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MSBR Newsletter August 20, 2024 |
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Now that August 14th is behind us, let's socialize at the Choptank Yacht Club. Aug. 29th 5:30-7:30pm |
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Ready for some networking fun? Choptank Yacht Club Thursday, Aug. 29th 5:30-7:30pm.
Register here: REALTORS & Affiliates Welcome
Cash Bar Purchase your RPAC ticket for chance to win 2025 local dues
THANK YOU SPONSORS Kari Anderson- Oceans Lending Jenn Dudley - Title Excellence Mark Murphy- Direct Mortgage Loans Dave Whaley - National Property Inspections |
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Sections from am Inman interview with NAR President Kevin Sears about the NAR Changes:
Veterans Affairs and Compensation: NAR is the sole reason the Department of Veterans Affairs changed its long-standing rule blocking veteran buyers from paying any compensation to a broker. “Do not let somebody else, some other group, try to take credit for this,” Sears said. “This was done solely by the National Association of Realtors.”
DOJ Decoupling seller & buyer compensation: Sears took issue with statements by DOJ attorneys who want commissions to be “decoupled,” or completely separated between the seller and the buyer. “But it’s expressly allowed by law in over 40 states. If DOJ don’t like it they should do the hard work of going to state legislatures and change the law.”
Negotiable Commissions: “Commissions have always been negotiable,” Sears said. “We’re going to continue to have the conversations with buyers and sellers about how we’re going to get compensated. We need to educate, especially the seller and consumer.” “The DOJ vision of what is good for the consumer might be a little different than ours, but so long as our focus is on the consumer, that’s going to be a helpful defense with the Department of Justice,” Sears said.
Workarounds: Kevin sent a warning to any agents or brokerages that might find ways to operate in ways that aren’t in line with the settlement agreement, possibly referencing a wave of new startups that are offering brokers ways to market offers of compensation. “Don’t get cute,” he said. “Don’t try and do an end-around when it comes to commissions, offers of compensation, that sort of stuff. Look at the letter of the settlement and the spirit of the settlement. Be consumer-centric and that will be your ultimate defense.” “Unfortunately, I think the Department of Justice is going to be looking very closely,” Sears said. “I don’t want to see any of my members and any of my brokerages get caught in their crosshairs.” #
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Questions & Answers MSBR has been receiving from agents:
How will agents communicate commission splits with the title companies? Agents can e-mail the information. The Settlement companies do not require written documentation, an e-mail is just fine.
Foreclosures: Agent deals mostly with banks and asset managers- do they still need to get the Listing agreement addendum signed before Aug. 14th? Yes, they would still need to get the amendment signed.
Are commissions negotiable up to and including at the settlement table? Yes
Why hasn’t the Maryland Real Estate Commission come out and made comments or suggestions about these changes? MREC is in charge of enforcing Maryland law – not the terms of the settlement agreement. Thus, the settlement agreement changes are not of their concern.
Are licensees required to have written agreements before showing a home or is this just a REALTOR requirement? The settlement only applies to Realtors. However, in Maryland, a licensee has had to have a written brokerage agreement in place before providing brokerage services which includes touring a home since 2017. So, yes, the licensee needs to have a written agreement in place before touring a home.
Answers from Taylor Kitzmiller, Esq. with Maryland REALTORS |
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No cost to tour Poplar Island on 9/10/2024 Learn the History of the Island, see lots of wildlife and hear about the restoration efforts. Limit of 24 - have room for 10 more. |
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Did you see the Full Page REALTOR ad in the paper?
Article titled, “A Win for Homebuyers and Sellers: Welcome to the Evolution of Residential Real Estate in Maryland,” and funded by a National Association of REALTORS® Consumer Advocacy Grant was published in our local papers.
The ad speaks directly to Consumers about the value REALTORS bring and the new regulations.
For this campaign, MSBR partnered with Maryland REALTORS to “localize” and co-brand the article. You can use this when working with your clients. |
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MSBR Continuing Education August - October
MSBR does not have the records for all of your CE credits and courses. Please visit the Maryland Department of Labor's website to view your CE status and view which courses are required to renew your license.
HELP- When taking virtual CE classes please:
MSBR is happy to spend time with you on another day to help teach you, just not 30 minutes before the class starts. |
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New Regulation taking effect on October 1, 2024 If you renew on oct. 1st or after YOU NEED ALL 15-Required hours into the Real Estate Commission 30-days before your renewal date or you will pay a fine to renew your license.
MSBR has CE PLUS Maryland REALTORS will have all 15 hours at the Ocean City Conference in September.
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2- Day Marathon. All 15-required hours on October 1 and October 10th at the Higher Education Center at Chesapeake College.
Thank you MSBR Affiliate Sponsorships for proving breakfast & lunch to the attendees
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Can't make any of the FREE scheduled classes? Use The CE Shop. CE Shop Classes available 24/7 30% MSBR Discount Code: Elevate |
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25th Down Payment Grant Distributed Meet David Edwards the 25th MSBR grant recipient! David's 1st home is in Cambridge.
Buyers Agent- Karla Wieland Cherry - Meredith Fine Properties Sellers Agent - Barbara Dayton - Long & Foster Mortgage Lender - Trent Riggs - Main Street Home Loans |
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Back to the Beach September 16-18 at the Ocean City Convention Center
All 15 hours of Continuing Education plus professional development sessions, meals, Expo, & fun networking. |
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Congrats - you got to the end. Next Newsletter is September 3, 2024
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