not allowed to pay himself or the seller. These would be the following: lenders inspections, Document prep fees, processing/underwriting fees, tax service fee, and

settlement/closing fee by the attorney or title company to name a few. Attorneys and title companies have to get paid somehow, so they roll that costs into the lenders title premium fee typically.

VA does have one benefi t in terms of seller concessions that no other standard loan product has. It will allow the seller to pay up to 4% of the sales price above the closing costs/prepaid to be used to pay down any debt the borrower has that could hamper their qualifying for the mortgage. Credit card balances, auto loans, collections can be paid at closing by the seller for the buyer. That means a buyer could ask for 3% for closing costs/prepaids and another 4% to pay down debt for a total of 7%. CRAZY ISN’T IT???

Conventional mortgage are a bit different than the other two. They are alike in that they allow the standard and customary closing costs, prepaid expenses, discount points and other fi nancing concessions allowed by Fannie and Freddie but differ in the percentages that are allowed. If the buyer is putting down 5% to 10% down, the seller is only allowed to pay up to 3% of the sales price. From 10% to 25% down payment (90% (89.99%) to 75% LTV), they are allowed to pay 6% (just like FHA). Below 75% LTV (25% down payment), the seller can give up to 9% towards closing costs/pre-paids. Note: Credit by the seller for taxes paid in arrears, is not considered a seller contribution. Hazard insurance premiums including no more than 14 months escrow accruals

Continued on Page 18

Discover Poquoson March 27, 2012

Your fun‐ and fact‐filled day will begin at 9:00 AM at the Poquoson Yacht Club for a light breakfast and a welcome from Mayor Gene Hunt. (Directions may be found at http://www.discenza.com/pyc/About_PYC.html.) Following a guided bus tour of the City, presentations will commence at the Yacht Club from a variety of City officials, including City Manager Randy Wheeler, Superintendent of Schools Dr. Jennifer Parish, Parks and Rec‐reation Director Dave Callis and Economic Development Coordinator Charity Gavaza. City planners also will be present to discuss zoning, planning and environmental issues. A Question & Answer Session, in‐cluding lunch, will complete the visit, which should conclude at approxi‐mately 1:30 PM. There is no charge for this event!

Register by calling Dana at 757‐599‐5222.

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Governmental Affairs Updateby Susan Gaston, Governmental Affairs Consultant


LocalHampton

The Zoning Ordinance Advisory Committee (ZOAC) met on February 13th to discuss options regarding alternative and renewable energy components on private property. Of issue is the feasibility of including language in the zoning ordinance permitting solar panels, small wind turbines or photovoltaic (PV) tube as well as other components. The ZOAC also discussed language from other localities in Virginia , the implications of meeting certain standards for the components; the implications of covenants, restrictions and declarations in homeowners’’ associations; and the differences between al-lowing the components on residential versus commercial and industrial properties. VPAR has been asked provide examples of current ordi-nances not only from other parts of Virginia, but also from other areas in the country. We also will provide details to the City regarding buyer trends and preferences that NAR tracks and compiles. We also will reach out to the Virginia Community Associations Institute (the trade association for homeowners’ associations) to gauge their opin-ions and input. Many more discussions to come on this important and timely topic.

City Council received an update last month on the $2.5 million Home Elevation Revolving Loan program. This money was appropriated in the City Budget last year to jump start the elevation of homes in fl ood prone areas through a partnership with the Hampton Redevelopment and Housing Authority. More details regarding

eligibility qualifi cations to follow over the next month.

The City’s fi ve-year Capital Improvement Program placed a strong emphasis on Water-ways Management, an effort in which VPAR was involved. The fi ve-year plans includes $19.245 million for various Waterways initiatives. The amount proposed for next fi scal year (FY 2013) totals nearly $3.1 million and includes various implementation of Total Maximum Daily Load (TMDL) requirements, neighborhood drainage and dredging

Newport News

VPAR again is reaching out to the City’s sustainability director to offer our partnership and expertise in this area. Newport News is ramping up its efforts toward sustainability in both its internal operations and throughout the City, and VPAR can serve as a resource to the City. Look for more details coming soon.

The City has approved its fi ve-year 2012 Capital Improvement Plan (CIP). http://www.nngov.com/budget-and-evaluation/downloads/adopted2013-2017cip.pdfMany of the projects that are included in the CIP are areas where VPAR has provided its support and input: the Southeast Community Redevelop-ment Plan, the Denbigh Area/Warwick Boulevard Development Initiatives and Streetscape Im-provement, economic development opportunities, sustainability projects and streamline restoration.

Want to learn details regarding the City’s operating budget?

Newport News has released its fi rst in a se-ries of videos that show “inside the City” informa-tion regarding various departments and budget-ary matters. Visit http://newportnews.granicus.com/MediaPlayer.php?view_id=2&clip_id=1329.

Governmental Affairs Updateby Susan Gaston, Governmental Affairs Consultant

components on private property. Of issue

eligibility qualifi cations to follow over the next month.

The City’s fi ve-year Program placed a strong emphasis on Water-ways Managementinvolved. The fi ve-year plans includes $19.245 million for various Waterways initiatives. The amount proposed for next fi scal year (FY 2013) totals nearly $3.1 million and includes various implementation of Total Maximum Daily Load (TMDL) requirements, neighborhood drainage and dredging

http://www.nngov.com/budget-and-evaluation/downloads/adopted2013-2017cip.pdf

http://newportnews.granicus.com/MediaPlayer.php?view_id=2&clip_id=1329




















Poquoson VPAR and the City will be co-hosting RE-ALTOR® DAY in POQUOSON on March 27th! The event will include bus and walking tours of key areas of the City, and interaction with elected officials key staff in the City. Details coming soon! York County The County, along with James City Coun-ty and the City of Williamsburg, has been conducting joint public forums to receive citizen input on issues regarding the coor-dinated review effort of all three localities’ Comprehensive Plans. Once the public input sessions conclude this month, the three localities will convene a joint planning commission meet-ing for additional discussion, with the hope being that by the end of the year, all three communi-ties will be on a similar timeline to approve their comprehensive plans. As the County works towards revisions in its Comprehensive Plan, VPAR continues to offer input and information regarding neighborhoods and housing, economic development, sustain-ability, transportation and other issues important to the industry.

Elections

City Council and Mayor

Both the City of Hampton and Newport News have staggered elections in even-numbered years for City Council and Mayor. Beginning next month, VPAR will become involved in City Coun-cil elections in both localities, and in Hampton, will be active in the Mayoral election. March 6th is the filing date for all candidates to declare their intent to run; following that date, information

will be sent to all candidates regarding VPAR’s can-didate interview process. The date of the election is May 1st.

Super Tuesday

Speaking of March 6th, that dates marks Virginia’s role in the Republican Presidential Pri-mary. If you are interested in voting, you must have been registered to vote by February 13th. Polls will open that day at 6 AM and close at 7 PM. Virginia is one of 10 states holding primaries that day, with a total of 437 delegates being awarded.

StateFor the latest in General Assem-bly news, please see the February 27th Legislative Line that can be found at h t t p : / / v p a r . o r g / V i e w N e w s .asp?Site=yes&Fi le=The%20Legislat ive%20Line%20-%20February%2027%202012.pdf. As of press time, a majority of the Association’s Legislative agenda is before a Senate Commit-tee. And in play, too, is the state budget – or lack of one. That will be the focus of these final days of Session as the General Assembly attempts to ad-journ its 60-day session on time on March 10th.

REALTOR® DAY ON THE HILL – FEBRUARY 15, 2012

Nearly 50 VPAR members attended the an-nual REALTOR® Day on the Hill trip to the Capitol, which was highlighted by legislative visits on impor-tant REALTOR® legislation, discussions with high level decision makers – including almost 30 minutes of dialogue on the economy, jobs and growth with Lt. Governor Bill Bolling -- and guest speakers from a variety of political backgrounds.



http://vpar.org/ViewNews.asp?Site=yes&File=The%20Legislative%20Line%20-%20February%2027%202012.pdf

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Limited Seating Register at www.WAARealtor.com For more information contact 757.253.0028

Economic Forum Presented by

Williamsburg Area Association of REALTORS®

John Boschen Brinkley-Mason Professor Economics & Finance Dr. John Boschen served at the Federal Reserve Board in Washington DC as an economist in both the International Finance and Domestic Policy Divisions. His research interests include business cycles, monetary policy and inflation risk. William Geary Assistant Dean Undergraduate Programs Associate Professor Dr. William Geary holds a PhD in Accounting and Information Systems. He teaches managerial and financial accounting and has served as a manager in a public accounting practice and as a

consultant for the design and implementation of management accounting systems.

Ronald L. Hess Associate Professor Marketing Dr. Ron Hess earned his PhD from VA Tech. He has developed executive seminars on analytics/marketing research, sales management, busi-ness/industrial marketing, marketing strategy ,

negotiation, entrepreneurship, service management and more.

John Merrick Richard S. Reynolds Associate Professor of Business Dr. John Merrick’s research agenda has been shaped largely by his experiences on Wall Street. His recent projects have analyzed squeezes in government bond futures markets,

the impact of default recovery assumptions on emerging mar-ket debt valuation, trading strategies in deposit rate futures markets and the US Treasury’s debt buyback program.

Wednesday, March 14, 2012 3:30 pm—5:00 pm

Reception 5:00 pm—6:00 pm

College of William & Mary Mason School of Business

Miller Hall Classroom 1013

101 Ukrop Way College of William & Mary

Williamsburg, Virginia 23185 FREE to WAAR Members

$10 Non-Members Pending 1 hour CE/PL credit

Our panel of William & Mary Business Professors will discuss the current state of the economy, a financial market update as it relates to real estate, marketing real estate tips and health care delivery as impacted by a replacement of the fee based arrangement currently in place. These micro discussions will be followed by a thirty-minute question and answer session.

THANK YOU AMP Event Sponsors! THANK YOU AMP Reception Sponsor!





















Legislators from across the Peninsula and the region were pleased to see folks from home; of importance to note was the candor with which all VPAR members shared information on the hous-ing market, including the impact of short sales and foreclosures. For many of our attendees, the day was capped off at The Jefferson Hotel, where major investors to RPAC met with Gover-nor Bob McDonnell, and where nearly all of the members of the House and Senate were present. It was a wonderful day of political and legislative conversations, networking with our legislators and “pressing the flesh” to educate Richmond insiders on our most critical issues here on the Peninsula and throughout the Commonwealth.

Many thanks to the VPAR leadership, Public Policy Committee members and REAL-TORS® and Affiliates alike who took time from their busy days to work toward meaningful hous-ing and real estate legislation. Your efforts are greatly appreciated, and you made a substantial difference. THANK YOU!

GREAT PRIMER ON THE GENERAL ASSEM-BLY MEMBERS FROM VPAP!

You might know a bit about your individu-al delegate or senator, but how much do you know about the 140-person legislature as a whole? Ever wondered what percentage of members have completed a bachelor’s degree? How many legislators are lawyers? How many have served in the military? Well, the Virginia Public Access Project, VPAP, has some answers. This video - researched by VPAP staff - seeks to increase under-standing of Virginia’s part-time, citizen legislature. http://www.youtube.com/watch?v=JblShCi2wLQ&feature=youtu.be

Federal 3.8% Tax to go into Effect in 2013

The health care legislation enacted in 2013 included a new tax that was designed to af-fect upper income taxpayers. The 3.8% tax is im-posed ONLY on those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return). The tax applies to investment income, de-fined as interest, dividends, capital gains and net rents. These items are all included in an individu-al’s AGI. A formula will determine what portion, if any, of these types of investment income would be subject to the tax.

The tax is NOT a transfer tax on real es-tate sales and similar transactions. Not long after the tax was enacted, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian than the actual provisions.

The new tax does NOT eliminate the ben-efits of the $250,000/$500,000 exclusion on the sale of a principal residence. Thus, ONLY that portion of a gain above those thresholds is includ-ed in AGI and could be subject to the tax.

REALTORS® should familiarize them-selves with the tax, but should not advise their clients about the application of the tax. The amount of tax will vary from individual to in-dividual because the elements that comprise AGI differ from taxpayer to taxpayer. Visit the links below for additional in-depth information. ht tp: / /speakingofrealestate.blogs.real tor.org/2010/11/24/the-3-8-tax-is-not-a-real-estate-transfer-tax/



http://www.youtube.com/watch?v=JblShCi2wLQ&feature=youtu.be

http://speakingofrealestate.blogs.realtor.org/2010/11/24/the-3-8-tax-is-not-a-real-estate-transfer-tax/

NoNo

AUCTION TO BENEFIT PENINSULA

RUGBY FOUNDATION

Donations are tax deductible [email protected]

SPRING FLING 2012 SATURDAY APRIL 7th 2:00 to 7:00 pm

MARINERS MUSEUM (WILLIAMS FIELD)

CORNHOLE, VOLLEYBALL, HORSESHOES, CHILDREN ACTIVITIES AND MUCH MORE!

POT LUCK PLEASE BRING A DISH TO SHARE MEATS TO GRILL, CASSEROLES, FRUIT & VEGGIE TRAYS,

DESSERTS OR WHATEVER YOU WISH!

*DRINKS, PAPER PRODUCTS , UTENSILS & GRILLS WILL BE PROVIDED

THERE WILL BE AN AUCTION @ 4:00 PM AUCTIONEER THE ONE & ONLY KYLE HAUSE

BRING ITEMS TO BE AUCTIONED—CARS, MOTORCYCLES, VACATIONS, IPODS, TVS, & ANYTHING YOU ARE WILLING TO DONATE

BRING $$$ TO GET GREAT DEALS EVERYTHING GOES!

VIRGINIA ENTERPRISES, INC

http://www.veihomes.com

No REALTOR7 Update November 2009 - page 17No REALTOR ® Update March 2012 - page 17

The 2012 Education Calendar Has Been Completed

Keep your eye out as the website will continually be updated with the

2012 fl yers for PL, Night Courts, RE-ALTOR® Enrichment Series, General Membership Breakfasts, Designation Courses and more to help you in your business!

Included in this month’s Update is an updated 2012 Education and Event

overview.

Did You Know VPAR Does Education Consulting?

It’s often easy to lose track of where you are in your license renewal pro-

cess. Have you taken the right classes? Do you have enough credits? Where can you fi nd that 1-hour class to fi nish your 16 hours? Did your credits post properly? When does your license ex-pire?

Take a deep breath – VPAR is here to help. VPAR staff is trained to

evaluate your current license status and help you lay out an education plan to complete your requirements. Just give Dana call at 757-599-5222 ext. 304 or email at [email protected].

CE & PL Online Education

Are you lacking just an hour in Agency or Legal Update to complete your continuing

education? Does your schedule prohibit you from attending classroom courses for license renewal? VPAR now offers online education to suit your needs (including post licensing)! You can complete it online at your convenience at a very reasonable rate.

As a valued member of the Virginia Peninsula Association of REALTORS®,

we would like to offer you a special promotion on your continuing education this February. Finish your CE course through our online course catalog and enter the promotional code (FEB20) and receive a 20% discount (expires 2/29/2012). Simply Visit: http://vpar.theceshop.com

REALTOR® University

VPAR has partnered with REALTOR® University to provide the highest quality

education available to real estate profession-als. Supported by an extensive library, research center and network of associates, a REAL-TOR® University education will equip you with leading-edge knowledge of real estate, and the skills you’ll need to apply it. Distinguish yourself from peers and competitors with an education from REALTOR® University. Click here to learn more!

Education Opportunities

http://vpar.theceshop.com/online-education/virginia/real-estate/broker-and-sales-license/continuing-education/courses.html

http://www.learninglibrary.com/aspdotnetstorefront70/c-19--all-courses.aspx?affiliateId=10708



HUD Announces Proposed Rule to Reduce Permitted Seller Concessions

The U.S. Department of Housing and Urban Development (HUD) has announced a proposed rule on permit-ted seller concessions for loans insured by the Federal Housing Administration (FHA). This proposed rule is one of three initiatives HUD is undertaking to contribute to the restoration of the Mutual Mortgage Insur-ance Fund (MMIF). Similar to what was proposed in the President’s budget, the rule limits concessions to 3 percent or $6,000, whichever is greater. It also limits acceptable use of concessions to borrower closing costs, prepaid items, discount points, the FHA Upfront Premium, and interest rate buydowns. The seller concession cannot exceed the actual closing costs prohibiting cash to the borrower at closing. Comments are due March 26, 2012.

When the rule was initially proposed in 2010, HUD was working to reduce permitted concessions from 6 per-cent to 3 percent with no $6,000 cap. NAR took a position that permitted concessions should be on a sliding scale between3 and 6 percent and offers a distinction between new construction and existing homes. NAR also argued that reducing permitted seller concessions will have a greater impact on states with higher than average closing costs such as New York and Texas. NAR also noted that claims rates for FHA transactions involving seller concessions had dropped. In 2003, 10 percent of transactions involving seller concessions above 3 percent resulted in claims to FHA. However, by 2008 only 1.7 percent of these transactions resulted in claims.

For details on these and other important issues where VPAR is involved and serving as a resource to key policy decision makers, please contact Susan Gaston, VPAR’s Legislative Consultant, at 7577-871-1445 or by e-mail at [email protected].

Seller Contributions Continued! Investment property purchases (conventional only allows investment loans) limits the seller to 2%. Guess they figure if it is an investment purchase, you need to have some MORE of your money into the transaction.

So we know what to ask for and now the lender is telling me I need to lower the conces-sions. WHY? Borrower and lender might have discussed options and discovered that they can get a conventional mortgage (3% max concessions) that gives them a better mortgage insurance rate or removes it all together. A new topic for next time.

So, before you and your buyer make the seller wish list, sit down with the lender (sit down as in with a local lender you can put your hands around – neck or waist to hug) and discuss all options and which best fits your buyer needs.

Tu Ritter is a veteran mortgage loan officer with SunTrust Mortgage. This article is not en-dorsed or supported by SunTrust and represents general industry standards. Specific guidelines vary from lender to lender.

No No REALTOR7 Update November 2009 - page 19No REALTOR7 Update November 2009 - page 19NoNo No REALTOR ® Update March 2012 - page 19

March 6 – 8HR Required CE Course8 - Lunch and Learn8 – 8HR Broker Management CE Course13 – Generation Buy Course20 – REALTOR® Enrichment Series Course24 – OSC Awards Banquet26 - Night Court26 – Post Licensing Series Courses27 – Post Licensing Series Course28 – Post Licensing Series Course29 – VAR Professional Standards Road Show

April 10 – 8HR Required CE Course12 - Lunch and Learn17 – General Membership Breakfast17 – REALTOR® Enrichment Series Course20 – Fair Housing Sem. with JC Cancelleri26 – SFR Course

May 7 – Night Court8 – 8HR Required CE Course10 – REALTOR® Fest15 – REALTOR® Enrichment Series Course21 – 8HR Broker Management CE Course22 – NEW 3HR Agency Law Required Course

June12 – 8HR Required CE Course14 - Lunch and Learn19 – 8HR Elective CE Course19 – REALTOR® Enrichment Series Course

July 10 – 8HR Required CE Course12 - Lunch and Learn16 – 8HR Broker Management CE Course17 – REALTOR® Enrichment Series Course19 – Generation Buy Course23 – Night Court24 – NEW 3HR Agency Law Required Course

August7 – 8HR Required CE Course9 - Lunch and Learn10 – Broker Manager Forum16 – 8HR Elective CE Course21 – REALTOR® Enrichment Series Course22 – Post Licensing Series Courses23 – Post Licensing Series Course24 – Post Licensing Series Course

September11 – 8HR Required CE Course13 - Lunch and Learn14 – NEW 3HR Agency Law Required Course17 – Expanding Home Opportunities Course18 – Employer-Assisted Housing Course18 – REALTOR® Enrichment Series Course21 – SFR Course24 – Night Court27 – 8HR Broker Management CE Course

October 2 – 8HR Required CE Course8 – VPAR Golf Classic11 - Lunch and Learn16 – REALTOR® Enrichment Series Course10 &11 – ABR 2-Day Designation Course16 – General Membership Breakfast

Continued on page 21

2012 Education and Events Calendar at a Glance

No REALTOR7 Update November 2009 - page 20 NoNoNoNo REALTOR ® Update March 2012 - page 20 No

If you or someone you know is in the market for a home loan, look no further than the trusted experts at SunTrust Mortgage, Inc. We offer the experience and knowledge you’d expect from a national mortgage company and the service and convenience of a neighborhood lender. Our Loan Officers are here to help you, step-by-step, along the path to homeownership.

We provide:• Financing for primary homes, second or vacation homes, and even investment properties• Hassle-free construction loans with true, one-time closings• A wide variety of mortgage products that can be tailored to meet your individual needs• An easy application process and competitive rates • Personal service and support — from start to finish

Equal Housing Lender. SunTrust Mortgage, Inc., 901 Semmes Avenue, Richmond, VA 23224, NMLS # 2915, is licensed by the Department of Corporations under the California Residential Mortgage Lending Act; is an Illinois Residential Mortgage Licensee; is a Lender in Massachusetts having Mortgage Lender license #s ML1216, ML0133, ML1432, ML1914, ML1913, ML1815, ML2411, ML1214, ML2442, ML2491, and ML2538; is licensed by the New Hampshire Banking Department; is licensed by the New Jersey Department of Banking and Insurance, toll free 1-800-330-4684; is a licensed lender in Rhode Island; and is doing business in Arizona as Crestar Mortgage, 7250 N. 16th Street, Ste. 100, Phoenix, AZ 85020. ©2012 SunTrust Banks, Inc. SunTrust, SunTrust Mortgage and Live Solid. Bank Solid. are federally registered service marks of SunTrust Banks, Inc. REV012312KB-R STMR1012

Your neighborhood lender is right around the corner. We’re here to help welcome you home.

To learn more, contact SunTrust Mortgage at one of our convenient neighborhood offices!

SunTrust Mortgage — Hampton2100 Executive DriveHampton, VA 23669757.896.4982

SunTrust Mortgage — Newport News11817 Canon Boulevard, Suite 600Newport News, VA 23606757.873.7920

No No REALTOR7 Update November 2009 - page 21NoNo

October Continued22 – 8HR Elective CE Course26 – Broker Manager Retreat

November 1 & 2 – SRES 2-Day Designation7 – NEW 3HR Agency Law Required Course8 - Lunch and Learn

NEW AFFILIATE FIRMS NEW FIRMS Peninsula Home Staging Amanda M. Walsh Realty

CONGRATULATIONS

New Designations - Carla Carney – e-PRO

13 – 8HR Required CE Course15 – 8HR Broker Management CE Course16 – VPAR Installation and Annual AwardsBanquet20 – REALTOR® Enrichment Series Course

December3 – Night Court4 – 8HR Required CE Course

Continued Calendar at a Glance


Welcome New Members!The following individuals have been granted provisional membership. Please submit

any concerns to VPAR in writing no later than 10 days after this publication:

Hannah Duval – Duval & AssociatesTrish Taylor – Reliance Realty

Donna Dellinger – Mid-Atlantic CommercialWanda Stevens – Re/Max Select

Member News

Members on the Move - Transfers

Edward Bond to ERA Real Estate ProfessionalsMatt Boothe to Virginia Capital RealtyAnna Gimpel to Prudential Towne RealtyRhoda Hall to William E. WoodJohn Martin to Long & Foster Real EstatePatricia Myers to Prudential Towne RealtyDon Pegram to Abbitt RealtyJohn Valimont to Keller Williams Realty NN/PenAnthony Wilson to Keller Williams Realty NN/Pen


An Evening

with the

Stars

□ □ □ □ □

No No REALTOR7 Update November 2009 - page 23No REALTOR7 Update November 2009 - page 23No No REALTOR ® Update March 2012 - page 23

Incoming

Seems they never stop making new things or releasing new versions of things or up-dating old versions of things. Most of the time it doesn’t really matter. In the end this may not mat-ter either. But you will need to decide for yourself.

iPad3

No, really. Apple just released the iPad2 about a week ago it seems and now it is expected that on March 7th they will announce the next ver-sion of the tablet. Does it really matter? Not to me it won’t, but it might for you! An announcement doesn’t mean the release is imminent however. But if you have been on the fence about buying one if might be worth the wait for the new ver-sion if they include some great new features. Or, it could be worth the wait just to snatch a used one from a friend, if you have any; that just has to have the latest and greatest toys. That is the scenario that would appeal to me. I’m a sucker for a deal.

So keep an eye out and maybe the iPad3 will have something you just can’t live without! But, in my opinion a tablet will never replace a laptop. A tablet is good for consuming information but not the best for creating it. So when it is time to write a report, paper or create a presentation I’ll still reach for a real PC.

Windows 8

Again, I’m not kidding. Windows 7 seems to have just arrived and now there is a Beta re-lease of Windows 8 out. How crazy is that? The fi ne people in Redmond are making an effort to streamline operating systems across all devices so no matter if you have a PC, a tablet or a smart-phone it will all look and act pretty much the same.

This is the OS they using to accomplish it. Seems they are trying to fi gure out a way to get into the smartphone and tablet market since their pres-ence in both is sadly lacking with Apple and Google dominating both.

Think about it, do you actually know any-one that uses a windows phone? I only know of one and the guy works for Microsoft. Makes me wonder if the good-bad OS cycle will continue with this release. Think back. Windows 98 good. Windows ME bad. Windows XP good. Windows Vista bad. Windows 7 good. Viscous cycle in-deed. We’ll just have to wait and see!

Tech Blog

Don’t forget to check out the Technology Committee Tech Blog at www.vpartech.blogspot.com! New information posted biweekly. We will also be posting some of the still pertinant information from previous news-letters. So take a look, subscribe, tell your friends!

Technology Cornerby Rich Benet, VPAR Technology Consultant

Before You Go Anywhere Else...Check Out Our Tech Department.VPAR offers our members fantastic tech support via our tech guru, Rich

Benet. Along with giving general ad-vice, we provide computer repair ser-

vices 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].

Do you have a smart phone, iPad or something that has created more headaches than problems

solved?

VPAR’s IT Specialist Rich Benet will be giving you tips on uses and apps for your real estate

business.

• Travel apps • Calls/voice • NAR apps • Meetings • Video chat • Input/output • Seamless computing • Documents • Consuming media • Lost media • Augmented reality

GET YOUR APPS ON!

CALL CINDY TO SIGN UP TODAY!! ! 757-599-5222

OR CLICK HERE TO REGISTER ONLINE

Technology : 30 Apps in 60 Minutes

March 8, 2012 ~ 12:00—1:00 pm Room B

FREE!


Broker Licensing CoursesOffered by the Peninsula Real Estate School

Owned and Operated by the Virginia Peninsula Association of REALTORS®

Correspondence with “Class”Have you had your license for 2 1/2 years or more?

Why not step up to the next level of your career?Complete in only four months - 4 days per month - 9:00 a.m. - 1:00 p.m.

Name(s): _________________________________________ Phone #: _____________________

Billing Address:__________________________________________ CSZ:________________________

Email Address: _____________________________________ Company:_________________________ I agree to have my credit card charged the $300 non-refundable deposit following 3 monthly

payments of $150.00 on April 1, May 1 and June 1, 2011 for a total amount of $750.00. Enclosed is my check for the $300 non-refundable deposit and I understand that my monthly payments

of $150.00 are due February 1, March 1, and April 1, 2012 for a total amount of $750.00. Please accept my credit card (Visa, MC, AMX or Discover) or check for payment in full.

Credit Card: _______________________________________ Exp. Date: _____________Signature: _______________________________________ (Your signature indicates acceptance of VPAR registration policy and authorization of credit card charges.)

Fax registration to 596-3911, mail to VPAR at 1001 North Campus Parkway, Hampton, VA 23666Questions? Call 599-5222!

$200 per module or $750 when you register for all four (4) modules. Complete all four (4) modules and receive the cram course free. Affordable monthly payment plan available with a $300 non-refundable

deposit following 3 monthly payments of $150 for 3 months.

March 2012

The complete VPAR calender can be viewed HERE Mon Tue Wed Thu Fri

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HappySt Patrick’s Day!

https://www.google.com/calendar/[email protected]&ctz=America/New_York&gsessionid=a0MsiDRjK6Nf7lT2ByjWCw

VPAR March 2012 REALTOR Online Update

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Transcript of VPAR March 2012 REALTOR Online Update