Several field guides on realtor.org have recently been updated:
Section 1031 of the U.S. Internal Revenue Code allows investors to defer capital gains taxes on the exchange of like-kind properties. 1031, or tax-deferred, exchanges hold great advantages for both investors and REALTORS®. This field guide provides access to articles, manuals, forms, ideas, and other information to help you start building your 1031 niche.
New Year, New You
The real estate industry and the world is changing and so should you. Get ideas about improving your life, finances and business.
Social Benefits of Home Ownership
The financial and tax benefits of owning a home vs. renting are very clear. Home ownership also provides many benefits to the family, children and the community, such as increased education for children, lower teen-age pregnancy rate and a higher lifetime annual income for children, as discussed in the following articles and studies.
We’ve all experienced Augmented Reality, although we probably haven’t realized it. As we watch a football game, a yellow first-down line appears on the screen. How does it get there? Mental Floss explains the complicated process of augmenting the picture by a computer program and many technicians. Learn about this up-and-coming technology and how it can benefit the real estate profession in this field guide.
Managing risk is a necessity for real estate practitioners. According to Barron’s Dictionary of Real Estate Terms, agency disclosure “is a written explanation, to be signed by a prospective buyer or seller, explaining to the client the role that the broker plays in the transaction,” (Barron’s Educational Series, 2000). This Field Guide covers various aspects of agency disclosure, including policies, forms, and legislation. Further your knowledge of this complex topic with our selection of articles found below.
Do-Not-Call and Do-Not-Fax Laws
Sign up to access the Federal Trade Commission’s Do Not Call Registry and stay in compliance with the law. As of January 1, 2005, telemarketers and sellers (including REALTORS®) are required to search the registry at least once every 31 days and drop from their call lists the phone numbers of consumers who have registered.
The topic of international clients garners great interest and attention amongst real estate professionals and news providers these days. The real estate markets in the United States offer lucrative investment opportunities that attract a global audience. How can you capture the attention and interest of these prospective clients? Review the articles, reports, and resources below to learn more about international clients.
Cross-Cultural Business Etiquette
Want to make a good first impression with your international clients? Should you commence the relationship with a handshake, polite bow, or a simple nod? What steps do you need to take to go the extra mile with an international or foreign client? This field guide will assist you in building successful business relationships with individuals from cultures far and wide.
A member recently asked us to research how many states offer exemptions from continuing education requirements for license renewal based on age or number of years in the business. A great resource for this research is our excellent State Issues Tracker. If you’re not familiar with it, the State Issues Tracker follows 22 core real estate-related issues on an annual basis that are before state legislatures and regulators. Issues include state RESPA laws, legislation related to home inspectors, agency, and water rights. A couple of hot-button issues are updated more frequently, including appraisal management companies and private transfer fees. The Tracker gives a nice executive summary of the issue, recent changes, and then a state by state breakdown of key information and subtopics. Be aware that although we believe this information to be accurate, as issues are generally updated annually, laws can change and regulations can be modified. View this resource as a good starting point for more in-depth research.
One of the issues tracked is licensing requirements and maintenance. We found that 12 jurisdictions have some form of exemption for continuing education. Only Missouri employs an age-only requirement: if you are at least 80 years old, you are exempt from CE in the Show-Me State.
Other states use an ‘age + experience’ model: California says you have to be licensed in good standing for 30 continuous years and be 70 years of age or older, Mississippi says 25 years and 70 years of age, New Mexico 20 years experience and 65 years old, and South Carolina needs 25 years of licensure and age 65 or older.
Some other states have more convoluted formulas: Alabama says “a licensee who was 65 or older on or before Sept. 30, 2000, and who has been licensed 10 years before that date” is exempt. Kentucky says CE doesn’t apply to brokers who were licensed before June 19. 1976. New York exempts ‘full-time’ brokers who were licensed before July 1, 2008 and have been at it for 15 consecutive years. North Dakota requires exempts to be licensed for 15 continuous years on Jan. 1, 1984. Rhode Island says you had to have been licensed before Dec. 27, 1984. And Texas seems the most confusing to me: If you were exempt from CE requirements before Oct. 31, 1991 then you still are. And finally West Virginia says you had to continually hold a license since July 1, 1969.
If you have questions on the applicability of these exemptions, please contact your state real estate commission for details.
The rise of ultraHD TVs, password keys, and Millennial debt
Having finally caught up to the 21st century with a plasma tv (or is that still 1990s?), I now see that the latest and greatest is Ultra HD (sometimes called 4K) sets from all the usual suspects. They were the stars of the just-concluded Consumer Electronics Show in Las Vegas. Before you start hyperventilating that you will need to start saving now for your new $20,000 set, Engadget talks us off the ledge. A lot of things are going to have to happen before these become even remotely popular. Best guess: not until after 2016 Olympic Games.
Managing passwords is a constant battle. Make them all the same and one hack and your life is wiped out. Make them all different and good luck remembering even a few of them. There are some doable fixes like 1password, but they aren’t for everyone. Google is working on another option, trying to develop a password token that slides into a USB port or even a ring that transmits your information wirelessly at short range. While for now these fixes are only good on google browsers and sites, Google is talking of trying to develop an independent standard that might find acceptance across the industry.
While talk of debt among Millennials tends to focus on college tuition, credit cards are another area of concern, according to Time. A new study out of Ohio State University found that young adults are racking up credit card debt at a more rapid rate than other age groups, and that they’re slower at paying it off.
How well is Microsoft’s new tablet, Surface, doing in terms of sales? Not great….
This will help answer the most pressing question of our time—where are my missing socks? WiseBread helps you locate your lost socks in this helpful article.
The following Field Guides have recently been updated on realtor.org:
Choosing & Using a Smartphone
Do you need a smartphone to get organized? What features do you need? How do real estate professionals use smartphones? Find out the answers to these questions and much more in the following articles and websites. The definition of smartphone varies widely, but is generally defined as a cellular or mobile phone that is enhanced with computer technology functions such as internet and email access, personal digital assistant tools, handwriting recognition, and more. (Oxford English Dictionary, smartphone n.)
Places of Worship
Amendment I of the U.S. Bill of Rights states “Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.”
The intent and meaning of this amendment, and its translation into when, where, and how places of worship can exist, remains a highly debated topic in American society. Read on below to learn more about the laws, zoning, and appraisal issues unique to places of worship.
Opening a Real Estate Brokerage
Thinking about opening your own real estate business? Find out if you are ready to be a boss, tips on writing a business plan and much more.
In 2000, President Clinton signed the Electronic Signatures in Global and National Commerce Act. Find out what defines an electronic signature, learn about the benefits of eSignatures in real estate, and explore the legal issues.
Investment Planning for Associations
Making sound investment and financial strategy decisions is no easy feat, especially in light of the current economic conditions and recent banking industry meltdown. Though there is no perfect formula for an association or non-profit investment policy, there are many articles, books, and resources that detail common risks and best practices. Read on below to learn more.
Working with Single Home Buyers
The real estate market in the United States is comprised of a great diversity of buyers, each with unique needs and concerns. Understanding how to best serve these unique needs will assist you establishing an outstanding service and reputation for your real estate business. Single home buyers represent a sizeable portion of home buyers in the current residential real estate market, and are an audience worth knowing and understanding. This Updated Field Guide will help you to learn about the needs, concerns, and buying behaviors of single home buyers.
Writing a Business Plan
Writing a business plan may seem a daunting task as there are so many moving parts and concepts to address. However, the NAR library offers a plethora of resources on this topic to get you started. Take it one step at a time and be sure to schedule regular review (quarterly, semi-annually, or annually) of your plan to be sure you on are track to meet your goals.
The question regarding new home owner expenditures crops up somewhat frequently here in the NAR Library. The NAR, NAHB, and BLS include some useful statistics to answer questions in this arena. For those not familiar with the acronyms: NAR = National Association of REALTORS®, NAHB = National Association of Home Builders®, and BLS = U.S. Bureau of Labor Statistics.
The first useful resource is NAR’s Jobs Impact of an Existing Home Purchase (uses data from 2010) report which offers that “one job is generated for every two home sales. Using that ratio, 1,000 home sales generate 500 jobs.”
The aforementioned report also includes this useful chart on the Impact of Single Existing Home Purchase, given a median home sale price of $173,000:
|Real Estate Industries||Related Industries
|$15,570 +||$5,235 +||$9,987 +||$27,738||= $58,529|
For a historical look, check out the 2008 version of this report here.
Further, the NAR publishes economic impact reports for each state. For example, in the economic impact report for Missiouri in February of 2012, it offers that “Additional expenditures on consumer items such as on furniture, appliances, and paint service is: $5,234.”
The National Association of Home Builders®’ report “Spending Patterns of Home Buyers” (2008) has some good statistics too, including details on average home buyer expenditures for the first year after purchase, and average new household appliance and furnishing expenditures. It then compares these figures by existing and new home sales versus “non-moving owners.”
The U.S. Bureau of Labor Statistics publishes a nice chart on averange annual household expenditures. Here is a chart for 2011.
The NAR’s April 2012 report Social Benefits of Homeownership and Stable Housing is also useful. It focuses on this topic from a macroeconomic perspective, but may still provide the necessary data to help home buyers and sellers understand the value of home maintenance.
In considering the question of home sale preparation expenditures, the annual Cost vs. Value survey comes to mind, which offers statistics on average costs to repair items, and which repairs may bear the greatest fruit in a home sale.
Further, REALTOR® Magazine has a series of customer handouts, including one for sellers: 5 Things to do Before Putting Your Home on the Market. The Magazine’s 2009 article also provides some after costs for “boosting curb appeal” here and this article offers some guidance for Judging a Project’s Worthiness. HouseLogic offers this audio report on preping the home for sale.
Field Guides are one-stop resource packages on dozens of subjects of interest to REALTORS®. On each page you’ll find links to articles, books, web sites, statistics, and other material on each subject. The list of the most-used field guides from Information Central for the month of November 2012 was released today:
- Field Guide to Quick Real Estate Statistics
- Field Guide to 1031 Exchanges
- Field Guide to Marketing Tips for REALTORS®
- Field Guide to Real Estate Office Policy Manuals
- Field Guide to Listing & Selling Luxury Properties
- Field Guide to Opening a Real Estate Brokerage
- Field Guide to Working with FSBOs
- Field Guide to Mortgage Interest Deduction
- Field Guide to Buying vs. Renting
- Field Guide to the Best Places to Live
Have an idea for a new field guide? Let us know!