Division Continuing Ed C.E. Bank Changing Requirements

C.E. Bank Update: Division Continuing Ed C.E. Bank Changing Requirements.

The Division of Real Estate allows Utah licensees to personally “bank” their own “unbanked” CE hours…which are then later verified by your Course Certificate and/or the C.E. course provider who also must bank your credit hours within ten days of course completion.

The feature has been available to licensees during a current two year crossover period… but the two years is up soon.

The Division announced in its March 2008 Newsletter that personally banking your “unbanked” credits is expiring and going away effective July 1, 2008. CE hours can be banked only by the course provider after July 1, 2008.

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Class Star personnel have always banked your CE credits within a few hours of completion of the course, and this course provider is presently refining automatic submission of your credits to the C.E. credit bank. Try Class Star when you’re at the last minute …

Some online course vendors place all of your CE credit info and certificates in the U.S. Mail—the very slowest method possible.

The reason to be aware of the changing requirement is that your credits must be banked by your license renewal date. This is not the same as “course completed” by your renewal date. Your CE course vendors still have ten days to get your info reported—regardless of when your license renews; and so for those of you who wait until the last minute (I think I’m one of them); check with the vendor first to determine how soon your credits will be banked.

Talk to me about CE banking. I’m happy to help in any way possible.

See you again.

from The Porch…

Mike B. Class Star^®

Dollar and Euro and Yen This Week

On April 25, 2008 the U.S. dollar hit a three-week high trading against the euro and the yen.

The Wall Street Journal posits that investors think the Fed is going to pause its tightening cycle…and perhaps leave interest rates unchanged over the next few weeks.

Talk to me about interest rates.

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from The Porch…

Mike B. Class Star^®

Some Ideas for Selling in a Soft Market - 3

Offer Home-Buying Incentives, Rather Than Throwing Goodies at the Deal…

There are very effective ways to do this…and not some so effective methods. Although a flat-screen TV is appealing, or leaving the car in the garage are certainly eye-catching …not all of your sellers can do afford these maneuvers and they can be counter-productive.

The buyers are trying to decide upon a house to buy. Help them buy the house your clients are trying to sell.

Use closing costs as incentives. Cash-strapped buyers may tend to favor your seller’s home over others when your seller offers to help with closing costs. I’d suggest this is far more appealing that a flat screen TV.

Your sellers can also offer to pay for an interest rate buy down. Pay a point or two…when we’re talking about moving a $300,000 property and it’s urgent; a “point” costing the seller $500 to $1000 or so can be fairly enticing to the buyers when they see their proposed mortgage interest rate drop and their monthly payments reduce.

I think a “normal” buyer would opt for the interest rate reduction and lower monthly payments far more readily than a big television
screen.

The foregoing costs less as incentives than perhaps leaving the piano or buying plane tickets to Maui for buyers…and these items help with the home buying decision-making where it makes a big difference— a big enough perceived difference to persuade the buyers to purchase your property rather than moving on to the next dozen or so down the street.

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Here’s a link for some help on fixing up stuff: naturalhandyman.com

from The Porch ...

Mike B. Class Star^®

Senators Move On Housing Relief

This article is from The Wall Street Journal Online

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WASHINGTON -- Key senators agreed on a $15 billion bipartisan plan to spur the housing market, a surprisingly fast compromise that shows how political momentum is shifting toward a more aggressive response to the struggling economy.


The legislation includes a $6 billion tax break for home builders and other troubled companies, an additional $10 billion of mortgage-revenue bonds that states can issue for refinancing and for first-time home buyers, and a provision to allow an estimated 28 million homeowners who don't itemize their taxes to get a deduction on their property taxes.

In addition, people buying a residence facing foreclosure would get a two-year, $7,000 tax credit.

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Read the rest of the story here.

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from The Porch…

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Mike B. Class Star®

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Some Ideas for Selling in a Soft Market – 2

How Does The Home Look?

Fix it up first: Fixer-uppers tend to be ignored in slow real estate markets. Buyers can find good deals without buying a place that needs to be stripped of textured wall paper.

errrr….am I the only one that doesn’t like that job? ;-))




Curb appeal is critical: There are so many options that if the place doesn’t look isn’t attractive from the street, a prospect will drive past it without even stopping.

There are so many other places that are looking good …


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• Put mulch in the flower beds and around trees

• Mow and trim the lawn. It’s greening up now.

• Replace damaged or ugly window screens

• Yellow flowers by the front door will make it memorable. People remember yellow.

• Change the doorknobs and update the doorbell ringer buttons.

from The Porch…

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Mike B. Class Star®

Next time … some financial maneuvers for a soft market.

On Innovation: Lessons of the Square Watermelon

Hi, All;

This article is from FinancialHack.com.

Japanese grocery stores had a problem. They are much smaller than their US counterparts and therefore don't have room to waste. Watermelons, big and round, wasted a lot of space. Most people would simply tell the grocery stores that watermelons grow round and there is nothing that can be done about it. That is how I would assume the vast majority of people would respond. But some Japanese farmers took a different approach.


If the supermarkets wanted a square watermelon, they asked themselves, "How can we provide one?" It wasn't long before they invented the square watermelon.


The solution to the problem of round watermelons wasn't nearly as difficult to solve for those who didn't assume the problem was impossible to begin with and simply asked how it could be done.




Read the rest of the story here.



from The Porch…

Mike B. Class Star®

Some Ideas for Selling in a Soft Market

Hi, All:

Price: Don’t start with a high price. In this market, agents may not even bother to show the property. Then if the old familiar “Price Reduced” rider is placed on the yard sign (which I think should never be used anyway), you’ve indicated to the public and other agency that a bit of desperation has entered into the situation. Don’t advertise desperation. It won't sell the property.

The right price to ask, and to start with, is the low end of the comps. It must be a bargain to get sold in current market conditions.

Watch comps. If prices continue to drop, your listing must still compete with the dropping prices. Comp prices from a year or two ago have no effect. Price for the current market.

Again, don’t use the “Price Reduced” rider. “New Price” is much more effective.

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Showings: If the property is attracting showings but no offers, then the home itself is likely to the place to look next. And that is the subject of my next blog post on the front porch.

Stay tuned.

from The Porch…

Mike B. Class Star®

“Live” or Distance Course?

Hi, All:


One of my ClassStar.com students inquired a couple of days ago if my online “REPC – Everything You Need To Know” course qualified as a Division Core course and was considered a “live” course.

The answer is “yes” to both questions. But the student was concerned the course meeting “live” criteria. She was thinking “live” was a required feature for the course to meet CE Core credits.

It used to be. But the division doesn’t use the criteria of “live” versus “distance” (e.g. computer-based) as a criterion for qualified CE courses. A course is now certified a “core” course based upon subject matter and can be attended live (traditional classroom,) or attended online. The Division has discontinued the former video-taped core course programs that we watched in our board offices and elsewhere for the Core Course of the year.

For real estate licensees, the division requires a total of twelve hours of continuing education credits every two years, and six of those continuing education hours must be core course credits—live or computer-based.

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The Utah Division of Real Estate has gone live with a very cool online system of recordkeeping for address changes, change “cards,” company rosters, your license history, and a portal to see what CE courses you have racked up to date.

Check out the announcement and description of the service here: Newsletter1107.pdf ... and create your account, or log in here: utah.gov/relms.

Tell me what you're thinking...let me know if you have CE questions...



from The Porch...








Mike B. Class Star®

Can I Use the 12-Hour "New Agent" Course to Get All My Credit Hours?

Hi, All:


Last week a caller asked if she could use the 12-hour New Agent Course to fulfill her real estate license renewal requirements for the year. The 12-hour New Agent course is required for new agents within their first two years of licensure, and is also considered 12 hours of core credit.

The caller, who needed 12 hours of CE credit, including 6 hours of Core Credit to renew her license (and was not a new agent) asked if the New Agent course would fill the state requirements.


In the Division's July 2007 newsletter, the Division says; "yes, those licensed prior to July 1, 2007 may also take this course to fulfill their entire 12 hour CE requirement including the required Core Topic Courses."

So, that's good news...and a good referral for my competitors as ClassStar.com doesn't offer the 12-hour New Agent course...but several other schools do offer it.


There are some very good new courses that will be available for the first time over the next several months, using brand new computer technology, on ClassStar.com that I think you'll like, too.

Stay tuned... (and thanks for listening)



from The Porch…

Mike B. Class Star®

Appraiser Registered Trainee Supervision

Appraiser Trainee Supervision ...



Remember ... beginning 2008, only State Certified appraisers in good standing may supervise Registered Trainees. No more than three Registered Trainees may be supervised at any one time by a Certified appraiser.







From The Porch ...

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Mike B. Class Star®

Bad Boys Bad Boys. Whatcha Gonna Do?

Hello, All:

In the wake of the Nation's current mortgage lending problems, the $17 billion title insurance business is also under fire in the state of New York.

An antitrust suit filed last week in federal court in Brooklyn, New York accuses the four firms that dominate title insurance throughout the nation of illegally fixing prices in New York. At least six states, including California Colorado, Florida and New York have targeted illegal kickbacks and payments by title insurers to agents and others.

So, be careful.

Since 2003, title insurers, their agents or affiliates have paid more than $100 million in fines, penalties and settlement money as a result of lawsuits brought by state and federal regulators. This is information from the 2007 report by the Government Accountability Office.

The New York antitrust suit names the bad boys as the four big firms that control 90% of the market: Fidelity National Title Group, First American Corp., LandAmerica Financial Group, and Stewart Title Insurance.

First American declined to comment on the lawsuit, and Fidelity National, Stewart Title, and LandAmerica issued statements that they are in full compliance with all regulation. There's more information on this lawsuit in the February 12, 2008 issue of The Wall Street Journal.

Utah law says we agents can't do this-- take kickbacks or compensation from other vendors in a transaction.
Life's too short to get nicked, and there's better money in a good transaction, eh?

From The Porch...

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Mike B. Class Star®

Easy Rain Gutter Cleaning with New Gizmo

Hi, All:

I've been doing this by hand you know: scooping out leaves...climbing back down the ladder. Moving the ladder Climbing up. Scooping. Repeat.

Check out this new gizmo. It clears leaves from rain gutters by remote control. Makes a nice house warming gift, too. "The Looj 120." now on display at http://www.irobot.com/


See you again ...

from The Porch…
Mike B. Class Star®

Zip Code Real Estate Valuation Method

Hello, All:

In the March 14, 2008 issue of the RealEstateJournal.com section of the Wall Street Journal, there’s an excellent article by Jeff Opdyke about housing values RealEstateJournal.com. Check it out...


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Mr. Opdyke illustrates the difference a zip code can make in the same geographic area. In the San Francisco / Oakland / Silicon Valley area for instance, Saratoga’s median price is $1,565,000 – down 7% from last year and 19 miles down the highway Menlo Park’s median price is $1,480,000 and it is up 18%, over last year’s first quarter.


The article also points out [as is usually the case] … there are areas experiencing tough price declines, and other areas that are holding their own including the Holladay area of Salt Lake:


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“Newly remodeled homes in Holladay sell within 30 to 60 days and often have multiple offers, typically without the owners having to cut the price. Homes there are appreciating at 6% to 8% annually,” says Dougan Jones, CEO of Prudential Utah Real Estate.


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“Twenty miles south of Salt Lake City, by contrast, homes in Riverton take 120 days or more to sell, don't typically have multiple offers and are usually discounted several thousand dollars off the list price -- though they are just a few years old and are generally larger. Home-price appreciation in Riverton has slowed to about 4% from as much as 12% during the go-go years,” says Mr. Jones.


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‘Glad that real estate prices cycle and will come back.


This business will certainly teach us patience, eh?
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from The Porch…
Mike B. Class Star®

"Neat Receipts." Very Cool. Agents, Appraisers, Lenders Must Have.

Hi, All:
I saw this very cool receipt scanner and tried it out at a client's office. It pretty much scans any receipt and builds a record of key words found in the receipt and stores the words on your computer. Then Neat Receipt allows the user to search his or her receipts by the key words. (Nah... I don't make any money on the scanner--I'll always tell you if I do).

This gizmo is very cool, very time-saving, and I think I need one.

Except that I won't search by keyword "Starbucks." ;-)) Too many documents would be found...and that doesn't count all the times I use my Paul McCartney Starbucks card.

Neat Receipts: NeatReceipts.com

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from The Porch…
Mike B. Class Star®

Online Utah Real Estate CE Courses Up and Running

Hi, All

I know a lot of you are getting used to the idea of taking a class on-line, e.g. over a computer; and it may feel a bit weird at times if you've never done so. The Division has authorized various courses for delivery over the Internet, including core courses that will help you obtain your six core credit hours (or twelve CE credits if you are a new agent).

There are advantages to on-line CE courses, and disadvantages ... just as live courses have their own advantages and disadvantages. One delivery method is not meant to replace the other and each can be used at your discretion and convenience.

Try it out. The state publishes a list of the on-line providers for Utah here: Utah Division of Real Estate Distance Education Providers.

Let me know what you think...and maybe I can help you with your questions and concerns if you wish to let me know.

My site--that I highly recommend for three CE Core Course hours on the REPC, is Class Star. It's an excellent class on the REPC, covering those topics and clauses that get the most "wear and tear," like "subject to the buyer selling existing residence," and "sold as is."

Mercy...those clauses can be problematic.

Tell me what's up...

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See you again.

from The Porch…

Mike B. Class Star®