The FTC recently voted to suspend enforcement of some of its Mortgage Assistance Relief Services (MARS) rules as they apply to real estate agents. Real estate agents would not be required to use any of the disclosure forms set out in the FTC MARS rule provided the agent obeys state rules concerning services provided to short sale sellers. For Connecticut agents, this means that the agent cannot make a separate charge for services provided in negotiating a short sale with a lender beyond the compensation required in the listing agreement or misrepresent the purchase price in a sales contract. The MARS rule’s prohibition on deceptive communications will continue to apply to agents. Please note that agents have not been exempted from the rule. The FTC has simply said that it will not enforce certain aspects of the rule against agents at this time. For further information email Attorney Eugene Marconi or call 800-355-4862.

The Department of Banking and the Department of Consumer Protection have each issued letters containing further guidance on payments to debt negotiators. Click here to read more.

Plan to join the National Association of REALTORS® and the National Housing Conference for Bring Workers Home: 2011 Regional Forum on Workforce Housing in Boston, MA on Thursday, July 28 from 9:30 a.m. to 5:00 p.m. at the Hyatt Regency Boston.

This Bring Workers Home forum is designed to attract a wide range of attendees, including employers and HR professionals, REALTORS®, urban and regional planners, housing and community development leaders, local elected and appointed officials, state HFA representatives, and others.

Click here for more information and to register for the forum. 

The Federal Emergency Homeowners’ Loan Program (EHLP) which is administered by CHFA provides assistance to eligible Connecticut homeowners who are 90 days or more delinquent with their first mortgage payment as a result of having suffered a loss of income due to unemployment, underemployment or suffered adverse economic conditions resulting from a medical emergency or serious injury.  

The program is available through September 30, 2011 subject to an application deadline of September 1, 2011 for ALL documents to be in to CHFA. Those interested in the program are encouraged to contact the CHFA Call Center phone number 1-877-571-2432 to learn about eligibility for the EHLP or other foreclosure prevention programs.

If you know a candidate running for office in your town who is supportive of the real estate industry, why not recommend them for RPAC support? Click here for the REALTOR® Recommendation form online, or contact the CAR office and ask for the Recommendation form to be sent over to you. For questions or assistance, please contact Holly Reed

President-elect Bob Kimball invites you to “Unlock Your Potential” and join his team in 2012! Become involved on the State level by participating on one of CAR’s Committees. Click here for brief descriptions of each Committee and to submit your request online. The submission deadline is Friday, October 21.

Another fun filled day has been planned for REALTORS®, their families, friends and clients at Six Flags New England on Saturday, August 13th. Tickets are just $39.50 each - a savings of over 50% per person - and include all day admission to Six Flags New England and Hurricane Harbor Water Park, an all you can eat buffet lunch and free parking. This is a great opportunity to meet and network with fellow REALTORS® from across New England! Click here to download the promotional flyer or visit http://www.sfnepicnic.com/car to purchase your tickets online today! All ticket orders must be received by August 5th for discount to apply.

This year’s conference will be held on November 29-30 at the Mystic Marriott Hotel in Groton. This year, we are pleased to welcome Terry Watson as our Keynote Speaker. An internationally known speaker and trainer, Terry has his own unique brand of imparting knowledge. His understanding of the real estate industry and sense of humor will make him and his keynote “Why Be Normal” a conference highlight. This year we also welcome Real Estate Advisor Jerry Matthews, 2011 NAR President Ron Phipps and Laurie Janik, NAR General Counsel. November 30^th is “CE Day” featuring the “Hall of Benefits”. CE Day is where the mandatory course for 2012 license renewal and a Professional Standards Mock Trial for 3 hours of elective CE will be held. 

We are also excited to announce that 2012 CAR President Bob Kimball’s theme for the conference/year will be “Unlock Your Potential”. Whether you are currently in a leadership position, would like to get more involved and “unlock your potential” or just take advantage of the networking opportunity – sign up today! First time registrants receive 50% off the conference registration fee. So what are you waiting for? Click here http://www.ctrealtor.com/leadconf/ to register.

Please help Connecticut get to where it belongs as one of the foremost of RPAC fundraising states. Contribute today if you haven’t already! A “fair share” contribution of $15 dollars would be effective and appreciated. To contribute now using your personal check or credit card, simply click here. You will need your CAR website username and password to access the donation form. Approximately 850 more REALTOR® contributions to RPAC will put us ahead of other states like California!

To read the latest Connecticut RPAC/Political Fundraising e-newsletter, please click here. Please contact Holly Reed for assistance with your local Board/Association Political Fundraising efforts.

CAR Legal Department’s hottest fun feature, Quiz Question, continues. The prize is a $25 Restaurant.com gift card! It’s easy to play! Just read the question, pick your answer, and submit it. Look for Q2 in the Hotsheet every two weeks and on CAR’s home page under “The Latest from CAR”. All correct answers go into a hat and the winner’s name is drawn. 

Judy Hendrickson was the winner of last week’s quiz question.  

Here is the link for this week’s quiz.

• FTC Suspends Enforcement of Some MARS Rules
• Important Notice on Debt Negotiators
• NAR Workforce Housing Summit in Boston, Massachusetts 
• Time is Running Out to Apply for the Emergency Homeowners’ Loan Program 
• REALTOR® Recommendations for Municipal Elections Being Accepted Now
• Sign Up to Serve on a 2012 Committee
• 2^nd Annual REALTOR® Family Day at Six Flags New England! 
• Registration is Now Open for CAR's 10th Annual CT REALTORS® Leadership Conference & CE Day!
• Connecticut RPAC Needs Your Contribution for 2011 
• Q2: Game On!
• Hotsheet Legal Tip
• Real Estate News
• Member Benefits

Maintain a “Transaction File”

A recent Real Estate Commission found a licensee (a seasoned salesperson) guilty of not having and not producing a “transaction file”. She was fined $2,000, had her license suspended for 3 months, and put on probation for 9 months. The broker was also fined $2,000. The “transaction file” is the complete record of the subject property from the initial listing or buyer representation agreement until the day of closing. Documents to include would be purchase and sale contracts, leases, options, written offers or counteroffers, listing and buyer representation agreements and amendments or extensions to those agreements and disclosures.

Follow CAR’s Legal Department on Twitter at http://www2.realtoractioncenter.com/site/R?i=e7EHwlv3i2ocALg5enwctg..!

 June Housing Sales Show Modest but Continued Strengthening

Annualized rate of home sales increases from 4.860 million in May 2011 to 5.369 million in June 2011.  Average prices of homes sold in June 2011 decreased 1.0 percent from June of 2010. 

July 18, 2011 – The REAL Trends Housing Market Report showed that the combination of new and existing home sales in June 2011 on an annualized basis increased from 4.860 million in May 2011 to 5.369 million in June.  However the June 2011 rate declined 9.1 percent from the year ago rate of 5.906 million due to the unfavorable comparison with the ending of the tax credit fueled rate of a year ago. Read more here.

Source: REAL Trends 

For more interesting real estate news, please visit here. 

The Bushnell

The Bushnell is offering a special Online Ticket Ordering Program to CAR members. The program provides the benefit of ordering individual tickets online at a discounted price with reduced service charges. For more information, click here.  

Restaurant.com

This offer is for members looking for a memorable, cost effective way to keep their name or business name in front of prospects and customers to promote their business. The CT Association of REALTORS®, Inc. has partnered with Restaurant.com to bring you preferred pricing on customized gift certificates and/or Dinner & Movie^TM packages. These low cost options make great closing, marketing or agent recognition gifts. For more information, click here.  

Sports Perks

CAR members can save 10% on all of their favorite team fan gear with Sportperks! From the NFL, NCAA, NBA, MLB, NASCAR we've got you covered. Browse through an online inventory of licensed T-shirts, hats, jerseys, sweaters, jackets and more! In addition, you get $4.99 shipping regardless of order size. For more information, click here. 

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