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Tuesday, March 18th, 2008 This week's headlines... • REALTOR® Top Priorities Advance in Legislature |
REALTOR® Top Priorities Advance in Legislature The Michigan Legislature has moved two of our top 2008 MAR legislative priorities in recent weeks. Legislation that allows the Michigan State Housing Development Authority (MSHDA) to create a loan program to assist homeowners facing adjustments in their interest rate passed both chambers and is awaiting the Governor’s signature. The legislation would allow MSHDA to implement the “Save the Dream” refinancing program, which would be available through lenders and remain an option for individuals. The new program would aid those in danger of losing their homes by refinancing for more affordable payments. Every home spared from foreclosure not only helps the individual, but has a positive economic “domino effect” on communities, cities and the entire state. This legislation is truly a positive step in addressing the rising foreclosure rate in Michigan. The Agency Responsibility Act has made its way through Senate Committee, and is expected to be on track for a final floor vote this week. The bills would require real estate licensees entering into limited service relationships to provide a uniform statewide disclosure form. Once approved, the bills will be on their way to the Governor’s desk for signature. Once enacted into law, the implementation date for revised agency disclosure form as well as the check-off waiver is July of this year. The MAR has already started the process to update the forms. The MAR Public Policy Committee voted to fully support both of the ARA bills and MSHDA legislation, and the MAR Public Policy team has met with legislative leaders to stress the importance of passing these bills to promote homeownership while keeping industry standards high. Please visit our Advocacy page for further updates on these issues as well as other pertinent legislation affecting the real estate industry. Broker Summit Speaker named among Top 10 Economic Forecasters THE NATIONAL ASSOCIATION OF REALTORS'® Chief Economist Lawrence Yun has been named among the top 10 economic forecasters by USA Today. Yun is ranked fifth on the list and is responsible for NAR’s real estate statistics and economic forecasting. The annual list recognizes accuracy in forecasting. “NAR is proud of USA Today’s recognition of Lawrence Yun and his economic forecast accuracy. He is a highly regarded economist, and the housing and real estate industry have come to rely heavily on his economic analyses,” says Dale Stinton, NAR executive vice president and chief executive officer. “This acknowledgement contributes greatly to NAR’s reputation as the leading innovator in housing-related research.” Yun was named NAR’s chief economist and senior vice president of research in November 2007. He has been with the association since 2000, previously serving as vice president and senior economist. He pioneered the development of the Commercial Leading Index after helping develop the residential Pending Home Sales Index. “I’m honored to be recognized among some of the best economists in the country,” says Yun. “The economy and housing industry are facing many challenging issues at this time, which makes this an interesting and stimulating position.” USA Today enlisted the help of the Federal Reserve Bank of Atlanta to determine the most accurate forecasters among the economists surveyed in the newspaper’s quarterly survey on the U.S. economy. The economists, whose identities were unknown to those gathering the data, received four scores — one for each quarterly survey — and were ranked on the average of those four scores. FRBA used statistical methods to assess the joint accuracy of the predictions rather than assessing the accuracy of each forecast variable separately, as is commonly done. Before joining NAR, Yun worked as an economic consultant to the U.S. Department of Veterans Affairs and the U.S. Department of Education. As a research associate at the University of Maryland, Yun developed the graduate economics curriculum for and taught free-market economics in the former Soviet Union as that country transitioned from communism to a free-market system. Yun received his Ph.D. in economics from the University of Maryland in 1995. He received a B.S. degree in mechanical engineering from Purdue University in 1987. — REALTOR® magazine online Register Today for the 2008 Land Use Academy The 2008 Land Use Academy is right around the corner! The informative retreat takes place April 28-May 1 at Thunder Bay Resort in beautiful Hillman, Michigan. The Academy provides useful tools and information to REALTORS® involved with development initiatives at the local level on how to address various land use concerns. It also creates an avenue for networking with fellow members from around Michigan to hear what other communities are doing to revitalize and enhance properties in their region. Featured speakers include: • Gil White – Gilbert M. White REALTOR® Inc. Michigan Business Tax Devalues Commercial Real Estate Michigan’s commercial real estate community has been unfairly burdened under the new Michigan Business Tax (MBT) structure. In current form, the MBT devalues existing assets, punishes long-time investors and discourages new investment in commercial real estate. While Michigan attempts to recruit new business ventures, the treatment of commercial real estate under the MBT poses a significant disincentive to invest in our state. The negative effects of this tax on Michigan property will ultimately lead to declining economic growth and less tax revenue. Click here for more information. With the help of McClelland & Anderson, we are taking the most commonly asked questions from our legal hotline and putting them in e-news. We will be featuring a different question each issue. QUESTION: I have a listing on a home owned by a married couple. Currently, the wife is out of town on business but they want to accept an offer. Can the husband sign the contract on the wife’s behalf and make this a binding contract? ANSWER: NO. In order for there to be a binding contract, both the husband and the wife would have to sign the purchase agreement. He would be able to sign on her behalf if she were to execute a power of attorney that expressly grants him that power. As an alternative, to facilitate signatures from out-of-town parties, often a contract expressly states that the parties may sign and deliver an acceptance via facsimile. In this scenario, the offer would be forwarded to the wife, who then could sign the faxed copy and fax it back. If you know a full-time college junior or senior whose academic major is related to real estate, suggest that they apply for The Michigan Association of REALTORS® Scholarship Trust (MARST). Students can earn up to $2000 per year.
Calendar of Events For more information, check the events page and the education calendar.
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