All reports indicate that a lot of great work was accomplished during committee meetings last week in Chicago. With the new tax reform bill dropping just as everything was getting underway, REALTORS® I spoke with said that NAR and committee chairs did an excellent job in getting information and positions prepared prior to many of the gatherings. Hats off to NAR’s staff in Chicago and DC!
Some of my Arizona REALTORS® friends have sent me their notes from their meetings. I’m going to highlight the Risk Management Issues Committee because of the important of the issues discusses. Thank you JT Tsighis and Holly Eslinger (Vice Chair) for sharing the following:
The meeting started out with an educational panel discussing the challenges of Teams. There are many, MANY issues, including but not limited to, the actual definition of a team; regulation concerns; consumer confusion and transparency; the role of the broker with teams. Currently there are 22 states that regulate teams, four states address advertising only, and 20 states have no regulations at all.
Top risk issues identified by the RMIC are as follows:
- Teams 25%
- Coming Soon Listings 18%
- Cyber Security/Data Security 17%
- Broker Supervision 7%
- Property Condition 7%
- Agency/Dual Agency Concerns 6%
- Electronic Signature Platforms 5%
- Real Estate Professionalism 5%
- Safety 5%
- Escrow Issues 5%
Other points of interest:
- Wire fraud and cyber-security continue to be the hot discussion topics in many committees.
- Waters of the US (WOTUS) has been rolled back and there is a two-step plan in place. First, to roll it back and second to create a plan that will not hinder development. (RSPS committee)
- We are watching HUD and waiting to see what (if any) changes are made to condo financing in regard to owner percentage requirements, among other things. (RSPS and Federal Financing committees)
- A few committees discussed service animals vs. emotional support animals. It’s an ongoing situation involving a lot of moving parts so coming up with a blanket policy or improvements is going to be tough.
- $174,000 was approved to spend on having an actuarial study conducted on the creation of a nationwide natural disaster insurance program (Land Use, Property Rights and Environment committee)
- Professional Development committee continued their review of courses offered to REALTORS®. There is a goal to reach out to instructors who are NOT involved at the NAR level.
- Commitment to Excellence was funded. (Professional Standards committee)
- Discussions continue in regard to short-term rentals/VRBOs. (Resort and 2nd Home committee)
- There is a moratorium in place for disbursement of funds from the RPAC Trustees Federal Disbursement committee due to the tax plan that was released during the meetings. They are currently in “wait and see” mode.
- Deadline for investing in RPAC is November 30. Investors rose in 2017 by 6% to 390,988 compared to 2016. (RPAC committee)
Suffice to say that this is only the tip of the meeting notes, and the points above are only one or two that came from those meetings. The good thing is that agendas and minutes can be found on the NAR website. If you are serving for the first time on a committee next year, I highly urge you to read the archives from that committee to get up to speed.
I have a lot more to share from the Arizona delegate so stay tuned!