New VAR Legal Hotline video: Drone Update

Legal video 2016 Drones Update

VAR’s Laura Farley discusses the new Federal Aviation Administration’s regulations in 14 Code of Federal Regulations Part 107, issued June 21, 2016 and that go into effect August 29, 2016. In order to operate a drone, individuals must obtain a remote pilot certificate with a small Unmanned Aircraft System (sUAS) rating. Click here to watch the video.

The requirements are that individuals must:

  •  Be at least 16 years old
  • Be able to read, write and understand English
  • Be in a physical and mental condition that allows for the safe operation of a sUAS
  • Pass an initial aeronautical knowledge test

It costs approximately $150 to obtain the remote pilot certificate, and individuals must retest every 24 months.

Other restrictions in the new regulations include that sUAS’s may only be flown during daylight hours and cannot be flown higher than 400 feet above ground level. If the drone is more than 0.55 pounds, it must be registered with the FAA.

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According to the July 2016 Home Sales Report released by the Virginia Association of REALTORS® (VAR), residential real estate sales have slowed from this point last year. Year-over-year, the number of transactions fell by 4.7 percent, from 11,820 sales to 11,265. The value of transactions for July 2016 was $3.797 billion, 4 percent lower than in July 2015. Despite a moderate decline in pace and volume for July, year-to-date measures have outperformed 2015. Volume through the end of July 2016 exceeded $22.071 billion, a gain of 5.1 percent from last year’s accumulation of $20.992 billion.

Reflecting typical industry tempo, July sales declined from June; historically, the market climbs each month through June before tapering into the third quarter. Following the same seasonal trend, median price fell 4 percent month-over-month, from $289,500 in June to $278,000 in July. Median price did outperform last July by 1.1 percent, rising from $275,000. Average length of time on the market decreased 6.3 percent, from 64 days last July to 60 in July 2016. Rising median price and declining time on the market reflect limited inventory. Though buyers are still able to capitalize on historically low interest rates, their entry to the market may be affected by limited wage growth. Even as Virginia’s unemployment rate has reached historic lows, revenue collections from income, sales, and corporate taxes have fallen short of projections, suggesting that job growth is in low-earning categories that may not build significant financial capacity for homeownership.

Click here to view the full July 2016 Home Sales Report.

July 16 Price

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Brad Korn is a REALTOR®, international speaker, certified business coach and top producing agent. Brad has been selling real estate for over 24 years. He is consistently the top sales associate in his Keller Williams Eastland office and is also consistently in the top 10 sales for Keller Williams Greater Heartland Region (7 state area). You may also recognize Brad from HGTV’s “My House is Worth What?” where Brad and the Korn Team were even featured in two episodes.

At the Virginia Association of REALTORS® Annual Convention on September 19-21, 2016 at National Harbor, Brad will be leading two education sessions:

  • 10 Simple Strategies to Get More Business in this Market
  • Proven Lead Generation Strategies

You won’t to miss Brad’s two presentations or the rest of the information-packed education sessions at the 2016 VAR Annual Convention.

Save $30 when you register by September 12, 2016.

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Video: Brad Korn – 10 Simple Strategies to Close More Deals

 

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New VAR Legal Hotline video: Scam Alert – Email Hacking

Legal video Scams 2016 Erin Barton

Click here to watch the video.

VAR’s Erin Barton discusses a new email hacking scam affecting REALTORS® where it hurts the most, at the settlement table. Learn how to recognize the warning signs, educate your clients, and protect your transactions.

Click here to watch the video.

You can also hear Erin speak during the upcoming VAR Annual Convention on Critical Contract Issues. This session will answer the most frequently asked topics on contract issues, such as short sale ratification, default, termination, release, and more. Click here to register before September 12thand save $30 off the onsite rate.

Erin is a lawyer and a former REALTOR®. She managed a successful team of REALTORS® and administrative staff while with Keller Williams Realty in Richmond.  She also most recently served as a contract attorney at McGuire Woods; Hancock, Daniel, Johnson & Nagle; and, Williams Mullen where she reviewed cases involving antitrust issues, SEC violations, insurance and fraud.

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ICYMI: Why Homeownership Matters

NAR_Button_HOM_1013altLast Friday, Lawrence Yun, chief economist for the National Association of REALTORS®, penned an op-ed for Forbes.com titled “Why Homeownership Matters.” In the article, Yun lays out five reasons why it is important for people to own homes and notes ways to expand homeownership opportunities for more people.

Yun writes, “There are no doubt other great ideas to expand homeownership in successful and sustainable ways. But one thing is clear: homeownership matters.”

You can read the full article here.

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Great Neighbors Build Great Futures – REALTORS® partner with The Boys & Girls Clubs

Did you know that youth mentorship can make a lifelong difference in helping a disadvantaged kid escape permanent poverty?

Did you know that being prepared for school is a huge advantage not just for classroom performance, but for confidence and achievement for the rest of a student’s life?

That’s why NAR President Tom Salomone has encouraged REALTOR® associations around the country to partner with The Boys & Girls Club.

Through the end of August, the Virginia Association of REALTORS® (VAR) will be gathering backpacks full of school supplies that will benefit the chapters of The Boys & Girls Club of Metro Richmond.

Our effort is just one of many that Virginia REALTORS® around the state have supported, including Charlottesville’s supply drive, Northern Virginia’s career day, Greater Piedmont’s donations, and more. Share your local association story with us here or on our social media sites!

If you’d like to participate in VAR’s back-to-school drive to benefit The Boys & Girls Club, please drop off donations at our headquarters between 8:30 and 5:00 today through Wednesday, August 31st. We are welcoming contributions of backpacks, markers, crayons, colored pencils, erasers, pencils, tissues, batteries, spiral notebooks, 3-ring binders, and any other general school supplies.

Thanks for making futures bright for our kids and communities.  

For more information, contact VAR Director of Community Outreach, Jenny Wortham, at Jenny@VARealtor.com.

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Prince William REALTORS® host Delegate Jackson Miller

-Written by Heidi Schlicher Cook, VAR Director of Political Operations 

The REALTORS® Association of Prince William held a legislative breakfast for more 30 members on Tuesday, August 9th.  REALTOR® colleague and member of the Virginia House Delegates, Jackson Miller, was the keynote speaker.

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Delegate Miller briefed members on the July 1st new laws impacting the real estate industry and highlighted the successful passage of the Virginia Home Inspector Licensure bill that will take effect on July 1, 2017.  For more information on the 2016 new laws and how they impact your business, check out VAR’s New Laws & New Forms July 16 webinar.

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New VAR Legal Hotline video: 2016 Agency Update

Legal video 2016 Agency Update

Click here to watch the video.

VAR’s Laura Farley discusses the changes to the Virginia law on agency including who needs a buyer/tenant brokerage agreement and when is it needed? What exactly does the new law say? Click here to watch the video.

Laura will present the Legislative Update during the VAR Annual Convention. This course will answer the most frequently asked topics on contract issues, such as short sale ratification, default, termination, release, and includes an update on changes to VAR Forms as of July 1, 2016. CE VA – Approved 1 Hour Legal Updates w/Flood Content VA CE; 1 Hour Broker Management; No PL.  No MD/DC. Register today!

Laura Farley serves as the VAR Deputy General Counsel, monitoring regulatory bodies that effect REALTORS® in Virginia, staffing the Legal Hotline and teaching CE courses. She also serves as liaison to the Standard Forms Sub-committee and the Grievance Committee.

 

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Run Your Business like a Business, Not a Hobby!

Run Your Business Like a Business, Not a Hobby!
Marguerite Crespillo, Guest Speaker, VAR Annual Convention
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Sure, you can list and sell a home, prospect and secure a buyer, but what about long term? How do you build a sustainable, lifetime business in Real Estate? Evidence shows that entrepreneurs who think less like small business owners and more like big business CEO’s have a better shot at achieving long-term success. At the 2016 VAR Annual Convention, Marguerite Crespillo will teach you how to systematize your business by implementing simple strategies that manage and monitor your results.

As a top-producing Real Estate Agent since 1993, Marguerite has helped over 3,000 families buy or sell a home. In addition, she has coached, trained and mentored hundreds of people in the real estate industry throughout her career.  She has developed a series of training classes and boot-camps that are focused on what is happening RIGHT NOW in the current economy.

Her unfiltered, straight-forward approach to training will give you the right amount of “kick-in-the-rear” along with the tools you need to be a true success in ANY real estate market.

At the VAR Annual Convention on Wednesday, September 21, 2016, Marguerite will present Run Your Business Like a Business, Not a Hobby’.
View all Education Sessions being offered at the Convention.

Register for the VAR Annual Convention today. Save $30 when you register before September 12th.

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Consumers stand to win big with proposed ‘Know Before You Owe’ rule

This past week, the National Association of REALTORS® announced that the Consumer Financial Protection Bureau has proposed a new rule that will benefit consumers, sellers and their agents in the closing process.

In the announcement, NAR President Tom Salomone stated, “Realtors® have reported challenges gaining access to the Closing Disclosure ever since TRID went into effect, despite a long history of access to the substantively similar HUD-1 that is replaced. Today the CFPB acknowledged that concern by making it clear that it is appropriate and accepted for creditors and settlement agents to share the CD with consumers, sellers and their real estate agents.

“This is a significant victory that will help Realtors® continue to provide the expert service their clients have come to expect. We appreciate the CFPB’s willingness to reconsider the TRID-related challenges our members face and will continue to monitor the progress on this important issue in the months ahead.”

You can read the full NAR press release here:  http://www.realtor.org/news-releases/2016/07/consumers-stand-to-win-big-with-proposed-know-before-you-owe-rule-coming-their-way

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