Monday, December 17, 2012

GTAR Weekly Facts – December 17, 2012

2013 Annual Dues
If you have not paid your GTAR dues, a $20 late payment fee has been added to your account. Payment was due by November 30, 2012. REALTOR® dues are $484 and REALTOR-ASSOCIATE® dues are $454.
Monday, December 24: Office closes at 12:30 p.m.
Tuesday, December 25: Office is closed all day
Monday, December 31: Office closes at 12:30 p.m.
Tuesday, January 1: Office is closed all day
December 26 until January 2: Board Store Closed for Inventory
The GTAR/NORES Board Store will be closed for inventory Wednesday, December 26 until noon on Wednesday, January 2, 2013, so please plan ahead. This will not affect Key and KeyBox purchases.
NAR: Extend Energy Efficiency Tax Deduction
NAR sent a letter supporting legislation to extend the tax deduction for energy efficient commercial and multifamily buildings. The legislation, "The Commercial Building Modernization Act," S. 3591, makes a number of NAR-supported reforms as well.
Basel III: Mortgages Face Stark Treatment
Proposed Basel III capital rules will have a detrimental effect on the accessibility and affordability of residential and commercial mortgage credit due to a disproportionate risk treatment of mortgages, NAR says in a letter to a Senate panel looking at the standards. NAR recommends the proposed regulations be modified to more accurately correlate the risk characteristic of mortgages with the proposed risk weights. The standards are slated to be implemented beginning in 2013 through 2018.
Registration is Now Open!
2013 GTAR/NORES Installation & Awards Banquet: Seated dinner will be Thursday, January 24, 12:00 p.m. at the Hard Rock Hotel and Casino; cost is $25 per person. This year’s theme is Let the Good Times Roll. Join us in honoring our outgoing presidents, incoming presidents, officers and 2012 award winners. For banquet details and to make reservations online with a credit card, log on to; under the Member Resources tab, click GTAR Events, then 2013 Presidents’ Banquet. Or, complete the Reservation Form and fax it to 918-663-8815.
Fiscal Cliff: What It Means for Real Estate
The federal government is grappling with looming tax increases and spending cuts at the end of the year unless an agreement is reached to avert the so-called fiscal cliff. NAR Chief Economist Lawrence Yun and NAR Economist Danielle Hale walk you through the tax increases and spending cuts subject to the deadline in a 9-minute video.
Consumers, Economists See MID Differently
NAR Chief Economist Lawrence Yun defended the mortgage interest deduction against a panel of economists in an episode earlier this week on the Diane Rehm radio show, which is distributed by NPR. Consumers calling into the show overwhelmingly supported MID as a key incentive for wealth building for the middle class. Access a summary of, and link to, the show
Don't Forget: Call for Action on Housing
The REALTOR® Party needs your help to protect the stability of the American housing market. By now you have seen numerous news reports concerning the "fiscal cliff." Many of these reports speculate that a change to the long-standing policy that allows home owners to deduct mortgage interest payments from their income taxes could be part of a deal. Remind Congress about our position on any proposed changes to the mortgage interest deduction. Learn more
Agents, Others Get Warnings Over Mortgage Ads
The Federal Trade Commission has issued warning letters to 20 companies, including real estate agents, home builders, and lead generators, about possible violations of the Mortgage Acts and Practices Advertising (MAP) Rule. MAP took effect last year to ban material misrepresentation in advertising about consumer mortgages. The FTC has created mock ads to illustrate improper claims. Outlawed practices include offering low fixed rate mortgages without full mortgage loan terms, implying a government affiliation, or guaranteeing approval with low monthly payments without disclosing significant strings. Access NAR's advisory on MAP.
FHA Needs $13.47 Billion to Shore Up Reserves
NAR in a letter supported FHA's efforts as it faces financial pressure. The agency is projected to have a negative capital reserve ratio of 1.44 percent, less than a required 2 percent. They need an addition $13.47 billion.
NAR Seeks Res., Comm. Mortgage Bills
NAR wants to see swift passage of "The Responsible Homeowner Refinancing Act," S. 3522, to provide some relief to underwater homeowners who continue to meet their mortgage obligation during the economic downturn, and “The Small Business Lending Enhancement Act of 2012,” S. 2231, to increase a business lending cap on well-capitalized credit unions. 
FedEx: Save on Holiday Shipping
REALTOR Benefits® Program participant FedEx offers two ways to get your gifts to where you want them by Christmas: 1) Ship with FedEx Ground by December 17  or ship with FedEx Express by December 22, and 2) enroll in the FedEx Advantage® program to save up to 26 percent on shipping. More
Dodge Dart Available Through Chrysler Offer
Chrysler Group LLC is offering a special cash allowance offer on its popular Dodge Dart. Members receive a $500 cash allowance on the lease or purchase of select new 2012 and 2013 Chrysler, Dodge, Jeep and Ram vehicles. Additionally, purchase of a vehicle before year’s end for use in business may qualify for a unique tax benefit. (A tax advisor should be consulted.) Chrysler is the official automobile manufacturer of NAR.
Free Consumer Content: Holiday Planning
The latest free content for your websites, blogs, social media pages, and print resources from HouseLogic's REALTOR® Content Resource looks at holiday planning ideas.
Comments on the following REALTOR® applicants should be submitted by REALTOR® members to the Membership Committee, c/o GTAR, PO Box 470603, Tulsa, OK 74147.
Frank Perdichizzi, Private Label Realty (Second Publication)
J. R. Spence, HomeWorx, LLC (Second Publication)