Class Notes & Follow Ups

Class Notes & Follow Ups

Sometimes a question arises during a class and the instructor promises to provide the answer at a later time. Here is where you find that information.

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Two State Core class - June 18, 2012

Filing an Income Tax Return for Referral Fees

Sorry! We jumped the gun with announcing this article. We're still waiting for more information. Our CE teacher about taxes, Peter Newman, CPA (KMBZ radio's The Tax Man) is exploring this with the state of Missouri and the state's legal counsel will give Peter an answer in a couple of weeks. We'll keep you posted.

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Two State Core class - May 9, 2012

Lead Paint Issue:

The "new" rules regarding remediation were effective in 2010. But according to the report from some students, it sounds like enforcement has been stepped up. Here is the scoop on the law:

From the website of Benjamin Moore Paints: Make sure you and your team receives EPA certification for lead paint work. If you're not EPA–trained and certified, you risk hefty fines and the possibility of losing your business.

According to the Environmental Protection Agency (EPA), painting and maintenance activities can release lead dust and chips from paints manufactured prior to 1978. To prevent lead poisoning, the EPA issued its Lead Renovation, Repair & Painting (RRP) rules, which went into effect April 22, 2010.

Contractor companies (including sole proprietorships) and individual contractors performing indoor or outdoor renovation, repair, and painting projects that disturb lead–based paint in homes, childcare facilities, and schools built before 1978 must be certified, trained, and follow specific work practices to prevent lead contamination. Noncompliant contractors could be fined up to $37,500 per violation, per day.

Click here for the EPA page with the details.

And click here for the EPA page on inspector training classes in our area. (Thanks to Dustin Woods, Student Extraordinaire, for the assist.)

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Two State Core class 1/11/2012

1. Question regarding how to incorporate state-mandated disclosures in a sale wherein the bank or foreclosure company uses it's own contracts: You should use the new 2012 KCRAR form on our forms page under the section "Agency Disclosures and Agreements" and it's titled:

"Additional Disclosures Including Those Mandated by State or Federal Law"

2. Question regarding Lead Base Paint disclosures on foreclosures:
Scroll down here to the post from Core class on March 31, 2011.  (Thank you to those of you who remembered this when I forgot.)

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Broker Core Class-

(Kansas court cases regarding disclosure of property defects with ramifications in Missouri)

Click to read each case:

Osterhaus v Toth

Brennan v Kunzle

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November 4, 2011

Class: Breakfast & Lunch with Freddie Mac 

Here is a link to the three Powerpoint presentations you saw that day.

Click what you'd like to see:

1. Freddie Mac     2.  TruHome Solutions    3. Community America Credit Union

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March 31, 2011 - Two State Core

1) RE: Timing of the Earnest Deposit on a Short Sale.  The revised 2011 Short Sale Addendum makes it clearer that the EMD can NOT be delayed like inspections can until after the lender gives approval. Refer to line #50 on that form.

2) RE: Lead Base Paint Disclosures with foreclosed properties. The regulation exempts the use of this with foreclosures. See the HUD Fact Sheet here. Thank you to Scott DeNeve, Broker of Platinum Realty.

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2010 - Two State Core:  

MINIMUM SERVICE REQUIREMENTS

I wrote a whole blog post about this, so go back and look for this title.

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November 24, 2009 Two State Core:

Here is the website where you can check if a mortgage is a Freddie Mac or a Fannie Mae loan. As I understand it, if you can't find the property listed, keep trying some spelling variations -- street, terrace, road, etc.  Click here for the site.

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November 11, 2009 Two State Core:

 The question was whether the Listing Agent can be present with the Selling Agent (and the Buyer) when a counter offer from the Seller is being presented.  (We had discussed how it was permissible for the Buyer's Agent to join the Listing Agent when the offer is presented to the Seller.)

The answer is yes! Here is the excerpt from the Heartland MLS Rules & Regs:

SECTION 2.3 - RIGHT OF COOPERATING BROKER IN PRESENTATION OF OFFER/COUNTER OFFERS

T
he cooperating broker (subagent, buyer agent, or broker acting in other agency or non-agency capacity) or his representative shall have the right to be present when an offer they secured is presented by the listing broker to the seller(s) of any offer he secures to purchase. He does not have the right to be present at any discussion or evaluation of that offer by the seller(s) and the listing broker. However, if the seller(s) gives written instructions to the listing broker that the cooperating broker not be present when an offer the cooperating broker secured is presented, the cooperating broker has the right to a copy of the seller's written instructions. None of the foregoing diminishes the listing broker's right to control the establishment of appointments for such presentations.

The listing broker or his representative has the right to participate in the presentation of any counter-offer made by the seller. He does not have the right to be present at any discussion or evaluation of a counter-offer by the purchaser (except where the cooperating broker is a subagent). However, if the purchaser gives written instructions to the cooperating broker that the listing broker not be present when a counter-offer is presented, the listing broker has the right to a copy of the purchaser’s written instructions.

 

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 November 5th in Liberty, MO

 

Two State Core

 The question arose regarding licensees advertising HUD-owned properties since HUD gives everyone permission to do that.  However, Missouri Real Estate Commission Rules & Regs prohibit us from advertising property without a listing agreement in effect. Here is an excerpt from the email I received from a MREC Investigator. "You are correct.  The statutes and regulations require the broker/brokerage to have a written effective listing agreement for a property before they, or any of their affiliates, advertise, place a sign upon, or do any other form of marketing.  There is no exclusion to the statutes or regulations for HUD owned properties. " So, unless I learn something otherwise... stop advertising those in Missouri!

 

 

 

 

 

 

 

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November 6, 2009

 

At Home With Diversity Power Point presentations:

 

Session 1

 

Session 2

 

 

 

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August 5, 2009

 

Two-State Core

 

Jan Pringle sought the opinion of one of the KCRAR Contracts instructors who also teaches Short Sales: "It is my opinion that the definition of a short sale is a sale in which the proceeds do not cover the mortgage amount owed. Whether the seller has funds to cover the difference is not what defines a short sale. 

 

 

 

"Just because the seller has the funds to bring to closing to make certain everything is paid off does not mean he will actually do so when faced with doing it at closing time. I believe that it should be treated the same in all ways as a short sale where the funds are not available so there is no misunderstanding by the buyer."

 

 

 

Additionally, here is a lot more information in a column appearing in the August 2009 edition of KCRAR's Realeyes newsletter: (by Susan Bowers, HMLS President) This should explain things better than I did in class.

 

 

 

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July 15, 2009

 

Two-State Core

 

There was a question regarding the scenario of having two agents in one office engaged in the same transaction. In this case, you wondered if one agent could be a Seller’s Limited Agent while the other was a Designated Seller’s Agent. My response from the Missouri Real Estate Commission was the suggestion for the Broker to change the listing agent’s status to Designated Seller’s Agent so each license could represent their own client.

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From the Two-State Core class on August 5th:  Jan Pringle sought the opinion of one of the KCRAR Contracts instructors who also teaches Short Sales... "It is my opinion that the definition of a short sale is a sale in which the proceeds do not cover the mortgage amount owed. Whether the seller has funds to cover the difference is not what defines a short sale. 

 

Just because the seller has the funds to bring to closing to make certain everything is paid off does not mean he will actually do so when faced with doing it at closing time. I believe that it should be treated the same in all ways as a short sale where the funds are not available so there is no misunderstanding by the buyer."

Additionally, here is a lot more information in a column appearing in the August 2009 edition of KCRAR's Realeyes newsletter: (by Susan Bowers, HMLS President) This should explain things better than I did in class.

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From the class on June 9, 2009 - FBI & Appraisal Fraud. The student handout materials were lacking the following parts of Don Gossman's presentation.  Sorry! Here they are:

Part II

Part III

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