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 New Agency Forms Available: Form "K" and "Y" Now on MAR Web Site As you know, the Agency Responsibility Act was recently signed into law. The passage of the legislation, now Public Act 90 and 91 of 2008, is a huge accomplishment for the MAR, and its success has been years in the making. Effective July 1st, everyone will need to start using the new Agency Disclosure form. The new form contains a check box on limited services. If the box is checked, there will need to be an additional new limited service agreement form provided. New form K is available for purchase through Nash Systems at 517-782-3905. Single Form K and Y is now available to download from the MAR Web site. The new forms K and Y are also available from electronic vendor Zipforms. For additional details on the use of the new form and the changes in the disclosure of agency relationship form, please click here. Are You Interested in Serving as a MAR Director? This summer there will be 7 districts holding elections for two-year terms beginning in 2009. To view the list of declared candidates, visit the MAR Election Web site. • The deadline for MAR Director candidate filing is Friday, July 4th, 2008 (77 days from the Delegate Body meeting) MAR Announces 2009 Leadership Team At the June 19 board meeting, Bob Taylor of Metropolitan Consolidated Association was elected the 2009 president-elect and Claire Williams of Western Wayne Oakland County Association was elected treasurer. This year’s president-elect, Dan Coffey, of the Southwestern Michigan Association, will serve as the 2009 president. NAR Nondeductible Dues for 2008 and 2009 In compliance with the Tax Reform Act of 1993 requires that the portion of dues attributable to lobbying and political activities at the State and Federal levels of government be considered nondeductible for income tax purposes. This nondeductible portion must be disclosed to members on their dues invoice each year. For 2009, with dues at $80 per member, NAR computes 33 percent or $26 to be nondeductible for the member's income tax purposes due to NAR lobbying efforts. This percentage is somewhat higher than in past years due to increased lobbying, advocacy and grassroots efforts across the country as well as new programming approved by the Board of Directors as part of NAR's Second Century Initiatives. Please note that the entire $35 Public Awareness Campaign special assessment qualifies as fully deductible. PLEASE NOTE: Here's the important part. Because our Government Affairs budget for 2008 was increased by our Board of Directors since the 2008 non-deductibility amount was determined in May 2007, that has now changed: SPECIAL NOTE REGARDING 2008 - As noted above, NAR has increased its lobbying and grassroots efforts to ensure that REALTOR® interests are well represented, especially during this 2008 election year. Accordingly, the 2008 nondeductible dues computation has increased from the previously reported 22% (or $18) to 31% (or $25). 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: A listing company who does not represent the buyer (the buyer is being represented by another company) wants to charge the buyer a transaction fee. The MLS lineside says: “buyer must pay transaction fee in the amount of $295 to ABC Realty at closing.” Is this permissible? ANSWER: While it is certainly permissible for the listing broker to ask a buyer to pay a transaction fee, the listing broker cannot require the buyer to pay this amount because the listing company does not have a contractual relationship with the buyer. The listing broker has only two contractual relationships: (1) a contractual relationship with the seller pursuant to the listing contract; and (2) a contractual relationship with the buyer’s broker through the MLS. A listing broker cannot create an enforceable obligation against the buyer through the MLS. The buyer WOULD have an obligation to pay the transaction fee if it was included in the contract between the buyer and seller. Body Language in Business Have you ever wanted a crystal ball that would magically tell you exactly what your client is thinking at all times? Since you aren’t a mind reader, the next best thing is the ability to read someone’s body language. The following are a few clues that will help you decipher the messages your clients are sending non-verbally and what you might be telling them. What is their body language saying?
What is your body language saying?
Finally, it’s crucial to maintain eye contact on both sides. Someone who uses eye contact is telling the other involved in the conversation that they are in tune with and interested in the interaction. It helps to sell any points being made and add a comfortable feeling to the relationship. Source: Amy DuBose, San Marcos Area Board of REALTORS®
Calendar of Events For more information, check the events page and the education calendar.
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