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Residential Real Estate, Education, Finance

September 11, 2018

Blast From the Past News Review

I always enjoy taking a look back and seeing where we were at just five short years ago in the real estate industry. Are you ready for a blast from the past?

Educational Requirements for License Renewal (and More), Are About to Change

In 1978, California introduced one of the first and most comprehensive continuing education programs in the country. The intention was to enhance professionalism and consumer service. Today, California admits what New Jersey has known all along…Licensees criteria for attendance at education programs is now based on obtaining credit, and not learning for the benefit of the public, the industry, and the individual. The sole criteria for over 95% of the real estate licensees in California in choosing educational courses for renewal is amount of credit obtained at minimum cost.

Effective today, April 1, 2013, Continuing Education credits for renewal of a California Broker or Salesperson is no longer required.

Insiders with the Texas Association of REALTORS have told us that TAR will follow California’s lead and eliminate CE on December 31 of this Year. Wayne Edwards, Education Director of the Illinois Association of REALTORS has indicated that IAR has come to the same conclusion, the debate is over, and the legislature is expected to act in coming months.

Congress Proposing a National Real Estate License

In an effort to “clean up the real estate industry” and bring more revenue to the US and state Treasuries, Congress will propose in its next session, a National Real Estate License. The proposal will phase out state jurisdiction of real estate licensees over the next ten years. In the mobile age, licenses tied to geographic areas make no sense to the congressional leadership, or the rank and file. It is expected that the new, National Real Estate License Fee will be $2500 per year to the federal government and $750 per state in which a licensee wants to practice. This new license will require a minimum of an Associate degree, and passing a national exam. Holders of a Master’s Degree in Real Estate from Realtor University will be exempt from the exam requirement. NAR Senior Vice President, Bob Goldberg comments “this new law really shows the strength and influence of our Master’s program.”

No more Independent Contractor Status – Latest from the Tax Courts

In a landmark ruling, the Tax Court evaluated the licensing laws of every state and found that the common requirement was that the actions of the real estate agent were subject to the review and approval of the supervising broker and that therefore the agents were employees. Said Patrick Reilly of the New York Association of REALTORS “We saw this one coming a mile away but we were not able to marshal the forces to stop it.”

Copyright violations – Vendor Highway (If you thought the Neighbor Cities case was blatant theft, get a load of this!)

Reached for comment over the Vendor Highway launch, a heated Greg Robertson said “I am outraged by this blatant attempt to capitalize on the success of the Vendor Alley brand. We have contacted our copyright infringement attorney as well as asked NAR Counsel Laurie Janik to file an amicus curiae brief in our case to enjoin this outrageous behavior. Laurie agreed that the subject of infringement is “nothing short of Highway Robbery.”

Antitrust – Listing Clubs

NAR and Zillow Announce new Affiliate Counsel and Designation Program

Joining CRS and CRB as two of the most prestigious Designations in the real estate industry, are the latest Designations, CZRS and CZBS (Certified Zillow Residential Specialist and Certified Zillow Broker Specialist). There will be no course requirements for this Designation, and with every paid membership, new designee will receive 5 Zillow Spotlight ads and 3 free Zillow Special Offers. Sign up in the next 30 days and you will be entered into the drawing to become a CZRS500 or CRBS500.

Other Interesting Tidbits

Trulia is an MLS Vendor.

In what looks to be a related move, Trulia announced that they have added a new front end to their data, and will offer MLS vendor services at no cost to any MLS, in exchange for a blanket license to use the MLS data for derivative works.

Trulia also announced the acquisition of the lead-generation start-up sensation Back Door in another move related to Zillow’s partnership with Front Door – now the two IPO darlings have the real estate industry coming and going.

Home interest deduction

DOJ regulating commissions

Sunshine Tax – Photo meters measure the light and you get charged. This makes things fairer.
We are going to start buying our weapons systems from third world sources as it will be less expensive.

The REALTOR Party is now bigger than the Republican Party.
 

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