Watch That Age Limit in Ads

Posted on March 27, 2012 by Alice Martin

Have you checked your MLS listings lately for fair housing problems? Do you have statements in your listings that say something like, “55 & over to own” or “18 & over to occupy”? You say, “What’s wrong with these if they are true?” Here’s what’s wrong. Standard of Practice 10-1 states, “. . . REALTORS® [...]

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Lease/purchase and Lease/option Agreements

Posted on March 27, 2012 by Christopher A. Combs

There are many reasons why a client may want to enter into a lease/purchase or lease/option agreement. Most commonly, the buyer wants to enter into a lease/purchase or lease/option agreement because the buyer is unable to obtain financing for some period of time. A seller may consider a lease/purchase or lease/option agreement if the seller [...]

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Taking and Servicing the Short Sale Listing – A Typical Workflow

Posted on March 10, 2012 by

Assuming that after full reflection and consultation with appropriate legal, credit, and tax professionals, the homeowner decides that a short sale makes the best sense. What are the factors that will lead to a successful short sale? The elements of a successful short sale are typically: The property is worth less than is owed. Establish [...]

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Professional Standards Newsletter, December 2011

Posted on December 1, 2011 by

MANDATORY MEDIATION OPTION APPROVED The NAR Board of Directors approved amendments to Article 17 of the Code of Ethics to give  associations discretionary authority to obligate members to mediate otherwise arbitrable disputes.In the event of contractual disputes or specific non-contractual disputes as defined in Standard of Practice 17-4 between REALTORS® (principals) associated with different firms, [...]

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Mortgage Lawsuit Scam Hits Arizona

Posted on August 23, 2011 by

Judy Lowe, Commissioner, Arizona Department of Real Estate Advisory- During these challenging times, it is critical that all parties involved in the real estate industry are kept well informed as to any illegal misbehavior and/or activity.  In a spirit of maintaining an open dialog with our licensees, the real estate industry and consumers, I am [...]

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Cloud Computing for Realtors

Posted on June 1, 2011 by Ed Pattermann

Real Estate Is Mobile Ed Pattermann presented a session on cloud computing at AAR’s Winter Conference in March 2011. We received such positive feedback about it that we asked him to share his tips with the full membership through this article. If you like to stay on the cutting edge of real estate in Arizona, [...]

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Agency Dilemmas

Posted on April 16, 2011 by Michelle Lind

Most people are aware that a real estate broker or salesperson (“Broker”) is an agent with fiduciary duties to the party that the Broker represents. This agency relationship is most often created by express agreement; however, an agency relationship can be legally implied by the parties’ actions. Regardless of whether the agency relationship is express [...]

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Mortgage Assistance Relief Services (“MARS”) Rule Definition of “Clear and Prominent”

Posted on March 27, 2011 by Michelle Lind

In textual communications, (which includes any communications in a written or printed form such as print publications or words displayed on the screen of a Computer): the required disclosures shall be easily readable; in a high degree of contrast from the immediate background on which it appears; in the same languages that are substantially used in the commercial [...]

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Revisions to the 2011 AAR Residential Resale Real Estate Purchase Contract

Posted on January 1, 2011 by

Overview The Residential Resale Real Estate Purchase Contract (“Contract”), Pre-Qualification Form and Loan Status Update (“LSU”)were revised/developed due primarily to changes in the Real Estate Settlement Procedures Act (“RESPA”) rules regulating the issuance of a Good Faith Estimate (“GFE”) to a buyer. The RESPA reforms require a property address before a GFE may be provided [...]

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5 Real Estate Scams You Need to Know About

Posted on October 1, 2010 by Melissa Dittmann Tracey

Mortgage fraud is pervasive: An estimated $4 billion to $6 billion in annual losses result from mortgage fraud, according to FBI reports. “An entire community can be damaged by mortgage fraud,” says Rachel Dollar, a lawyer from Santa Rosa, Calif., and editor of the Mortgage Fraud Blog. Mortgage fraud can lead to a spike in foreclosures, [...]

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