1 The RACC Newsletter REALTORS® Association of Citrus County, Inc. Inside this issue: President Message 1 General Membership meeting 2 - 3 A-! Title– Full page Ad 4 Chili Cook Off 5 Education Classes 6 - 10 BB & T Full page Ad 11 Are You Using Your FREE Benefit? 12-13 Volume X, Issue 4 APRIL 2014 The REALTORS® Association of Citrus County, Inc. exists to inform, educate and uphold the high standards set forth in the REALTOR® Code of Ethics enhancing our members professionalism and image while fostering cooperation among our members and serving our communities. We provide education and leading-edge technology to better safeguard private property rights and promote equal housing opportunities Regions Bank– Full page Ad 15 Business Partners Kick Off meeting 16 Business Partners Ads 17 Education Connection- and MLS Tidbits 18 Fines & warnings 19 Calendar 20 On the Move 21 MLS Stats 22 Senate Passes Flood Insurance with House Amendments – (NAR) On March 13, 2014, the United States Senate voted 72-22 to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370). The Senate acted quickly to pass the bill as amended by the House to avoid the need for a conference committee to reconcile any differences. The new bill further reins in and holds the Federal Emergency Management Agency (FEMA) accountable for the Biggert-Waters implementation issues. As passed, the bill repeals FEMA’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance. President Obama signed the bill into law on March 21, 2014. NAR had urged a swift vote in the Senate. What does this mean? This legislation puts the breaks on the escalating premium rates that many homeowners have been experiencing. How does it do this? It creates a firewall on annual rate increases. It repeals the property sales trigger that has been depressing waterfront home sales. It repeals the new policy sales trigger. Reinstates grandfathering. It refunds homeowners who have overpaid for their flood insurance. What do you tell your customers? FEMA has not been charging enough historically to cover catastrophic years. About half of the policy holders saw a 25% increase in the cost of flood insurance. When homes were sold the increases fully put into place, causing some homeowners to spend an additional $10,000 - $30,000 in annual premiums. This was not what congress intended. Now all policy holders will see an increase in their annual premiums. This will spread the pain to a wider pool of policy holders. The annual increases are capped at 25%. Eventually everyone will be paying the full rate. So instead of a sale triggering the complete increase, it will be phased in over time. If you are asked what a specific rate will be for a home, please refer them to a licensed insurance partner for a quote. If you are looking to go above and beyond that go to the NAR website. Search on ‘flood disclosure’. This will give you guidelines on what to say. How do past customers get refunds? It will take a while for FEMA to work this out. It may take upwards of a year to receive refunds. Have your customer contact their insurance provider. They should have details once FEMA figures out what they are doing. Greg Younger, President
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1
The RACC Newsletter
REALTORS® Ass oc iat i on
o f C i t rus Count y , I nc .
Inside this issue:
President Message 1
General Membership
meeting
2 - 3
A-! Title– Full page Ad 4
Chili Cook Off 5
Education Classes 6 - 10
BB & T Full page Ad 11
Are You Using Your FREE
Benefit?
12-13
Volume X, Issue 4 APRIL 2014
The REALTORS® Association of Citrus County, Inc. exists to inform, educate and uphold the high standards set forth in the REALTOR®
Code of Ethics enhancing our members professionalism and image while fostering cooperation among our members and serving our
communities. We provide education and leading-edge technology to better safeguard private property rights and promote equal housing
opportunities
Regions Bank– Full
page Ad
15
Business Partners Kick
Off meeting
16
Business Partners Ads 17
Education Connection-
and MLS Tidbits
18
Fines & warnings 19
Calendar 20
On the Move 21
MLS Stats 22
Senate Passes Flood Insurance with House Amendments – (NAR) On March 13, 2014, the United States Senate voted 72-22 to approve the Homeowner Flood Insurance Affordability Act (H.R. 3370). The Senate acted quickly to pass the bill as amended by the House to avoid the need for a conference committee to reconcile any differences. The new bill further reins in and holds the Federal Emergency Management Agency (FEMA) accountable for the Biggert-Waters implementation issues. As passed, the bill repeals FEMA’s authority to increase premium rates at
time of sale or new flood map, and refunds the excessive premium to those who bought a property before FEMA warned them of the rate increase. The bill limits premium increases to 18% annually on newer properties and 25% for some older ones. Additionally, the bill adds a small assessment on policies until everyone is paying full cost for flood insurance. President Obama signed the bill into law on March 21, 2014. NAR had urged a swift vote in the Senate. What does this mean? This legislation puts the breaks on the escalating premium rates that many homeowners have been experiencing. How does it do this?
It creates a firewall on annual rate increases. It repeals the property sales trigger that has been depressing waterfront home sales. It repeals the new policy sales trigger. Reinstates grandfathering. It refunds homeowners who have overpaid for their flood insurance.
What do you tell your customers? FEMA has not been charging enough historically to cover catastrophic years. About half of the policy holders saw a 25% increase in the cost of flood insurance. When homes were sold the increases fully put into place, causing some homeowners to spend an additional $10,000 - $30,000 in annual premiums. This was not what congress intended. Now all policy holders will see an increase in their annual premiums. This will spread the pain to a wider pool of policy holders. The annual increases are capped at 25%. Eventually everyone will be paying the full rate. So instead of a sale triggering the complete increase, it will be phased in over time. If you are asked what a specific rate will be for a home, please refer them to a licensed insurance partner for a quote.
If you are looking to go above and beyond that go to the NAR website. Search on ‘flood disclosure’. This will give you guidelines on what to say. How do past customers get refunds? It will take a while for FEMA to work this out. It may take upwards of a year to receive refunds. Have your customer contact their insurance provider. They should have details once FEMA figures out what they are doing. Greg Younger, President
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BREAKFAST WAS A HUGE SUCCESS!!
On March 13th almost 160 Realtors, Business Partners and Guests
attended our Annual Breakfast to recognize RACC Top Producers.
President Greg Younger called the meeting to order at 8:20am
followed by Secretary Rob Tessmer Jr. providing the Invocation and Pledge. Business Partner
Chair Melissa Seney then took a few minutes to allow the Business Partners to introduce them-
selves before President Greg recognized County Commissioner Rebecca Bays and the Property
Appraiser Les Cook. Regions Bank and A-1 Title, our Business Partners of the Month took a
moment to address the audience before everyone enjoyed a delicious Buffet Breakfast provided
by Citrus Hills Golf & Country Club.
President Elect Debbie Rector inducted our New Members:
Deborah Clark Tropic Shores
David Collins ERA American Realty & Inv.
Toni Dunham Coldwell Banker, Investors
Barbara Enyard Tropic Shores
Janet Higgins Janet Higgins
Kyle McFarland ERA American Realty & Inv.
Scott Ulery A Good Appraisal Service
William Wikle Harper Realty
continued
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Next it was time to honor the Top Producers. Gwen Martone/ Regions and Melissa Seney/ Insurance
Resources presented certificates to the Million Dollar Producers and Plaques to the Multi-Million
Dollar Producers. Congrats to everyone that was recognized, what a great accomplishment!
Marvia Korol addressed the membership regarding the RPAC Party Cooler that will be raffled off at
the Chili Cook Off in April, if you would like to donate something to the cooler, please contact the
Association at (352) 746-7550. RPAC Chair Debbie Scott awarded pins to the Investors and 99’ers.
Thank you to everyone who has donated to RPAC this year.
There were lots of lucky winners at the event, Becky Norman, Coldwell Banker Next Generation was
the lucky winner of $200 in the Share n Share drawing, the other $200 will call go Habitat. David
Bramblett, Century 21 Nature Coast and Marvia Korol, RE/MAX Realty One won flower
arrangements with $50 gas cards donated by Gwen and Brenda the Business Partners of the Month.
Lorraine O’Regan was chosen to draw for the Queen of Hearts. She drew the joker and received $20
plus a free meal at the next General Membership Meeting. Don’t miss the Chili Cook-Off on April 10th.
The Queen of Hearts will be $140.00. (You could be the lucky winner!)
Again a huge Thanks to Brenda Buta/A-1 Title and Gwen Martone for being the Business Partners of
the month. The room was festive with the balloons and St. Patrick’s Day decorations.
OOPS! BRUCE BRUNK - MULTI-MILLION $ PRODUCER IN 2013
Bruce Brunk from Keller Williams Realty - Elite was a multi-million dollar producer in
2013. Inadvertently his name was left off the list at the meeting. Congratulations Bruce
and to all the Realtors®.
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The Florida Realtors Legal Hotline is a free benefit
A: Calls are taken in the order they are received. You may have to wait “in line” for your call to be
answered. Last year, the Legal Hotline handled more than 30,000 calls!
Q: My seller/buyer has asked me a legal question. May I ask the Legal Hotline attorney for the answer?
A: No. The advice given on the Legal Hotline is intended only for use by the individual Florida Realtors
member. Parties to a transaction who have a specific question about their legal rights should consult their own
attorney.
Q: An agent with whom I am having a commission dispute called the Legal Hotline to ask for advice about the
dispute. May I also call the Legal Hotline for advice on the same dispute?
A: No. The rules of the Florida Bar prohibit the Legal Hotline attorneys from counseling more than one side of
a dispute.
Q: May I email a question to the Legal Hotline?
A: Yes. Legal questions may now be emailed to the Legal Hotline. Members will receive a live callback from a
Legal Hotline attorney. Ask a question now. (login required)
Q: Is the Legal Hotline a substitute for private counsel?
A: No. Members who require representation in lawsuits, the drafting of specific language or documents or
resolution of problems going beyond the scope of real estate law should consult their own attorney.
Save time: Ask a legal question online
Legal questions may now be emailed to the Legal Hotline. Members will receive a live callback from a Legal
Hotline attorney. Ask a question now. (login required)
Florida Realtors Contracts in Braille and Audio
As you may know Florida Realtors has a Diversity Committee and the task of the Committee is to identify diversity and fair housing education needs and goals, to promote changes in real estate business practices to reflect the growing cultural diversity within the United States, and to share diversity knowledge, expertise, analysis and information with other Florida Realtors® committees as appropriate. One of the tasks of the Committee was to get Florida Realtors contracts translated in Braille and Audio for the visually impaired. Please make sure your members are aware of these
translations. They can be found on Florida Realtors website.
We are having the kick-off meeting for the Business Partner Showcase on April 23, 2014 @ 11:30 AM in the conference room at THE RACC. Please RSVP to either Robert Rodriguez [email protected] or
In March the MLS issued the following to Participants and/or Subscribers: Warnings: Duplicate Listing (0) Wrong Category or Area (9) Pending and Closed (1) Lender owned (0) No Photo (3) Branded Virtual Tour (0) Lockbox Code in Listing (0) Name/Phone# (0) Sign in Photo (0) Alt Key (0) Fine: (0) Violation of the same offense will be subject to the following:
1st offense: Written Notice
2nd offense: $50.00 Fine
3rd offense: $100.00 Fine
• Failure to submit contingent, pending and closed information within two (2) business days.
• Failure to enter a photo. Note: The seller may request in writing a photograph of the property not be included.
• Failure to enter a listing in the correct category.
• Duplicate address and/or alternate key for the same property.
Have you been to www.raccfl.com lately?
After you login (using your MLS login info) you can register for classes, pay any invoices you may have, find videos of past classes, visit the RACC Library and so much more.