Fiduciary Duty of Real Estate Agents

Transcription

FEATURES
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In Contract is the
Official Publication of
the Columbus Board
of REALTORS®
CBR OFFICERS
Greg Hrabcak, President
Gary Parsons, President-Elect
Sue Lusk-Gleich, Treasurer
Rick Benjamin, Secretary
Larry L. Metzger, CAE, CEO
The Emergency Economic Stabilization Act of 2008
Much of the media attention given to the recently
passed Emergency Economic Stabilization Act has
been negative, but CBR President Greg Hrabcak views
the Act as a life preserver.
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Young Professionals
The Columbus Board of REALTORS® has created a
new Young Professionals Committee for the young and
the young at heart — focusing on networking, service
and leadership.
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Fiduciary Duty of Real Estate Agents
Fiduciary Duty simply stated is doing what is in the
client’s best interest, first and foremost. But, how do you
keep from crossing the line of practicing real estate to
practicing law.
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Celebrating 100 Years . . . with Harley E. Rouda
Harley E. Rouda served as Board President in 1969.
One of his fondest memories in his tenure with the
Board was writing, producing and emceeing Realvillities
– A CBR comedy production.
IN CONTRACT Magazine
Marqué L. Bressler, Editor
Lynn Hackworth, Copy Editor
Rebecca Ryan, Layout and Design, EnCompass
Publishing Group
CBR Mission Statement
The Columbus Board of REALTORS® provides leadership
for the REALTOR® community by protecting the interests of
its members, promoting their value to the real estate consumer, setting high standards for professional practice, and
advocating private property rights.
IN CONTRACT is a publication of the Columbus Board of
REALTORS®, devoted to news of real estate interest published 10 times a year (monthly except May/June and
July/August). Editorial and advertising office is located at
2700 Airport Drive, Columbus, Ohio 43219, (614) 475-4000.
Subscriptions are $5.00 per year and are accepted from
members only. Periodical Class Postage paid at Columbus,
Ohio. Publication (USPS #:317-870).
INSIDE
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POSTMASTER: Please send address changes to CBR, 2700
Airport Drive, Columbus, Ohio 43219.
DISCLAIMER: The statements and opinions expressed
herein are those of the individual authors and do not necessarily represent the views of the Columbus Board of
REALTORS®, its staff, board of directors, In
Contract or its editor. Likewise, the appearance
of advertisers, or their identification as members
of CBR does not constitute an endorsement of
the products or featured services.
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Although, many seller-funded down payments programs
have been eliminated with the passage of the 2008
Housing and Economic Recovery Act, there’s still an abundance of financing options available to first-time homebuyers. This article focuses on several of the more popular
financing programs — Homebuyer tax credits, USDA
Direct and Guaranteed homeownership programs, OHFA’s
Ohio Heroes, to name a few —still allowed under the
recovery act.
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th
DIRECTORS
Terry Bryant
Gloria Cannon
Gary Francis
Milt Lustnauer
Lari Madosky Shaw
Bob McCarthy
Stacy McVey
Bonnie Nyikes
Chip Parrish
Chris Pedon
Sara Walsh
Linda Whiting
Brad Bennett, Immediate Past President
Jay Zollars, C/I Section Chair
David Dikeman, Affiliate Representative
Financing options still plentiful
for first-time buyers
2008 Foundation Fund Advisory Board Committee
Report – Brad Bennett
CBR 2008 Online Election
COCIE – Double your marketing while updating your
information only once – Catherine Erney
Member Perspective – What advice do you have for firsttime buyers?
Statistics – September 2008
CBR Events
Announcements
Member News
Raffle– garners proceeds for grant program
New Members & Mentoring Sessions
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MLS News
Focus On Real Estate
Member Discounts/Services — All American
Moving and Storage; Leaders Moving & Two Men
and A Truck
NAR National Convention – Destination: Success
Affordable Housing – CHP: Homeport Express
Select
Highlights – Sales Associates Day & Surfin’ CBR
Expo
Highlights – CBR Legislative Reception
Calendar & Ad Index
www.ColumbusRealtors.com • IN CONTRACT Magazine • November 2008 •
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President’s Perspective
The Emergency Economic
Stabilization Act of 2008 –
a life preserver, not a bailout
By Greg Hrabcak
President
stabilize the national economy while having an impact on nearly every neighborhood in every community.
By restoring liquidity to the mortgage market, lenders will again be able to make
loans to not only homebuyers, but small
businesses as well, fueling the housing
market and the nation’s entrepreneurial
spirit.
Those loans will now become more widely
available and less costly, something that
will have a positive impact on borrowers
for years to come.
NAR President Dick Gaylord said it best
last month when he praised the act’s passage: “Protecting Main Street not only benefits individuals, families and communities, but also supports the larger U.S. economy.”
The recently passed Emergency Economic
Stabilization Act of 2008 has received lots
of media attention in the last few weeks,
much of it negative.
It’s been commonly referred to as a
“bailout” but I prefer to look at it as a positive, bi-partisan move, which will prevent
the so-called credit crisis from getting
worse.
I view the Emergency Economic
Stabilization Act of 2008 as a life preserver
to housing and financial markets in need of
help – and while we’re using nautical references – one that will chart the markets
on a course to smoother seas ahead.
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The legislation is a crucial step toward
again getting cash flowing through the
country’s financial system, making it easier
for homebuyers to realize the American
dream, and easier for current homeowners
who are struggling to refinance and save
their homes.
By requiring the governmental agencies
that purchase troubled mortgages from
financial institutions to work with lenders
and borrowers to modify or refinance loans
and make every effort to avoid foreclosure,
the act will help keep hardworking people
in their homes.
By encouraging homeownership and preventing more foreclosures, the act will help
• November 2008 • IN CONTRACT Magazine • www.ColumbusRealtors.com
While rates may change and the market
can skyrocket and plummet in a single day
of trading, housing remains the backbone
of the American economy and the
American way of life.
As REALTORS®, we must do everything
possible to protect and promote that
American dream.
For more about the credit crisis and how it
affects REALTORS®, visit
www.realtor.org/creditcrisis.
Financing options
still plentiful for first-time buyers
By Kelley Youman Truxall
CBR Interactive Communication Coordinator
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With the passage of the 2008 Housing and Economic
Recovery Act, seller-funded down payments were eliminated, but there are still plenty of other programs to
help first-time buyers.
The FHA still allows other forms of down payment assistance, including help from family members, gifts from
non-profits and government-sponsored grants and loan
programs.
Previously, FHA was the only mortgage program allowing seller-funded down payment assistance, but according to a recent study by the United States Government
Accountability Office, loans with seller-funded down
payment assistance have higher delinquency and default
rates, and often result in inflated home prices, which
can affect surrounding home values.
This article will focus on several of the more popular
financing options still available for first-time homebuyers.
Homebuyer tax credit
Part of the Housing and Economic Recovery Act of 2008
includes a credit of up to $7,500 for homes purchased
between April 9, 2008 and June 30, 2009.
The tax credit is actually an interest-free loan that must
be paid back over 15 years with payments beginning after
a two-year grace period; for example a homebuyer who
purchased in 2008 would start paying the loan back in
2010.
Ohio Housing Finance Agency
The Ohio Housing Finance Agency last month
announced it was temporarily postponing its down payment assistance program, but hopes to begin offering it
again soon.
The $7,500 would come as a credit on the buyer’s income
taxes during either 2008 or 2009, depending on when the
home was purchased; the loan would be paid back at a
rate of $500 per year, through the buyer’s annual income
tax filing.
“The ability to obtain capital to continue (the down payment assistance) is severely limited,” an Oct. 14 statement from OHFA said.
The $7,500 tax credit has higher income limits than many
other assistance programs - $75,000 for singles and
$150,000 for married couples – so it may be advantageous to those buyers who don’t qualify for other programs.
However, because it cannot be combined with other programs such as the Ohio Housing Finance Agency, many
times buyers are better off taking advantage of those programs providing assistance in the form of grants, which
aren’t required to be paid back, said Marianne Collins,
Vice President of Insight Bank.
Meanwhile, OHFA continues to offer its first-time homebuyer program, which can mean purchasing a home
with little or no down payment, said Dana Smith,
Manager of Real Estate Relations for OHFA.
“We work with the same lenders you see on every street
corner, but we can’t do this by ourselves; we have the
money but they make the loan,” Smith said of the partnership between OHFA and mortgage lenders.
The biggest benefit of an OHFA loan is that the interest
rate is the same for everybody regardless of credit score.
All OHFA loan products are 30-year fixed mortgages and
the agency is typically “very competitive against the
market” when it comes to its interest rate, Smith said.
(As of Oct. 16, the OHFA interest rate for first-time buyers was 7 percent.)
Ohio Heroes
In March, OHFA launched the Ohio Heroes program,
which offers a mortgage rate that is one quarter percent
below the OHFA traditional first-time buyer rate to borrowers working full time in “critical” career areas such
as police, fire and EMS, teachers and active duty military
personnel.
As of Oct. 16, the OHFA interest rate for the Ohio Heroes
program was 6.75 percent.
“Part of the Housing and Economic Recovery
Act of 2008 includes a credit of up to $7,500
for homes purchased between April 9, 2008
and June 30, 2009.”
Many programs such as OHFA are income and/or salesprice-limited. For example, to qualify for an OHFA program a two-person household in Franklin County must
earn $65,300 or below annually and the home’s maximum sales price is $276,750.
For all OHFA programs, buyers must meet income and
sales price limits, which differ depending on what county the home is in. A two-person household in Franklin
County must earn $65,300 or below annually and the
home’s maximum sales price is $276,750.
REALTORS® can register online with OHFA and get up
to date information on the agency’s programs, including
rate changes by registering online.
For more information on OHFA’s resources for REALTORS®, and to register for updates, visit www.ohiohome.org/partners/realtors.aspx
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U.S. Department of Agriculture
The USDA offers Direct and Guaranteed homeownership
programs, both of which have seen an increase in participation, said Gerald B. Arnott, Housing Program Director
for the Ohio office of USDA Rural Development.
grams have been increasing in popularity.”
The USDA’s Rural Development office is the financing
arm of the USDA, offering home loan programs, business
loans and
Columbus Housing Partnership
(CHP) administers the Franklin County Down Payment
Assistance Program (DAP), which requires buyers to be at
or below 80 percent of the area’s median income. That
means a two-person household in Franklin County must
make $41,800 or below annually.
assistance with community facilities like hospitals and
libraries and services such as water and sewer.
“Our goal is building the community from the ground
up,” Arnott said.
“Both USDA programs offer up to 100 percent financing
with no down payment required,” Arnott said.
The Direct Loan program is for those buyers who are at
or below 80 percent of the median income for that county
with the loan being written at a fixed-rate for 33 years.
The Guaranteed Loan program allows the USDA to back a
loan made through an outside lender and can be written
up to 115 percent of the county’s median income.
Income limits vary by county, but for a two-person household in Franklin County, the limits are $41,800 for the
Direct Loan program and $60,100 for the Guaranteed
Loan program.
For more information on USDA loan programs, including
interactive maps to look up eligible areas, visit http://eligibility.sc.egov.usda.gov/eligibility/.
“The county program offers buyers up to $6,000, or three
percent, in assistance; buyers can get up to $4,000 in
down payment assistance and as much as $2,000 to help
with other closing costs,” said Laverne Price, CHP Senior
Housing Counselor.
Buyers in the Franklin County program must be purchasing a house inside a suburban area in Franklin County,
such as Bexley or Reynoldsburg and the sales price must
meet current FHA guidelines. CHP also has a new program – Homeport Express Select. See page 45 for details.
The Ohio Housing Trust Fund
CHP also offers the Ohio Housing Trust Fund, which
grants up to $3,000, or three percent, in down payment
assistance for buyers at or below 65 percent of the area’s
median income, which for a two-person household would
be $33,950 in Franklin County.
Because USDA programs apply to rural areas, where the
property is in a community of 10,000 people or less, there
isn’t much availability in Franklin County.
“We’ve got a little bit down in the southwest corner and a
strip on the west side,” Arnott said, “but as you move further away from Columbus, eligibility is better.”
“For example, all of Madison County, northern Delaware
County and much of Licking and Pickaway counties are
eligible for USDA programs,” Arnott said.
“We have seen a huge increase over the course of the last
year – we’ve actually doubled the loans made in the guaranteed program not only in Ohio but throughout the
nation,” Arnott said. “We’ve got the ability to go into rural
areas and less developed areas, where typically some of
the larger lenders may not go.”
“A lot of our programs are word of mouth – we don’t put
ads on T.V. like a normal lender would but these pro-
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“The USDA’s Rural Development office is the
financing arm of the USDA, offering home loan
programs, business loans and assistance with
community facilities like hospitals and libraries
and services such as water and sewer.”
For both programs, the buyer has to have a minimum
$500 investment, which can be used to pay any of the
fees, such as a home inspection or the first year’s homeowners insurance.
In 2007 CHP helped more than 40 families close loans with
some type of down payment assistance.
Sweat equity and other alternatives
“Popular in the 1980s and 90s, work or ‘sweat’ equity programs involve new homebuyers performing some of the
easier tasks of building a new home, or repairing an existing one, such as painting, cleaning, insulating, and landscaping,” said William L. Moorhead, Principal of Dunmoor
Homes Realty.
“According to the federal government’s
department of Housing and Urban
Development (HUD) Web site, sweat equity
can still be credited toward a buyer’s down
payment, but the lender is responsible for
documenting that the borrower is qualified
to do the work, estimate its value, and verify that it was completed satisfactorily.”
That program can be used to purchase anywhere in the
county, Price said.
Both programs require buyers to complete eight hours of
HUD-certified homebuyer education.
“We really think that good homebuyer education is the
key to preventing foreclosure,” Price said.
CHP also offers credit and homebuyer counseling and
educational programs. “If they aren’t yet ready to own a
home, we try to stay engaged with the client so that if not
today, we keep working on it until they reach their goal,”
Price said. “It’s not just about getting them in a home it’s
about sustaining homeownership.”
Both grants are actually zero interest loans that are forgiven if the home is kept as the primary resident for five
or six years, for the Ohio Housing Trust Fund, and
Franklin County program, respectively.
The entire process usually takes about 60-90 days.
“We certainly suggest that people go to CHP or another
non profit and make sure that everything is ready to go
before they go to lenders and start letting people pull
their credit,” Price said.
Sweat equity programs are allowed only on FHA loans and
were largely phased out by builders and lenders because of
the ease and popularity of FHA and other down payment
assistance programs such as seller-funded down payment
programs.
According to the federal government’s department of
Housing and Urban Development (HUD) Web site, sweat
equity can still be credited toward a buyer’s down payment, but the lender is responsible for documenting that
the borrower is qualified to do the work, estimate its value,
and verify that it was completed satisfactorily.
Marianne Collins said Insight Bank still allows the use of
sweat equity. “It hasn't been used much in the last few
years, because the seller-funded non-profit down payment
programs like Nehemiah and Ameridream were being used
instead, but I imagine it will become somewhat popular
again because the seller-funded programs are no longer
allowed,” she said.
Moorhead suggested other alternative down payments
such as a gift from a relative, where a family member gives
the buyer the down payment; or borrowing from a retirement account that allows funds to be borrowed or distributed for purchasing a home.
Lastly, seek advice from other area agencies like the Mid
Ohio Regional Planning Commission, and the Hilltop-area
Homes on the Hill, both of whom offer programs including
down payment assistance and first-time homebuyer education.
More information can also be found on the CBR Web site
at www.columbusrealtors.com/11092.cfm.
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Committee Report
Having a good solid Foundation
REALTORS
Charitable
Foundation Fund
Building Community
Whether it is poured concrete, steel, or
block, we REALTORS® and our affiliated
partners know the importance of having a
good, solid ‘Foundation’ supporting the
properties we sell. That strong
‘Foundation’ creates a solid base for the
owner to occupy, or even expand the property. It is a key ingredient of having a
good investment, and that greatly benefits
the neighborhood and community.
Our REALTORS® Charitable Foundation
Fund is no different. Our mission is to
support real estate related programs and
entities whose goals result in the improvement of the overall real estate environment
in central Ohio. Never before in the history of real estate development has this support been more critical.
In this economic climate that adversely
affects real estate investment and the quality of life in central Ohio, we have many
communities that are ‘at risk’. Just as
“real estate is our profession, and politics
is our responsibility”, supporting sound
communities and housing is our obligation
to both ourselves and to others.
Our Foundation is a ‘Field of Interest
Fund’ under the umbrella of the Columbus
Foundation. With a charitable status under
Section 501c(3) of the IRS code, gifts to
the REALTORS® Foundation Fund may
qualify the donor to federal, state, estate,
and/or gift tax deductions.
In the face of negativity in the media, our
Board is trying hard to show the buying
public that “all real estate is local”. Best
of all, our Foundation is “local”. We have
supported community programs with edu-
Brad Bennett, Chair
Foundation Fund Advisory Board
cational scholarship and grants that
increase the quality and availability of
housing in central Ohio, in the past four
years over $200,000, with more on the
way.
Some of the organizations we supported in
the past year are:
• Columbus Housing Partnership
• Material Assistance Providers
• Homeless Families Foundation
• Homes on the Hill
• Creative Housing
• Greater Linden Development
• Coalition for Homelessness and
Housing in Ohio
• Habitat for Humanity Greater Columbus
• OSU Star Project
In addition to financial support for REALTOR® Care Day this year, over 500
REALTORS®, affiliates, friends and family gave of their time and effort to personally work in neighborhoods and on community facilities to improve housing and
the quality of life for some less fortunate
than others. You would have been
touched by the tears, smiles and hugs of
thanks from those who benefitted from
this effort.
So what can you do? Open your heart
(and your pocketbook) to help others. The
Foundation Fund has several effortless
methods of contributing.
Our Foundation Walk into the
Membership Headquarters Building, constructed of memorial and honorary bricks
and pavers, is a lasting way to memorialize your support of the Foundation. You
can designate one in your name or some-
one else’s, and the walkway is being
updated with new pavers twice a year.
Remember the Foundation in your estate.
CBR’s Stan Collins can assist in directing your estate to be a legacy benefactor
to this worthwhile charity. Remember,
100 percent of your gifts go to charitable
giving.
Perhaps instead of sending flowers, or
contributing to another charity in someone’s honor or memory, consider sending
a check to our Foundation. A card will
be sent to the recipient’s family noting
your generosity.
Lastly, sign up and participate in the next
REALTOR® Care Day scheduled for
June 10, 2009.
In these difficult economic times, it is a
bit more trying to raise funds for our
Foundation. If you have any questions
about giving, please call Stan Collins at
(614) 475-4000 or myself at (614) 2737703.
And, remember…No one will benefit
more than you for your labor and/or contribution to help others less fortunate.
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2008 CBR Online Elections
Residential Section: Directors
Commercial Section: C/I Steering Committee
Nov. 3 at 12:00 p.m. - Notification of your opportunity to vote will be emailed to you. The e-mail will include:
• Member ID (NRDS # for REALTORS®; Member # for Affiliates)
• PIN# - (unique number assigned for this election only)
• Instructions & link to www.CBRelections.com
Members will cast their ballot by logging in to www.CBRelections.com
via any computer, including the computers designated for member use
in the library of the CBR Membership Headquarters.
Nov. 13 - Personalized letter sent via regular mail to each member
showing your e-mail address and asking you to contact CBR if incorrect.
Note: If CBR does not have your correct e-mail address, you will not be
sent a ballot. Please take any necessary action to allow your e-mail system to successfully accept e-mails from [email protected].
Nov. 10 - An e-mail reminder to vote will be sent to all eligible members
who have not yet cast their vote.
Dec. 1 - A second e-mail will be sent to all CBR members as a
reminder to watch for the official election e-mail on Dec. 8.
Nov. 13 - Election ends at 12:00 p.m.
Dec. 8 at 5:00 p.m. - Notification of your opportunity to vote will be emailed to you. The e-mail will include:
• Member ID (NRDS #)
• PIN# - (unique number assigned for this election only)
• Instructions & link to www.CBRelections.com
Members will cast their ballot by logging in to
www.CBRelections.com via any computer, including the computers
designated for member use in the library of the CBR Membership
Headquarters.
Nov. 14 - The Nominating Committee will meet at 9:00 a.m. to approve
the election results and address any concerns/complaints regarding
online voting process. Results will be posted on the CBR web site and
MLS Welcome Screen after candidates are notified of the results.
The ballot for CBR Directors will include:
REALTOR® Director Candidates (4 positions available)
Newton Burris, Coldwell Banker King Thompson
Ben Calhoon – Prudential Calhoon Company
Ron Hobelman – Keller Williams Capital Partners
Jan Jedlinsky – Metro II Realty
Betsy Lynch – Home Central Realty
Lorri Molnar – RE/MAX Affiliates
Gerry O’Neil – Century 21 C. R. O’neil & Company
Jill Rudler – Real Living Her
Affiliates (1 position available)
Scott Brader – Concord Mortgage
Jamie Sutton – Wells Fargo Home Mortgage
Nov. 24 - An e-mail will be sent to all CBR C/I Section members
explaining the online voting process.
Dec. 15 - An e-mail reminder to vote will be sent to all eligible members who have not yet cast their vote.
Dec. 18 - Election ends at 5:00 p.m.
Dec. 19 - The Nominating Committee will meet at 9:00 a.m. to
approve the election results and address any concerns/complaints
regarding online voting process. Results will be posted on the CBR Web
site and MLS Welcome Screen after candidates are notified of the
results.
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Young Professionals Network:
A new opportunity for CBR’s younger members
Vice Chairs will be Greg Giessler (residential)
and Andy Mills (commercial).
The staff liaison will be Kelley Youman Truxall,
Interactive Communication Coordinator.
The Columbus Board of REALTORS® is excited to announce the Young Professionals
Network, a new committee for 2009!
The CBR Young Professionals Network will
target younger real estate professionals with
dynamic programs to promote social and professional networking, political and philanthropic involvement, and entrepreneurial learning
opportunities.
The committee will be chaired by one residential and one commercial REALTOR®;
Gretchen McKay will be the 2009 residential
chair and we are still looking for a commercial
chair!
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The objectives of the YPN include:
• Create networking opportunities as part of a
rich, diverse group of peers.
• Provide opportunities for educational and professional development.
• Build awareness of governmental processes
and issues; help young professionals stay
informed about the latest industry news and
trends.
• Provide an outlet for volunteer info and opportunities at the Board.
• Provide an understanding of the local, state
and national REALTOR® community.
• Create and cultivate future Board and industry leaders and encourage active participation
in policy discussions and advocacy issues.
CBR’s committee will build from the National
Association of REALTORS® YPN, which NAR
launched in 2006 as a way to help the younger
generation of REALTORS® build a stronger link
with the real estate industry and fellow professionals.
While most members of the NAR YPN are
under 40 years old, there is no age restriction
whatsoever to join the committee or participate
in its events. Any REALTOR® who thinks he or
she would benefit from membership is welcome!
The first committee meeting will be held in early
2009.
To sign up for the CBR Young Professionals
Network, please complete the Committee
Registration form opposite and CBR will put
you on the list to receive information, updates
and notification of the meetings.
Home sales remain strong, inventory continues to balance
The central Ohio housing market continues
to stabilize as home sales are maintaining
levels similar to last fall, according to the
Columbus Board of REALTORS®.
The average sale price of a home in
September was $160,755, down 4.5 percent year to date, but only 1.7 percent
behind what the average home sold for last
September.
Despite negative headlines, and downward
turns in other markets, central Ohio continues to buck the trend, and is maintaining
home sales levels similar to those seen
before the housing “boom” of 2004-07.
Locally, there were 1,824 homes sold in
September, just 1.5 percent behind the
1,851 homes sold during September 2007.
Sales are not as high as they were during
the “boom” years but they are in keeping
with pre-boom levels, and that is good
news, because theoretically, the market
should be experiencing lower sales to compensate for the inflated figures from 200407.
September had more positive news for
home sellers as well, as new listings continued to decline. With 16,598 homes on
the market in September, the area’s inventory was at its lowest point since February.
This graph of listings and sales from 2002
to current shows the spike in inventory and
sales during 2004-07. In 2003, both sales
and inventory were ramping up toward a
boom, and 2007 saw that peak start to fall
back to normal levels.
Local inventory hit its highest level in July
2007, with more than 20,000 homes listed
in the central Ohio MLS for sale. Keep in
mind, that figure doesn’t include FSBO
homes.
As inventory continues to decline from
what were record high numbers just a few
years ago, sales prices will increase and
central Ohio will again see a market that is
balanced in favor of both buyers and sellers.
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Fiduciary Duty of
Real Estate Agents
By James A. Zitesman
Fiduciary duty. What do these words really mean to real estate agents?
To answer that question let’s start with
Black’s Law Dictionary, 5th Edition,
page 563, “Fiduciary: …a person holding
the character of a trustee…in respect to
the trust and confidence involved in it
and the scrupulous good faith and candor
which it requires. A person having duty,
created by his undertaking, to act primarily for another’s benefit in matters connected with such undertaking.” Simply
stated, fiduciary duty means to do what is
in the client’s best interest, first and foremost.
Section 4735.62 of the Ohio Revised
Code defines the fiduciary duties for a
real estate licensee. It begins with, “In
representing any client in an agency or
subagency relationship, the licensee shall
be a fiduciary of the client and shall use
the licensee’s best efforts to further the
interest of the client including, but not
limited to, doing all of the following:…”
and then it lists out nine specific areas.
Subsection (G) states, “Advising the
client to obtain expert advice related to
material matters when necessary or
appropriate;” As Division Counsel for the
Ohio Division of Real Estate, Holly
Johnston-Cook has stated, “It is an
express fiduciary duty of an agent to
advise his or her clients to obtain expert
advice related to material matters when
necessary or appropriate. Many of the
complaints the Division receives against
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agents could have been avoided had the
agents recommended their clients seek
counsel.”
While one may think about a home inspector for a home inspection what about the
recommendation to hire an attorney? Is a
contract or a request to remedy a material
matter which would require the expert
advice of a real estate attorney? I suggest
that it most definitely is and that further
reading of the Ohio Revised Code and relevant case law supports that conclusion.
Section 4735.18 of the Ohio Revised Code
is a long list of actions that can result in
disciplinary action, including Subsection
(32) “Performing any service for another
constituting the practice of law, as determined by any court of law;”
Sections 4735.63 and 4735.65 are the provisions of the Ohio Revised Code detailing
the duties owed by a real estate agent or
broker to sellers and buyers respectively.
Each Section ends with, “(C) Nothing in
this section shall be construed as permitting a licensee to perform any act or service that constitutes the practice of law.”
material such as the date, the price, the
name of the purchaser, the location of the
property, the date of giving possession and
the duration of the offer requires ordinary
intelligence rather than the skill peculiar to
one trained and experienced in the law.”
In 2003, the Ohio Supreme Court found
the preparation of deeds without the supervision of an attorney as unauthorized practice of law. As stated in Toledo Bar Assn. v.
Chelsea Title Agency of Dayton, Inc., 100
Ohio St.3d 356, “The unauthorized practice of law is the rendering of legal services for another by any person not admitted to practice in Ohio * * *.” Gov.Bar R.
VII(2)(A). “ `[T]he practice of law
embraces the preparation of legal documents on another’s behalf, including deeds
which convey real property.’ “
So what is the practice of law and what is
a real estate agent permitted to do?
In 2005, the case of Miami Cty. Bar Assn.
v. Wyandt & Silvers, Inc., 107 Ohio St.3d
259 was decided by the Ohio Supreme
Court where it was found that a CPA firm
was practicing law when it advised clients
about entity formation. “[T]he practice of
law is not limited to appearances in court,
but also includes giving legal advice and
counsel and the preparation of legal instruments and contracts by which legal rights
are preserved.”
In 1941, the Ohio Supreme Court decided
the case of Gustafson v. V.C. Taylor &
Sons, Inc., 138 Ohio St. 392. “This court
finds itself in agreement with the reasoning
and conclusion of the lower courts to the
effect that the supplying of simple, factual
The Canons of Ethics for the Real Estate
Industry are published on the Ohio
Division of Real Estate’s Web site. Section
II, Article 8. “The licensee should recommend that title be examined and legal
counsel be obtained.” (Emphasis added)
What all of this is saying is that it is perfectly acceptable for a real estate agent to
fill in the blanks on a pre-printed purchase
contract, but beyond that, such as adding
additional terms and conditions, the fiduciary duty requires the recommendation of hiring an expert in such matters, such as an
attorney. Of course, by having the client
hire an attorney to draft the contract and
other related documents such as requests to
remedy, the real estate agent is not only fulfilling the fiduciary duty but also removing
themselves from making costly mistakes.
The recent case of Clark v. Humes, 2008Ohio-640 is a perfect example of why it
would be a good idea to have an attorney
draft documents in a real estate transaction.
This case, decided by the 10th District
Court of Appeals in Franklin County, Ohio,
centered on an inspection and the documents relating to the agreement on the
remedies for unsatisfactory conditions. The
case is silent as to whether the parties were
represented by real estate agents or attorneys in the negotiations, but it is clear that
they were using the Columbus Board of
REALTORS® – Columbus Bar
Association Residential Real Estate
Purchase Contract.
After the inspection, the buyer submitted a
request to remedy. It stated, “4) Beam in
crawl space under sunroom to be replaced
because of decay. Add additional support
under beam. Determine if the cause of
moisture is current; if current, repair condition. Method of repair to be decided upon
by a licensed, structural engineer. Engineer
fee is to be paid for by the seller.”
The sellers hired Craig Carson of Craine
Engineering. His report stated, “The damaged sill plate should be replaced along the
rear of the crawl space. The wood girder
should be repaired where damaged.
(REAR) Damaged insulation should be
removed and replaced. Additional damage
discovered during the process and with further investigation should be repaired.
Sources of the problem (i.e. grading &
drainage) should be addressed. Ventilation
should be improved.”
The sellers, Humes, got an estimate for
repair of the sill plate of approximately
$800. The Court stated in paragraph 4 of
the decision, “Having investigated the
problem, the Humes drafted an
“Addendum to Real Estate Purchase
Contract” to address the Clarks’ concerns.
This offer, which the Humes made on
April 29, 2004, stated: 4. In reference to
issue #4, Sellers have consulted with a
structural engineer and will have issue
remedied pursuant to the recommendations
of that engineer. The Clarks accepted the
Humes’ proposed remedy for the sunroom
problem and when doing so, wrote next to
the relevant provision, “[b]uyers agree to
recommendation from Craig Carson Craine
Engineering dated 4-29-04.””
The repairs were not completed, or even
started, prior to closing. The parties agreed
to escrow $3,000 with the title agency.
Paragraph 8 of the decision, “Ultimately,
the Clarks spent $21,482 to remedy the
problems with the sunroom. The work
included replacing the decayed and rotted
sub-floor and support beam; repairing leaking windows; replacing the aluminum siding and decking that was removed to do
the necessary repairs; and re-grading the
backyard so that water would not drain
into the sunroom again. Although the
Humes released the $3,000 contained in
the escrow account to pay for the repairs,
they refused to pay the remaining $18,482
in costs.”
The Court awarded the maximum it was
permitted, (Municipal Court has a maximum of $15,000). The Humes appealed
asserting that they were limited to the
$3,000 in escrow. The Court of Appeals
determined that it was the Contract and the
Addendum that controlled, not the amount
in escrow. The well established rule of
contract interpretation was reiterated by the
Court in paragraph 12. “The construction
of contracts is a matter of law. Alexander v.
Buckeye Pipe Line Co. (1978), 53 Ohio
St.2d 241, paragraph one of the syllabus.
When construing a contract, a court’s principle objective is to ascertain and give
effect to the intent of the parties. Hamilton
Ins. Serv., Inc. v. Nationwide Ins. Co.
(1999), 86 Ohio St.3d 270, 273. “The
intent of the parties to a contract is presumed to reside in the language they chose
to employ in the agreement.” Kelly v.
Med. Life Ins. Co. (1987), 31 Ohio St.3d
130, paragraph one of the syllabus. In
determining the parties’ intent, a court
must read the contract as a whole and give
effect, if possible, to every provision contained in the contract. Foster Wheeler
Enviresponse, Inc. v. Franklin Cty.
Convention Facilities Auth. (1997), 78
Ohio St.3d 353, 361-362.”
In the case of Clark v. Humes, the Court
read the plain language of the documents
and applied it. While it is not known from
the decision what, if any, role real estate
agents had in the drafting of the documents, the question is why should it even
be a question? When it comes to drafting
these documents, it is in the best interests
of the clients to have attorneys involved.
Furthermore, it is required by the Ohio
Revised Code.
Bob Miller of RE/MAX Premier Choice of
Dublin, Ohio and past-President of the
Columbus Board of REALTORS® says
one of the reasons he recommends an
attorney is, “So that an objective attorney
can ‘double check’ the contract language
and make absolutely sure, once again, that
the contract is written to the Buyer’s satisfaction.”
Louise Potter of Prudential Calhoon
Company, REALTORS® of Hilliard, Ohio
says, “Anything can, and will, happen during a real estate transaction. Having a real
estate attorney involved from contract on
is the best way to ensure your clients are
well protected and fully represented on
their side of the deal. A good agent knows
it is always best to bring in the experts.”
Protecting clients by bringing in real estate
attorneys, doing what truly is in the clients’
best interests, and thereby fulfilling the
statutory fiduciary duty also protects the
real estate agent as well. If the clients are
represented by an attorney, the real estate
agent does not risk practicing law.
Copyright © 2008 James A.
Zitesman, Attorney at Law.
[email protected]
19
Member Perspective:
What advice do you have for first-time buyers? What are
some of the ways you work with first-time buyers, and
what is your best advice for fellow REALTORS® when it
comes to the market and first-time homebuyers?
Please share your advice for first-time homebuyers, and how you work with them. What are your best practices when it comes to
helping clients achieve the "American dream" for the first-time? Whether it's tips on looking for financing products, starting a home
search, helping clients narrow down types of housing and neighborhoods, what tips would you share on working with first-time buyers? How do you prepare them for the process involved in buying a home? And, in your opinion, what are the most important things
first-time buyers need to know before meeting with a REALTOR®?
Jim Roehrenbeck
The Roehrenbeck Group
RE/MAX Town Center
Owning a home is part of the
“American dream” regardless
of the economy. We try to emphasize that
there are two important parts to buying a
home. First, you have to like the home and
area and second you need to feel that your
purchase was a good value. We tell our
buyers there are opportunities, in this market, to buy “wholesale” instead of “retail”.
Many of our first-time buyers are purchasing
HUD homes and they are taking advantage
of the $100 down payment FHA financing
and receiving a $2,500 credit at closing.
Several of our buyers are using the FHA
203K streamline program to repair or
update their new home. Another program
we offer our first-time buyers is working with
the Ohio Housing Finance Agency.
When we meet a first-time buyer we refer
them to a mortgage company that is very
familiar with the many financing options
available to first-time buyers. Our lender will
do what it takes to assist and service our
clients during the financing process. If your
client is unhappy with the lender they could
very well be unhappy with you. We always
encourage our clients to be conservative
with their money and keep an emergency
cash reserve when purchasing their first
home. We want our clients to be repeat
clients and not a foreclosure statistic.
We furnish our clients with as much information as possible about areas, financing
options, neighborhoods and school systems
so that they can make an informed decision
on a home. We tell our clients that this will
20
probably not be the last home that they
purchase. We encourage them to buy a
home that would appeal to the most people
when reselling the home. We always try to
point out the negatives of a home as well as
the positives. The positives are usually very
apparent to the buyers but they overlook
the negatives. Buyers will appreciate your
honesty. When you can establish a sense of
trust between you and your first-time buyer
and they feel you have their interests at
heart, you have a client for life.
Chris Pedon
Real Living HER
I believe if you have the ability
to buy and are relatively certain you will stay put a minimum of three to five years, there is no reason you shouldn't be looking to buy and
especially now! Rates are great and there
are still great programs available through
FHA and conventional lenders for first-time
buyers. Many people do not want the
responsibility of owning a home so I direct
them to the condominium market, which is
a happy medium. I tell them to be careful of
the condominium market where they are
looking and that it may take a little more
time for condos to appreciate.
As for my advice for REALTORS®, they
should know that first-time buyers are the
key to getting our market back and going!
When we sell the first-time buyer, there is
often another deal that will follow. Beware
of deals that seem to good to be true
especially with financing options and foreclosures. As REALTORS®, we should be
looking for those first-time buyers, because
many people could make a career out of
them in a market like this. A little secret is
that those first-timers will be second-timers
when things are back on track. Remember,
“The Grass is Greener Here!”
Deborah A. Hutchings
Coldwell Banker King
Thompson
Ask friends and family members for the name of a REALTOR® who they have used in the past and
contact that person. Secondly determine a
monthly mortgage amount you are comfortable with and get pre-approved. Be up
front and honest with your REALTOR® at all
times - this will help them assist you in
many facets of the transaction - price, location and size of the home.
When working with a first-time homebuyer I
sit down with them in a buyer counseling
session to review the entire process with
them. Buying your first home is a big step
and can be intimidating for many but if they
know what the process is, then it can
become a fun experience not just a stressful
one. During the first meeting, we identify
how much they want to spend, talk about
getting pre-approved, and what type of
home they are looking for. It is truly about
identifying their needs. Then I discuss my
role from beginning to end. Communication
and setting expectations are the keys; we
live in a world of great technology and it is
great to use this but verbal communication
still needs to be a part of it as well.
My advice for other REALTORS® working
with first-time home buyers is don't be
afraid to let your customer know what is
going on; keep the communication open
and remember that your terminology might
be difficult to understand and always be
prepared to answer more questions.
Trina Wiater, ABR
Sell and Save Homes
When working with first-time
buyers, I like to make it an
educational process. Most of
them don't understand the whole picture,
so I take a lot of time explaining things such
as the mortgage process, basic real estate
terminology, needs versus wants, new
homes versus existing homes, negotiating,
and responsibility of homeownership after
the transaction. It's important that they
feel comfortable with their lender so that
they can understand their buying power and
affordability. All too often, first-time buyers
purchase a home that is beyond their financial ability just because they qualify but do
not consider the expenses of owning and
maintaining a home.
There are several financial programs available to help the first-time buyer, so it is
important to understand their needs so
that I can direct them to the types of programs that they could utilize and the
lenders who can make that happen.
In addition, the advanced search features in
TEMPO make it so easy to set up automated queries to e-mail them potential homes.
Once they have narrowed down their list,
we set out to find that perfect home.
Often times, I take notes while touring the
homes so that I remember what features
they actually like and dislike and suggest
additional homes based upon those findings. Most of all, it's important to listen so
that I am putting their desires first since I
am working for them.
The most rewarding times I have had as a
REALTOR® have been the closings where
the first-time buyer happily exclaims that
they couldn't have done this without my
help. It's so rewarding to see their own personal American dream come to pass and
knowing that the education that I have
given along the way has provided that
opportunity.
Rick Benjamin, CRS
RE/MAX Premier Choice
When working with first-time
buyers, I meet at their residence or my office for about
an hour. I want to get to know them on a
personal basis. We talk about financing preapproval so that when we find the right
home, our offer will be perceived as serious.
They read the paper or listen to news so
we get statistics on sold prices versus list
prices to get a feel for what we may offer.
As we view homes, I'll ask what they think
of the homes when we've seen a few. I indicate a home inspection will trigger anxiety
for both buyer and seller and that we'll
deal with it as necessary. I insist on reviewing closing figures prior to closing so that
the closing is smooth and there are smiling
faces all around.
Gary Wolf
Thompson
If you are a first-time homebuyer in the Columbus area,
contact a lender and find what your ability
is to buy and seriously consider FHA
financing options. Contact a REALTOR®
and start looking as you may never have a
better opportunity to get the type of value
in a home as is available at the moment.
When working with a first-time buyer I've
found that education in the total process
from start to end and helping them develop
a vocabulary seems to be of the most help.
The same is true when we start looking at
points to consider in each house to allow a
good final decision by them. As a REALTOR®, be patient and a good listener. It's
a big decision and the world is a little nervous right now.
should lead and you should learn! This will
make them feel better about you and the
decision that they ultimately come to.
I would also make sure they are prepared!
Recommend your clients get pre-approved
and know what to look at. There is a lot on
the market and make sure to look at what
fits your budget. I am very patient and will
make sure that I know what their wants and
needs are. Explain until you are sure they
understand, not just head bobbing! Don’t
give up!
Barbara Neff, ABR CRS
GRI SRES
Thompson
I meet with the buyers at my
office to determine if they want to work
together with me as a Buyer's
Representative, and if so, sign a Buyer’s
Representative contract. At this meeting I
try to get a feeling of what they want and
need. I explain the buying process, providing a graph showing each step. This is
approximately an hour of counseling and
building rapport. We look at some samples
of properties to make sure we are on the
same page and I cover the purchase contract, inspections and other steps in home
buying.
I explain location is the number one factor,
and if they agree I ask them to drive
through some areas that might fit their
lifestyle. As for advice for my fellow REALTORS®, I guess it would be have patience
and know your buyer! Always keep up on
the market. We need to work together, not
against each other as REALTORS®. I also
tell first-time buyers to get pre-approved
with a reputable lender and make sure they
understand their financing options.
Eric Schoen
Obvious Choice Realty
The market today is very frustrating with all that is out
there people get confused.
Take them out and learn what they like so
that at the next meeting you are not wasting your time or theirs by you leading
instead of them. The first meeting they
21
Commercial News
Double your marketing while updating
your information only once
By Catherine Erney,
Xceligent
COCIE, powered by Xceligent, provides
you with many ways to market your listings. At the very basic level, just adding
them to the CDX gives you immediate
exposure to our 643 users in the Columbus
metro area – and 14,062 users nationwide.
Next, CDXMail Plus, our powerful e-mail
blast tool, can reach 1,634 agents in the
Columbus market alone. Finally,
Xceligent’s newest product upgrade CDXDirect Plus - leapfrogs every similar
product on the market at this time, showcasing your listing information on your
web page both beautifully and seamlessly.
CDXDirect promotes your portfolio on the
web to current clients, future prospects or
anyone looking for specific commercial
property information.
With our newly upgraded CDXDirect Xceligent’s powerful private-branded marketing tool – you can maintain a current
listings inventory on your company website simply by updating your listings on
the COCIE database. Better still, once a
property has been sold – or leased – and
removed from the CDX, your web page is
updated real time. That’s right – no more
“did I remember to take that one off the
web page? “ worries to keep you awake
all night.
With CDXDirect Plus, you have complete
control over how your listings appear on
your web page – whether you want clients
to run searches or be presented with a list
of your listed properties right up front.
You can use our custom templates to
24
determine how information is presented
on your site. If you have used the older
version or anyone else’s product, you
know how limiting your choices have
been in the past. With CDXDirect Plus,
your options are almost limitless. You can
customize the data feed to match your
web site completely.
reports & map your listings. The Birds
eye view mapping gives clients a close
up aerial view and the ability to view
your property from any angle. Yes, they
can count parking spaces, dock high
doors, look at the condition of the parking lot – all within your own web page.
CDXDirect Plus offers better & more
detailed information for potential clients.
You can add any number of images to the
record, as well as password protected
documents, such as Pro Forma reports
and rent rolls. Your listings will have
maximum appeal when clients can view
multiple images, including photos, site
plans, aerials, etc. Once the images are
loaded in the CDX, they all automatically
display on the detail page. Imagine the
convenience of simply giving your
clients a link and password to view the
protected files?
Not content with merely looking good,
the new product has many more useful
features. Unlike static data feeds, your
client and potential clients can run
Visitors to your site can run reports, map
your listings and email listings to other
potential clients – directly from your site.
Visitors can “quick-print” information or
create more detailed reports from their
search results.
Finally, the Hits tracker in View/Update
My Listings will show you how many
“hits” your listing is getting via your web
site as well as through CDX Search.
Isn’t that a powerful story to share with
the property owner?
Commercial News
COCIE Membership
Despite the negative news about the economy, housing and stock market, COCIE membership continues to grow. Last year at this time, there were 588 COCIE members. Today we
have 643. Just more proof that The Grass is Greener Here!
Columbus:
Buildings tracking – 13,915
SF tracking – 447,159,400
Properties for lease – 5,048
Properties for sale – 2,171**
COCIE Members – 643
Nationwide:
67,461
4,680,221,532
63,893
44,953
17,080
Columbus:
# of soft lease
comparables – 6,312
# of soft sales
# of verified
Nationwide:
199,551
71,053
80,365
* includes 272 Multiple Unit Housing listings & 136
business opportunities.
COCIE Classes
INTRO - COCIE (CDX) Training at CBR
Nov. 4 • 9a-12:15p • 3 credit hrs. • $30 if CE is requested
Learn how to: search and report on commercial availabilities; use advanced search techniques
such as map search; produce tour packages for client tours; send CDX Mails; add, edit and
manage listing inventories.
Streamlined listing updates, real time
updates from the CDX, multiple
images on the detail page, the ability to
create reports and email them, birds
eye view mapping – it just doesn’t get
any better than this. To see what your
web page could look like with
CDXDirect Plus, please call us at (614)
430-3343, or Angie at (614) 537-0967
or Cat at (614) 202-7025. We’d be
happy to show you!
ADVANCED - COCIE (CDX) Training at CBR
Nov. 20 • 1-3pm • 2 credit hrs. • $20 if CE is requested
Learn how to use the CDX to: calculate vacancy rates, create absorption reports; find sales
and lease comparables by date; etc.
ONLINE
Available through Xceligent University: CDX 101; Market Intelligence; Marketing Your Listing;
Site TraX Sales Comparables. These free classes are offered every Tuesday and Thursday at
11:30a EST. Angie Utz and Catherine Erney are among the trainers for the on-line classes.
Sign up online at www.xceligent.com.
25
Events
Real Estate Investors Seminars
Area Holiday Gatherings
Part I – November 6, 2008 – 7:00-9:00 p.m.
Part I is geared to the first-time investor and will
feature information on everything from the search to
close, financing, HUD properties and the title/legal
work.
Topics and Speakers
Search to Close — Pat Kearns-Davis, RE/MAX
Capital Centre
Acquiring Financing — Jon Sadler, Countrywide
Home Loans
Working with HUD Properties — Brad Stair, ERA
Orum Stair, REALTORS®
Title Work/Legal Issues — Bill Kettler, Expedient Title
Delaware-Knox-Licking Morrow (DKLM)
Suburban Realty Association – Holiday Breakfast
Friday, Dec. 5, 2008, 9:00 a.m.
Location: PJ's Restaurant on Rt 37 in Sunbury
Cost: $5
Contact: Carol Morrison, 614-508-5705 or [email protected]
Reservations preferred
West/Southwest Area Realty Association – Holiday Party
Friday, Dec. 5, 2008, 6:00-10:00 p.m.
Location: Oakhurst Country Club, 3223 Norton Road
Cost: $25
Contact: Marie Smith,Title First, (614) 403-0013
Part II – November 20, 2008 – 7:00-9:00 p.m.
Part II addresses issues common to investors already
somewhat familiar with property investment and will
focus on Multi-Family/Apartment Ownership,
Financing, 1031 Exchanges/Taxes; and Legal Issues.
Topics and Speakers
Multi-Family/Apartment Ownership — Rick
Benjamin, RE/MAX Premier Choice
Financing — Marianne Collins, Insight Bank
Taxes/1031 Exchange — Matt Leppert, CPA, Nipps
Brown, Leppert & Collins, Inc., CPAs
Legal Issues — Scott Stevenson, Northwest Title
Both seminars are being held at CBR. Cost is $15 ($25
for both I & II). Due to the limitations of this registration process, you MUST register separately for Part I
and Part II. The discount will be applied. Register
online at ColumbusRealtors.com or call (614) 4754000 x248.
Tri-County Realty Association – Christmas Brunch
Wednesday, Dec. 10, 2008, Reg. 10:30-11:00 a.m., Program 11:00 a.m.
Location: Jefferson County Club – 7271 Jefferson Meadows Dr., Blacklick
Cost: $10
Contact: Donna Schneider, President, (614) 348-1296 or [email protected]
Women's Council of REALTORS® –
Holiday Dinner and Installation of 2009 Officers
Thursday, Dec. 11, 2008, 5:00 – 8:00 p.m.
Location: Scioto Country Club, 2196 Riverside Dr., Upper Arlington
Cost: $25 / Members, $35/ Non-Members
Contact: Julie Wills at 614-558-1579 or go to www.wcrcolumbus.org
Greater Dublin Realty Association – Holiday Luncheon
Friday, Dec.12, 11:30 a.m.
Location: Corazon Club of Dublin
Cost $25
Contact: Gayle Scrase, 614-432-4423, [email protected]
Independent Broker’s Association (IBA) – Holiday Lunch
Tuesday, Dec. 16, 2008, Networking 11:00 a.m.;
Lunch 11:30 a.m. – 1:30 p.m.
Location: Hilton Easton
Cost: $25
Contact: Marilee Snider, (614) 863-8885
November 12, 2008
Affiliate Appreciation Luncheon
To all CBR affiliate and sustaining members, you are
cordially invited to attend the Columbus Board of
REALTORS® 7th annual appreciation program on
Wednesday, Nov. 12, 2008, 11:30 a.m. – 1:30 p.m. at
CBR Membership Headquarters. This event, sponsored
by the CBR Affiliate Liaison Committee and area associations, provides an opportunity for us to thank our
affiliate members for their years of participation and
dedication to our organization. City Barbeque is providing lunch at no cost to our honored guests! However, reservations are required. To confirm your attendance, please contact the CBR receptionist at 4754000, no later than Nov. 7, 2008.
26
Bexley-Eastmoor-Berwick (BEB) Realty Association – Holiday Breakfast
Thursday, Dec. 18, 2008. 9:00 a.m.
Location: Rusty Bucket on E. Main Street in Bexley
Cost: $15
Contact: Sheila Straub, Coldwell Banker King Thompson, 614-324-4330
Midtown Area Real Estate Association – Annual After Holiday Party
Friday, Jan. 9, 2009, 6:00 p.m.
Location: TBD
Cost: TBD
Contact: Regina Acosta Tobin, (614) 297-8600
Events
November 14, 2008
Save Our Home
This Affordable Housing Roundtable is set for
Friday, Nov. 14, 11:00 a.m. to 12:00 noon at CBR
and will feature a discussion led by Ed Leonard
and Richard Cordray, Franklin Country Treasurers
office. There is no charge to attend this
roundtable and registration is not required, but
appreciated. Register online at
ColumbusRealtors.com
November 20, 2008
Writing A Successful
Business Plan
This timely mentoring session is set for Thursday,
Nov. 20, 2008, 9:00 – 10:30 a.m. at CBR and will
feature a discussion on how to write a successful
business plan led by Darla Luebbe, Keller
Williams Capital Partners. There is no charge to
attend and registration is not required, but appreciated. Register online at ColumbusRealtors.com.
Announcements
Three Moving Companies added to CBR’s
Preferred Vendors List
The CBR Member Services Committee recently approved adding three moving companies — All American, Leaders Moving and Two Men and A Truck
– to its growing list of Preferred Vendors.
All American Moving & Storage is a full service local and interstate
mover committed to providing top quality commercial & residential relocation services. For CBR Members, the company offers free storage, free
boxes, free valuation (insurance) or simply a discount on your move. For
more information, call Ed or Paul at (614) 224-0077 for full details and to
receive a free estimate.
Leaders Moving is one of the premier moving companies in central,
Ohio. Leaders’ Pricing Structure is the company’s most unique characteristic, providing customers with an exact move price from start to finish
and allowing them the flexibility to customize their move to their individual budget. For more information, call Jayson Foust (614) 785-9595.
Two Men and A Truck, one of the nation’s largest franchised local moving companies, strives to exceed customers’ expectations every time it
makes a move. Customers also benefit from having trained, uniformed
movers who are insured and bonded to handle any home and business
moving tasks. For more information, call Stephanie Clarey (614) 2246683.
100 Acts of Kindness
If you have volunteered your time or talent to the community in 2008, CBR
would like to recognize you with our special 100 Acts of Kindness pin. This
recognition is only available this year (2008) in honor of CBR’s 100th
Anniversary. To apply, please complete the simple form found in this magazine.
2009 Dues – Watch your Inbox for your Dues Bill
December 13, 2008
CBR CENTENNIAL BALL
As most of you are aware, the Board has
been celebrating its 100-year anniversary this
year and will be wrapping up the celebration
with the Board’s Centennial (President’s)
Ball set for Saturday, Dec. 13, 2008, at the
Aladdin Shriners Center. The evening begins
with cocktails at 6:00 p.m., followed by dinner and the program at 7:00. Cost is $50.
Watch for your invitation being mailed this
month.
Although you will see a $5 increase from the National Association of
REALTORS® for the public awareness campaign and a $10 dues increase
from the Ohio Association of REALTORS®, CBR has chosen not to
increase dues for 2009. Should a budget shortfall occur in 2009, CBR will
rely on reserves that have been set aside for such a purpose.
Once again, the CBR REALTOR® due bills will be distributed via e-mail.
Paper bills will be sent to members who do not have an email address in the
system. Please be sure your e-mail address is correct in the CBR TempoTM
MLS. If you are not a member of the MLS, you can check your e-mail
address through the ‘Find a REALTOR®’ or “Find an Affiliate’ search on
ColumbusRealtors.com.
To correct your e-mail address, call Lenora Moore at (614) 475-4000 x253
or e-mail her at [email protected] (please put “e-mail correction” in the subject line). Thank you!
27
Announcements
Franklin County Homeowner Helpline
With the passage of HB 562 and HB 359 earlier this year, the
Franklin County Treasurer and Prosecutor are now authorized
to use delinquent tax and assessment collection (DTAC) funds
for foreclosure prevention programs, nuisance abatement, and
demolition.
The Homeowner Helpline is a 2.7 million dollar program that
will use DTAC money from the Treasurer and Prosecutor, and
community partner and Community Development Block
Grants (CDBG) funds from the Commissioners.
The Homeowner Helpline program will include a public
awareness campaign, as well as funding for housing counselors, nuisance abatement, rescue funding, mortgage fraud
prosecutions, and homebuyer assistance.
Homeowner Helpline will also fund a mediation program with
the Municipal and Common Pleas Courts. The purpose of
mediation is to encourage homeowners and lenders to come to
the table and work out options for payment in order to prevent
the homeowner from losing their home to foreclosure.
Have homeowners in trouble call 211 for help.
Announcing Our New
Columbus Location
For over 150 years, the Wells Fargo name has stood for
reliability, integrity and pioneering innovations that help
people manage their money and grow their assets. As part of
the Wells Fargo & Company family, Wells Fargo Home
Mortgage can provide easy access to banking, insurance,
investment and consumer finance services to help our valued
customers achieve current goals and realize future dreams.
Our home mortgage consultants are available in more
than 2,300 locations doing business in all 50 states. Wells
Fargo Home Mortgage is a leading retail mortgage lender
and we are ready to meet your home financing needs.
Please stop by and see us at our new location (formerly
Homestead Mortgage Company)!
Wells Fargo Home Mortgage
8001 Ravines Edge Court, Suite 302 • Columbus, OH 43235
614-885-6336 Phone • 614-436-2021 Fax
Information is accurate as of date of printing and is subject to
change without notice. Wells Fargo Home Mortgage is a
division of Wells Fargo Bank, N.A. © 2008 Wells Fargo Bank,
N.A. All Rights Reserved. #55210 2/08-5/08.
28
More than 150 homes were featured
on the fall Super Sunday Affordable
Housing Tour
The Affordable Housing Committee held its second fall Super
Sunday Affordable Open House on Sunday, Oct. 5. There were
more than 150 homes priced $125,000 and below showcased all
over central Ohio and surrounding areas. In addition to providing
an opportunity to view affordably priced homes in our area, five
prospective new home buyers won prizes: Brenda Reed, our grand
prize winner, received a $500 VISA gift card, Carolyn Clark, our
second place winner won a $200 VISA gift card, and Donna
Britford, Shelia Cowgar and Keith Carter all won $100 VISA gift
cards. As the agent whose prospective buyer won the grand prize,
Paula Clark, Real Living HER, will receive a $50 gas card. The
committee has been hosting the successful Super Sunday event for
the past four years. But, we couldn’t do it without the help of our
community partners and prize contributors and would like to extend
a heartfelt thanks to them for their participation and generosity:
Media Sponsors:
The Columbus Dispatch
Insight Cable/Real Estate Shows
Prize Contributors:
Ruth Hiles, American Eagle
Mortgage Co.
Tami Campbell, Amerititle,
Reynoldsburg
Scott Briley, Apex
Pat Meyer, Arlington Bank,
Grandview Branch
Chicago Title
Keith Strait, Coldwell Banker King
Thompson
Lauren Woodrow, Coldwell Banker
Home Loans
Debbie McCloud, Concord
Mortgage Group
Dominion Homes
Julie Vore, 5/3 Bank
Homescan
Julie Karpik, Huntington Mortgage
Group
Daniel Ruggiero, Huntington
National Bank
Jan Wilson, Keller Williams Greater
Ohio
Cindy Windsor, Key Bank
Maronda Homes
Carolyn Frey, Mortgage Lender
Solutions
Tim Moffitt, National City Bank
Tim & Marianna Buell, Pillar to Post
Home Inspection
Vaugh Radi, Priority Mortgage
Real Living HER
Tammy Darst, Stewart Title of
Columbus
Talon Title Agency ofCentral Ohio
Tricia Nunemaker, Title First Agency
David Dewey & Mike Mulgrew,
Wells Fargo Ban
We also would like to extend a special note of thanks to all of the
REALTORS® who participated in this event — giving prospective
homebuyers an opportunity to tour the sturdy, vibrant stock of affordable housing in central Ohio and surrounding areas.
Last but not least, a special shout out to Super Sunday Subcommittee
Co-Chairs Mike Gencur and Jan Wilson, the Super Sunday
Subcommittee, Kathleen Novak, Title First Agency, for arranging
Super Sunday sign pick-up/drop-off points at central Ohio Title First
offices, the Super Sunday, and the Affordable Housing Committee for
their continued efforts to showcase and promote affordable housing.
Announcements
Sign up for a 2009
CBR committee
The Columbus Board of REALTORS® provides programs and services based on member input received through its 30 committees. Serve your industry and yourself by
signing up for a 2009 Committee. The 2009
Committee Registration Form is inserted in
this magazine; just complete it and submit
it to CBR. In order to qualify for the CBR
Million Dollar Club, you must fulfill the
service requirement – serving on a committee (and meeting its attendance requirement) or as an officer in a real estate related
organization.
Tip
Keybox
Self-Serve Support from Supra
Supra now offers a Self-Serve Support, providing online help and support 24
hours a day 7 days a week without waiting. Just go to www.supraekey.com and
scroll to the bottom of the page and click on Self-Serve Support. Then just follow
the prompts.
HGTV looking for recently
remodeled rooms!
Home & Garden Television’s (HGTV)
BANG FOR YOUR BUCK is gearing up for
its first season and is seeking people who
would like to showcase their renovations on
TV! The show is looking to showcase living
and dining rooms, basement, bathroom,
kitchen, and master suite remodels.
Each episode will compare three similar
remodels to see who got the most bang for
their buck. If you’re interested, please contact
Mindy Christiansen to request an entry form
at (303) 712-3248 or email
[email protected].
Appraisers:
Are you on the FHA roster?
Effective immediately, licensed appraisers
who were approved for placement on the
FHA appraiser roster, but who have not kept
their roster status current and who are now
requesting reinstatement to the roster will
be treated like new applicants and, therefore,
are not eligible for reinstatement. Only certified appraisers may receive reinstatement on
the FHA appraiser roster.
For more information go to
(www.hud.gov/groups/appraisers.cfm.)
29
Member News
Joseph Hart, Coldwell Banker King Thompson, has
received an Certificate of Appreciation from the
National Association of REALTORS® and REALTOR® Magazine for his commitment to improving the
quality of life for others, through his work with the
American Cancer Society.
Sharon Selby, Real Living HER, has earned the
Accredited Buyer Representative (ABR), Accredited
Buyer Representative Manager (ABRM) and the
Seniors Real Estate Specialist (SRES) designations.
Scott Solomon, Coridan & Associates, has been elected to serve as 2008-2009 president of Columbus
Commercial Industrial Investment, REALTORS®
(CCIIR).
Fifty-four local REALTORS® became more technologically
savvy, learning cutting-edge tips and tricks, during a two-day
CRS 206: Technologies to Advance Your Career held last
month at the CBR.
The class was taught by National CRS President Michael
Selvaggio on Oct. 13-14. The 16-hour program was an in-depth
look at everything from Smartphones, photo and video programs
to contact management software and navigational tools.
Clients are becoming more tech savvy everyday and more than 80
percent of buyers say they search the Web before even selecting a
REALTOR®. Many use texting or e-mail as their primary method
of communication and expect instant contact and quick responses.
“Therefore, we better focus our marketing and advertising dollars
on the World Wide Web and on tools that will help us enhance our
value to today's Generation X and Y clientele. Those REALTORS® that don't will be left behind,” said Chris Anderson, a CRS
REALTOR® who attended the class.
“Selvaggio also suggested we focus on first-time buyers that are
renting and aren't dependent on having to sell first. I can certainly
see how CRS 206 has evolved into the Council's most-appreciated
and attended two-day course.”
30
In Memoriam
Jean Allison, a former REALTOR®,
passed away on Friday, Sept. 26, 2008, at
St. Ann’s Hospital. She owned her own
real estate company and enjoyed working
for many years as a REALTOR®. She
was a dedicated Air Force wife for 20 years, an
advocate for the Afghan Hound Rescue of Central
Ohio, and an avid sewer. Jean is survived by her
husband of 58 years, Robert Allison; children, Sue
Allison Roberts, Kay (Kevin) Resch and Rick
(Julie) Allison; grandchildren, Timothy (Babette),
Allison, Christopher, and Jeremy Resch, Sara
(Edward) Jordan and Samantha Allison; great-granddaughter, Abigail Jordan; sister-in-law, Maxine
McCoy; and special pet companions, Brock and
Judah.
Jeffrey Paul Koontz, of Upper Arlington,
died unexpectedly on Wednesday, Oct. 8,
2008. Jeffrey was a REALTOR® with
Coldwell Banker King Thompson and a
member of the Columbus Board of
REALTORS® $25 Million Sales Award Club. He
served as a past President of the Northwest Area
Real Estate Association, a former Director of the
Upper Arlington Civic Association, and as a member
of Trinity United Methodist Church, Scioto Country
Club, Brookside Country Club, Upper Arlington
Chamber of Commerce, and the OSU President’s
Club. He was a graduate of Whetstone High School,
attended Miami University and a graduate of The
Ohio State University. He is survived by his wife,
Diane; children, Paula (Brian) Gilmour, Gregory
Koontz and his girlfriend Lindsay Thomas; and
Mark (Pender) Koontz, of New York City; grandchildren, Ashley Elizabeth and Jack Christopher
Gilmour; mother and father-in-law, Joanne and
Harry Edgington; sister-in-law, Judy and Dennis
Richardson and a host of other family and friends.
Jeff was the best and most loving husband, father,
“papa,” son and son-in-law who loved spending
time with his family. He loved Upper Arlington
sports, University of Virginia lacrosse, and OSU
sports. In his memory, contributions may be made to
The Nationwide Children’s Hospital Foundation,
700 Childrens Drive, Columbus, OH 43205.
Sales Associates Day Raffle
garners $540 for grant program
The CBR Equal Opportunity Committee extends a
special note of thanks to all who helped make our
Sales Associates Day raffle a success. From the
committee volunteers to all who purchased raffle
tickets to our prize contributors listed below, your
generous support will help jumpstart the career of
a new agent.
Prize Contributors
Nancy Bryant, The Basketry (Custom Made
Baskets)
CBR Member Service Center
Tom Holcombe, Real Living HER
Donna Jackson, ERA Orum Stair, REALTORS®
Karla & Mike
Gretchen McKay, Coldwell Banker King Thompson
Judy & Craig Mosier, Real Living HER
Philicia Pegram, Keller Williams Greater Columbus
Barbara Richardson, Real Living HER
The Richardson Team, Real Living HER
Sameerah Salahuddin, Premier Select Homes
Gail Tate-Johnson, Valley Real Estate Services
Tamara Waller, Organized Chaos, LLC
Mary Ann Ward, Wells Fargo Home Mortgage
Bev Woodford, Woodford Contemporary
Proceeds from the Sales Associates Day raffle
benefit the CBR Multi-Cultural Grant Program.
Sustaining Members
Brian Dytko
Clear Channel Communications Media
Kelly Belcher
Kelly’s Wholesale Carpet & Flooring, LLC
approved in October
Michael Alexander
Preferred 1 Inspections, Inc.
RS Broker Members
Denise M. Sens
Denise Sens, REALTOR®
Gregory Anderson
OLG Realty, LLC
Roger R. Schmidt
Roger Schmidt Realty
Joseph M. Peffer
Delicious Real Estate
Shawn F. Parker
New Perspective Realty, LLC
CI Broker Member
Paul W. Phillips
Highland Realty, LLC
Appraiser Members
Craig R. Jackson
Ohio Licensed Appraisals
Affiliate Members
Evans Mills
Residential Valuation Pro, LLC
Sheila A. Triplett
Huntington Mortgage Group
Richard L. Dile
Stewart Title Agency
CI Salespersons approved in October
Rebecca Davis
Century 21 Joe Walker & Associates
Gerard M. Papp
Street Sotherby’s International Realty
RS Salespersons approved in October
Diane C. Argabrite
Dustin F. Braun
Ericka A. Cole
Courtney L. Curry
Jill Cuthbert
Karen L. Farrell
Brian J. Gee
Rachel A. Grumbles
Debra A. Hamilton
Bethany L. Hancock
Richard N. Helwig
Kevin Hollis
Jeremy P. Hopping
Cathy L. Howard
Matthew H. Jackson
Crystal Leukart
Christopher B. Like
Sonia H. McClendon
Terry L. Moore
Michael J. Nunamaker
Agueda Orozco
Roger B. Peacock
Kathy A. Petrohilos
Gregory Allen Preston
Penny J. Robinson
Holly H. Welp
Heidi L. Magel-Wigtil
Trent G. Yoby
Real Living HER
The Alt Company
Real Living HER
RE/MAX Connection
Keller Williams Greater Columbus
Golden Gate Real Estate
Keller Williams Consultants
Solutions For Real Estate
Coldwell Banker King Thompson
AllQuest Real Estate
RE/MAX Impact
Keller Williams Capital Partners
Solutions For Real Estate
Northsteppe Realty
Connect Realty
Carleton Realty
Green Realty
Saxton Real Estate
Keller Williams AllStar One
Real Living HER
Realty Consultants
Exit Trinity Realty
Mentoring Sessions
November 20
Writing a Successful
Business Plan
Time:
Location:
Mentor:
Moderator:
9-10:30 am
Columbus Board of
REALTORS®
Darla Luebbe, Keller
Williams Capital Partners
Gretchen McKay,
Thompson
Talking Points:
• Creating a marketing plan to go along with
business plan
• Running your business as a business
• Coaching/Mentoring (where to go to get inexpensive coaching)
• Working with an assistant/LPA
• How fast to grow your business
• How much money to spend on expenses
(advertising, office, taxes, etc.)
• Discipline/make plan and work it (particularly
in a challenging market)
* Registrants are asked to bring one successful
business planning tip to share with your fellow
REALTORS®.
The Mentoring Sessions offer a great opportunity
for both new and seasoned REALTORS® to learn
about and share ideas on topics related to our
careers.
There is no cost to attend and registration is
appreciated, but not required.
Applications being
accepted for Multi-Cultural
Real Estate Grant
The CBR Equal Opportunity Committee is
now accepting grant applications for its
Multi-Cultural Real Estate Grant program.
Grants are awarded twice a year in January
and July. For the January funding period,
applications must be postmarked by
December 31.
To apply for the grant, applicants must be
associated with a member broker and must
apply within the first six months of being
licensed. Other eligibility requirements are
listed in the grant application that can be
found at ColumbusRealtors.com (click on
‘About CBR’ and “Membership Information’.)
33
Elimination of MLS Can ‘MLS’ Be Used in HUD Listings in the MLS
There has been great confusion for those tryAreas postponed
an Agent’s Web Site
ing to work with HUD properties and still stay
compliant with CBR MLS reporting policies.
After much discussion and debate
Address?
For this reason, a focus group is being creatover the last year, the MLS
Committee has decided not to eliminate the years old tradition of MLS
Areas at through Dec. 2009
Reasons noted for keeping MLS
Areas:
• Needed for searches and statistics;
• Majority of members likely still
using them;
• More familiarity and training is
needed with mapping functionality;
• Concern about availability of other
existing, viable options since polygon and tax district alternatives
are still being developed;
• Belief that use of areas is more frequent than the use of MLS books
before they were eliminated;
• No harm identified in keeping them;
• Unknown impact it would have on
the TEMPO 5 system’s functionality and not believed to be the optimum time for the change.
Short Sale Policy:
Review & Revision
Tech Support
2008 Member
e-mails/calls
January 1,747
February 1,708
March 3,192
April 2,500
May 2,100
June 2,100
July 1,737
August 1,708
September 1,590
The new Short Sale Policy effective
Oct. 1 requires that Short sale status
must be disclosed as soon as known.
How reduction in gross commission
will be handled must be disclosed.
Any details must be relayed through
the Agent-To-Agent Remarks section only.
A revision to this policy approved
last month adds that: As of Oct. 1,
2008, all short sale properties with
purchase contracts subject to bank
approval are to be placed in MLS as
CONTINGENT.
More information is available at
Columbusrealtors.com.
34
Question: I’ve noticed that quite a few
real estate practitioners are using a city
name followed by the letters “MLS,” even
though the URL is really for their Web
site, not their local Multiple Listing
Service. An example would be
JonestownMLS.com” as a URL for a broker in Jonestown. Doesn’t this violate the
Code of Ethics?
Answer: Until recently, the Code of
Ethics did not specifically address this
practice. However, as more REALTORS® have started using “MLS” to
indicate that their Web site gives consumers certain information derived from
their local MLS, the NAR Professional
Standards Committee decided that there
was a need to provide specific guidelines.
As a result, it recently adopted new Case
Interpretation 12-20 that holds that a
URL leading reasonable consumers to
the mistaken assumption that the Web
site belongs to an MLS instead of to a
real estate professional violates the
Code of Ethics. Effective January 2008,
Article 12 of the Code, which traditionally
required REALTORS® to present a “true
picture” in their advertising and other representations, was revised to expand
REALTORS®’ duties to be honest under
the Article and to make it clear that the
“true picture” test in the Code of Ethics
applies to all communications, including
Web sites and blogs.
In addition, new Standard of Practice 1213 states that “REALTORS® shall not: 1)
use URLs or domain names that present
less than a true picture or 2) register
URLs or domain names which, if used,
would present less than a true picture.”
Reprinted from REALTOR® Magazine,
06/01/2008 by Columnist Bruce Aydt, ABR®,
CRB.
ed to discuss the issues involved. Fines for
non-reported HUD closings will be temporarily
suspended until a determination is made as to
how to proceed. Feel free to contact CBR’s
Mike Gautier or Stan Collins should you have
a comment or suggestion on this important
topic.
Tech Tip
Add CBR Tempo Web address to
your IE trusted sites
While not required in order to use the core
aspects of Tempo, adding the CBR MLS Web
address - cbrmls.columbusrealtors.com - to
your Internet Explorer “Trusted Sites” is highly
recommended and allows for extra, useful
functionality in CBR Tempo.
Benefits of adding
cbrmls.columbusrealtors.com to your Internet
Explorer Trusted Sites:
• Allows use of the “Save as PDF” option in
various areas of CBR Tempo (Active X controls must be installed as well)
• Allows use of the image zoom tool before
saving an image on Image Upload
• Allows use of image preview before saving
an image on Image Upload
The following are instructions on adding the
CBR Tempo MLS address to your Internet
Explorer “Trusted Sites:
• Open up Internet Explorer
• Go to Tools > Internet Options
• Click on the “Security” tab
• Select “Trusted Sites”
• Click the “Sites” button
• On the screen that comes up, uncheck the
“Require server verification...” option.
• In the “Add this Web site to the zone” field,
type in: cbrmls.columbusrealtors.com
• Click Add. This should move the Web site
into the “Web sites” box below.
• Click Close. Then click OK.
• Close ALL open Web sites.
• Reopen Internet Explorer and log back into
CBR Tempo.
How is the MLS Committee formed?
MLS Committee Makeup
The MLS Committee is made up of members from predetermined listing categories.
The number of members allowed to serve is
based on a simple formula using the units of
activity (Listings + Agents + Solds + Offices).
The units of activity are combined for all
companies in each listing category and
taken as a percentage of the whole.
Every 5% (determined by rounding up to the
nearest whole number) of units of activity
equals 1 seat and 1 vote for that listing category.
The units of activity are reviewed annually
for the period of October 1 through
September 30. So the 2008 MLS Committee
positions were determined by the units of
activity from 10/1/06 – 9/30/07.
For the upcoming MLS Committee Election,
the units of activity for the period of 10/1/07
– 9/30/08 will be summarized and the number of seats in each listing category determined by those results. Nominees will then
be selected for the appropriate listing category openings resulting from members
whose terms are expiring this year.
serve (unless appointed) on the committee
during the same year.
Attendance
If a member misses four meetings per year,
they shall be removed from the committee
and the Board President shall appoint someone to serve the remainder of the year within
the same category. The person elected or
appointed at the year-end to fill the vacancy
shall serve only the unexpired term.
Election
Similar to the process of electing CBR
Directors, a Nominating Committee is elected during the Annual MLS Business Meeting
(held immediately after the regular Business
Meeting). However, only Participants (brokers) may vote at the MLS Annual Business
Meeting.
The 2008 MLS Nominating Committee will
be the current MLS Chairman (Ben
Calhoon), the President Elect (Gary
Parsons) and the following five (5) participant members elected Oct. 23: Jeff Murray,
Murray Realty; Ron Hobelman, Keller
Williams Capital Partners; Pat Kearns Davis,
RE/MAX Capital Centre; Linda Niemann,
Niemann Real Estate; and Gary Francis,
American Dream Realty.
No member of the MLS Nominating
Committee can be nominated as a candidate for the MLS Election.
The Nominating Committee will nominate
two (2) candidates for each seat. Ballots will
be mailed to all MLS brokers in November
and will be due back to CBR in December
(dates not yet determined at press time).
If interested, please email your resume to
Mike Gautier at [email protected] for consideration by the MLS
Nominating Committee that meets Nov. 18.
The Presidents of the Delaware, Fayette,
Madison, Morrow and Union County
Boards/Area Realty Associations shall
appoint their committee representatives.
The C/I Section representative on the MLS
Committee shall be the Chair of the COCIE
Governing Board.
The Technology Users Group is also afforded a position on the MLS Committee, however that appointment does not have a vote.
Eligibility
Any MLS Participant (broker) or licensee
associated with a Participant is eligible but
the broker approves any selection as they
are a representative of that company. Not
more than one (1) nominee for election can
be from the same office and no more than
four (4) from the same office may actually
35
NAR launches Web page to help REALTORS®
navigate the economy
Last month NAR started a Web page (Realtor.org/NARHelpsYou) full of free information and tools, including the all-new FHA Toolkit online. The free online kit can
help you get clients the financing they need in the current credit environment.
A new page has been added to the Website, NAR Helps You Navigate the Current
Economy, where you can find dozens of articles and reports on foreclosure, short
sales, protecting your finances, the credit crisis and economic recovery act, as well
as local market reports and business tips.
First floor master bedrooms among enduring home
design trends
Katherine Salant, nationally syndicated columnist and author of The Brand-New
House Book, says homes with both a master and second bedroom on the first floor
have become the most popular because they appeal to all age groups.
Young couples use the second bedroom as a nursery. Middle-age couples use it to
keep aging parents close by, and older couples like the design because their differing sleep patterns make sharing a bedroom difficult, Salant says.
Here are other trends Salant
points to:
• The newest variation on
the home office is a completely separate office
space, connected to the
house by a hallway or a
breezeway.
• Kitchens are getting
smaller, but they are connected to larger dining areas, often with a center island where family members
can sit while they have an informal meal.
• Oversized family rooms with high ceilings are giving way to smaller, cozier
rooms with lower ceilings.
• Home theaters have lost much appeal because people don’t want to watch television in a separate area of the home. TV viewing is a more informal activity
that people engage in while they’re doing other things like cooking or getting
ready for work.
NAR pushing Congress to return
for a lame duck session to craft
housing stimulus package
On Oct. 21, 2008, NAR President Dick Gaylord wrote to
members of Congress indicating the need for members to
return to Washington immediately after the Presidential
election to craft a stimulus package that focuses on
housing. As a foundation for any forthcoming stimulus
package, NAR forwarded Congress its 4-Point Housing
Stimulus Plan that includes the following:
1. Remove the requirement in the current law that firsttime homebuyers repay the $7,500 tax credit, and
expand the tax credit to apply not only to first-time
buyers but also to all buyers of a primary residence.
2. Revise the FHA, Fannie Mae and Freddie Mac 2008
stimulus loan limit increases to make them permanent.
The Economic Stabilization Act, enacted in February,
made loan limit increases temporary, and subsequent
legislation reduced the loan limits and made them permanent.
3. Urge government to use a portion of the allotted $700
billion rescue package to purchase mortgage-backed
securities from banks, which will provide price stabilization for housing. The Treasury department should be
required to use the newly enacted Troubled Assets
Relief Program to push banks to:
• Extend credit down to Main Street, making credit
more available to consumers and small businesses
• Expedite the process for short sales
• Expedite the resolution of banks’ real estate owned
(REOs) properties
4. Make permanent the prohibition against banks entering
real estate brokerage and management, further protecting consumers and the economy.
37
FOCUS on real estate continued...
Forecast from NAR:
Affordability is Key
In NAR’s Chief Economist
Lawrence Yun’s forecast,
released Oct. 22, he states that
the U.S. economy has entered a
recession and will contract for
the next three quarters. The
recovery, beginning in the second half of 2009, will be tepid. The unemployment rate will peak at 6.7 percent by mid next
year before steadily heading down.
Despite these challenging economic times,
existing home sales will be rising. Why? The
answer, in a word: affordability. Currently, the
most important factor driving home sales is
affordability. With home prices falling in
many parts of the country and mortgage rates
still near historic lows, affordability conditions have markedly improved. Even with rising unemployment, nearly 93 percent of
households will have jobs. These 93 percent
of the working households (rather than 95
percent during good economic times) respond
to home buying incentives. Measures such as
the recently enacted first-time homebuyer tax
credit and a larger number of mortgage loans
that qualify for purchase by Fannie Mae and
Freddie Mac and through the FHA program
will further bring homebuyers to the marketplace.
I say this because we have history as a lesson. Back in the prior recession (2001-2003)
the economy shed nearly 2 million net jobs.
Even during those years, existing-home sales
rose from 5.2 million to 6.2 million just as
jobs were being cut. New home sales, likewise
rose from 900,000 to 1.1 million. Mortgage
rates were falling. Housing affordability
increased. While those 2 million job cuts were
painful, the economy still had 130 million job
holders. And given the right incentives, they
purchased homes.
To read the full article, visit www.realtor.org
/research/reinsights/marketintelligence.
38
MEMBER
Discounts / Services
Featured Vendors:
All American Moving and Storage
Daniel R. Dragin, (614) 224-0077 ext.205
[email protected]
All American Moving and Storage is a full service local and interstate
mover committed to providing top quality commercial & residential
relocation services. For CBR Members, we offer one of the following to
accommodate the variety of client needs: free storage, free boxes, free
valuation (insurance) or simply a discount on your move. Please call Ed
– our talented musician in the company, or Paul – our avid golfer, for
full details and to receive a free estimate. We are proud to have been
selected as a Preferred Vendor with the CBR, and extend our thanks to
all of those REALTORS® who have supported us over our 5+ years in
business. We look forward to working with you.
Leaders Moving
Jayson Foust, (614) 785-9595
[email protected]
In March of 1994, two friends, one truck, and a handshake started
Leaders Moving and Storage. Today, with over 20 fully staffed trucks,
and a new 37,000-square-foot storage facility, Leaders has grown and
completed over 75,000 moves. What makes Leaders Moving and
Storage different from other moving companies is the exact move cost
guarantee. You will know from the beginning what your move will cost,
no stress do to uncontrollable factors. Our valued customers can also
take advantage of our free box loan program and our temperature controlled storage. CBR members will benefit by receiving a $50 gift card
to go towards moving-day expenses. More importantly, customers will
have the peace of mind that their belongings are being handled with
the utmost care. My name is Jayson Foust and I will do everything possible to make your moving experience with us, a great one.
Two Men and A Truck
Stephanie Clarey (614) 224-6683 (MOVE)
[email protected]
TWO MEN AND A TRUCK® Columbus, a woman owned business, has
over 15 years experience of serving the Columbus market and surrounding areas. As the nation’s largest franchised local moving company we strive to exceed customers’ expectations as we proved when we
earned the J.D. Power and Associates 2008 “Highest in Customer
Satisfaction with Full Service Moving Companies”. Customers also benefit from having free estimates, trained, uniformed movers, who are
insured and bonded to handle any home and business moving tasks
nationwide or local.
1-800-GOT-JUNK? – Anthony
(614) 499-3460; fax (614) 2100244. North America's largest junk
removal service. Ten percent discount
for CBR members and their clients.
All American Moving &
Storage – Contact Sales Dept.
(614) 224-0077 or [email protected].
FREE storage, FREE boxes, FREE valuation, or DISCOUNTS! Local and
now interstate moving.
Office Depot – Jeanne Barrett
(614) 442-2228. 30-70% discounts on office supply and technology needs. Free next day delivery with no minimums. Multiple
office and home office accounts
available.
Professional Computer Forms
– 1-800-955-6284. CBR standard
forms on-line with autofill capability. Internet version - $70 per year;
Desktop version - $75 per year.
Blazer & Associates – (614) 4878601. Health insurance plans
including Anthem's two person
groups.
Pro-Source, Inc. – Rich Williams
(614) 751-8451. Discount on carpet (50%) and hard-floor covering
(30%).
Brinks Home Security – James
Holland, (614) 679-4482. Free premium security system for members
and their clients. CBR members also
receive a $75 referral fee for each
client that signs up.
Riterug – Steve Peck (614) 4029666. Wholesale prices on carpet/
flooring through their mobile showroom (not available at retail
stores). Call and they’ll come to
you!
CBR Member Service Center –
Brandi Graves (614) 475-4000.
An array of Real Estate related materials for REALTOR® members.
Sprint – Jackie Notestone, 614267-2585, [email protected]. Special savings for new
and existing wireless customers
and Smartphone program.
CBR Printing Services – Nate
Huber (614) 475-4000. Low cost,
high quality design and printing for
members only. Color Copies $.65/copy ($.45/copy for 100+)
Cheryl's Cookies & Gifts – Carla
Moodipaugh, (614) 776-1546.
Discounts on tasty client gifts. (personalization and enclosures available.)
The Harrison Agency/MetLife
Auto and Home – Greg Harrison
(614) 539-5192
www.insureohio.metlife.com.
Competitive rates on home and
auto insurance.
Kemba Financial Credit
Union – (614) 729-1393. A full
range of financial products and services with great rates.
Leaders Moving – Jayson Foust
(614) 785-9595. “Ask me about our
free box loan program” I can also
give you a $50.00 gift card to give to
your clients.
McCloy Financial – Thomas
Billman (614) 442-4569 or Jerry
Sigal (614) 442-4634. Long Term
Care Insurance
Merkel Financial Services –
Michelle Merkel, CFP (614) 4814455. Discounts up to 30% on
long-term Individual Disability
Insurance.
Sugardaddy's – Beth Rose
(614) 888-4491. 10% discount on
all orders. Hand baked sumptuous
sweeties in silk gift bags (monogramming available) with next day
delivery.
TNT Powerwash – Amy Van
Fossen (614) 444-8686. $30.00
off regular price for clients and
25% discount for members.
Twin Horizons Travel – Susan
or Robin Schneider, (614) 7938855. Spa, resort, cruise, European
tour, skip trip, or family vacation,
Twin Horizons will create a getaway exactly right for you.
Two Men And A Truck –
Stephanie Clarey (614) 2246683 (MOVE). Call us and earn
gift cards for your referrals!
UFAX – Brian Hoy (877) 3298329. Send and receive faxes
online or via your email! Signup at
ufax.net. Use promo code "CBR"
to get $9.99/month pricing!
Vernon Sales Promotion –
David “O” Olivia, (614) 9018999. Reach clients and prospects
with targeted advertising. Visit
www.vernoncompany.com/davido.
See special REALTORS® link.
39
th
1908 - 2008
CELEBRATING 100 YEARS...
At that time, CBR didn’t have any real
estate education courses. I told CBR we
needed education and as a result, I was
asked to plan and teach real estate
courses, which I did for four years.
Harley Rouda, Sr.
CBR President 1969
My motto: “I may not always be right,
but I am never in doubt.”
I started HER, REALTORS® in 1955.
By 1967, HER was the number one residential real estate company in
Columbus and we have never lost that
position. We were, and still are, very
successful.
Taken at the Board’s 1991 Forecast Night,
Rouda was serving as NAR President and
took the time to address his hometown
crowd. He showed the capacity audience an
article about Columbus that appeared in
Phoenix, Arizona’s daily newspaper and
said the central Ohio economy is a bright
spot in the nation.
42
Realvillities is one of my fondest memories. I wrote, produced and emceed this
comedy presentation. Many old timers
still remember seeing John Pace, Bill
McCorkle and Cecil Neff, dressed as
hippies, dancing on stage while singing
“Winchester Cathedral” with gusto.
And who can forget seeing four of the
best looking (and appropriately costumed) CBR “Playboy Bunnies” with
the first saying, “I’ve been assigned to
the Chicago Club.’ The second followed
by proudly saying, “I’ve been assigned to
the Los Angeles Club,” and the third
said, “I’m going to the New York Club.”
At that moment, Jeri Zang – dressed
quite frumpy – walked in and said, “I
didn’t know they had a Playboy Club in
Poland!”
The incomparable Margie Coyle’s role
was the “cue-card cutie” and she was
“exciting” as the photo included in this
article reveals. The Board photographer
felt it was necessary to take photos several times … and who could blame him?
The house sold out every time and
many talented REALTORS® made the
show a great evening!
During my career, I chaired almost every
CBR committee and the MLS
Three prominent Columbus REALTORS®
gather in 1991: Jack Myers, who served as
CBR President in ’91, Myrna Kobre, Past
CBR President who was serving as OAR
President in ’91 and Rouda, who was NAR
President.
Committee for two years, which had
never been done before. I was the only
CBR President that went through four
chairs, instead of five.
In 1991 Habitat for Humanity chose
Columbus as its honored city and I was
named National Honorary Chairman of
Habitat for Humanity that year. Former
President Jimmy Cart came to Columbus to celebrate our being named the
honored city and I proudly walked with
him down Broad Street to celebrate the
event, giving him a brief glimpse of our
great city.
In addition to my time as CBR
President, I would be remiss to not
mention my experiences as NAR
President. In the 100 years of the
Columbus Board of REALTORS®, we
have been fortunate enough to have two
National Association of REALTORS®
Presidents – John W. Galbreath in
1944, and myself in 1991.
In 1989, I became a candidate for
NAR’s First Vice President at the
national convention in San Francisco.
For the first-time in recent history, we
had a contested race. My opponent happened to be a commercial REALTOR®
and I was, and still am, a residential
REALTOR®. Because he was commercial, he probably didn’t go to as many
real estate meetings as I did, which gave
me a slight advantage.
Prior to the election, I called John W.
Galbreath and asked his permission to
use the phrase he always used after concluding a speech. He said, “Absolutely,
but make sure you win!” His phrase was,
“I may not always be right, but I am
never in doubt.” Since then, I have used
those words quite often in my career.
Rouda and his wife Marlese after being handed the gavel at the 1968 President’s Ball.
Galbreath was one of the original
inductees. I was honored in 1992 and
Bob Weiler was honored several years
ago.
I am slowly coming to the end of my
career, so I felt quite honored to be
installed as the sixth person in the Hall
of Fame of the NAR Certified
Residential Brokers Association (CRB)
last year.
I am very thankful that we have had
great leaders as CEOs that have contributed to our being one of the best
real estate boards in the country. Keep
up the good work for the next 100
years!
Picture of Rouda while serving as master of
ceremonies during the 1967 Realvillities
variety show held at the Neil House.
Margie (Fisher Coyle) Holzer at the 1969
Realvillities talent show.
Rouda with Columbus Mayor Maynard E.
Sensenbrenner, and Board Executive Vice
President Larry Chambers celebrating the
mayor’s proclamation of REALTOR®
Week, May 18-24, 1969.
The campaign and election was very
competitive. When the 395 votes were
counted … and counted again, I had
won by three votes! With the help of
NAR staff members, I attended 98 committee meetings to thank them for their
dedication and service to our industry
and the REALTOR® organization.
There have been three CBR REALTOR® members elected to the central
Ohio Business Hall of Fame. John W.
At the 1969 President’s Ball, the incoming officers for 1970 gather: Twink Starr, Jim Owen,
Brad Salt, John Hill, Gene Jaques and Rouda.
43
44
45
Highlights
Sales Associates Day
& Surfin’ CBR Expo
The Big Kahuna
About 278 members started the day with the
Annual Business Meeting during which reports
were provided on membership, finances, MLS,
the REALTORS’® Charitable Foundation, The
Grass is Greener Here campaign, the 100th
Anniversary, REALTOR® Care Day, the 2009
CBR’s Got Talent show, a C/I update, and a
new committee starting next year, the Young
Professionals Network.
U.S. Congressman and former REALTOR®
Patrick Tiberi was on hand to congratulate the
Board on its 100th anniversary and presented
President Greg Hrabcak with a proclamation in
recognition of 100 years of service to the
housing industry and community.
Attendees were also treated to a special
musical performance by CBR’s own band,
TEMPO 5!
Four REALTOR® members were elected to
serve on the 2008 Nominating Committee;
Ted Griffin, Mar’ Hartley, Marian Reitano and
Kevin Strait will serve with Chair Chris
Reese, and fellow members Gary Francis,
Bob McCarthy, Bonnie Nyikes, Sara Walsh,
Jay Zollars, and Brad Bennett.
Five MLS members were elected to serve on
the 2008 MLS Nominating Committee; Jeff
Murray, Ron Hobelman, Pat Kearns Davis,
Linda Niemann, and Gary Francis will serve
with Chair Ben Calhoon and CBR PresidentElect Gary Parsons.
Sales Associates Day
& Surfin’ CBR Expo
Thursday, October 23, 2008
Aladdin Shrine Center
Platinum Sponsors
Talon Title Agency of Central Ohio, Inc.
Wells Fargo Home Mortgage
Gold Sponsors
ABC Gas Repair, Inc.
Concord Mortgage
Group
Hondros College
46
Catching a Wave
The afternoon CE class featured Peg
Ritenour, Vice President and Legal Counsel
for the Ohio Association of REALTORS®,
who covered the latest legal issues affecting
the real estate market today. The course satisfied the core law continuing education
requirement and had 309 participants.
This year’s prize for Best Booth went to
Divine Designs Unlimited, LLC. Concord
Mortgage and Title First Agency also
received honorable mention.
Hangin’ Ten at Surfin’ CBR Expo
100 vendors were on hand to Hang Ten with
over 700 CBR members who attended the
expo this year. Several booths and vendors
came decked out in surfing style. Attendees
also enjoyed a lunch buffet, and dozens of
door prizes, raffles and give-a-ways!
Many thanks to Pam Wingate, chair of the
Sales Advisory Committee and her fellow
committee members for helping to provide a
sunny day at the beach!
Mary Sguerra of Real Living HER won the
CBR “Door Prize.” The prize was a door,
covered with gift cards to various retailers,
and restaurants, 50 lottery tickets, cash and
other prizes!
Highlights
47
Highlights
Legislative Reception – Sept. 25
The CBR Legislative Reception was held Sept. 25 at the Capital Club in
downtown Columbus. The popular annual event provides an opportunity for
members to network and discuss issues and the upcoming election with a
wide assortment of candidates and elected officials.
This year, we had 77 CBR members and 60 candidates and elected officials in attendance.
Jan Jedlinksy, Richard Cordray (state Treasurer and candidate for
Attorney General), Ted Oatts, chair of the CBR Governmental
Affairs Committee, and Mar Hartley
CBR President Greg Hrabcak, Julie
Lynch (Franklin County Common
Pleas Court Judge) and AEO Stan
Collins.
Steve Stivers (state Senator and
candidate for U.S. Congress
from Ohio’s 15th district) and
Bev Halterman.
Steve Stivers (state Senator and candidate for U.S. Congress
from Ohio’s 15th district), Kurt McCurdy, Marian Reitano and
Steve Austria (state Senator and candidate for U.S. Congress
from Ohio’s 7th district).
Feature of the Month
November
2009 Magnetic Calendars now available, 16 different
designs. $45.00 for a 100 count box
Member Service Center
CBR Headquarters, 2700 Airport Dr.
475-4000 x230
49
CBR CALENDAR
NOVEMBER
3
3
3
4-7
4
4
4
5-10
5
5
6
6
6
6
10
11
11
11
11
11
12
12
12
12
12
13
13
13
14
14
14
17
17
18
18
18
18
19
20
20
20
20
20
21
25
25
27-28
DECEMBER
CEO Succession Task Force
Sales Award Auditing Session
Sales Advisory Committee Training
Sales Award Auditing Session
COCIE
Staff Meeting
Realist
NAR Convention - Orlando
Tempo II
RS Education Committee
Increase Sales/Investment
Tempo I
CORPAC Fundraising Committee
Investment Seminar
Investment Properties
Fair Housing for the Information Age (civil rights)
Palm OS Treo Basics
Tempo Wireless
Member Services Committee
RS Standard Forms Committee
Tempo I
Equal Opportunity Committee
Affiliate Appreciation Luncheon
MLS Appeals Panel
MLS Meeting
Professional Standards Committee
NM Orientation
Sales advisory Committee
Affordable Housing Leadership Committee
Affordable Housing Committee
Affordable Housing Roundtable – Save our Home
Professional Standards Committee
CI Luncheon – Insurance
CBR Officers Meeting
Tempo II
Technology Users Forum
COCIE Super Users
CBR Directors Meeting
Mentoring Session – Writing a Successful Business Plan
Tempo III
Adv. COCIE
Grievance Committee
Investment Seminar Part II
Governmental Affairs Committee
CI Steering Committee
CI Membership Committee
Thanksgiving – CBR Office closed
8:30a
9a
9a
8:30a
9a
9:30a
2p
9a
1p
9a
9a
1:30p
7p
9a
9a
9a
11:30a
1p
2p
9a
10:30p
11:30a
Nn
1p
8:30a
9a
2p
9a
10a
11a
8:30a
11a
8:30a
9a
1:30p
3p
11:30a
9a
9a
1p
2p
7p
9a
Nn
1:30p
1
2
2
3
3
4
4
8
8
9
9
9
9
10
10
10
11
11
12
12
13
16
16
16
17
17
18
18
18
19
25
29-31
30
30
Staff Meeting
9:30a
Tempo I
9a
CI Lunch – Italian Village & Green Issues (off-site Italian Village) 11a
Palm OS Treo Basics
Tempo Wireless
11:30a
CI Education Committee
8:30a
NM Orientation
9a
BRAC
10a
Communication Committee
1p
Tempo II
9a
Intro COCIE
1p
Member Services Committee
1p
RS Standard Forms Committee
2p
Equal Opportunity Committee
10:30a
MLS Appeals Panel
Nn
MLS Committee Meeting
1p
Tempo I
9a
Sales Advisory Committee
2p
Affordable Housing Leadership Committee
9a
Affordable Housing Committee
10a
President’s Ball (Aladdin Shriner Center)
CBR Officers Meeting
8:30a
Current Legal Issues (Core Law)
9a
Tempo III
9a
Tempo II
9a
CBR Directors Meeting
11:30a
Adv. COCIE
9a
Foundation Fund Advisory Board Meeting
10a
Grievance Committee
2p
CI Nominating Committee
9a
Christmas – CBR Office Closed
Retreat Prep
8:30a
CI Steering Committee
Nn
CI Membership Committee
1:30p
• Programs/ Education classes approved for
or pending C.E. credit are indicated in BOLD
• Dates are subject to change
ADVERTISER INDEX
ABC Gas Repair ................................................................. 22
Chicago Title ...................................................................... 29
Columbus Dispatch ............................................................ 41
Concord Mortgage Group .................................................. 31
Duffy Homes ........................................................................ 2
Eagle Land Title ................................................................. 23
Epcon Communities ........................................................... 48
Equity Central .................................................................... 38
The Glass Guru ................................................................. 29
IBA ..................................................................................... 33
Lifestyle Communities ........................................................ 51
Maronda Homes ................................................................ 14
M/I Homes .......................................................................... 40
50
Northwest Title ................................................................... 38
Olentangy Eye & Laser Assocs .......................................... 32
Rite Rug REALTOR® Direct ................................................. 5
Schumacher Homes .......................................................... 10
Stewart Title ....................................................................... 11
Title First ............................................................................ 36
Truberry Group ................................................................... 52
Village Communities .......................................................... 16
Wayne Homes .................................................................... 12
WCR ................................................................................... 11
Wells Fargo ........................................................................ 28
World Inspection Network .................................................. 32
In Contract Magazine is a
great way to target 7,300
real estate professionals!
In Contract is published 10 times a
year. Advertisers who sign 10 or 5
time contracts receive discounts for
frequency.
In Contract has several ad sizes to
fit all advertising needs. To receive
an advertising rate card, contact
Marqué Bressler or Lynn Hackworth
at (614) 475-4000.
It’s Personal
At Lifestyle Communities we don’t just build
homes – we provide the spark that promotes
unforgettable living experiences that cater to
the ﬁrst time home buyer.
As the #1 condominium developer in Central
Ohio, our 5 convenient locations offer townhome
condos and single-family homes priced from the
$90s to the low $200s.
At Lifestyle Communities we believe in a home
buying experience that goes beyond four walls
and revolves around your client and their style.
From the Techie to the Foodie to the Entertainer
– we have a list of custom amenities assembled
just for your client. Plasma televisions, gourmet
kitchen with quartz countertops, wet bars – even
cooking classes with the Adventure League.
The good life happens here.
Techie
Entertainer
Visit Lifestylecommunities.com
to ﬁnd a location and learn more about our
“It’s Personal” promotion.
Foodie
Blacklick • Canal Winchester
Dublin • Gahanna • New Albany
lifestylecommunities.com
Columbus Board of REALTORS®
IN CONTRACT Magazine
November 2008

Fiduciary Duty of Real Estate Agents

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