35 February 2005 - Greater Las Vegas Association of Realtors

Transcription

PAID ADVERTISEMENT
2
SOUTHERN NEVADA REALTOR® • FEBRUARY 2005
REALTOR®
Southern Nevada
Table of Contents
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35
Political Affairs
Consumer Use Tax Report
Fair Housing
Erect Barriers to Legal Liability
Professional Standards
Commonly Asked Questions
Legal Corner
Optimism Can Get You Sued
Tips & Tricks
Keeping Your System Up To Date
Interealty
Adding Fields to Searches
MLS
Property Types
Forms Committee
If You Can’t Beat’em, Join’em
Quality Control
The ABC’s of Entering a Listing
Commercial
New Year Events
WCR
What Does The Market Hold in 2005?
NAR Reports
Tsunami Relief
2nd Annual Senior Holiday Mixer
Earnest Money Disputes
Future of Real Estate
New Inductees
Home & Condo Sales Reports
Annual MLS Statistics
Member Benefits
February/March 2005 Calendar
February 2005
The Greater Las Vegas
Association of REALTORS®
1750 E. Sahara Avenue,
Las Vegas, NV 89104
Phone: (702) 784-5000
Fax: (702) 784-5060
Website: www.lasvegasrealtor.com
Articles appearing in Southern Nevada
REALTOR® do not necessarily carry
endorsements of The Greater Las Vegas
Association of REALTORS® (GLVAR), its
Board of Directors or its Members unless
indicated as approved by the GLVAR.
Southern Nevada REALTOR® is edited
and produced exclusively by GLVAR.
Community Relations Administrator:
Cassandra Patterson
Publications Specialist:
Michael Stopka
Southern Nevada REALTOR® is printed
by Mervine Communications Inc.
Contact: Patrick Mervine
Phone: (702) 682-1066
Email: [email protected]
Paid Advertisements in the Southern
Nevada REALTOR® are not to be
construed as endorsement of the
advertiser, product or service by
The Greater Las Vegas Association
of REALTORS®. Publisher reserves
the right to reject or discontinue any
advertisement at its sole discretion.
For information on advertising in the
Southern Nevada REALTOR®, contact
Cassandra Patterson at (702) 784-5000,
or via email at [email protected].
Annual Subscription Rate:
Non-members $25.00
WEB SITES AND HOTLINES:
National Association of REALTORS®:
Web Site: www.realtor.com
(to access realtor.org and over 1.3 million
New & Resale Homes)
Nevada Association of REALTORS®:
Web Site: www.nvar.org
Email: [email protected]
Nevada Real Estate Division:
Website: www.red.state.nv.us
Fair Housing Hotline:
(Robert Sadler, GLVAR)
Hotline phone #: (702) 733-7758
Legal hotline: (NVAR in Reno)
Hotline phone #: (800) 748-6999
Technology Hotline: (NVAR in Reno)
Hotline toll-free phone #: (866) 232-1836
ON THE COVER:
Photo courtesy of Las Vegas Convention
and Visitors Authority.
President’s
Message
By Myrna Kingham
possible keep up out of trouble. You can always learn
from others mistakes.
Please remember your contribution to the Political
Survival Fund (PSF). This is a legislative year and
there will be more issues that we will be dealing with
that will directly effect our industry. We need to protect
our industry and contributing to PSF is the first step.
How about this for the start of a new year: lots of badly
needed rain and snow for Nevada, lower interest rates
holding steady, home prices stabilizing and builders
inviting us out to sell their properties. That’s what I call
a great beginning for a new year.
2005 has really started out with a bang, homes sales for
November 2004 totaled 4,232, a 9.8 percent increase
from the same time last year. With low interest rates
persisting, we should break all previous records for resales, new homes and condominiums.
President Myrna Kingham can be reached by emailing
[email protected]
With the home builders back on our band wagon and
additional incentives being offered, new homes sales
should also increase in 2005. Through the efforts of our
Builder/ REALTOR® Committee and the creation of
the builder website our agents can now get the rules of
engagement for the different communities.
This is a website we provided for the builders to enable
them to update important information on a daily bases.
They can post their co-op fees, registration rules and
any incentives that are offered. This was a big step for
our Association and the builder community. Our thanks
to past President Lee Barrett for his efforts with this
website.
Through lasvegasrealtor.com you can also pull up the
Real Estate Commission decisions on hearings. I
encourage each one of you to take the time to read the
hearings on line. This is a true education and could
4
From the Desk of the
Executive Vice President
By Irene Vogel
This Year...One Goal
There is no better time than the beginning of the New Year to
make a fresh start and a few improvements in your life. This
time of the year many of us come up with a list of New Year’s
resolutions … I know I do it every year. That’s the problem.
It is a list and often a large one…one difficult to adhere to and
it can be overwhelming. The result? We fail at all of them.
This year instead of thinking up a long list of improvements,
sit down and ask yourself, “What is one thing—just one
thing—I can do to significantly improve my life or my business this year?” So in 2005 choose one big goal and make a
real commitment to achieving it.
Our first day back at work after the holiday was hectic to say
the least. 8000+ members had not paid their annual dues for
2005 and approximately the same number had not paid their
MLS quarterly fees. The rain did not deter our members from
lining up to pay the fees due (to avoid any late charges). In
addition, the Real Estate Division issued licenses to many
who have been waiting over eight weeks or more; so over 28
applications were processed in one day along with taking
dues payments. Thanks to our staff that showed what team
work means and THAT ONE PERSON CAN MAKE A
DIFFERENCE. Everyone pitched in to assist so members
would be assisted in a timely manner. Perhaps one resolution
we can make is that we will not wait until the last minute to
pay our fees.
Housing Market Ends Year On A Strong Note
Stronger than expected home sales and higher median prices
have caused National to revise its year-end forecast. Existing
home sales are expected to jump 7.9 percent to 6.58 million
in 2004, well above last year’s record. The national median
home price is projected to rise to approximately $182,500 for
the year. New home price is projected to increase 8.9 percent
to $214,600.
HUD Secretary Alphonso Jackson announced that FHA has
increased its single-family home mortgage limits by more
than 7% from last year. Effective January l, 2005, FHA will
insure single-family home mortgages up to $172,632 in low
cost areas and up to $312,895 in high-cost areas. The loan
limits for two, three and four unit dwellings also increased.
Low income and first time home buyers are attracted to
FHA insured loans because the agency requires only a 3%
down payment.
Photographer: Jim K. Decker, Las Vegas Review-Journal
Commercial Real Estate Demand On The Rise
A silver lining to the recent slide of the U. S. dollar on foreign
currency markets is an expected boost to U.S. exports that
could also stimulate foreign purchase of U.S. commercial
property according to David Lereah, NAR’s chief economist.
The growth in federal budget deficits is the primary factor in
the dollar’s decline. Another sign of a healthier commercial
market according to Al Mansell, NAR President is that many
of the largest pension funds have started to increase the share
of their investment in this asset class.
This is the year that the Legislators meet in Carson City.
Property Tax is one of the issues. The 2005 legislators will
be evaluating the Property Tax Relief Proposal. We have
established a work group that is studying this issue. In some
areas of Las Vegas property taxes are reaching as high as 76%
of the property value. Obviously it is an issue we need to
study…..which brings me to the area of political survival
fund contribution. Hopefully when you wrote your dues
check for 2005 you included your contribution to PSF.
UNTIL NEXT MONTH…
Executive Vice President Irene Vogel can be reached by
calling 784-5000 or by emailing [email protected]
Want lunch or dinner on us?
As you read the SNR, watch for your license
number. If you find your license number hidden
within an article, call the Association and let me or
Cassandra Patterson know. You will then receive a
gift certificate for lunch or dinner at a local restaurant.
5
Southern Nevada
REALTOR
February 2005
PRESIDENT
Myrna Kingham, ABR, CIPS
[email protected]
PRESIDENT-ELECT
Linda Rheinberger, MBA, ABR, CRS,
LTG, SRES
[email protected]
®
Your Greater Las Vegas
Association of REALTORS® Presents:
AFFILIATE
LUNCH & LEARN
VICE PRESIDENT
Devin Reiss, GRI, ABR
[email protected]
TREASURER
Patty Kelley
[email protected]
IMMEDIATE PAST PRESIDENT
Lee K. Barret, ABR
[email protected]
EXECUTIVE VICE PRESIDENT
Irene Vogel, LTG
[email protected]
DIRECTORS:
MLS DIRECTOR
Andrew Maline
[email protected]
CALV PRESIDENT
Richard Lybbert
[email protected]
Paul Bell
[email protected]
Honey Borla, GRI
[email protected]
Nitsa Filios, CRS, GRI
[email protected]
Sue Naumann, CRS, GRI
[email protected]
Mary Owensby
[email protected]
Neil Schwartz
[email protected]
Mark Stark, CRS, GRI, LTG, CRB
[email protected]
Red Wallin
[email protected]
6
Sponsored by:
SOUTHWEST EXCHANGE CORPORATION
Class:
“Building Your Business With
1031 Tax Deferred Exchanges”
Instructor: Robert B. Noggle, CES
Join us for lunch and learn how exchanging can increase your repeat and
referral business and increase your commission per transaction. Also you will
receive an overview of the exchange process, find out what property may be
exchanged, and learn the latest developments in exchanging.
Friday, February 18, 2005
11:30am – 1:00pm
GLVAR
1750 E. Sahara Avenue, Las Vegas, NV 89104
Reservations are required as seating is limited.
Cost for lunch and class is $5.00. This is a non CE class.
Please register at WWW.LASVEGASREALTOR.COM
or call 784-5000 no later than Tuesday, February 15th, 2005.
Political Affairs
order or Internet purchases from out-of-state where
Nevada Sales Tax is not charged are taxable.
All magazine subscriptions are taxable. If you buy
everything for your business locally and don’t subscribe
to any business magazines, you can just put zeros on
your return and send it in.
Consumer Use
Tax Report:
Don’t Throw It Away!
By Mike Levin, Government Affairs Director
You should have received a Consumer Use Tax Return
in the mail from the Nevada Department of Taxation.
This is a result of the last Legislature requiring every
business, including sole
proprietors and independent contractors to
register their business for
the Use Tax. Because so
many businesses were
required to register that
probably rarely, if ever,
must pay the use tax; the
Department is only
requiring an annual
return rather than the
usual monthly or quarterly return. This return is
for any purchases that
you made in 2004 for
which you did not pay
Nevada Sales Tax.
IF YOU DO NOT HAVE ANY TRANSACTIONS
WERE USE TAX IS DUE, DO NOT THROW
AWAY THE RETURN. PUT ZEROS IN
THE APPROPRIATE PLACES AND RETURN
THE RETURN TO THE DEPARTMENT OF
TAXATION.
Very few people are aware of a tax in Nevada called the
Use Tax. It is first cousin to the sales tax that we all pay
when we buy things in the store and the tax that we are
grateful that we don’t have to pay on services such as
our real estate commissions.
Use Tax must be paid on transactions for things that you
buy when you haven’t paid Nevada Sales Tax. The Use
Tax rate is the same as the Sales Tax rate. In Clark
County it is 7.5%; in Nye County, it is 6.75%. All mail
If you purchase signs from say a firm in Utah and they
charge you Utah Sales Tax, you will only owe Nevada
the difference between the lower Utah tax rate and our
7.5% (Clark) or 6.75% (Nye). If no tax is charged on
the sale, you must pay
7.5% (Clark) or 6.75%
(Nye) of the total of the
sale, including shipping
and handling.
For audit purposes the
law says that you must
keep records for four
years. A Department of
Taxation audit can go
back three years. When
you pay sales tax for
items that you purchase in
Nevada, keep the receipts
for proof that you paid the
tax. The Department of
Taxation may audit your
business records and checking accounts. If you don’t
have a separate business checking account, the audit
will include any transactions shown on your check
register and you will be liable for Use Tax on all your
purchases where sales tax wasn’t paid, business or
personal.
For more information, please contact the Nevada
Department of Taxation. The Las Vegas office phone
number is (702) 486-2300. They have two offices in the
Las Vegas area:
• Grant Sawyer Office Building
555 E Washington Ave, Ste 1300,
Las Vegas, NV 89101
• 2550 Paseo Verde, Ste 180, Henderson, NV 89074
7
Fair Housing
Erect Barriers
to Legal Liability
Source: NAR
Consider four top risk-management issues
that attorneys suggest you advise your
associates about.
1. Dual agency.
Problems tend to arise when sales associates, acting as
listing agents, attract a buyer and propose to represent
the buyer in addition to the seller.
Assuming appropriate disclosures are made, if the
buyer discovers something wrong with the house after
the purchase, they’re more likely to file a complaint
than if they had separate representation. That’s because
they’re more likely to question whether they were
represented adequately.
Associates should limit dual agency to instances in
which they have an established relationship with both
parties rather than with just one of them.
Risk reducer
2. Seller disclosure.
Having sellers disclose the condition of their property
on a standardized form can give sales associates a false
sense of security. Associates should inform their buyers
not to rely on the disclosures as an affirmative representation of the actual condition of the property.
Buyers should verify the condition of the property on
their own with the help of professionals, such as a home
inspector.
Risk reducer
3. Loan and
investment fraud.
Associates should be wary if a mortgage broker asks
them to rewrite a purchase agreement to mischaracterize the nature of a purchase to obtain more favorable
8
loan terms than they otherwise could. Characterizing
the purchase of an income-producing property, such as
a bed-and-breakfast or a boarding house, as a residential purchase is one example. One scenario involved a
boarding house near a university that, at the mortgage
broker’s suggestion, was characterized as a duplex.
And indeed, from the outside, the property looked like
a duplex because that’s what it was originally
developed as.
Lenders typically make financing available on better
terms for residential property than for incomeproducing properties. Or they might not make a loan at
all on income-producing property. If the practitioner
writes up the purchase agreement as a residential
purchase knowing the deal is being mischaracterized by
the mortgage broker or loan officer, the practitioner
could have committed loan fraud. The same concerns
about mischaracterization apply if associates help
investors who ask to be listed as owner-occupants in the
loan documents.
Anytime you’re asked to mischaracterize the nature of
a purchase, that should be a red flag and you should
refuse to do that. If the buyer doesn’t intend to occupy
the property and won’t put that in writing, then you
don’t want to work with the person.
Risk reducer
4. Unauthorized practice
of law.
Alert your associates to be cautious of requests by the
buyer or seller to append unique language to a standard
purchase agreement. “Any time your associates find
themselves putting pen to a blank piece of paper, rather
than just filling the blanks or checking boxes in a
contract that should be a red flag they could be
engaging in the unauthorized practice of law.”
If there’s no legal language in your company’s collection of standard forms referencing what the buyer or
seller wants in the contract; the most prudent course of
action is for the associate is to advise the buyer or seller
to hire a lawyer to draft language.
Risk reducer
Help Us Celebrate Las Vegas’ 100th Birthday!
March 24 & March 25
Las Vegas Convention Center
Early Registration
Now until Feb. 28
ABR
CIPS 5-Day Institute
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Day 2
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GRI 103
CE Package
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Lunch & Exhibit
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Visit www.lasvegasrealtor.com
Call (702) 784-5051 for additional information.
Commonly Asked
Questions in
#1 Can an attorney for one of the parties or
the Board testify as a witness? Not generally. In
the unlikely event that the panel believes there is no
other way to provide due process; the attorney for a
party could possibly be asked to testify.
#2 Can a party bring a translator to assist
them in a hearing? Yes.
#3 If a potential
witness for a party
does not speak
English; can that
party translate
for the witness?
No.
#4 Can a hearing panel call witnesses?
Yes. It should be only in extenuating circumstances.
It’s the party’s responsibility to provide witnesses.
Panels should be reminded that they are not “super
investigative bodies.”
#5 Can one party compel another party to
provide evidence or give testimony? No, but
the hearing panel can do so (Members only). The
hearing panel would determine the nature and relevance of the witness. Non-members cannot be
subpoenaed.
#6 Once a hearing panel goes into executive
session, can it recall the parties or ask for
additional documentation? No
#7 Do the Board of Directors review the
decision of an ethics hearing panel when
no violation is found? Yes
#8 After the hearing is over and done, can the
Board return evidence? Yes
#9 Should an ethics hearing panel reconvene
when reviewing a rehearing request? Yes
#10 If a rehearing is granted is the hearing
started over from the beginning? No, only new
evidence is considered.
#11 If a procedural deficiency is found in
either ethics or arbitration proceeding, will that
necessarily result in the decision/ award being
invalidated? Not necessarily. It must be a major or
substantial error (lack of due process).
#12 May interest be included in an arbitration
award? No. The only exception would be if it were
agreed to prior.
#13 If a local Board refers a case to the State
Association after the local Board’s Grievance
Committee meets, does the State Association
schedule a hearing or bring the matter before
the State Grievance Committee first? It’s an
option; a state association can follow either process.
10
#14 If either an ethics decision or arbitration
award is invalidated and the matter is sent
back to PS Committee for a new hearing
before a different panel, what does the new
panel receive? The original complaint and
response; not the exhibits presented at the hearing.
PS administrators should inform the parties they can
re-submit exhibits at the new hearing and any new
information.
#15 Can a party to a hearing show a potential
witness a copy of the complaint or response
to inform the witness of the issue at hand?
Yes.
#16 Can a hearing panel request that information be submitted before commences from
one of the parties? Yes, but parties are generally
responsible for providing the information.
#17 Should a Board process an ethics
complaint after the 181 day statute of
limitations has elapsed? No, unless he/she could
not have reasonably known about the facts until after
the timeline expired.
#18 Are there any extenuating circumstances
which would result in appeal procedural
review being heard even though the appeal
period has elapsed? For example, the complainant
is in the hospital or military duty, thereby delaying the
request for appeal. No. NAR says no exceptions.
#19 Can Board A, from which a respondent
terminates his membership, provide Board B,
to which the member has applied, with the
individuals past Professional Standards
records? Yes, but the Association needs to be sure
they have adopted bylaws regarding the portability of
records.
#20 Can a party (or witness) provide
testimony via the telephone? NAR historically
has said no. Recent guidance however, allows for such
possibility if all parties agree.
Counsel Issues
A party provides notice that he or she will
have REALTOR® counsel at an arbitration
hearing? REALTOR® counsel is only allowed at
ethics hearings.
A party counsel shows up unnoticed? A 15 day
notice prior to the hearing is required. If counsel is not
noticed and the notice is not waived by the other party,
the panel must take all steps to guarantee the rights of
representation by counsel, including postponing the hearing.
A party’s counsel badgers another party or
panel member? The panel, by majority vote, can
exclude any party’s counsel. If counsel is excluded,
the hearing must be postponed not less than 15 days;
nor more than 30 days.
REALTOR® counsel or legal counsel represents
a respondent at an ethics hearing in the
respondent’s absence? This is allowed.
REALTOR® counsel or legal counsel wants to
testify? This is not normally allowed. In the unlikely
event that the panel believes there is no other way to
provide due process; counsel could be asked to testify
“outside the hearing”; preferably before the hearing, in
order to be able to act as counsel during the proceedings.
A party’s counsel doesn’t stick to their role?
Outside their role would include; would include
making opening statements on behalf of the party they
represent, examining or cross examining witnesses,
and making closing statements. The panel chairman
should warn counsel and remind them of their
appropriate role and if the impropriety continues,
exclusion will be considered.
Association counsel starts cross-examining
parties? Association counsel may not take an active
role in the conduct of the hearing, including examination or cross-examination of the parties and their
witnesses. Should counsel recognize errors in
procedure, he or she should request the chairman to
take an executive session to discuss the matter.
A party requests his legal fees to be awarded?
A party is responsible for his expenses of counsel or
any expert witnesses.
11
Legal Corner
Optimism Can
Get You Sued
By Albert G. Marquis
A recent case from the Utah Supreme Court demonstrates how easy it is for a REALTOR® to find herself
named as a Defendant in a lawsuit. In Fericks v. Lucy
Ann Soffee Trust, decided October 19, 2004, the Court
held that a buyer could not maintain a lawsuit again the
seller for an alleged oral modification of a written purchase
agreement, but the buyer was allowed to continue with his
lawsuit against the seller’s real estate agent.
The factual scenario was typical of many real estate
transactions. As the close of escrow (“COE”) day grew
near, the buyer requested an extension. In response, the
seller’s agent allegedly made statements such as,
“Don’t worry about it. Consider it done. I will prepare
the extension agreement.” When the original COE date
passed without the extension having been executed, the
seller cancelled the escrow because of the buyer’s
failure to fund by the COE date. The buyer sued the
seller and the seller’s agent.
The seller’s primary defense was that he had never
executed the extension agreement. Under well settled
law, all agreements to sell real estate must be in writing,
and the contract in question, like most real estate
contracts, provide that any modification must be in
writing as well. Faced with these legal principles, the
court had no option except to dismiss the buyer’s
lawsuit against the seller.
On the other hand, the buyer’s lawsuit against the
listing agent was based upon a different legal theory.
An exception to the statute of frauds (which requires
contracts to be in writing) is “promissory estoppel.”
This theory basically holds that if A induces B to take
action to B’s detriment in reliance upon A’s promise to
perform, then A can be held liable for his failure to
perform. Here, the buyer alleged that he relied upon the
listing agent’s assurance that the escrow would be
extended and therefore did not fund the escrow by the
original COE date. Had these assurances not been
made, claimed the buyer, he would have found some
12
way to fund the escrow by the original COE date. Of
course, the listing agent denied having made such assurances, but this was a question, said the Utah Supreme
Court, that a jury would have to decide. Therefore,
although the buyer could not proceed with his lawsuit
the seller, he could proceed with his lawsuit against the
listing agent.
REALTORS® should take heed. Why give the
opposing party optimistic assurances about what your
client might or might not do? What good does that do?
A better approach is to simply inform the buyer (in
writing if possible) that his request will be passed on to
the seller.
Optimistically predicting what your client will do
can have devastating consequences. Resist that temptation. You do not ever want to be in a situation where the
opposing party claims that he did or did not take certain
action because of some assurance that you made. Be
careful, and document everything you do.
Albert A. Marquis is an attorney with the Las Vegas law
firm of Marquis & Aurbach, counsel for GLVAR. He can be
reached at (702) 382-0711 or visit the firm's web site at
www marquisaurbach.com
Tips & Tricks
Keeping Your
System Up To Date
Source: Stephen Canale
FACT 1:
All software has imperfections, bugs and inefficiencies.
It's the nature of rapidly developing technologies.
FACT 2:
Vendors are constantly creating updates, patches and
other fixes for these problems.
The tough part is knowing when an update is available,
and then finding and installing it.
The later versions of Internet Explorer have a
"Windows Update" option under the "Tools" menu.
From there, you will be sent to a Microsoft web-site that
will automatically scan your system to determine which
updates are available for your computer. You'll also be
provided with a list of common updates for both your
browser and for the Windows operating system itself
that you can download and install automatically.
Additionally, there is an incredible utility called
"BigFix" available at: (BigFix.com) which will essentially perform a similar function, but for a much wider
range of issues.
BigFix not only looks for updates and patches available
for download, but also checks common security risks
within your systems's existing settings. Whenever it
finds an issue that you should know about, it first fully
describes the issue and then always offers you the
option of installing the patch or modifying the setting.
Both of these services are free, and a monthly visit
to each will keep your system running smoother and up
to date.
13
Interealty
Adding Fields
to Searches
Source: Interealty Staff
Sometimes agents need to search for something
that may not be included in the GLVAR RES
Simple Search.
Some common examples:
• Association Fee Y/N – Client wants to live
where there are no Association Fees
• Community Name – Client wants to live in a
particular community, i.e. Anthem
• Days Back – Allows agent to search for listings
that were recently put on the market
• Financing Considered – Client wants Owner
financing
• Furnishings Description – Client wants a
property that is furnished (partially or fully)
• Great Room Y/N – Client wants property that has a
Great Room
• House Views – Client wants a view of the Strip,
Golf Course, or Lake
Select “Quick Add to Search”
• Property Description – Client wants a Casita,
Custom home, or Fixer-Upper
• Zip Code – Client wants to live in a particular Zip
Code
• Zoning – Client wants Horse Property
Once you click on the blue tab, all the other fields will show.
Simply scroll down to the field you want to add to your Search and select “Add.” You can also tap the first letter of
the field you want to add (Z for Zip Code), and this will also bring you directly to all the fields beginning with that
letter. The field you select will be added to the bottom of the GLVAR RES Simple Search. This does NOT add the
field permanently to your list. You would need to go to Template Manager and make a new Template to have it on
your search each time.
If you have any questions, please email Interealty Support at [email protected] or call 735-0478.
14
MLS
Can You Find What
These Three Properties
Have In Common?
By Bill Houts, MLS Committee Vice Chair
On November 3, 2004, there was a change in the MLS system
which you may not have noticed regarding the property type.
Oh by the way, all of the properties shown above are the same
(type of ownership that is): CONDO’s!!!
The MLS system auto populates the land use code from the
Clark County Assessors office records. The County assigns the
land used code for each property after it is built.
The land use code is the number that you see on tax print out that
is under tax district. Previously, only three digits of this code
were displayed in the MLS system, but it was learned that the
three digits did not provide enough information regarding the
use of the property. The type of ownership may not appear until
the 4th digit in the series of numbers.
Remember, agents are required to correctly identify what the
property “is”, per the Clark County Assessors records, not what
it “looks like”. Sometimes it may look like a single family
home, but if the ownership is condo, you are selling a condo. A
recent search revealed that over 4,550 properties that appear to
be townhouses, but are actually condominium ownership. Also
over 490 single family houses that are condominium ownership.
Soooooo, be very careful – know what your selling!
If you wish to gather more information on the subject,
the Clark County Assessors website
http://www.co.clark.nv.us/assessor/landcodes.htm covers
this in 12 pages.
MLS Tip of the Month
Buyer/tenant agents or brokers shall not use the
terms of an offer to purchase/lease to attempt to
modify the listing broker’s offer of compensation.
(MLS Rules and Regulations Sections 5, Note 2
and 16.8 and NATIONAL ASSOCIATION OF
REALTORS® Code of Ethics Article 16).
Compensation
15
Forms Committee
If You Can’t
Beat’em, Join’em
By Sean Brown, Forms Committee Member
Want to know a secret? It must be a secret, because
every REALTOR® I ask is not aware that the GLVAR
Forms Committee writes the forms from the perspective
of the Buyer. The Forms Committee walks a fine line
between writing and creating a form in favor of the
Buyer that will always beg for a counter offer.
The 2005 scope of the Forms Committee is “to maintain
and improve the functionality of real estate forms with
the creation and implementation of forms to relate to
professional standards and mediations and Spanishspeaking (non-English speaking) clients.” The
committee is charged to “continue efforts to standardize
forms, both residential and commercial, and to communicate the benefits of standardized forms to members
(including legal acceptability.)”
Each month, the members of the Forms Committee
meet to work toward these goals. While the majority
of the time seems to be spent on improving the
Residential Purchase Agreement (RPA), there are many
other GLVAR forms that need attention. Some are
existing forms; others are yet to be created. They all
need standardization.
Ours is a very busy committee. Our committee’s focus
the last few months has been on the Financing
Addendum. This addendum will lay the ground work
for Seller financing. Another form we’re working on is
the Tenant Key Box Authorization form that will
provide written permission to put a key box on a tenant
occupied property. A new standardization subcommittee has been suggested with the intent to make
all GLVAR forms have the same look, tone, and verbiage.
The committee Chair is held by Fafie Moore with Mike
McBeth as Vice-Chair. The GLVAR Staff Liaison is
Cassandra Patterson. Our committee meets the first
Thursday of every month at 10am at the GLVAR. The
background of the committee members varies widely.
Some of the members have been REALTORS® for
over 30 years. Some are brokers, some are salesmen,
and others are attorneys. While many of the large
national brokerages are represented, so are several of
the smaller local brokerages.
With few exceptions, most of the committees at the
GLVAR only require that you are a member of the
Association. You do not need to be nominated, and your
broker does not need to sponsor your membership. All
that is required is your enthusiasm and commitment. If
you are interested in helping our Association in working
towards our more standardized, professional industry,
you are invited to contact a member and join us for
a session.
Thank You To All Southern Nevada REALTORS®
That Donated to the Kids First Fundraiser!
By Teri Lighfoot, GLVAR Member
In October, I submitted a letter to GLVAR
asking for help in raising money to
purchase gift cards for the homeless children in our community. The response has
been overwhelming and the very generous
donations continue to come in.
16
I would like to send a very special thank
you to those who contributed to the Title I
Hope (Homeless Outreach Program
through Education) sponsored by the
GLVAR in December. On December 9th,
2004 President Lee K. Barrett, EVP - Irene
Vogel and their wonderful staff presented
Susan Goldman, Project Facilitator for Title
I Hope, with $7,000.00 in Target gift cards.
Marva Putnam, a representative from
Target Stores presented $1,000.00 on
behalf of Target. The collection date for
this has been extended until January 15,
2005 and the Association hopes to collect
an additional $3,000.00 in Target gift cards.
Title I Hope is an on going project that
provides clothing for homeless children in
Clark County. They rely on donations of
gift cards and hygiene items year round
and give to those in need so that they can
attend Clark County schools.
Some people pass through this world and
leave it just as they found it.....but people
like you take the time to do the special
things that make the world more beautiful.....I thank you from the bottom of my
heart. Please know that you have truly
made a difference in the lives of some
very special young people. You have also
brought smiles to the faces of some
awesome kids facing adverse conditions
each day.
GLVAR in conjunction with SNHB presents:
2005 Southern
Nevada Housing Day
Tuesday, March 1
MGM Grand Garden Arena
Housing Outlook
Presented by Richard Lee and Dennis Smith
Cost: $75.00 per person
March 1, 2005
4 Hours CE Credit!
7:00am - 7:45am
Housing Outlook
Registration & Breakfast
Be sure to include your Real Estate license number below.
Please fill out all information below and fax to:
7:45am - 11:45am
Sandy Taylor
at (702) 794-2041 (SNHB)
Housing Outlook
In the event you are registering several individuals, please
supply all of the attendee information for each on a separate
sheet and fax along with this form.
11:45am - 12:45pm
Lunch
1:00pm - 6:00pm
SNHBA Builders Show
ATTENDEE INFORMATION
Name of Attendee ____________________________________________License Number _________________________
Company____________________________________________________________________________________________
Address___________________________________________ City_________________________ Zip__________________
Phone________________________ Fax __________________________ email ___________________________________
PAYMENT INFORMATION
Amount Enclosed ____________________________________________Check Number __________________________
Credit Card Information:
Mastercard
Visa
Card Number _______________________________________________Expiration Date __________________________
Name on Card _______________________________________________Signature ______________________________
STOP!!
Did you remember to provide your license number for CE Credits?
17
Quality Control
The Inner Workings
of the MLS and
How To Use It To
Your Advantage.
By: Beth Waite, Quality Control Committee Member
You have a hot new listing! Enter it in the MLS
and take advantage of all the special features of
MLXchange. Here’s how…
Step 1: Gather all the information you have about
the property: room dimensions and special features,
school zoning, directions (make sure you know the most
convenient major cross streets to give showing agents a
point of reference), utility and appliance details, HOA
name and phone number, showing directions, SID/LID
balance and payment schedule, HOA fees and unusual
restrictions, and anything else that is descriptive of the
property.
Organize your digital pictures and virtual
tour. Name the pictures so you can load them with
descriptive labels.
Step 2:
Print out the tax record for the property so
you have the Assessor’s Parcel Number (APN) handy.
Step 3:
Step 4:
Log-in to MLXchange
Click on “Tools” (in the menu bar). Click
on “Listing Manager”. Click on “Listing Maintenance”.
Click on “Enter a new listing”. Select the property type.
Click on the circle in front of “Search by Parcel #” and
enter the APN (or if you forgot step 3, click on “Use
Tax Search to find the tax record”. Click on “OK”.
Step 5:
Step 6: Allow a moment for MLXchange to
autopopulate the information that is available from the tax
records. (Take a sip of coffee or even refill your cup if
your computer is really slow).
18
Double check the autopopulated information
on number of bedrooms, baths, lot size, square footage
and anything else that you can verify. There are some
properties that have been changed from the original tax
information and it is your job and responsibility to make
sure your listing data is as accurate as possible.
Step 7:
Line by line enter ALL relevant information
you have collected about the property. Remember, with
recent changes to the MLS Rules and Regulations there
are more required fields as well as stiffer penalties if
you enter blatantly incorrect information (like 0x0 for
room dimensions).
Step 8:
NOTE: Take a few minutes to reacquaint yourself with the
new possibilities for room and feature descriptions.
The workgroup slaved for months to try to include every
conceivable current feature in homes like double ovens,
casitas, libraries, dens, lofts and more…so take a few minutes
to find the descriptions that best match the property and do
yourself and your clients justice by entering as many as apply.
Step 9: Go back through your entries and make sure
you have filled in every possible space…required and
non-required fields.
Step 10: Fill in the “Directions” field starting with
the intersection you chose in Step 1 and continuing with
turns giving North, South, East, and West directions
wherever possible and left-right directions when necessary. If you’ve put the lock box in a location other than
the front door, give directions to its location also.
Fill in “Remarks” with descriptive terms
about the physical property and neighborhood. Avoid
words that describe the people and potential purchasers.
Step 11:
Take a Fair Housing class if you need to brush up on
what is allowed and what is not permitted. Make sure
you do not put phone numbers, website addresses, email addresses or other contact information in this field.
Many agents will not provide copies of your listing to
their clients if you have contact information here.
Besides that, the MLS department staff regularly monitors this field for contact numbers and addresses and
WILL send you an automatic fine if you’re in violation.
Step 12: Fill in “Agent to Agent Remarks” if you
have any information about the property, showing
details, seller motivations (with their written permission
of course) or other information that you feel necessary
to relay to showing agents. Avoid requests for title
companies or escrow officers and lenders whenever
possible. Do not put gate codes and virtual tour web
addresses in this area. Use the fields provided specifically for that information.
Step 13: Review all entries and text fields carefully
for accuracy and spelling.
Step 14: Click on Save.
Step 15: Go to Summary Report.
Scroll down to 01-SFR Detail (FULL)
Report and print 2 copies.
Step 16:
Step 17:
Review the printed version.
Ask your client to review the printed
version paying special attention to the directions and
the descriptive fields. Make any necessary corrections
in MLXchange and re-save the listing.
Step 18:
Click on Images. Load your digital
pictures with labels whenever possible. Click on the
first image line. Click the “browse” button and find the
computer file, CD, DVD or floppy where you have the
property photos saved. Click on the photo you want as
Image 1 (Make sure it is a picture of the exterior of the
house or the view from the house). Find the appropriate
label for your photo in the drop down list. Click on
“Save”, continue this process with as many as 8 photos
of the property. Save after each photo upload. Exit this
section when finished.
Step 19:
Quality Control
Step 20:
Congratulate yourself on a job well done.
By following these steps consistently for each of your
listings, you allow showing agents to find the property
by any conceivable search term they may enter.
MLXchange is an extremely powerful database. The
possible search combinations are endless and the more
information you enter, AND the more accurate that
information is the better MLXchange can work for you.
By detailing as much information about your listings as
possible, you allow potential buyers who are shopping
on the internet to see details like the sizes of rooms so
they can choose your listing if it meets their criteria. No
longer will they skip over yours in search of something
that has what they are looking for.
Statistics and user group discussions show that
consumers want pictures and accurate information. The
more pictures you make available on your listings the
more viewings the property will receive on the internet
listing sites. The more accurate information you can
provide to potential purchasers, the more likely they
will be to contact you or their buyer broker for more
information on the property.
Assuming you have the property properly priced, the
more you expose your property listings to showing
agents and buyers the faster your listings will sell. This
will improve your statistics for days on market and list
price to sale price ratios. You’ll impress your current
clients. You’ll get more referrals. You’ll make more
money.
It’s quite simple!
money…
More information means more
t
e
g
o
g
!
!
,
!
w
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o
n
N her listi
anot
#50145
19
Commercial
COM MERCIAL
Real Estat
New Year
Unlimited
Possibilities
By Stevie George
CALV Administrator
As the New Year starts off with a bang, so does your
opportunities with Commercial Alliance Las Vegas
(CALV). We are very excited about what this year has
to hold. We have just launched our New Logo, in addition to numerous other improvements. Did you know
when you place your listing on CALV, it is also listed
nationally? What about the opportunity to search
national listings for your clients?
CALV is excited to be sponsoring several events this
year as well, the first being the AIR/SIOR Contract
Form Review Seminar in February. AIR/SIOR has
created forms especially for Nevada’s REALTORS®.
This seminar is being held at the Las Vegas Flamingo
Hilton on Thursday February 17th @ 7:30am. Not to
mention having special guest speakers for events
located at the GLVAR offices throughout the year! With
our member base and website growing we are ready for
a wonderful year! At CALV we are here to help, so any
questions you may have feel free to call.
In addition to Sponsorships & Education Opportunities,
we will also be having training on using the CALV
system. This will give you an opportunity to work
hands on with the system and ask question with
someone right in front of you to help! The Las Vegas
area is growing at leaps & bounds and Commercial
Real Estate is leading the pack!
Not sure if CALV is right for you? Just check out our
website at www.CALV.org, you can search our local
listings to help you decide. Our CALV Administrator
Stevie George is happy to answer any questions or help
you walk through the site. With this great New Year
starting we want to help the Commercial Real Estate
members the best of our abilities. CALV is ready for the
limitless possibilities of the New Year… Are you?
Nevada
THE AIR/SIOR
CONTRACT FORMS REVIEW
A Complete Review of AIR’s Commercial Real Estate Contract Forms
and Addenda by Leading Real Estate Professionals and Real Property Attorneys:
• Stan Mullin, GIOR, CRE, CCIM
Grubb & Ellis
Newport Beach, CA
• Dean P. Willmore, SIOR
Industrial Property Group
Las Vegas, NV
• Larry Taylor, SIOR
Lee & Associates
Riverside, CA
• Andrew S. Gabriel
McDonald, Carano, Wilson LLP
Las Vegas, NV
• Michael De Lew, SIOR
Colliers International
Las Vegas, NV
• Richard L. Riemer, Esq.
Richard L. Riemer, Inc.
Santa Ana, CA
Sponsored by:
HOSTED BY:
The AIR Commercial Real Estate Association and
The Society of Industrial and Office REALTORS®
IN CONJUNCTION WITH: Majestic Realty Co.
Registration & Continental Breakfast: 7:30am
Program: 8:30am to 5:00pm (Lunch Provided)
REGISTRATION FEE: $99
DRE: This course has been approved for 7 hours of Nevada Real Estate Division Continuing Education Credit under the designation of
Consumer Protection (Course#2904) CLE: Approval of 7 hours of Continuing Legal Education credit is pending by the State Bar of
Nevada. “This course does not constitute an endorsement of the views or opinions which are expressed by the course sponsors,
instructors, authors or lecturers.”
Thursday, February 17, 2005
The Flamingo Las Vegas
3555 Las Vegas Blvd South, Las Vegas, NV 89109
20
(702) 733-3111
21
WCR
What Does The
Market Hold For
REALTORS® in 2005?
By: Cheryl Smith, CRB, CRS, GRI, LTG, PMN
2005 Local Chapter President
Don’t you wish you had a crystal ball and could see
just when to buy and when to sell? Last year we saw
a mixed bag, multi-offers with the seller calling all
the shots and then later in the year we were in a
different world. So what will we be seeing this year
seems to be the hot topic of discussion.
Our February 3rd meeting featured Steven Bottfeld
of Marketing Solutions presenting the most recent
data he and Larry Murphy of Sales Traq have
compiled. They were right on target last year when
they predicted what they referred to as the “perfect
storm”. If you have not had the opportunity to
attend their presentation you have missed an opportunity to arm yourself with the economic forecast for
our industry.
Our first meeting at our new location at Cili’s
Restaurant at Bali Golf Club was a great success.
Breakfast meetings get everyone started for the day
and you are on your way by 9 A.M. Cili’s is located
at 5160 S. Las Vegas Blvd conveniently located just
off the 215 as well as I-15. Contact us and we will
e-mail you the scheduled meeting dates and
programs. WCR is committed to being your business
resources partner and we invite each of you to join
us and let us show you what WCR can offer you.
Contact me at 873-4500 or e-mail me
at [email protected]
or for membership information please
contact Nancy Anderson at 521-3499
or e-mail her at [email protected]
Please RSVP to our reservation line at 940-8739 no
later than Monday prior to our Thursday meeting.
Remember we have limited seating so reserve early!
22
Want to get
involved in WCR?
NAR Reports
NAR Teams with Habitat to Help Tsunami
Victims by Building ‘REALTOR® Villages’
Source: RIS Media
The National Association of REALTORS® is partnering with Habitat for Humanity International to build
"REALTOR® Villages" to help people who lost their
homes during the tsunami that devastated several South
Asian countries last month.
REALTOR® Villages are designed to get the homeless
out of temporary shelters in camps as a first step toward
permanent housing. The villages comprise "core
houses," which are permanent structures that, in some
cases, will be built on the foundation of the previous
homes. Each unit would feature one room and a porch
under a roof, plus sanitary facilities. The homes could
be improved and extended later on.
To cover the full cost, NAR has set a $1 million goal for
the REALTOR® Tsunami Relief Project, established by
NAR January 5. All contributions to the REALTOR®
Tsunami Relief Project will be donated to Habitat to
construct the REALTOR® Villages.
"The magnitude of personal suffering caused by the
tsunami, in number of deaths and injuries to people, and
destruction of homes and property, is astounding. NAR
feels that since our mission is housing, it would appropriate to assist tsunami victims by providing them
shelter. We have an ongoing relationship with Habitat
and we are impressed with how extremely efficient the
organization has been in getting the donated dollar to
the persons in need," said NAR President Al Mansell.
NAR and Habitat have set a goal to build 1,000 core
units in the hard-hit countries of India, Thailand, Sri
Lanka, and the Sumatra area of Indonesia.
Mansell, CEO of Coldwell Banker Residential
Brokerage in Salt Lake City, urged REALTORS®, as
well as members of the public, to contribute to the
project to achieve the million dollar goal. Since its
inception, the REALTOR® project has collected
approximately $250,000 from more than 1,300 individual contributors during the past two weeks.
Habitat has mobilized staff to provide help in the four
countries. Habitat plans to build homes for up to 25,000
families in the first phase of transitional housing as it
works to provide permanent housing. The organization
estimates that the effort will require a commitment of
$25 million over two years. Groundbreaking on the new
homes is expected before the end of this month.
"NAR's effort to help Habitat for Humanity help others
exemplifies the good in humankind," said Tom Jones,
vice president, Habitat for Humanity International. "We
are truly grateful that NAR and HFHI once more will
join in partnership to meet needs about which both
organizations so deeply care. This will have permanent
positive results for families rebuilding their lives."
All of the administrative costs of conducting the
REALTOR® Tsunami Relief Project are being
absorbed by NAR; 100 percent of all donations will go
directly to Habitat for construction of the REALTOR®
Villages.
Contributions are tax deductible. In addition, Congress
passed and President Bush recently signed Public Law
109-1 that allows tax relief in 2004 taxes for contributions made by Jan. 31, 2005, to victims of the Dec. 26,
2004, Indian Ocean tsunami.
Contributions can be made online through the following
secure site powered by NAR's e-commerce system:
https://www.realtor.org/RelFundTrack.nsf/Contribution
?OpenForm.
To contribute by mail, checks should be made payable
to the REALTOR® Tsunami Relief Project and sent to:
REALTOR® Tsunami Relief Project,
Attn: NAR Finance Division, 430 N. Michigan Ave.,
Chicago IL 60611.
For more information on Habitat, see www.habitat.org
23
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Holid
Mike Levin, Dale Henson, Robert Sadler
24
Left: Linda Rheinberger
Kellie Rubin, Lizette Morales, Loni Andal, Irene Vogel
El Dorado High School Choir
GLVAR hosted our seconded annual Senior Holiday
Mixer at College Park Rehabilitation center on
December 5, 2004. Members of the Board of
Directors accompanied the Charitable Events
Committee to hand out warm blankets and bring a host
of smiles and holiday cheer to facility residents.
Al Kingham, Kipp Cooper
Special thanks to Kellie Rubin for bringing a wealth of
goodies and sweets and also the El Dorado High
School Choir for sharing their lovely voices with us.
Robert Sadler, Lee Barrett & Irene Vogel
Charitible Events Committee along with BOD Members and GLVAR Staff.
25
EARNEST MONEY DISPUTES
Source: NVAR
Earnest money disputes are one of the most frequently
discussed issues on the Legal Information Line. Much
of the frustration regarding earnest money dispute
results from false expectations. Most of the remaining
frustration results from the nature of our legal system.
Hopefully, the explanation below will assist in reducing
some of the frustration.
Many sellers have come to believe that earnest money
is a pot of money the seller gets if the buyer does not
perform. While this may be the end result in some
cases, it is not the whole picture. Earnest money is
generally defined as:
Earnest Money: What Is It?
A sum of money paid by a buyer at the time of
entering a contract to indicate the intention
and ability of the buyer to carry out the
contract. Black’s Law Dictionary, 5th Ed.
A few things to note. First, earnest money is not
required to have a valid contract. Earnest money is
often thought to be “the consideration” for the agreement. However, the agreement to sell and the agreement
to pay the purchase price can be sufficient consideration
and the payment of money is not required (although it
26
is common practice). Second, the seller does not automatically get to keep the earnest money if the buyer
breaches the contract. Third, the seller is not automatically limited to the earnest money if the buyer breaches
the contract. These last two points are discussed more
fully below.
When Is the Seller Entitled to the
Earnest Money?
In most cases, the buyer must be in default (or breach)
of the purchase agreement before the seller has a claim
to any of the earnest money. Accordingly, whether the
buyer is in default is the first issue that must be determined. The subject of breach is worthy of its own
lengthy article, so for this article, we will deal with
general issues regarding default. As a general matter,
the buyer will be in default if he does not perform and
has no legal excuse for failing to perform. Legal
excuses for failing to perform include failure of a
contingency (failure to get financing, disapproval of
inspections). Other legal excuses (also known as equitable defenses) are estoppel or waiver (such as when the
seller prevents the buyer from performing the seller is
estopped from asserting default or based on the seller’s
actions or words (or those of his agent) he waives his
right to assert default).
If it is determined that the buyer is in default, then one
must look at the purchase agreement to determine the
seller’s right to the earnest money. The issue you are
looking for is whether the seller and buyer agreed to
“liquidated damages” in the amount of the earnest
money. Liquidated damages is a predetermined amount
of the damages the parties agree will be paid by the
buyer if the buyer breaches the agreement as an estimate of the actual damages the seller may suffer or
because the actual amount of damages is difficult to
determine.
If the parties have not agreed to liquidated damages,
then a seller must provide what damages he has actually
incurred as a result of the buyer’s default. This can be
difficult to prove and often will require the seller to sell
the property to another buyer before the amount can be
determined. The seller’s actual damages are not automatically the amount of the earnest money, and could
end up being more or less than the earnest money.
Why Won’t the Escrow Company Release the
Money to the Seller Without the Buyer’s
Written Instruction?
Let’s assume the following facts: Seller and buyer have
entered into a purchase agreement; buyer has paid
$1,000 earnest money to escrow; purchase agreement
provides that it is contingent on buyer obtaining
financing (30-year conventional, 6% interest); purchase
agreement provides that buyer is to submit all documents required for loan approval within 5 days of
acceptance and failure to do so is considered default by
the buyer; purchase agreement provides that seller is
entitled to $1,000 earnest money as liquidated damages
if buyer defaults. Buyer fails to provide the lender with
required tax returns within the 5 days.
From the seller’s perspective, the buyer has clearly
defaulted entitling the seller to the earnest money. The
seller is frustrated because the escrow company won’t
release the money to the seller until the buyer signs
cancellation instructions releasing the money to the seller.
Of course, the buyer refuses to sign the instructions.
The primary reason the escrow company won’t release
the money without both parties signing is to protect the
escrow company if it turns out the seller was not entitled to the money. The escrow company is not the judge
or jury. Remember the legal excuses discussed previ-
Earnest Money Disputes
ously? Among them are those “equitable defenses” that
are very fact specific (such as, the seller or his agent
told the buyer he could have additional time to apply for
the loan?). The escrow company is not a fact finder or a
judge, therefore, the escrow company is not going to
make a determination of whether the buyer is in default.
How Does the Seller Get the Money?
If the seller and buyer cannot agree on the disposition of
the earnest money, the seller ultimately would have to
get a court order to release the money. However, prior
to going to court, the seller may want to consider mediation (and he might have to if he agreed to do so in the
purchase agreement). If the seller must go to court, he
will have to prove that the buyer is in default and
(unless the parties agreed to liquidated damages) he will
also have to prove what his damages are. The seller
should consult legal counsel for advice regarding filing
a court action.
The Bottom Line
As you can see, earnest money disputes can be complicated. While you cannot give your client legal advice,
you can assist your client by not giving him false expectations. Don’t give your seller the impression that he
will be able to get the earnest money quickly if the
buyer fails to perform his obligations under the
purchase agreement. Don’t give your seller the impression that he is automatically entitled to the earnest
money if the buyer defaults. I have often heard the
question, “What good is a contract then anyway?”
Bottom line, without the contract, the seller wouldn’t
even be able to go to court. And remember, many
buyers and sellers do perform under the contract and
many disputes are resolved short of going to court.
Statements made by the NVAR Information Line attorneys
by telephone, facsimile, e-mail or in these legal e-news
articles are for informational purposes only. NVARʼs staff
attorneys provide general legal information, not legal
representation or advice regarding your real estate
related questions. No attorney-client relationship is
created by your use of the Legal Information Line and any
information you receive. You should not act upon this
information without seeking independent legal counsel.
Information given over the Legal Information Line or in
these articles is for your benefit only. Do not practice law!
Inform your clients they must seek their own legal advice.
27
The Future of Real Estate Industry
Pace of Acquisitions Could Speed Up Next Year
By: Samantha Peterson, Source: Inman News
With more than 80,000 real estate brokers across the
county, observers say the fragmented real estate
industry is long overdue for consolidation at a faster
pace than in the past. But whether 2005 will be the year
the pace significantly speeds up may depend on other
factors.
“I fully believe that many companies wanted to ride that
horse the last mile before it got exhausted and take all
that’s good out of it before they decide to make their
company for sale and acquisition, “Peltier said.
“Clearly you can’t blame them, that’s just good business on their part.”
Peltier believes the market will soften somewhat during
2005, which means the industry will have “greater
desire and opportunities for consolidations.” Since the
market has been so robust in recent years, the consolidation scene has been fairly quiet, he said. That’s likely
because some brokers who have thought about merging
put the idea on hold while then took advantage of the
industry’s continued run of record-breaking sales.
Peltier pointed out that HomeServices isn’t the
industry’s only acquirer. Other players, both big and
small, are expanding operations through mergers
and acquisitions and will likely continue trend into
next year.
“Some of what we will experience next year will be
determined by what kind of market conditions we
have,” said Ron Peltier, President and CEO of
HomeServices of America, which has built its business
partly through acquisitions.
28
HomeServices is planning four to six acquisitions
next year, the same pace the company has followed
in recent years, Peltier said. The company is focusing
on acquisitions that are good fits and not just
“grabbing any and all business at any cost,” he
added. But if circumstances were right, the company
might consider more than the planned four to six
acquisitions.
The Future of Real Estate Industry
One of the industry’s largest, Cendant Corp., has its eye
on more acquisitions in the future. Richard Smith,
chairman and CEO of Cendant’s real estate division,
recently told investors that the company’s acquisition
pipeline remains full. Seven deals are under contact
and another 50 are in the pipeline, he said. All are
expected to close during the next year.
“On the residential real estate side, you will continue to
see the players who have been making acquisitions
continue at least at the pace they’ve been on, “Ozonian
said.
Already, more than a quarter of all REALTORS® in the
United States are affiliated with Cendant’s real estate
brokerage franchises or brokerage owned by Cendant
subsidiary, NRT, Inc.
Consolidation is likely to heat up on the mortgage side
of the housing industry if the market slows as many
experts predict. Rising interest rates in the past have led
to consolidation of the mortgage companies, said Doug
Duncan, chief economist for the Mortgage Bankers
Association.
“There is considerable room for growth given the size
and relevance of the industry”, Smith said.
The Cendant franchise brokerage , which include
Century 21, Coldwell Banker, Coldwell Banker
Commercial and ERA brands, have a formidable force
of about 200,000 sales associates and 12,000 offices.
NRT, with corporate-owned brands including The
Sunshine Group, The Corcoran Group, Coldwell
Banker, Coldwell Banker Commercial, ERA and
Sotheby’s, employs about 50,000 sales associates in
950 offices.
Acquisitions have been at the core of NRT’s rapid rise
to industry prominence since it’s creation in 1997. The
company has bought more than 250 real estate brokerages in its short history.
Van Davis, CEO of Foxtonx North America, sees
consolidation continuing buy doesn’t believe that it will
materially change the real estate landscape.
Independent brokers will continue to exist even as some
become part of a larger entity.
Consolidation is not always a bad thing, said Pava
Leyrer, president of Heritage National Mortgage Corp.
Lured by low barriers to entry and the thought of easy
money through mortgage refinancing. Many people
entered the mortgage business during the continued low
interest rate boom. The refinance business has largely
dried up, but there are still too many people hanging on
who should not be in the business, she said.
Earlier the month, NRT announced its first international
acquisition with the purchase of Sotheby’s International
Realty Limited in England. Bob Becker, chairman and
CEO of NRT said the acquisition represented a major
milestone for NRT as it creates an “international
doorway for real estate consumers.”
Steve Ozonian, Bank of America’s home ownership
executive, believes industry acquisitions will continue
at the pace they have been. “That’s sort of a forever
process now, I think,” Ozonian said.
Part of the reason lies in the need for companies to seek
more efficiencies and economies of scale. The real
estate business requires more capita land technology
than before, lending strength to companies that can
combine those two, he said. Those are the types of
organizations that will look to acquire others.
29
New Inductees - November 2, 2004
Coldwell Banker Premier
Edward Abraham
RE/MAX Extreme
Michael Afzali
Key Realty
Anecita A. Aguinaldo
Realty
Executives
Of Nevada
Peggy Altamura
One
Cap
Realty
Alexis Amberg
Century
21
Consolidated
Margie Anderson
Rocky Angotti
Linda J. Armknecht
RE/MAX Extreme
Ignacio Arteaga
Coast
Realty
& Investments
Nick Barber
Help
U
Save
Real Estate
Lydia Bell
Melia
Realty
Group
Nahid D. Blackmon
Windermere
Prestige
Properties
Jason Blond
Town & Country Real Estate
Diane Blythe
Liberty Realty
Adrian Bodnar
Merit Realty
Tara Boissonneault
Merit Realty
Orin Boone
Prudential
Americana
Group
Ramzi Bourji
Coast
to
Coast
Real
Estate
Virginia Campbell
Sky
Las
Vegas
Realty
JJ Casper
Christopher J. Cerrone
Liberty Realty
Keith Clegg
Award Realty
Mollie J. Colon
Liberty
Realty
Michael J. Conery
Robert
Deiro
&
Assoc
Richard Cooley
Liberty
Realty
Chad Cordray
Excel Realty
James B. Crom
Liberty
Realty
David Daneshforooz
Key
Realty
Rocco Davi
Countrywide Realty Group Inc.
Meiyi Deng
Realty Executives Of Nevada
Brett Depue
Century 21 MoneyWorld
Julie M. Ditrani
Liberty Realty
Lynn S. Dizon
Time
Financial
Services
Stephen G. Duncan
RE/MAX
Advantage
Michael Embury
Power Realty and Development
Carlos M. Espinosa
Dyson & Dyson Real Estate
Mohamed Ettaghi
First Integrity Realty
Holly T. Fairchild
Coldwell
Banker Wardley RE
Rocio Fierros
Prudential
Americana Group
Clare D. Flint
Re/MAX Pros
Cielo C. Fuentes
Keller
Williams
Realty
Las
Vegas SW
Gabriel Gage
Century
21
Moneyworld
Mark L. Gagnon
Zarling Realty
Toni M. Garcia
Garrigan
Appraisal
Michael Garrigan
Southern
Highlands
Realty
Corp
Dana Gilbert
Prudential
Americana
Group
William Grant
Grove Development Inc
Kari Grove-Navara
Liberty Realty
Juan J. Gutierrez
Liberty Realty
Norma Gutierrez
Platinum
Properties
GMAC
Real Estate
Greg Haraguchi
RE/MAX
Associates
Amber J. Hareland
Realty
Executives
Of
Nevada
Kimberly A. Heuer
Century
21
Consolidated
Thayne High
Century 21 Aadvantage Gold
Dustin Hindmarch
Prudential Americana Group
Bennetta R. Hudson
30
KB Morris Real Estate Inc
Tariq Ibrahim
Century 21 Moneyworld
Asif Iqbal
Coldwell
Banker Wardley RE
Katherine James
Rossum
Realty Unlimited
Edith L. Johnson
Performance
Realty, INC
Heidi L. Johnson
Prudential
Americana
Group
Jennifer Johnson
Paradise
Realty
Kelly Jones
Margarette Jose
Liberty Realty
Tina Keller
Fehrman
Ferraro
& Assoc LLC
Michael P. Kennedy
Liberty
Realty
Artour Kharatian
Vantage
Realty,
INC
Elie Khayat-Taylor
Rancho
Vista
Realty
Donna M. LaFave
Philippine Realty USA
Victoria Lamb
Power
Realty
and Development
David Lessnick
Coldwell
Banker Premier
Chance Licari
Coldwell
Banker
Wardley RE
Joyce Little
Century
21
Moneyworld
Omar A. Lopez
Liberty Realty
Ann Makhay
RE/MAX
Home Store
Siyamak Marvi
Coldwell
Banker
Premier
Tiarra N. McLelland
Century
21
Moneyworld
Valerie R. McNeace
Coldwell Banker Wardley RE
Scott A. McWhorter
Kevin Mulcahy
Liberty Realty
Brian Neighbors
Liberty Realty
Christian Q. Nguyen
Liberty Realty
Ariana M. Nicolae
Las
Vegas Homes
Helene Novak
Encore
Realty
&
Commercial
Inc
Lorenzo Ortega
Prudential
Americana
Group
Abritza C. Ostolaza
Vision 1 Real Estate of NV
Eric Papa
Coldwell
Banker Wardley RE
Joel Penny
American
Realty
& Investments
Louis Peress
Coldwell
Banker
Premier
Robin Phillips
Metropolitan
Realty
Dana M. Ponce
Quest
Appraisal
Services
Matthew J. Proietto
Universal Realty, Inc.
Veronica B. Pruna
RE/MAX Associates
Jason Rivera
Xpress Realty
Donna Rodrigues
24/7
Real
Estate Inc
Archie Rodriguez
RE/MAX
Elite
Margarita Rodriguez
Century
21
Aadvantage
Gold
Naziia Niza Romaniouta
Laduke Team Realty
William J. Rozek
Realty
Executives
Of Nevada
Brian C. Sady
Century
21
Moneyworld
Ali Sewani
Re/MAX Pros
James Simmons
Encore
Realty
&
Commercial
Inc
Donald G. Skvarna
Coldwell
Banker
Wardley
RE
Michael W. Spence
Magic Realty Inc
Marsha Stacy
Help
U
Sell
Real
Estate
Marketing Team
William P. Stanton
Century
21 Moneyworld
Nicholas P. Steiniger
Prudential
Americana
Group
Gary Stempin
Metropolitan
Realty
Vincent L. Stephan
Linda F. Sutton
Southwest
Pacific
Realty Investment
Kenneth W. Thompson
New Inductees - November 16, 2004
Jack K. Abram
Sean Afshar
Cheryl Allison
Roberto Alvizo
Ryan W. Ashby
Alan Askins
Heidi Austin
Susano Banda JR
Sandra S. Behar
David Bell
Frank M. Benvenuti
Kathleen W. Bronson
Gina M. Bryson
Lisa Bullard
Francis R. Caggiano
John K. Carman
Rita W. Chang
Sammy Christos
Maleia Ciechalski
Debbie Costello
Mary K. Coster
Matthew D Ercole
Charles Davey
Felicitas B. Dondoy
William E. Dunn
Crystal Elijah
David L. Emery
Bradley V. Ephraim
Camille A. Fagan
Krista L. Fowler
David N. Frank
Lisa M. Garcia
Tammy I. Gilbert
Susan M. Glass
Jamie M. Glemser
Jeanmarie Goldstein
Melanie Guevara
Patricia C. Guevara
Anne Hall
Tracy Hanson-Fuller
Duane A. Harmon
Cecelia Hendricks
JoAnne Hendricks
Leslie J. Hoke
Doll Howell
Thomas Hubert
Michele Hughes
Ana V. Jaramillo
Elizabeth Jeser
Joni Johnson
Todd D. Jones
Kelli A. Justice
Steve R. Kennedy
Michael D. Kernodle
Rauf Khan
Ryan D. Kim
Robin R. Kirksey-Scott
Michelle Lee
Shay Leighton
Eugene P. Lewis
Chen Li
Leo Loiacano
Donna Lows
Oscar A. Maglasang
Angelica Mambaje
Jimmy R. Manone
General Realty Group Inc
Liberty Realty
Distinctive Real Estate & Inv
Century 21 Lamonte Realty
Nicklin Prop Mgmt & Inv Inc
R B Realty
Keller Williams Realty
One Cap Realty
Majestic Properties
Key Realty
Properties of America
Titan Realty Group
Century 21 Lamonte Realty
Jack Matthews & Company
Liberty Realty
Davey Real Estate
Rossum Realty Unlimited
Trade Wind Investments
JMS Old West Realty
Tailored Marketing Inc
Venture Realty Group
Affordable Property Mgm. & Rea
Liberty Realty
Metropolitan Realty
Century 21 Consolidated
Knapp Realty
Sun Colony Summerlin LLC
Silver State Realty & Inves
Hafen & Hafen Realty
Town & Country Real Estate
24 Karat Realty
RE/MAX VIP
Metropolitan Realty
Windermere Prestige Properties
Coast to Coast Real Estate
RE/MAX Elite
Liberty Realty
Liberty Realty
General Realty Group Inc
Encore Realty & Commercial Inc
Liberty Realty
Merit Realty
Consumer Direct Realty
Metropolitan Realty
Updated 1/05
R B Realty
James E. Markin
Home Buyers Marketing Inc
Larry Maxwell
Venture Realty Group
Tamara A. McEntire
Alpha Realty Services
Steve S. Meekin
Julie C. Melvin
Zack Merrill
James Metcalf
James Metcalf
Christopher E. Middleton
Metropolitan Realty
David A. Mikowski
Avalar Real Estate & Mortgage Network
Cameron Miller
Siena
Sharon Milne
Merit Realty
Thomas G. Moore II
Shannon Day Realty Inc
Sarah J. Morada
Crystal Properties & Investment
Melissa D. Morency
Marathon Real Estate
Dan Nguyen
Bryan Pangburn
Jasna J. Pantic
Excel Realty
Aurelia Peres
Busaba Phanitchob
Kit Polhans
Darlene Porras
Diversified Interest
Richard D. Portaro Jr
Key Realty
Latha Ray
Melissa Reynolds
Melissa Reynolds
RE/MAX Achievers
Joseph K. Saddi
Liberty Realty
Emilie P. Santhasouk
Sherrill Properties
Jeff Sawin
Wendy Schaller
Joy Schmoutey
Paul Schwartz
Daniel L. Searcy
RE/MAX Advantage
Rolyn N. Severin
Micha Shalev
RE/MAX Achievers
Tiffany K. Sims
Marathon Real Estate
Betsy Slight
Robinson & Associates Realty
Dennis A. Smith
R B Realty
Jennifer Stadtlander
Liberty Realty
E Kevin Stall
Agentproposal.com
Brian Stickney
First City Realty
Rick L. Stout
Properties of America
Liliang Sun
Key Realty
Stan Szczepanski JR
Transtar Realty
Miki Takashima
Liberty Realty
Maria C. Tan
Creative Sales & Marketing
Mark Taylor
Theo Taylor
Richard Teausaw
Westwood Realty LLC
David M. Tourso
Liberty Realty
Eveline Tritsch
Brad Tyler
Coast to Coast Real Estate
Soap Van
Jennifer Viggiano
American Realty & Investments
Michael A. Vitale
Deborah Dalley Associates
Philip Wakefield
Liberty Realty
Francine Ward
Michael Weisbein
Timothy Welsh
Realty Executives of Nevada
Pearl West
Darlene Rogers Realty
Carol B. Whiteaker
Century 21 Western Properties
Christopher P. Wilkins
Liberty Realty
Kevin Wirt
Liberty Realty
April Withers
Encore Realty & Commercial Inc
Elena Woodard
Karen L. Young
Robert W. Zirkel
31
Home & Condo Sales Report
December 1 - 31, 2004
Existing Single Family Homes
SALES
PRICE RANGE
LISTINGS
2 BDRMS
3 BDRMS
4+ BDRMS
TOTAL UNITS
S/FAM UNITS
$29,999 or Under
1
0
0
5
0
$30,000 to $39,999
0
0
0
0
1
$40,000 to $49,999
3
0
0
4
1
$50,000 to $59,999
1
0
0
2
1
$60,000 to $69,999
0
0
0
1
2
$70,000 to $79,999
1
0
0
1
3
$80,000 to $89,999
2
0
1
5
2
$90,000 to $99,999
0
0
1
4
5
$100,000 to $119,999
2
0
6
18
10
$120,000 to $139,999
20
0
11
52
28
$140,000 to $159,999
16
0
9
71
50
$160,000 to $179,999
10
0
29
121
82
$180,000 to $199,999
18
0
26
145
122
$200,000 to $249,999
53
0
100
492
416
$250,000 to $299,999
41
0
147
619
667
$300,000 to $399,999
25
0
285
566
862
$400,000 to $499,999
5
0
144
197
426
Over $500,000
14
0
151
219
505
TOTALS
212
0
910
2522
3183
MEDIAN PRICE
235,000
0
340,000
275,000
324,900
AVERAGE PRICE
254,969
0
410,559
321,769
384,794
Existing Condo Homes
SALES
PRICE RANGE
LISTINGS
2 BDRMS
3 BDRMS
4+ BDRMS
TOTAL UNITS
CONDO UNITS
$29,999 or Under
0
0
0
0
0
$30,000 to $39,999
1
0
0
1
1
$40,000 to $49,999
3
0
0
3
4
$50,000 to $59,999
9
0
0
9
7
$60,000 to $69,999
6
0
0
6
4
$70,000 to $79,999
7
1
0
8
4
$80,000 to $89,999
9
2
0
11
12
$90,000 to $99,999
14
2
0
16
10
$100,000 to $119,999
33
5
0
38
22
$120,000 to $139,999
48
8
0
56
49
$140,000 to $159,999
63
14
1
78
69
$160,000 to $179,999
53
20
0
73
86
$180,000 to $199,999
48
20
1
69
64
$200,000 to $249,999
64
45
1
110
173
$250,000 to $299,999
19
23
1
43
70
$300,000 to $399,999
14
3
3
20
39
$400,000 to $499,999
2
1
1
4
7
Over $500,000
4
3
0
7
28
TOTALS
397
147
8
552
649
MEDIAN PRICE
162,000
200,800
312,000
170,000
199,900
AVERAGE PRICE
172,654
221,805
291,813
187,470
252,892
32
Annual MLS Statistics
Single Family Closings
Condo/Townhome Closings
Average Price
$277,475
January December
$223,739
$156,968
$119,621
$119,621
33
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Eliminates Hidden Costs
37
PAID ADVERTISEMENT
38
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R EA L TO R S! !
Only a Few Positions Left!
LOOK AT ALL YOU CAN RECEIVE:
100% Commission or
Generous Commission Split
Corporate Support Without Franchise Fees
Professional Office Environment
MLS, Salestraq, Free Copier, Fax, Re-Forms
Transaction Coordination
Free Training
In House Lender
Full Time Broker Support
Convenient South-East Location
Lillian Eversole
Corporate Broker
PAID ADVERTISEMENT
ur
Join O
Team !
Today
For a Confidential Interview, Call:
L I L L I A N E V E R S O L E - Corporate Broker
547-7320
or
340-1343
6330 S Sandhill Rd., #12 • Las Vegas, NV 89120
PAID ADVERTISEMENT
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Credit Cards Welcome
Escrow Billing Available
Licensed • Bonded • Insured
Nevada Contractor Licenses:
47405, 57466, 57467
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New Green Valley
Location Opening
March ‘05!
Opening
March ‘05
Aida Markarian
PAID ADVERTISEMENT
Owner/Branch Manager
Sterling Park
7448 W. Sahara, #106
Between Tenaya & Buffalo
Richard Storrer
Corporate Broker
Eastern Canyon
8605 S. Eastern, Suite #B102
Just South of Wigwam, Fronting Eastern
260-7148
Call Aida Markarian today for a confidential interview:
47
PAID ADVERTISEMENT
1750 East Sahara Avenue
Las Vegas, Nevada 89104
PRSRT STD
U.S. POSTAGE
PAID
Permit No. 137
Las Vegas, NV

35 February 2005 - Greater Las Vegas Association of Realtors

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