Weekly Facts Blog – July 5, 2010

New RESPA Interpretive Rule
Under section 8 of RESPA and HUD’s implementing RESPA regulations, services performed by real estate brokers and agents as additional settlement services in a real estate transaction are compensable if the services are actual, necessary, and distinct from the primary services provided by the real estate broker or agent, the services are not nominal, and the payment is not a duplicative charge. A referral is not a compensable service for which a broker or agent may receive compensation. To read this Interpretive rule in its entirety, and provide comments, please Click Here

Homebuyer Tax Credit Closing Date Extended
(June 30, 2010) Congress has passed an extension of the Homebuyer Tax Credit closing deadline—the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension. The new closing deadline for eligible transactions is September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.

Latest Home Sales Statistics Now Available
GTAR’s Home Sales Statistics for May 2010 are now available on the desktop page inside MarketLinx. They are also in the July GTAR World newsletter which you can access from the Member Services page of tulsarealtors.com. (The link to the newsletter was emailed to all members on July 2.) You can also Click Here Click Here

New Square Footage Form Now Available
The GTAR Boards of Directors approved a Square Footage Waiver and Release form. The use of this form is recommended to Brokers with residential sales of homes, sales of vacant lots/land, and leasing. The form is available online under Forms and Contracts. Click Here to View


We Need Your Input! State Reps and Senate Races
OAR is looking for input from our local board for when the OAR RPAC Trustees consider State Representative and State Senate races which will be decided in the primary. Following are the candidates: State Representative Races: District 73 - Tulsa (Jabar Shumate* and Kevin Matthews); District 74 – Owasso (David Derby* and Joe Kelley); District 76 – Broker Arrow (David Brumbaugh and Tony Curtis Griffith); District 86 – Stilwell (John Auffett*, Jeff Collyge, and Will Fourkiller). State Senate Races: Disctict 34 – Owasso (Rick Brinkley and Tim Coager). If you know one of the candidates, please tell us what you think! The OAR RPAC Trustees have the ultimate approval in all contributions for State Senator and State Representative races. Information of special interest is if a REALTOR® member is running for office. If you have any input, please email jbays@tulsarealtor.com.


July CE Classes at GTAR
For more information on the following CE classes, and to register: log on to tulsarealtors.com, from the Main Menu click the red Education bar, then click Register for Classes. All classes will be in the GTAR Training. OREC required FHR and BRA classes are held quarterly at GTAR; PSC is held every other month; and HOT courses are offered at least once a quarter.

REALTOR® Ethics: Thursday, July 15, 1:00-4:00 p.m. (required PSC CE) – No Cost!
Fair Housing and Ethical Practices: Tuesday, July 20, 1:00-4:00 p.m. (required FHR CE)
OK Broker Relationships: Monday, July 26, 1:00-4:00 p.m. (required BRA CE)

July 28 and 29
Broker in Charge Course
Attention ALL Real Estate BROKERS: Your OREC Continuing Education Requirements are changing! If your license type is a Broker Manager (BM), Proprietor Broker (BP), or Branch Broker (BB) (even if only for ONE day during that license term) AND your real estate license expires on or after June 30, 2012, then you are required to complete an approved 15-hour Broker in Charge (BIC) class PLUS an additional 6 hours of required subject matter in at least two core courses (BRA, PSC, FHR or HOT) prior to your license renewal. GTAR’s first offering of the Broker in Charge course is scheduled for Wednesday and Thursday, July 28 and 29, 8:30 a.m. to 5:00 p.m. in GTAR’s North Conference Room. Cost is $90. Class size is limited to 15. For more information and to register, log on to tulsarealtors.com; from the Main Menu click the red Education bar, then click Register for Classes.  Click Here for Details

Did You Know OREC Approved CE Courses are Available 365 Days a Year—Day or Night?
Through GTAR’s partnership with McKISSOCK, a wide range of OREC approved continuing education courses for real estate associates and brokers, as well as real estate appraisers, are available online to take at your convenience. A 21-hour package deal is available for only $78—that’s less than $5 per hour to fulfill OREC’s CE requirements. Click on the following link to take a look at all the courses available to you: GTAR Online Education

July 22
RCA Insight Social
A commercial REALTOR® networking event: First Place Towers in beautiful downtown Tulsa. Come join us for a commercial networking event with other commercial REALTORS®. In contrast to our usual event, we will not have any speakers. In other words, come socialize with us. Appetizers and a cash bar will be available. More details to follow.

Upcoming Computer Classes at GTAR
Pre-registration is required. For more information or to enroll, log on to tulsarealtors.com and click the red Education bar on the main page. All classes are held in the GTAR Computer Lab.

MarketLinx 1: Monday, July 19, 1:00 – 4:00 p.m.
MarketLinx 2: Wednesday, July 7, 1:00 – 4:00 p.m.
MarketLinx 2: Wednesday, July 28, 1:00 – 4:00 p.m.
MarketLinx 3 (Prospect Gateway): Friday, July 30, 9:00 – 11:00 a.m.

Membership Applications
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.

REALTORS®:
Kelly Garrison, associated with McGraw, REALTORS (First Publication)
Sherry Remy, associated with Signature Real Estate (First Publication)
Patsy Rhodes, associated with Nationwide Realty (Second Publication)

MLS Participation:
Leigh Wendlandt, d/b/a Red Hot Realty (Second Publication)