AAR Updates

Arizona REALTOR® Magazine - April 2010

Correction to March Legal Hotline Question re: Foreclosure Time Limit

In the March issue of Arizona REALTOR® Magazine, the Q&A entitled “No Specific Time Limit for Lender to Foreclose on Home” discussed the time period for a lender to institute a foreclosure proceeding after default by the borrower. The answer incorrectly stated that the lender had a “reasonable time after the default by the borrower.” Under A.R.S. §33-816, however, a lender is only required to institute foreclosure proceedings within six years after the default by the borrower.

Chorew Talks Real Estate Tech with Arizona REALTORS® in April

AAR is bringing nationally recognized real estate tech speaker Amy Chorew back to Arizona for two special sessions on April 26. Reduced pricing on the classes is available for two groups of REALTORS® who have shown a commitment to ongoing education—GRI designees (morning session) and members of the Masters of Real Estate (MRE) Society (afternoon session)—but anyone can attend one or both sessions.
 

• Effective Communication with Today’s Consumer
  April 26 | 8:30am – 12:00pm | Phoenix Association of REALTORS®
  $10 for GRI designees ($25 non-GRI) | Register online
  C/E: 3-general
  
  Nationally recognized speaker Amy Chorew explores how you can use the latest technology tools to manage your transactions, track agency disclosure and compliance, protect consumer information, reduce legal risk and provide buyers and sellers with extensive information to help them make informed decisions. Topics include understanding today’s generational consumer, ethics in the digital age, mobile consumers, consumer privacy policy and beyond. Learn more
  
  

• Tech Tools of the Trade: Staying Connected
  April 26 | 12:30pm – 4:00pm | Phoenix Association of REALTORS®
  $10 for MRE Society members ($25 non-MRE) | Register online
  C/E: 3-general
  
  Amy Chorew continues talking tech to Arizona REALTORS® in the afternoon as she reveals the latest in tech tools. Know what to look for—and what you don’t need—when upgrading your laptop or smart phone. Discover tools that meet the needs of today’s consumers, such as instant messaging, text messaging and cell phone marketing. And find out how wireless networking and other tools can maximize your productivity. Learn more

AAR Welcomes New Web Administrator

AAR is pleased to introduce the newest member of our staff, Brad Feuerstein. Brad has been developing websites since the age of 13, when he created his first site for the elementary school he used to attend. Most recently, he served as multimedia developer for Realty Executives International. Born and raised in Phoenix, Brad is an avid movie watcher, films and edits skit comedy shows for YouTube, collects comic books and has a passion for music. He enjoys learning everything and anything he can, and we are pleased to have his energy and skills on board as we look to improve AAR’s web offerings. You can reach Brad at aarwebmaster@aaronline.com.

Lind Digs into AAR’s Residential Resale Purchase Contract

AAR General Counsel Michelle Lind will teach “Mastering the Residential Resale Transaction,” a core course in the Certified Risk Management Specialist (rCRMS)program, on June 24-25 at the Phoenix Association of REALTORS®. The course provides a look at the framework that makes up real property contracts, in particular AAR's Residential Resale Purchase Contract.

Upon completion of this course, you will be able to describe the framework of real property contracts; properly execute the residential purchase contract; explain the risks associated with the various sections of it; describe the function of the related forms and addenda commonly used in connection with it; and use the provisions of the contract to avoid sticky situations that can increase risk and liability for consumers, agents and brokers.

View the event flyer to learn more.

Buyer and Short Sale Seller Advisories Available in Spanish

The Buyer Advisory is once again available in Spanish on the AAR website. The new Short Sale Seller Advisory is also offered in Spanish now. AAR would like to thank Oli Rodriguez and First American Title Insurance Company for making this possible.

IRS Requires Reporting of Cooperative Commissions

The Internal Revenue Service (IRS) requires that listing brokers who pay a cooperative commission in excess of $600 to an individual who is not their employee must complete a Form 1099-MISC. While this is not a new law, it has come to NAR's attention that not all real estate professionals are aware of this requirement. Get more information and the necessary forms here.

April Is Fair Housing Month

April 2010 marks the 42nd anniversary of the 1968 Fair Housing Act. Here are two things you can do to observe this landmark:

1. Attend the Arizona Fair Housing Partnership’s “Opening Doors” event on April 13, 2010. You’ll earn C/E hours as you hear about profitability and fair housing in today’s economy from speakers such as Phoenix City Council Member Tom Simplot, Attorney General Terry Goddard and HUD’s Rebecca Flanagan.

2. Read over the REALTOR® Fair Housing Declaration:

I agree to:

• Provide equal professional service without regard to the race, color, religion, sex, handicap, familial status or national origin of any prospective client, customer or of the residents of any community.
• Keep informed about fair housing law and practices, improving my clients' and customers' opportunities and my business.
• Develop advertising that indicates that everyone is welcome and no one is excluded, expanding my client's and customer's opportunities to see, buy or lease property.
• Inform my clients and customers about their rights and responsibilities under the fair housing laws by providing brochures and other information.
• Document my efforts to provide professional service, which will assist me in becoming a more responsive and successful REALTOR®.
• Refuse to tolerate non-compliance.
• Learn about those who are different from me and celebrate those differences.
• Take a positive approach to fair housing practices and aspire to follow the spirit as well as the letter of the law.
• Develop and implement fair housing practices for my firm to carry out the spirit of this declaration.

You may also want to review NAR’s Field Guide to Fair Housing provides useful resources, links, case law and more.