RSS feed for Items tagged 'Law and Policy'

Top 5 Things You Need to Know About the REALTOR® Trademarks

How much do you know about the REALTOR® trademarks and how to use them correctly?

Here are five key facts.

1. REALTOR® = Member of NAR

A REALTOR® is a member of the National Association of REALTORS®. The term REALTOR® should never be used as a substitute for "real estate agent."

The REALTOR® trademarks include:

REALTOR®
REALTORS®
REALTOR-ASSOCIATE®
the REALTOR® block "R" logo

The REALTOR® marks let people know that you are... Read More

Legal Podcast: Fiduciary Duty Risk Reduction

Attorney Scott Kossove discusses his NAR Midyear risk management forum presentation about reducing the risks for breach of fiduciary duty claims.

Midyear Risk Management & License Law Forum

Please join us for the Risk Management and License Law Forum at the 2013 Midyear Meetings.

Tips for Avoiding Breach of Fiduciary Duty and Related Lawsuits

Real estate professionals of all levels of skill and experience are encountering concerns about their role as a fiduciary to their clients. The Forum presenters will explain each of the duties required of a fiduciary and teach attendees how they can implement and follow best practices to ensure that they are fulfilling their fiduciary duties.... Read More

NYC Agents Fined for Showing Illegal Apartments

Real estate agents and brokers can now be fined for showing homes that are not up to code. "We have to hold them accountable too," says the New York City building commissioner.

Squatters Cite Laws to Stay in Homes for Free

Some are taking advantage adverse possession laws in certain states, squatting in foreclosed homes for free and trying to make claims for homes they don't own.

Empire State Building Feud Heads to Court

Ownership of New York's 102-story landmark will be battled out in court this week.

REALTORS® Urge Preserving Homeownership Tax Policies

Congress should focus on doing no harm to housing and America's 75 million homeowners by maintaining current tax laws for homeownership and real estate investment, NAR says.

They're Back: Mortgage Schemes

If there was one major takeaway from the National Crime Prevention Council's 2013 Mortgage Fraud Virtual Conference, it was this: The mortgage market, while no longer a wicked stepchild of the housing crisis, must still be carefully monitored.

HUD Issues New Discriminatory Effects Rule

HUD has formalized its recognition of discriminatory effects liability under the Fair Housing Act. An article on the REALTOR® Action Center explains HUD's proposed test.

Sham Rating Site? Oregon Agents Raise the Alert

Another ratings site appears to be selling positive reviews to real estate professionals concerned about reputation management.

Obama Budget Request Repeats Past Housing Proposals

President Obama calls for an itemized deductions value cap, including mortgage-interest and property-tax deductions, in his 2014 federal budget request.

Selling a Foreclosure? Don't Ignore the Tenant

Watch this 5-minute video to learn about the protections afforded to foreclosed-upon tenants under the Protecting Tenants at Foreclosure Act.

4 Top Mortgage Insurers Fined For Kickbacks

The Consumer Financial Protection Bureau has fined four of the nation's largest mortgage-insurance providers for alleged kickbacks to lenders in order to win more business.

Fannie REO Specialist Faces Kickback Allegations

A Fannie Mae REO specialist is being accused of trying to arrange a deal with a real estate broker that he'd supply listings in exchange for a cut of the commission on the sale of the properties.

IDX and the Fair Housing Act

NAR has received a number of inquiries arising from a blog posting about the federal Fair Housing Act lawsuit brought against Jeff Launiere, a licensee in Clearwater, Fla.

Mr. Launiere’s posts have raised an alarm among real estate professionals that they could potentially be liable for the content provided by other MLS participants' listings when it appears on the real estate professional’s website through an Internet... Read More

Illinois Governor Declares 2013 'The Year of Home Ownership'

"By encouraging home ownership, we can create jobs and grow our economy," Illinois Gov. Pat Quinn says.

Man Lands in Court After Laughing Too Loud in His Home

It's been no laughing matter for one New York City man who could face up to 30 days in jail after a neighbor complained to police about the man's loud laugh coming from inside his home.

Don't Write Off Mortgage Write-Offs

Here are just a few reasons why the mortgage insurance write off continues to be one of the most important political and economic initiatives in contention today.

More Wrongful Foreclosures Against Military Members?

The number of wrongful foreclosures against active-duty service members during the housing crisis was much more widespread than originally believed, a new report finds.

Minn. Weighs Greater Radon Disclosure in Home Sales

Minnesota has some of the nation's highest indoor levels of radon, and state health officials are proposing that home buyers get greater warnings about the deadly gas.

Legal Podcast: Deed-in-Lieu Transactions

NAR Legal Affairs and Government Affairs discuss a new risk facing real estate professionals: Representing a client in a deed-in-lieu transaction.

More information can be found in this Q&A: Risks Associated with Representing a Client in a Deed-in-Lieu Transaction

Real Estate to Gain Home Inspector Oversight in Miss.?

In Mississippi, a controversial bill is moving through the state legislature that would give the state's Real Estate Commission sole oversight over home inspectors.

Court Rejects Department of Energy's Gas-Log Fireplace Rules

A U.S. Court of Appeals has thrown out the rules adopted in 2011 by the Department of Energy to try to regulate gas-log fireplaces so that they use less energy.

Professional Standards Education Seminar

The National Association's 2013 Professional Standards Education Seminar will be held in Chicago on Aug. 22–23, 2013.

About the Seminar

The seminar includes, but is not limited to, instruction on:

Due process
Procuring cause
Mediation
The role of the grievance committee, hearing panel, and board of directors
Writing an ethics decision

There will also be a question... Read More

Investigation of Scam Complaint Site Pays Off

After an investigation by the National Association of REALTORS® and several state associations, the real estate complaint site accused of posting fake reviews and seeking payment to have those reviews deleted appears to have shut down.

Pa. Woman Fights State's Disclosure Laws

A Pennsylvania woman is taking her case to the state's Supreme Court in a lawsuit over a seller and agent who failed to disclose to her that a murder-suicide had taken place in the home that she had purchased.

Scam Complaint Site Now Dormant

A suspicious Web site that had been misusing the REALTOR® trademark has now been suspended.

Amicus Brief Advisory Board

Reports to Legal Action Committee

View board members

Purpose

Will address requests or proposals for NAR to participate as amicus curiae, or “friend of the court,” in litigation of concern or interest to the real estate industry. The Advisory Board will determine whether NAR should participate, the nature of that participation, and the financial commitment... Read More

Legal Action Committee

View committee members

Purpose

To receive and evaluate requests for financial assistance (or amicus participation) in litigation of potential significance to NAR, state and local associations, the real estate profession, or private property rights; to oversee the administration of the Professional Liability Insurance Program, which provides liability insurance for NAR, affiliates, state associations, and local boards; to oversee the... Read More

Fiscal Cliff: What's at Stake for Real Estate

If Congress doesn't act, foreclosures will rise, home values will drop, and the FHA could get hit with another set of bad loans.

Legal Victory for Credit Agencies in Mortgage Ratings Suit

A federal appeals court has ruled in favor of major credit agencies in a case that involved a lawsuit filed by five Ohio pension funds that sought to recoup millions of dollars of losses on risky mortgage debt.

Risk Management Forum at 2012 Annual Meeting

Learn about money laundering activities related to real estate transactions. Attend “Detecting and Deterring Money Laundering Schemes” at the REALTORS® Annual Conference.

Feds Slap BofA With $1B Mortgage Fraud Lawsuit

More trouble for Bank of America: Federal prosecutors have filed a $1 billion lawsuit against the company, alleging the bank issued "thousands" of bad loans and stuck taxpayers with the bill.

Commentary: Hunt for Strategic Defaulters Overstated

Recent media reports have suggested that the FHFA, Fannie Mae, and Freddie Mac will start to take severe legal action against strategic defaulters. But are mortgage cops really going to chase down these individuals with the goal of locking them up?

ACLU: Morgan Stanley Liable for Discriminatory Subprime Loans

The American Civil Liberties Union announced it would be filing a lawsuit Monday against the investment bank, alleging discrimination in the way the bank packaged subprime mortgage loans into securities.

Wells Fargo Accused of 'Reckless' Lending

The government has filed a lawsuit against Wells Fargo, alleging the nation's largest lender has participated in "reckless" lending of government-backed loans, but Wells Fargo insists it's done nothing wrong.

Gov't Warns Banks: More Lawsuits Coming

Following a lawsuit initiated against Bear Stearns this week, federal investigators warned that more lawsuits are coming against banks stemming from their sales of mortgage-backed securities.

Nevada HOAs Challenged in False Claims Lawsuit

The ongoing controversy of fraudulent practices, excessive assessments, and egregious collection costs of HOA fees on Las Vegas home owners has reached national attention as two local attorneys have filed a federal lawsuit against hundreds of Nevada HOAs and collection agencies.

Two Visions Come Into Focus

President Barack Obama and former Gov. Mitt Romney hold starkly different views on recent reforms—and on the best way to preserve the American dream.

FTC Wins Big Against Housing Infomercial Scam

A judge granted the FTC $478 million—the largest judgment the agency has ever obtained—against three marketers of real estate infomercials.

Smaller Banks Now Under Fire for Foreclosure Abuses

After a landmark mortgage settlement against the nation's largest banks earlier this year, the U.S. state attorneys general are now investigating smaller banks for alleged foreclosure mishandlings.

U.S. House Passes RESPA Home Warranty Clarification Act of 2011

On Wednesday, Aug. 1, 2012, the U.S. House of Representatives passed "The RESPA Home Warranty Clarification Act of 2011" (H.R. 2446) by voice vote. The bipartisan legislation sponsored by Representatives Judy Biggert (R-IL) and William "Lacy" Clay (D-MO) is designed to counter an erroneous Department of Housing and Urban Development interpretive rule that reversed decades of common understanding of RESPA.

Real estate professional and home warranty companies routinely partner to provide home warranties to consumers. For nearly two decades, the industry was led to... Read More

Supreme Court Dismisses First American RESPA Appeal

Overshadowed by the Supreme Court’s June 28 decision on the Affordable Care Act, the Court also reversed course and dismissed the appeal of First American Corporation in First American Financial Services v. Edwards challenging whether a claim alleging RESPA violations can be brought in the absence of actual financial injury to a plaintiff.

Although the Court had previously agreed to address the issue, in an unsigned opinion the Court dismissed the appeal and let stand a Ninth Circuit and lower court determination that a plaintiff has standing to seek a recovery... Read More

Win for Real Estate in Supreme Court RESPA Ruling

The U.S. Supreme Court last week provided real estate brokers a lot of clarity about administrative fees charged by brokerages.

May 2012 Podcast: Risks in Listing and Leasing Vacant Property

In the May 2012 Legal Affairs podcast, attorney Thomas Gregory discusses legal risks associated with listing and leasing vacant properties and offers risk management tips that licensees can use to mitigate their risk.

Gregory is a Partner in the law firm of O'CONNOR KIMBALL LLP, and practices in the firm's Philadelphia office. The focus of Tom's practice is litigation, concentrating on the defense of professionals, including real estate agents, appraisers, architects, and engineers.

Gear Up for the Ethics Rush: Every Member Must Complete An Ethics Class Before 2013

The countdown is on. The NATIONAL ASSOCIATION OF REALTORS®’ ethics requirement gives members until Dec. 31, 2012, to take an approved ethics course. And given the average real estate practitioner’s notorious penchant for operating on a just-in-time basis, associations are doing everything they can to avoid holding eleventh-hour ethics courses for hundreds, or even thousands, of members in December.

Mary Ann Monteleone, vice president of professional development at the 19,350-member Long Island Board of REALTORS®, says she’s taken several steps to ensure... Read More

How 6 Recent Cases Affect Your Business: Recorded Webinar

State and federal courts have recently decided—or are considering—a number of significant real estate cases. In this webinar recording from April 19, 2012, NAR's legal experts explain some of the most important issues on court dockets and what their implications are for your business.

4 Code of Ethics Changes You Need to Know for 2012

The Code of Ethics, like other NAR governing documents, can be updated every year. Learn the 4 most important changes you should know for 2012 and prepare to complete the Code of Ethics Training Requirement if you haven't since 2008.

Federal Appeals Judge Scraps EPA Veto, Agrees with NAR on Mountaintop Coal Mine

April 9, 2012

U.S. EPA overstepped its authority when it vetoed a Clean Water Act permit issued for a sprawling mountaintop-removal coal mining project in West Virginia, a federal judge ruled today. At issue is EPA's veto last year of the "dredge and fill" permit issued by the Army Corps of Engineers in 2007 for Arch Coal Inc.'s Spruce No. 1 mine in Logan County. It was the 13th time that EPA had used its veto power under Section 404 of the 1972 Clean Water Act, but it was the first permit blocked retroactively. The agency argued it needed to act to protect... Read More

Anti-Money Laundering Rule

NEW ANTI-MONEY LAUNDERING RULE APPLIES TO NON-FINANCIAL TRADES AND BUSINESSES

Effective Jan. 1, 2002, a new rule issued by the federal government requires non-financial trades and businesses to report certain information regarding cash transactions involving currency over $10,000 to the Financial Crimes Enforcement Network (“FinCEN”), a bureau within the U.S. Treasury Department, in order to aid intelligence and law enforcement agencies in their battle against money laundering. However, this new rule does not impose any new recordkeeping or reporting requirements... Read More

State Issues Tracker

Most governmental issues of importance to real estate brokers and agents are regulated at the state government level. While the number of issues that could affect real estate or REALTORS® is infinite and constantly changing, there is a small number of core issues that are perennially issues of concern to our industry. NAR, through use of a consultant, tracks and analyzes these core issues, such as the law of Agency, License Reciprocity, and Seller Disclosure requirements. The analysis, presented in this interactive, searchable database, permits the user to make comparisons among... Read More