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Here are a few reminders from the National Association of REALTORS® regarding actions that are required to obtain a release of liability and protection from claims related to broker commissions:
- All MLSs must implement practice changes by August 17 to remain in compliance with NAR policy. Some MLSs are implementing practice changes earlier. MLSLIstings will implement rule changes tomorrow, August 13.
- Offers of compensation are prohibited on MLSs. Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool.
- Agents working with a buyer must enter into a written agreement before touring a home. Ahead of August 17, NAR encourages all members to address form changes and prepare to educate real estate professionals and consumers about revised forms. NAR policy does not dictate terms of buyer agreements, including the type of relationship – e.g., agency, non-agency, exclusive, or non-exclusive – or the length of the term.
The practice changes are detailed here, and clarifying information is available in NAR’s FAQ on facts.realtor
The role of the REALTOR®, the benefits received from member involvement in REALTOR® association activities, and the importance of organized real estate to REALTORS® and their clients were the main focus of the 2023 Economic Seminar & General Membership Meeting of the Silicon Valley Association of REALTORS® (SILVAR).
SILVAR CEO Paul Cardus laid out the following scenarios of what life would be for an agent or consumer if REALTOR® associations like the National Association of REALTORS® (NAR), California Association of REALTORS® (C.A.R.) or SILVAR did not exist in light of just one benefit, that of legislative advocacy:
- Agents would not be independent contractors; they would be employees working for banks.
- Services, including commissions, would be taxed.
- Conforming loan limits might be set at $400K, if they existed at all, instead of $1,149,825 in 2024.
- FHA loans likely would not be available.
- There would be no capital gains exclusion, mortgage interest deduction or 1031 exchanges.
- The commercial secondary mortgage market, which provides a stable flow of credit, would not exist.
- The liquidity, stability and affordability provided by Fannie Mae and Freddie Mac in the nation’s housing finance system would not exist.
- HUD would not employ local agents for sales.
- There would be no multiple listing service (MLS) or portals with standardized, reliable listing data.
- Universal buyer representation would not exist, leaving many buyers unprotected in the biggest transaction of their lives.
- Proposition 13 would not exist, making it hard for California’s seniors to afford to stay in their homes.
- Without impartial C.A.R. and PRDS standard forms provided by REALTORS® for REALTORS®, buyers and sellers would need attorneys to review and negotiate various one-sided forms for each transaction and be responsible and liable for researching state and local ordinances and codes, instead of using PRDS advisories.
- Flood insurance would become unobtainable.
- Property sales would require multiple point-of-sale approvals, like sewer lateral inspection and repair, from multiple agencies and inspectors. Sellers might have to invest tens of thousands in property upgrades just to sell. Escrows could extend for months or even longer.
- Rent control would be in place statewide, making it challenging to sell a tenant-occupied home or leave the business as a housing provider.
- Opportunity to Purchase (OPA) programs, like the one SILVAR helped defeat in East Palo Alto recently, would require property owners to offer homes to tenants or nonprofits before listing a rental property on the market and mandate the right of first refusal once an offer is accepted.
- Thousands of other legislative “bright ideas” would be blocked or kept in check because organizations like SILVAR, C.A.R. and NAR would not be around to engage volunteers, coordinate the resources, and hire professional staff to advocate on behalf of REALTORS® and their clients.
“The benefits that REALTORS® and their clients receive through REALTOR® membership in a REALTOR® association are quite the value,” said Cardus.
SILVAR is proud to announce SILVAR member Bernie Leung is among 50 finalists vying for a spot in REALTOR® Magazine‘s 2023 Class of 30 Under 30. Leung is a REALTOR® with Compass Menlo Park.
Every year, REALTOR® Magazine‘s Class of 30 Under 30 recognizes top accomplished real estate professionals nationwide. Selection of finalists is based on business success, innovation, and community involvement. The finalist who receives the most online votes is guaranteed a spot in this year’s 30 Under 30 class and will be the Web Choice Award winner. Judges then select the other 29 honorees from the field of finalists.
Born in San Francisco, Leung has a Bachelor of Science degree in Finance from Menlo College in Atherton and graduated from both Stanford University’s Influence and Negotiations Strategies and Harvard University Negotiation & Leadership Program. He is also an event organizer for Silicon Valley Startup: Idea to IPO, a 26,000+ member organization.
He believes in real estate and wants to make his clients happy and them make their dream of homeownership come true. “I have a super client obsession,” Leung remarked.
Ironically, it was Leung’s father who pushed him to get into real estate. “My dad would say there are only two paths in life – stocks and real estate.” He got his real estate license in 2016, “just to make my dad happy.” Previous work as an accountant for a non-profit got him a job in DeLeon Realty’s finance department. Then one day, the firm was short-staffed and asked him to host an open house. It was then that he discovered that his natural talents and skillset were well-suited to a people businesses like real estate. Transitioning from finance to becoming a real estate agent was inevitable.
During his seven years at DeLeon Realty, he became the most senior top producing agent at the firm. From 2019-2021, Leung’s annual sales volume ranged from $40-50 million. He is happy his dad pushed him toward real estate.
“My dad is both my mentor and hero,” he exclaimed.
Today, with Compass, Leung is a solo agent and a top producer with a current sales volume of $34 million. His average sales transaction is $3.8 million.
Leung said he entered the 30 Under 30 contest because at age 28 (he’ll turn 29 next month), being the youngest REALTOR® with his sales volume in a market dominated by much older peers, he wants to show younger or new agents that anything is possible and prove that you can succeed in real estate despite being under 30 years old.
“Age is just a number. My goal is to inspire the next generation of movers and shakers in real estate to defy all odds and find success by carving out their own unique path,” said Leung.
Leung has a chance to do just that by being part of REALTOR® Magazine‘s 30 Under 30 Class of 2023.
Voting is now open. See Bernie’s profile HERE, then click on Read More and vote, or you can directly vote for him HERE.
You can vote once every 24 hours per candidate. The voting period closes March 31 at 10 AM PT.
SILVAR wishes Leung the best of luck in the contest!
The Silicon Valley Association of REALTORS® Global Business Council (SILVAR GBC) was presented the DIAMOND Global Achievement Program Award for 2018 by the National Association of REALTORS® at the Nov. 2-5 REALTORS® Conference & EXPO in Boston. SILVAR President Bill Moody and Executive Officer Paul Cardus accepted the award on behalf of the GBC from NAR Global Business and Alliances Committee Chair Mario Arriaga during the International Night Out dinner on Nov. 3.
The DIAMOND award is the highest level award for global achievement that recognizes those global councils that have consistently performed at the highest level for six years. The award is given to association global councils that have earned PLATINUM status for five consecutive years. SILVAR was honored with the PLATINUM Global Achievement Award for five consecutive years from 2013-2017.
NAR recognized SILVAR GBC as having demonstrated the utmost commitment to helping their members capture their share of the global real estate market in the United States, in addition to connecting their council and members to the global community in their area. The services and resources they have worked hard to provide their members are the benchmarks upon which the standards have been set.
“We are thankful to SILVAR’s Global Business Council for their commitment to enhancing global business opportunities for REALTORS® in their market,” said Jan Hope, NAR Vice President of Commercial & Global Services. “They have done an outstanding job and we are pleased to provide them with the Diamond Global Achievement Program Award.”
The GBC provides SILVAR members information, resources, networking and skills training to enhance their professionalism and success in their local markets with international and multicultural clients and customers. Each year the GBC provides a host of programs related to global real estate, including the Certified International Property Specialist Institute (CIPS).
The CIPS Institute provides training in international business issues, including currency conversion, cultural awareness, legal and tax requirements, transaction principles of international real estate, and specifics about the real estate markets in Europe, the Americas, and Asia. The course is taught by David Wyant, recognized NAR International Instructor of the Year for 2017, 2012 and 2009. There are currently over 4,000 CIPS designees from the U.S. and 35 other countries.
Congratulating the Global Business Council members, SILVAR Executive Officer Paul Cardus said, “The benchmarks for success over the past six years have been the commitment of SILVAR to think globally, the resolute efforts of our Global Business Council.”
Members of this year’s GBC core team are chair Tess Crescini, SILVAR board directors Mark Wong and Joanne Fraser, Mitra Lahidji, Atsuko Yube, past president David Tonna, Alicia Sandoval, Jimmy Kang, Ketan Jashapara, Daisy Wong and Lisa Wendl. Past chairs who led the team in obtaining past PLATINUM awards are Jennifer Tasto, Davena Gentry and Mark Wong.
Other REALTOR® associations earning DIAMOND status are Houston Association of REALTORS®, Arcadia Association of REALTORS® and Orlando Regional REALTOR® Association, REALTOR® Association of the Palm Beaches and Greater Ford Lauderdale (2017) and Miami Association of REALTORS® (2016).
All REALTORS® MUST COMPLETE ethics training between the January 1, 2017 and December 31, 2018 cycle or be suspended by NAR.
The National Association of REALTORS® (NAR) requires that every REALTOR®, in order to maintain membership in the Association of REALTORS®, must complete a 2 1/2 hour Code of Ethics course every two years. This means all REALTOR® MUST COMPLETE the ethics training at some point between the cycle of January 1, 2017 and December 31, 2018. Failure to comply with this required ethics training is a violation of a membership duty and will result in suspension and possible termination from the member’s primary Association.
It is this mandatory ethics training and membership with NAR that differentiates REALTORS® from real estate agents. Although both are real estate licensees, REALTORS® proudly display the REALTOR “®” logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate.
REALTORS® can take the ethics training online through NAR. It’s easy and it’s FREE. Visit NAR CODE OF ETHICS ONLINE for more information on online classes and this mandatory NAR requirement. Code of Ethics training is also included in CalBRE license renewal requirements, so if a member has renewed their license between January 1, 2017 and December 31, 2018, their Code of Ethics requirement is covered.
If you have already taken Code of Ethics training for this period outside of California license renewal, via NAR or the California Association of REALTORS® (C.A.R.) or elsewhere, please email a copy of the certificate to your primary Association. If you are a member of the Silicon Valley Association of REALTORS® (SILVAR), you can email a copy of your certificate to membership@silvar.org before the deadline of December 31, 2018. The next compliance cycle will start January 1, 2019 and end on December 31, 2020.
Looking to foster investment opportunities between real estate stakeholders in the Philippines and the U.S., the Filipino American Real Estate Professional Association Silicon Valley (FAREPA SV) chapter is organizing a trade mission to the Philippines on June 16-29. The trade mission will take participants to Manila, the country’s capital, to the island of Palawan, which has the best beaches in the world, and to Vigan, a city known for its preserved Spanish colonial and Asian architecture.
“This is an opportunity of a lifetime to learn about real estate opportunities in the Philippines, whose economy is thriving, develop partnerships with builders and developers, and see our beautiful country, especially Palawan, which is a hidden piece of paradise twice named ‘The Best Island In The World’ in Travel + Leisure magazine’s World’s Best Awards, and Vigan, which is a UNESCO World Heritage site and one of the few towns left in the Philippines whose old structures have mostly remained intact,” said FAREPA SV co-president Tess Crescini, who also serves as chair of the Silicon Valley Association of REALTORS® (SILVAR) Global Business Council.
In each destination the trade mission will provide real estate professionals the opportunity to partner with real estate builders and developers that are building the hottest developments around the country. The itinerary also will include the opportunity to attend the Philippine Economic Zone Authority’s First Global Ecozone Convergence & EXPO on June 18-19, of which the Chamber of Real Estate & Builders’ Associations, Inc. (CREBA) is an organizer. SILVAR is the National Association of REALTORS® (NAR) Ambassador to the Philippines and CREBA is its partner association there. SILVAR, CREBA and NAR President Liaison to the Philippines Jennifer Tasto are helping coordinate FAREPA’s trade mission.
FAREPA is expanding globally. The real estate association’s vision for the trade mission is to form marketing partnerships with top developers and local brokers and get to know the newest thriving areas and latest development amenities. Filipino-American baby boomers and Gen Xers are finding retirement in the Philippines desirable now due to low costs, improving health care, infrastructure, and a booming economy, said FAREPA trade mission committee chair Robert Balina.
“Becoming the go-to experts with marketing partnerships with top Philippine developers and brokers, U.S. clients can list their properties with us and we can help them purchase their retirement home, second home, or cash flow investment properties there,” said Balina.
Cost of the trade mission based on double occupancy is $3,075 all inclusive. The price includes round trip airfare via Philippine Airlines from San Francisco to Manila and back, two domestic flights, 11-night hotel stay, daily breakfast, lunch tour packages, airport transportation, and an option for an open-ended return flight. A non-refundable deposit is due by March 16, 2018. Full payment is due by May 1, 2018.
For more details, visit http://farepa.org/manila-trade-mission, or the SILVAR website at http://www.silvar.org, or contact Crescini at tess@heritagehi.com or (408) 781-0949; Balina at robert@synergizerealty.com or (408) 750-6425; or Wilma Baltar at wilmabaltar@kw.com or (408) 781-5300.
As both the House and Senate sharpen their vision for tax reform, REALTORS® want to ensure homeownership is protected throughout the tax reform debate.
“We are watching closely for changes to current law that might leave middle-class homeowners – and homeownership broadly – in a worse place than it is today,” said National Association of REALTORS® (NAR) President Elizabeth Mendenhall. “A near doubling of the standard deduction, combined with the elimination of other deductions, like the state and local tax deduction, can turn the American dream into a nightmare for families, as the rug is pulled out from under them. Simply preserving the mortgage interest deduction in name only isn’t enough to protect homeownership.” Now that both the House and Senate have passed their own versions of The Tax Cut and Jobs Act, a Conference Committee will address the differences between both bills and come up with a final version of a tax reform bill. It could happen anytime next week, as their goal is to vote on the bill by the end of the week.
NAR is asking Congress to support the following provisions for inclusion in the final legislation:
Mortgage Interest Deduction: Retain current law to maintain a total cap of $1 million on primary first and second homes.
Capital Gains Exemption: Retain current law of exempting gains of up to $250,000 for single filers and $500,000 for joint filers for primary residence lived in for two of the past five years of ownership.
State and Local Tax Deductibility: The limitation of deductibility to property taxes should be expanded to include state and local income taxes and the cap should be increased and indexed to inflation These provisions would add needed protection to current and future homeowners and strengthen the ability of qualified American families to purchase a home.
Denise Welsh, president of the Silicon Valley Association of REALTORS®, emphasized it is important to keep homeownership intact for everyone who wishes to purchase a home. “Let’s not let tax reform quash the American dream of homeownership. While the bill reduces taxes on average in every income group, we have grave concerns that with the elimination of the state and local tax deductions and limiting property tax deductions, millions would still see their taxes go up and home values would drop,” said Welsh.
For the fifth straight year, the Silicon Valley Association of REALTORS® (SILVAR) Global Business Council (GBC) has earned the National Association of REALTORS® (NAR) Platinum Award for Global Achievement. The platinum award is the highest distinction presented by NAR to an association for having demonstrated through its global business council exceptional commitment to building member awareness of global and multicultural business opportunities in their local markets.
SILVAR is the only association in Northern California to achieve platinum council status since the program’s inception in 2011. NAR stated SILVAR’s global council “has shown the highest level of service to its global members by consistently providing them with the tools they need to handle international real estate in addition to connecting your council to the global community in your area.”
Under the leadership of 2017 Global Business Council chair Tess Crescini, a broker with Heritage Homes & Investments, SILVAR GBC this year presented two programs on immigration and types of visas for foreign buyers and investors, the “Learning from Leaders” program in partnership with Silicon Valley YPN, and the “Learn to be a Leader” workshop. Both leadership programs were made possible in part by a NAR Diversity Initiative grant.
The GBC helped promote NAR’s At Home with Diversity certification course and SILVAR’s sixth Certified International Property Specialist (CIPS) Institute. The GBC also coordinated a visit to SILVAR by young professionals from Secovi, a Brazilian real estate organization. The trade mission included engineers, real estate attorneys, developers, property managers, economists and real estate agents.
SILVAR partners with other real estate associations throughout the year to promote awareness and education in global real estate. As NAR Ambassador Association to the Philippines, SILVAR partners with the Chamber of Real Estate and Builders’ Associations Inc., the largest real estate umbrella organization in that country. SILVAR member and past GBC chair Jennifer Tasto is NAR’s President Liaison to the Philippines.
SILVAR GBC is one of a select few Platinum Councils in the country in 2017. Reaching the Platinum award level places SILVAR in the top 11 percent of councils operating nationwide. The prestigious award will be presented at the Nov. 3-6 NAR Conference & Expo in Chicago.
Silicon Valley Association of REALTORS® says ... 