NEWSLETTER

Tuesday, October 1st, 2013

In this issue: Membership News & Announcements Continuing Education Newsroom Member Resources

MEMBERSHIP NEWS
Dear Members, As a reminder to help you plan ahead, on November 1, 2013 we will be posting your 2014 Annual Dues Invoices online at www.ParkCityBoard.com as well as mailing you a hard copy.

If your Annual Dues are not paid within 30 days (by December 1, 2013) you will be charged a $35 late fee.

If your Annual Dues are not paid within 60 days (by January 1, 2014) you will be charged an additional 1.5% late fee and your MLS and/or PCBR website access may be denied. If your Annual Dues are not paid within 90 days (by February 1, 2014) your membership will automatically be terminated and you will be subject to reinstatement fees and any unpaid fees on your account.
Please note: The Invoice Date will say January 1, 2014, but the due date is as stated above. Annual Dues amounts will vary according to your membership type. The most common member types with Dues amounts are listed below: Primary Board Only: $565.00 (Primary means you pay your National and State Dues through our Board). Primary Board & MLS: $715.00 Secondary MLS Only: $150.00 (Secondary means you pay your National and State Dues through another Board). Designated Affiliate: $360.00 (Designated means you are the main member in your company). Individual Affiliate: $150.00 The following Voluntary (optional) fees will also be included on your 2013 Annual Dues invoice. You may uncheck these optional fees online if you do NOT wish to pay them. REALTORS Political Action Committee (RPAC): Agents - $50, Principal or Branch Brokers $100. This voluntary contribution funds the local, state and national RPAC fund to protect your interests at each level. RPAC contributions are not deductible for Federal income tax purposes. We would really appreciate a contribution from all of our members to help us reach our goal. Contributions to RPAC are not deductible for income tax purposes. Contributions to RPAC are voluntary and are used for political purposes. You may refuse to contribute without reprisal and the National Association of Realtors or any of its state associations or local boards will not favor or disfavor any member because of the amount contributed. 70% of each contribution is used by your state PAC to support state and local political candidates. Until your state PAC reaches its RPAC goal 30% is sent to National RPAC to support federal candidates and is charged against your limits under 2 U.S.C. 441a; after the state PAC reaches its RPAC goal, it may elect to retain your entire contribution for use in supporting state and local candidates.

Park City Board of REALTORS Philanthropic Foundation: $20 Voluntary Tax Deductible Contribution Your contribution will be used for one of the following causes: Domestic Violence, Senior Citizens, Park City Outreach, Open Space, Community Needs Related to Housing and scholarships to the Park City Education Foundation as well as North and South Summit High School students.

MEMBERSHIP UPDATE

Members as of October 1:

Brokers: Agents: Appraisers: TOTAL: Affiliates:

164 646 47 857 145

New Members: Terry Weese, Northern Realty Inc., Park City Deloy Bisel, Exit Realty Plus Kevin Perrenoud, Equity Real Estate Luxury Group Cheryl Staley, Windermere Real Estate Utah Clint Carter, C Squared Real Estate Inactive: Mindy Mason, Windermere Real Estate Utah Gretchen Lee, Keller Williams Park City Real Estate

Lydia Kluge, Keller Williams Park City Real Estate Debbie Augustine, Heartland Realty New Affiliates: Paul de Groot, Paul de Groot Building Services

CONTINUING EDUCATION
Here is a list of classes coming up at the Park City Board: Sign up online at www.parkcityboard.com ! Affiliates: If you would like to sponsor a class call Anne at 435-200-6900. Thursday, October 3, 1-2pm Introduction to Fusion and Client GatewayThis is the MLS training class you have all been waiting for! Sheila Hall has created and gotten approved for one hour CE credit, this class on the Basics of Fusion. She will take you through setting up automatic email programs for your clients with their specific search criteria, how to set up websites for them and so much more! The class assumes knowledge of basic search techniques. Cost is $10.00. Sign up at www.ParkCityBoard.com! AFFILIATES! We need a sponsor for this class! Please call Anne at 435-200-6900. NEW!! Friday, October 4, 9 am 10 pm, Understanding Water Damage in Todays Real Estate MarketInstructor Daryl Olsen of The Flood Company. You will learn the basic principles of water damage in a property. You will have a greater confidence addressing water damage issues in a property, including: How to know if its wet or dry. How serious is it? How timely is it? Is the property safe? Is it covered by insurance? Do I need to be careful what I say to the insurance company; and will it make a difference on coverage? With a water damage event, you only have one chance to get it right. If you dont get it right, the damage and the costs can be greater. This class is approved for one hour CE credit.$10/members, $15/nonmembers.Affiliates! We need a sponsor for this class! Please call Anne at 435-200-6900.

Monday October 7, 1pm-3pm, Legal Issues and Fraudulent Transactions Tom Jacobson will present a two hour class on identifying potential fraud issues in a real estate transaction. The class will focus on issues in a transaction which can place an unsuspecting agent in the position of being accused of committing fraud. This class is approved for 2 hours CORE credit, $20/members, $25/non-members. Affiliates! We need a sponsor for this class! Please call Anne at 435-200-6900.

Friday, October 11, 10 am 12 pm, Industry Disclosure Forms Dana Stanford is back with another 2 Hour CORE CE Class. Understand the scope and consequences of the Sellers Disclosure and Buyers Due Diligence Forms.

Fraud, Negligence & Misrepresentation, with actual court cases illustrating how they happen Best practices to avoid liability for you and your clients Material Facts vs. Stigmatized Properties

AFFILIATES! We need a sponsor for this class! Please call Anne at 435-200-6900. NEW!!!! Thursday October 24, 3pm 4pm, Evolution of Non-Traditional Mortgages Jon McKeon of UBS Financial presents this brand new class. Guest speaker will be Lee Carter, President of UBS Bank. We start with the Adjustable Rate Mortgage, and the Interest Only Mortgage. We review the rise and fall of the Sub-Prime Mortgage. Next, we look at the newer types of Collateralized Mortgages, including Asset Dissipation, Cross Collateral, and Pledged Asset Loans. Responsible application situations for all Non-Traditional Mortgages; finding the right solution for the borrowers needs. The changing regulatory environment for Non-traditional loans: What issues regulators have been focusing on; credit analysis, appraisals, and documentation. Approved for 1 hour of CE credit. $10/members, $15/non-members. Refreshments provided by Jon McKeon of UBS Financial. Thank you, Jon! Tuesday, October 29, 3 - 4pm, Advanced Searches in the MLS Instructor Rich Fine of Prudential Utah Real Estate will take you through the finer points of creating, saving, and assigning searches to your clients. The "Map Search" function will also be demonstrated. Approved for 1 hour CE credit at the Division of Real Estate. The cost is $10.00. This is an elective course for the Park City Board of REALTORS Local Designation. Affiliates! We need a sponsor for this class! Please call Anne at 435-200-6900. Friday November 15, 10 am 12 pm, The Truth About Reverse Mortgages Lonny Eschler, Instructor. The Truth About Reverse Mortgages is a class that will discuss in detail all aspects of the Home Equity Conversion Mortgage (HECM). We will dispel all the old myths and misinformation about reverse mortgages and give you clear concise information. We will teach you how to use this product to increase your business through the use of this product and help you to better assist your elderly clientele. We will show you how to double your elderly borrowers buying power using a reverse mortgage. Well show you how a HECM can give a borrower access to cash without the need for payments or the stringent qualifications found in

the current mortgage market. There will be plenty of time for Q and A and lots of concrete examples. If you have ever been asked about a reverse mortgage or had a personal interest in finding out what they are all about, come to this class. Approved for 2 hours CE credit at the DRE. AFFILIATES! We need a sponsor for this class! Please call Anne at 435-200-6900.

ONLINE CONTINUING EDUCATION

Go to The Division of Real Estates website to see an entire list of available classes, or choose from a menu to fit your needs for your Continuing Education. Click the following link to go directly to an online search: http://realestate.utah.gov/index.html The CE Shop McKissock STRINGHAM SCHOOLS

PearsonVue: To view your continuing education transcript

NEWSROOM PARK CITY NEWS

PCMR v. Talisker: settlement talks apparently held http://www.parkrecord.com/news/ci_24192441/pcmr-v-talisker-settlement-talks-apparently-held

Figure in controversial housing project seeks Planning Commission seat http://www.parkrecord.com/news/ci_24192434/figure-controversial-housing-project-seeksplanning-commission-seat

City Council candidate has millions in Park City real estate holdings

http://www.parkrecord.com/news/ci_24192436/city-council-candidate-has-millions-park-cityreal

NAR NEWS
Government shutdown updates
http://www.realtor.org/articles/government-shutdown-updates

HUD Delays Dual Agency Ban on FHA... FHA Short Sales Policy Update HUD Removes Dual Agency... FHA Short Sales Policy Change

Study: $50 more per square foot for homes near good schools
http://realtormag.realtor.org/daily-news/2013/09/26/study-50-more-square-foot-for-homes-neargood-schools

REALTOR Magazines best of the web 2013

http://realtormag.realtor.org/technology/feature/article/2013/09/realtor-magazines-best-web-2013

LAW: Earnest money battles http://realtormag.realtor.org/law-and-ethics/law/article/2013/09/earnest-moneybattles Your client has put up $5,000 in earnest money and entered into a contract to buy a house, but despite her best efforts, shes unable to secure financing. Citing this loan contingency, she exercises her right to terminate the contract and recoup her earnest money, but the escrow agent cant release the funds because

the sellerin clear violation of the terms of the agreementrefuses to acknowledge contract -termination. It would be nice to hope for a lightning bolt of common sense to strike someone whenever he or she so clearly breaches a contract, but the reality is that contracts dont enforce themselves and filing a lawsuit is an expensive, stressful, and uncertain action to take. In many situations like this, although contract termination is the sticking point, the main issue for buyers is simply getting their earnest money back. In light of this, here are a few things you can do to help make earnest money less of an issue whenever a seller refuses to acknowledge contract termination. None of these alternatives are ideal, but they at least give your buyer some options to consider other than suing. Put up no earnest money. If your buyer puts up no earnest money, the buyer and seller cant skirmish over it after contract termination. Contracts must be supported by consideration, but the exchange of the buyers promise to buy for the sellers promise to sell is sufficient consideration to create a contract. For buyers who have no tolerance for earnest money fights, the only option is to have a contract without earnest money-although theres no guarantee the seller will agree to it. Put up earnest money deposits in stages. This is slightly more attractive to a seller. The buyer could propose, for example, $1,000 of earnest money payable upon execution of the contract, with another $4,000 due after the buyer clears her due diligence contingencies. Sue or shut up clause. The agreement between the seller and the buyer could remove the power of the sellers refusal to authorize refund of the earnest money by requiring the escrow agent, or whoever is holding the funds, to refund the earnest money to the buyer unless the seller initiates a lawsuit to retrieve the earnest money by a clear deadline. It is easy for a lazy seller to decline to authorize the release of earnest money; it requires tenacity for the seller to file a suit to hold the money back. With a sue or shut up clause, the sellers refusal to authorize earnest money release might only briefly tie up buyer funds. Loser pays contract clause. Occasionally, a provision providing that the breaching party pays the non-breaching partys attorneys fees can move the breaching party to honor the contract. Yet a loser pays clause like this doesnt move the irrational or impoverished seller and sometimes emboldens a party who doesnt understand the weakness of his position.

A different earnest money holder. The buyer might receive some comfort from having the earnest money held by someone aligned with the buyer. For example, the buyers agent, rather than the listing broker, can hold the earnest money. A friendly earnest money holder decreases the chance of an inadvertent (or intentional) release of the earnest money to the wrong side. Again, contracts do not enforce themselves. Sometimes parties who are clearly in the right find they have no choice but to file a lawsuit to enforce the terms of the contract. By sharing some of these other ideas with buyers, you might be able to take steps to reduce some of the risks and avoid full-blown legal fights over earnest money.

To register or for more information on NARs Conference and Expo, CLICK HERE!

MEMBER RESOURCES

ANNOUNCING PRIVATE HEALTH INSURANCE EXCHANGE FOR PARK CITY BOARD OF REALTORS MEMBERS

The Park City Board of REALTORS has partnered with National Affinity Servicesto offer you, your family and employees a selection of benefits including a Private Health Insurance Exchange. The Park City Board of REALTORS exclusive Private Health Insurance Exchange offers complete solutions for our members. As an independent broker, the National Affinity Services team is able to seek out the best benefits programs for The Park City Board of REALTORS members without bending to the whims of any particular insurer or corporate affiliate. The time to act is now! Advanced preparation ensures a predictable economic and financial outcome for your business and employees. To learn more and for a FREE Health Insurance quote, visit http://nationalaffinity.net/quote/pcbor/ or call 855.533.1776. You may contact Meisha Lawson directly at 435.659.9283 or info@meishalawson.com.

Statistics Committee Handouts click HERE . Or log into the website and look under Committees. Choose Statistics from the drop down menu. The Stats Pak is updated on the PCMLS every month on the 7th under Stats Pak Affiliate Directory is on the website: http://www.parkcityrealtors.com/affiliate-member-roster Western Mountain Resort Alliance Statistics The User Name is (wmra) and the Password is (wmra) http://www.westernmountainresortalliance.com/ MLS Support Number 1-888-825-5472 Transaction Desk Help 800-668-8768 Supra Key & Lockbox Information www.supraekey.com

Phone Number (877) 699-6787 opt #1 UAR LEGAL HOTLINE A FREE source for legal advice! 1-800-594-8933 Utah Division of Real Estate: 801-530-6747 http://realestate.utah.gov/index.html To view your continuing education transcript go to PearsonVue or click HERE.