   New Agency & Professionalism Bill                             Appraisal Management Companies                         ...
   The Real Estate Board will develop a                      plan and regulations permitting you to                      ...
   Brokers will be able to do business as a                      “business entity.” A quirk in the law had               ...
   A Broker Self-Audit will be required to be                      performed once per license cycle, by the              ...
FOR MORE INFORMATION ONAGENCY LAWCHANGES,VISIT VAR’S AGENCY CENTERTHIS ONLINE RESOURCE GIVES YOU ACCESS TO VIDEOS ARTICL...
   The Dodd-Frank Act requires states to                 bring Appraisal Management Companies                 (AMCs) unde...
   Allows a copy of the lease to be used in                 a suit for possession rather than the                 origina...
   Local Governments may NOT charge                 overtime rates to building owners for                 conducting fire...
   When a unit is sold by auction and the                  resale packet has been included with                  auction ...
   Owner financing of property sales isOWNER           expressly exempted from the licensingFINANCING       requirements ...
   Issue VAR has worked on with others for                     three years.                    Tenants may only contract...
   Fairfax City has tried three times to enact                   an illegal Rental Inspection ordinance.                 ...
DOWNLOAD A COPY OF THE NEW LAWSPOSTER AND CHECK OUT OTHER GREATRESOURCES HERE:www.VAREALTOR.com/NEWLAWS
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New laws 2012 ppt

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New laws 2012 ppt

  1. 1.  New Agency & Professionalism Bill  Appraisal Management Companies (AMCs)  Landlord & Tenant Laws  MORE Landlord & Tenant Laws  Condominium ActJULY 1  Owner FinancingAll laws go into effect  Tenant Utility Liens  Fairfax City Rental Inspection Ordinance  Alternative Onsite Sewage System Bonding
  2. 2.  The Real Estate Board will develop a plan and regulations permitting you to “carry over” excess CE elective credit hours to the next license term.AGENCY &  The Real Estate Board will have authority to issue guidance and opinion on scope-PROFESSIONALISM of-work questions regarding Unlicensed Assistants.  The Real Estate Board will be expressly given authority to speak to Team Practice in this context.
  3. 3.  Brokers will be able to do business as a “business entity.” A quirk in the law had allowed both salesmen and associate brokers to work as salesmen in business entity forms, but prohibited a broker from doing business as a broker in a businessAGENCY & entity form.PROFESSIONALISMCont’d.  You will not have to advise your client to hire a lawyer to represent them at settlement just because the other side has one!  Broker supervision standards are taken out of regulation and put in statute – to emphasize their importance.
  4. 4.  A Broker Self-Audit will be required to be performed once per license cycle, by the principal or supervising broker (or sole practitioner). This audit must be noted on your renewal (but you don’t have to send it in) and must be kept on the premises,AGENCY & and made available to any Real EstatePROFESSIONALISM Board investigator or agent who asks to see it.Cont’d.  This follows the successful model of Arizona – and may help to resolve the ongoing dispute that led to “random audits” by the Real Estate Board.  This will begin January 1, 2013
  5. 5. FOR MORE INFORMATION ONAGENCY LAWCHANGES,VISIT VAR’S AGENCY CENTERTHIS ONLINE RESOURCE GIVES YOU ACCESS TO VIDEOS ARTICLES LEGAL Q&AWWW.VAREALTOR.COM/AGENCY
  6. 6.  The Dodd-Frank Act requires states to bring Appraisal Management Companies (AMCs) under the supervision and control of their regulatory boards for appraisers.APPRAISAL  This will permit AMCs to be licensed by theMANAGEMENT Real Estate Appraiser Board – and will give AMCs a seat on the Real Estate AppraiserCOMPANIES Board.  Applies to any AMC not already regulated by a state or federal regulator – and not part of a federally chartered bank.  Clarifies duties of AMCs and provides remedies for breach.
  7. 7.  Allows a copy of the lease to be used in a suit for possession rather than the original (which some courts would not give back).  Allows owners to remediate mold on their own properties.LANDLORD &  Allows tenants in good standing (paidTENANT and incompliance) to remain in leased(Part 1) dwelling units for up to 90 days following foreclosure of the property.  Allows landlords to charge tenants for insurance coverage of their premises as well as an administrative fee for such tenant insurance programs.  Technical and definition clean ups.
  8. 8.  Local Governments may NOT charge overtime rates to building owners for conducting fire safety inspections during ordinary business hours. They may,LANDLORD & however, charge fees to help cover the costs of such inspections.TENANT(Part 2)  Owners may obtain fire safety inspections from private contractors provided they are appropriately trained and certified.
  9. 9.  When a unit is sold by auction and the resale packet has been included with auction materials before sale, the purchaser at auction is not able to demand a second resale packet, andCONDOMINIUM does not receive a second cancellationACT period.  This is the same provision that is included in the Property Owners Association Act.
  10. 10.  Owner financing of property sales isOWNER expressly exempted from the licensingFINANCING requirements for mortgage lenders.
  11. 11.  Issue VAR has worked on with others for three years.  Tenants may only contract for utility service with advance written consent of owner or landlord.TENANT UTILITY  Maximum of three months of unpaid billsLIENS permitted before locality or utility provider must notify owners of delinquency.  Owner must be given opportunity to cure delinquency before lien is placed on property.  In most cases, utility or locality must collect a deposit from the tenant.
  12. 12.  Fairfax City has tried three times to enact an illegal Rental Inspection ordinance. Each time we have filed legislation to “pull them back”. This year was the same.  Fauquier County was discussing adopting a bonding requirement for thoseOTHER ISSUES who installed an Alternative Onsite Sewage System - $15,000. This would be an additional cost of acquisition for a buyer, and is specifically not permitted by the Dillon Rule. The bill was carried over – Fauquier County also withdrew the concept. Will be worked on over the year.
  13. 13. DOWNLOAD A COPY OF THE NEW LAWSPOSTER AND CHECK OUT OTHER GREATRESOURCES HERE:www.VAREALTOR.com/NEWLAWS
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