Episode 100.5 - Bonus Episode: 2024 NAR Settlement
03/25/24 • 92 min
Bonus Episode – 2024 NAR Settlement Discussion
Thoughts and facts and full truthes about the NAR settlement with actual background and history.
A lot of misinformation out there.
Biased news media and social media participants are looking for clicks, likes, and shares so they get money.
This episode is about the entirety of the truth along with the good and bad of the issue.
History of commissions
Legal issues and practices
How the “news” works
Settlement provisions:
a. Eliminate and prohibit the REQUIREMENT that listing Realtor brokers or sellers must make offers of compensation to a buyer’s agent.
b. Prohibit Realtors from making an offer of compensation on the MLS or disclosing on the MLS any buyer agent compensation, listing compensation, or total compensation.
c. Require Realtor MLSs to eliminate broker compensation fields on the MLS and prohibit the use of any other field in the MLS to display compensation.
d. Eliminate and prohibit any requirements conditioning participation or membership in NAR on offering or accepting offers of compensation.
e. Agree not to create, facilitate, or support any non-MLS mechanism (Ex. Zillow, private websites, etc.) for listing brokers to make offers of compensation to buyer brokers. This rule is not violated if:
f. Unless state or federal (none to date and likely never will) law says differently, all Realtors (again, not all agents) working with a buyer must enter into a written agreement BEFORE the buyer tours any home with the following:
g. Prohibit Realtors from representing that their services are “free” or “no cost” to buyers unless they will not receive any form of financial compensation.
h. Realtors must conspicuously disclose to sellers and obtain seller approval for any commission the listing broker will provide to a buyer’s agent.
i. Realtors must conspicuously state in the contract that broker commissions are not set by any law and are fully negotiable.
j. Realtors must not filter out listings that do not offer commissions.
What happens going forward?
How will things work?
Valuation of property and cash equivalency with mixed commission policies
What else should have been included?
We will get through this like every other bump in history.
Go to www.ahareep.com and sign up for the program for only $35, use discount code: legendary15 to save 15% off.
Go to www.indianarealestateinstitute.com for Indiana real estate classes.
A-Ha LINKS
Web
www.ahareep.com
https://www.facebook.com/AHA.REEP
YouTube
Bonus Episode – 2024 NAR Settlement Discussion
Thoughts and facts and full truthes about the NAR settlement with actual background and history.
A lot of misinformation out there.
Biased news media and social media participants are looking for clicks, likes, and shares so they get money.
This episode is about the entirety of the truth along with the good and bad of the issue.
History of commissions
Legal issues and practices
How the “news” works
Settlement provisions:
a. Eliminate and prohibit the REQUIREMENT that listing Realtor brokers or sellers must make offers of compensation to a buyer’s agent.
b. Prohibit Realtors from making an offer of compensation on the MLS or disclosing on the MLS any buyer agent compensation, listing compensation, or total compensation.
c. Require Realtor MLSs to eliminate broker compensation fields on the MLS and prohibit the use of any other field in the MLS to display compensation.
d. Eliminate and prohibit any requirements conditioning participation or membership in NAR on offering or accepting offers of compensation.
e. Agree not to create, facilitate, or support any non-MLS mechanism (Ex. Zillow, private websites, etc.) for listing brokers to make offers of compensation to buyer brokers. This rule is not violated if:
f. Unless state or federal (none to date and likely never will) law says differently, all Realtors (again, not all agents) working with a buyer must enter into a written agreement BEFORE the buyer tours any home with the following:
g. Prohibit Realtors from representing that their services are “free” or “no cost” to buyers unless they will not receive any form of financial compensation.
h. Realtors must conspicuously disclose to sellers and obtain seller approval for any commission the listing broker will provide to a buyer’s agent.
i. Realtors must conspicuously state in the contract that broker commissions are not set by any law and are fully negotiable.
j. Realtors must not filter out listings that do not offer commissions.
What happens going forward?
How will things work?
Valuation of property and cash equivalency with mixed commission policies
What else should have been included?
We will get through this like every other bump in history.
Go to www.ahareep.com and sign up for the program for only $35, use discount code: legendary15 to save 15% off.
Go to www.indianarealestateinstitute.com for Indiana real estate classes.
A-Ha LINKS
Web
www.ahareep.com
https://www.facebook.com/AHA.REEP
YouTube
Previous Episode
Episode 100 - Real Estate Exam Questions: Fee Simple and Life Estates
Episode 100 - Real Estate Exam Questions: Fee Simple and Life Estates
Going through state exam questions to help real estate students pass their state exam.
01:20 – We hit episode number 100!!!
02:35 – Be careful where you get your information for your exam questions. Not all are the same. Watch for state specific topics versus the general/national portion of the exam.
06:20 – Example: the value of a point in relation to the interest rate reduction.
08:10 – List of recent grads: Sara, Jamila, Sharon, Breanna, Tim, Kap, Jaquie, Natalie, Shana, Austin, Sheila, Simon, Grant, Marlainna, Maya, Kennedy, Deborah, Sydney, Bridgette, Michael, John, April, Janeva, Martina, Elishia, Jessica, Naomi, Christina, Matthew, Maria, Sophia, Loren, Brandi, Eric, Dominique, Odonel, Jordan, Mark, Dana, Andres, James, Kiana, Anitra, Dayanna, Nathanial, Tatiyon, and David.
09:15 – Messages from Sara and Tatiyon. Common theme: breathe and listen to all the A-Ha episodes.
14:30 – Episode Focus: fee simple, fee simple absolute, fee simple defeasible, and life estates.
16:10 – Freehold and Non-Freehold estates.
19:00 – Fee simple and fee simple absolute.
21:40 – Fee simple defeasible: a qualified fee estate that is subject to the occurrence or nonoccurrence of some specified event.
23:30 – Three forms of fee simple defeasible: determinable, subject to condition subsequent, and subject to executory limitation. One main difference: if the condition is not met, who gets the property?
27:30 – Determinable versus subject to condition subsequent; words and phrases distinguish them; how does the property go back to the original grantor; lawsuit required? Possibility of reverter or right of reentry (power of termination.)
30:45 – Fee simple subject to condition subsequent: right of reentry/power of termination; the original grantor must bring a court action to exercise their right to reenter the property.
36:35 – Watch who has the future interest. Is it the original grantor or some third party?
38:10 – Life estate; life tenant; pur autre vie; remainder and reversion/reversionary interest; when is a life estate inheritable or transferable?
40:45 – Pur autre vie examples. What can a life estate holder do? Inheritable.
44:55 – What happens when the defined life is extinguished, who gets the property interest? Reversion/reversionary interest or remainder interest (remainderman).
49:45 – Legal life estate – state law that recognizes dower and curtsey rights, or homestead right.
51:10 – Exam questions
1:06:15 – April’s episode will be about fair housing. Come back for more to help you pass the real estate exam.
Go to www.ahareep.com and sign up for the program for only $35, use discount code: legendary15 to save 15% off.
Go to www.indianarealestateinstitute.com for Indiana real estate classes.
A-Ha LINKS
Web
www.ahareep.com
https://www.facebook.com/AHA.REEP
YouTube
Next Episode
Episode 101 - Real Estate Exam Questions: Fair Housing
Episode 101 - Real Estate Exam Questions: Fair Housing
Going through state exam questions to help real estate students pass their state exam.
03:00 – Message of kindness and respect. Open your mind!
09:50 – List of recent grads: Brandon, Elmer, Bronda, Cindy, Layton, Maxwell, Dillon, Philip, Alayna, Michael, Angela, Cullen, Avery, Barrett, Nanticia, Kyle, Raven, Whitney, Milan, Mandy, Albert, Halim, Janice, Alisia, Claudia, April, Janeva, Martina, Abbey, Ella, Isaiah, Betty, Dana, Juston, Darian, Jennifer, Conner, Richard, Zaria, Ruth, Dajon, Rhonda, Michelle, Morgan, and Kasandra.
11:05 – Message from Brandon.
12:50 – Episode Focus: Fair housing
13:30 – Know the years; Civil Rights Act of 1866; only race was the protected class.
14:35 – Fair Housing Act; Title 8 (VIII) of 1968; race, color, national origin, and religion.
16:10 – Sex/Gender added in 1974; Familial status and disability were added in 1988. Sexual orientation is not a federal protected class.
17:30 – Familial status defined.
19:35 – Disability: physical and mental
21:30 - Reasonable accommodations
23:50 – Security deposit issues.
27:10 – Service animals and how tenant selection and security deposits work.
30:20 – Exceptions to fair housing laws. Discriminatory advertising. Race is NEVER an exception to the fair housing laws.
35:40 – ADA; American with Disabilities Act; workplace, commercial, industrial, retail, and office spaces. 15 or more employees.
37:05 – Fair housing practices: Blockbusting, Steering, and Advertising.
41:35 – Lender issues and fair housing; ECOA (Equal Credit Opportunity Act); added marital status, age, and reliance upon public assistance as protected classes.
44:25 – Redlining.
45:20 – Enforcement is through the Department of Housing and Urban Development (HUD); unless complaint is based upon race, then the complaint goes directly to federal courts.
46:50 – These are the general, federal rules on fair housing. There is more to the federal, state, and local laws. Watch for the distinctions on your questions.
48:40 – Exam questions
1:12:35 – May and June episodes will be a two-part series on lending principles, practices, and math. So much content to cover, I had to split it into two shows. Come back for more to help you pass the real estate exam.
Go to www.ahareep.com and sign up for the program for only $35, use discount code: legendary15 to save 15% off.
Go to www.indianarealestateinstitute.com for Indiana real estate classes.
A-Ha LINKS
Web
www.ahareep.com
https://www.facebook.com/AHA.REEP
YouTube
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