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Week of Oct. 3
- Included in the recent license law changes that became effective September 29, was a technical amendment to the mandatory fair housing statement that must be included in all agency agreements and the Consumer Guide to Agency Relationships. This change merely adds the words "as amended" after the citation to the federal fair housing code section 42 U.S.C.A. 3601.
- A real estate brokerage is subject to Ohio’s unclaimed funds regulations. Recently the Division of Unclaimed Funds (Division) has been auditing brokerages to ensure compliance with these regulations. The regulations include a requirement to file an annual report with the Division.
- There’s a controversy bubbling at NAR that may well determine the future of the real estate business in America. That’s not an exaggeration.
- Recent amendments to the Fair Credit Reporting Act ("Act") has caused the Federal Reserve Board and the Federal Trade Commission to amend their rules (“Rules”) to now require entities who take an “adverse action” based on a credit score in a
- transaction with a consumer (such as requiring a larger security deposit) to now disclose this fact to the consumer. These amendments reflect the new content requirements added by section 1100F of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
- The Appraisal Institute recently released a form to help appraisers factor in energy-efficient home features when valuing homes. The forms can also be used by real estate agents in describing “green” properties on the MLS, the Appraisal Institute notes.
- OAR members get 6% off iPad 2’s and Apple products, excluding iPhones. Ground shipping is free!
- Would you like to become more involved in your Association, but don’t know how? It’s simple, request to serve on a 2012 OAR Committee or Forum.
Week of Sept. 19
- Read what happened last week during OAR's Annual Covention in the District Vice President newsletter. Videos are also available of convention highlights.
- In a decision issued last week, the Ohio Supreme Court ruled that the private property rights of homeowners along the Lake Erie coast extend to the “natural shoreline” of the lake. In doing so, the Court resolved a legal battle that had been ongoing between the State of Ohio and the property owners since 2004.
- NAR issues Call for Action!
Tell Congress: Urgent Action Needed on FHA Loan Limits
In just two weeks, the availability of safe, affordable, reliable mortgage financing will diminish. If this happens, many of your clients run the risk of being priced out of the American Dream of home ownership. Even worse, this could hold back the housing recovery.
- New Appraisal Rules Take Hold...Starting this month, appraisers will be operating under new federal regulations that require home mortgages sold on the secondary market to organizations like Fannie Mae and Freddie Mac to be appraised with a new, more detailed form known as the Uniform Appraisal Dataset (UAD). While thee were rumors that implementation of these rules might be delayed, NAR has confirmed that they are going into effect as scheduled on Sept. 1, 2011. Additional information on UAD requirements are available at the Fannie Mae or Freddie Mac UAD web pages.
- OAR members get 6% off iPad 2’s and Apple products, excluding iPhones. Ground shipping is free!
Week of Sept. 6
