Get the education and credentials you need to serve the fastest growing pool of homebuyers through the North Carolina Workforce Housing Specialist (WHS) Certification program. It’s a great low-cost education program that will pay you back in new business! To learn more and sign-up for courses in Wilmington, please go to: http://www.wrar.com/workforcehousing
HURRY! Sign Up Today & SAVE $150… Enroll for the discounted price of just $449! Simply register with our discount code “DSC150” to take advantage of this deal.
WRAR Director Buddy Blake of Coldwell Banker Sea Coast Realty says:
“I just wanted to say this is BY FAR the best money you can spend if you are involved in short sales. The systems they provide are incredible AND CDPE now owns Starpower, so they are totally cutting edge and it’s amazing they are actually doing it in little ole Wilmington. Again, the more we all understand the RIGHT way to handle this, the better we all are. Please consider investing in yourself… Short sales and distressed properties are going to be something we all have to deal with. THANKS to WRAR for creating this local opportunity!”
CDPE Live! Designation Course (Certified Distressed Property Expert)
Click Here to Register or Call 1-800-482-0335.
New Lead-Based Paint Renovation Rules Begin APRIL 2010!
Sponsored by the Property Management Division of the NC Association of REALTORS®
On April 22, 2010, EPA and North Carolina will require contractors to be trained and certified as renovators, if they disturb paint in the homes and child-occupied facilities built before 1978. Contractors will also be required to train their workers to follow lead-safe work practices to reduce potential lead exposure to protect children. This one-day class taught by a North Carolina trainer with the National Center for Healthy Housing satisfies the training requirement to achieve compliance with North Carolina, EPA and HUD rules. For more information on the new renovation, repair and painting rules go to: www.epa.gov/lead/pubs/renovation.htm
Date: Wednesday, February 17th
Location: Coastline Convention Center, 501 Nutt Street, Wilmington, NC
To register for this class, please Click Here to print and complete the registration form. Then mail it with your payment to NCAR, 4511 Weybridge Lane, Greensboro, NC 27407. There will be NO on-site registration for this program. Cut-off date for registration is February 10th. Do not delay and register today!
Whenever a seller and the listing firm agree to a commission that is lower when the property is sold by an agent within the firm as opposed to a higher commission when a cooperating broker is compensated, specific disclosure must be made in the MLS. For example:
Jones Realty contracts with Seller Smith to advertise Smith’s property for sale. The listing contract provides:
If Jones Realty through the efforts of one of its own agents, procures a buyer, then Seller Smith will pay Jones Realty 6 bananas.
If Jones Realty must share the commission with a broker who is not employed by or affiliated with Jones Realty, Seller Smith will pay Jones Realty 10 bananas.
If a $250,000 offer was made through an agent affiliated with Jones Realty and another $250,000 offer was made through an agent with Bottom Line Realty, and assuming that the terms were comparable, which offer would Seller Smith likely take?
Correct! The offer made through the Jones Realty agent because Seller Smith would pay fewer bananas!
Because this type of arrangement may place a buyer working with a cooperating broker at a disadvantage, the cooperating broker and his buyer have the right to know the amount of the difference there is between the “in-house transaction” and the “cooperating broker transaction.” In this case, the difference is four bananas.
In the Wilmington MLS, this type of commission arrangement is disclosed by answering “Yes” to the Variable Rate radio button.
Cooperating brokers should be looking at each listing to discover whether the listing is subject to a “Dual ore Variable Commission” arrangement. If the listing is subject to one, call the listing broker and ask: What is the difference between the “in-house” commission and the cooperating broker’s commission? (Remember, in this case it was 4 bananas!). Alternatively, the listing broker could place the commission difference in the Non Public Remarks so the cooperating broker would not have to make a phone call to the listing broker.
The cooperating broker would explain to the buyer that if the seller received two offers for the same price based upon comparable terms, it is likely the seller would take the other offer. The buyer could be counseled to make an offer that is higher than the listed price that might include the 4 banana difference.
I hope this helps to explain the Rule that is provided below.
Section 5.11 Dual or Variable Rate Commission Arrangements: The existence of a dual or variable rate commission arrangement (i.e., one in which the seller/landlord agrees to pay a specified commission if the property is sold/leased by the listing broker without assistance and a different commission if the sale/lease results through the efforts of a cooperating broker; or one in which the seller/landlord agrees to pay a specified commission if the property is sold/leased by the listing broker either with or without the assistance of a cooperating broker and a different commission if the sale/lease results through the efforts of a seller/landlord) shall be disclosed by the listing broker by choosing Variable Commission “Yes.” The listing broker shall, in response to inquiries from potential cooperating brokers, disclose the differential that would result in either a cooperative transaction, or, alternatively, in a sale/lease that results through the efforts of the seller/landlord. If the cooperating broker is a buyer/tenant representative, the buyer/tenant representative must disclose such information to their client before the client makes an offer to purchase or lease.
