AAR Updates

Arizona REALTOR® Magazine - August 2010

• AAR Announces 2010 Candidate Endorsements
• SB 1070 and Fair Housing Laws
• Impact of Financial Reform on Real Estate
• zipForm® AAR Library Improvements
• rCRMS: Disclosure & Due Diligence
• AAR Form Edits: Residential SPDS & Short Sale Addendum
• Updates on Tax Credit Deadline Extension, Flood Insurance & Rural Housing Funding
• Flood Hazard Area Information Available

AAR Announces 2010 Candidate Endorsements

The Arizona Association of REALTORS® has released its list of endorsements for the upcoming 2010 election. This follows nearly six weeks of interviews of the candidates running for both statewide and legislative district offices. 

Endorsements are based on voting records, interviews and scrutinized questionnaires.  Candidates were asked their positions on issues important to homeowners, REALTORS® and the real estate industry.  All Democratic and Republican candidates who submitted a completed questionnaire for office were interviewed. Once the process was complete, the Arizona Association of REALTORS® Political Action Committee determined its top choices for each statewide office and legislative district. 

View the full list of AAR endorsements.

SB 1070 and Fair Housing Laws

In an advisory entitled “SB 1070 and Fair Housing Laws,” Arizona Attorney General Terry Goddard addresses questions and concerns about fair housing laws—which prevent housing discrimination based on race, color, national origin and other protected classes—and the potential impact of SB 1070.

Impact of Financial Reform on Real Estate

On July 21, 2010, President Obama signed into law a historic financial reform law. How will it affect you as a real estate professional? NAR has summarized the relevant sections of the law in this PDF: “Dodd-Frank Wall Street Reform and Consumer Protection Act: Provisions Relevant to REALTORS®.”

zipForm® AAR Library Improvements

On Monday, June 29, an update was made to the zipForm® AAR library of forms improving the amount of data that flows from the Arizona Association Cover Sheet to all library forms. Now, when you complete the cover sheet, all data entered will flow to all of the AAR library forms.

Note: All agents should be using zipForm® 6 Professional (the online version) as their primary zipForm® application. They should also have zipForm® 6 Standard (the desktop version) installed on their personal computer as a back-up program only.

If you have any questions regarding zipForm® in general or any of the forms in the AAR library, please call the Business Services support hotline directly at 480-304-8930 or toll free at 866-833-7357. You can also email your questions to support@aaronline.com.

rCRMS: Disclosure & Due Diligence

Instructors Rick Mack (Mack, Drucker & Watson, PLLC) and Frank Dickens (RE/MAX Achievers) explore how to fulfill your disclosure obligations in a real estate transaction and the due diligence responsibilities of the parties involved. Upon completion of this course, you will be able to better avoid the risks associated with failing to make the required disclosures. Go the extra mile to protect your clients' interests as well as your own!

AAR Form Edits: Residential SPDS & Short Sale Addendum

Residential SPDS. We have added new language (Line 184) to the Residential SPDS:

Are you aware if any portion of the Property has ever been used as a "Clandestine drug laboratory" (manufacture of, or storage of, chemicals or equipment used in manufacturing methamphetamine, ecstasy or LSD)?
NOTICE TO BUYER:  THE ARIZONA BOARD OF TECHNICAL REGISTRATION (BTR) MAINTAINS A LIST OF UNREMEDIATED SITES AT WWW.AZBTR.GOV. TO DETERMINE IF THE PROPERTY WAS ONCE ON THE LIST BUT HAS BEEN REMEDIATED, CONTACT THE BTR AT 602-364-4948.

 

Short Sale Addendum to the Listing Contract. The following text was added at the end of line 7:

Seller is advised to consult the Arizona Department of Real Estate Short Sale Seller Advisory provided by AAR at http://www.aaronline.com to assist Seller in exploring options other than a short sale and determining the advisability of entering into a short sale agreement.

Updates on Tax Credit Deadline Extension, Flood Insurance & Rural Housing Funding

Success! Homebuyers who purchased a home under the homebuyer tax credits that expired at the end of April 2010 now have until September 30, 2010 (rather than June 30, 2010) to close on the home.

In addition, the long-anticipated restoration of the Section 502 single-family rural housing program was headed to the president for signature into law at the end of July. Although the legislation increases the guarantee fee for borrowers, the fee can still be financed. This change will make the program completely self-sufficient. The legislation also increases the Rural Housing Service (RHS) commitment authority allowing guaranteed loans.

Work remains to be done on the Flood Insurance Reform Priorities Act of 2010, which extends the National Flood Insurance Program (NFIP) to September 30, 2015. The House passed the bill on July 15, and it is now waiting in the Senate. Unless a longer term reauthorization is enacted, Congress will again have to consider another short-term extension before September 30 2010, when NFIP authority is next set to expire.

Learn more at the REALTOR® Action Center website.

Flood Hazard Area Information Available

Homeowners should be aware of the importance of flood-proofing and insuring a flood-prone home.  To protect a home from flood losses, homeowners can purchase flood insurance through the National Flood Insurance Program (recently renewed by Congress).  Homeowner’s policies do not cover flood damage.  Contact an insurance agent for information on flood insurance.  Sand bags can be used as temporary floodproofing measure.  Homeowners in Phoenix can call 602-495-5555 for a list of fire station locations with sand (though they’ll need to bring their own bags and shovel).

The City of Phoenix can help REALTORS® identify whether a property is located in a special flood hazard area and if elevation certificates are available. Contact the Floodplain Management Section at 602-262-4960.  Floodplain Management, located in Phoenix City Hall, 200 W. Washington St, 5th Floor, Phoenix, AZ 85003-1611, is open weekdays from 8am until 5pm.

In Tucson, visit the Development Services Department website (under Engineering Forms) or come by the department in person at the Public Works Building, 201 N. Stone – First Floor, Tucson, AZ 85701.

Flagstaff residents can visit www.flagstaffstormwater.com (click on Floodplain) or call 928-779-7650 x7213 for help.

 
Comments are moderated and will not appear until the administrator reviews them. Comments Policy