June 11th, 2010
Posted by tom beno
Again, straight from the Department of Licensing, regarding the new rules on advertising:
QUESTION: What is changing?
ANSWER: Advertising rules have been revised.
Licensees may advertise a title, group, team, or brand name without obtaining an assumed name license if the advertisement always uses and displays the real estate firm’s licensed name or the real estate firm’s licensed assumed name in a clear and conspicuous manner.
Yes, this is very similar to current advertising policies except that as of July 1, 2010 the real estate firm’s name must be clear and conspicuous which means that by color, contrast, size or audibility the real estate firm name must be readily noticeable and understood. All brokers and managing brokers should determine if their property signs meet the new criteria.
Advertising an unlicensed title, group, team, or brand name may not include wording that suggests a legal entity separate from the real estate firm such as “Inc.”, “LLC.”, “Corp”, etc.
Advertising an unlicensed title, group, team, or brand name may not include wording that is commonly understood to reference an entire firm or office such as “realty”, “realtors”, “firm”, or “real estate’’.
The recipient of any advertising must be able to clearly distinguish the licensed real estate firm name from the name of the unlicensed group, team, or brand that is advertising in conjunction with the firm.
All affiliated licensees wanting to use an unlicensed title or brand must receive advance written approval from their real estate firm’s designated broker. This written permission should be available to the department auditors and investigators upon request.
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May 27th, 2010
Posted by tom beno
An update from the Department of Licensing
QUESTION & ANSWER
FOR THE NEW 18.85 RCW
May 26, 2010
QUESTION: I am a designated broker. A first time licensee just affiliated with my firm. The license that arrived says broker instead of salesperson. I thought the name change was not going to happen until July 1, 2010. Is there a problem with this license that needs to be corrected?
ANSWER: There is not a problem with the license. A computer system change went into effect last week that is now issuing first licenses with the titles of broker and managing broker.
QUESTION: So are the titles changing on license renewals as well as first licenses?
ANSWER: The titles on regular renewed licenses should change only on licenses that expire on or after July 1, 2010.
QUESTION: What about my designated broker/company license? When will that change from one license to two licenses?
ANSWER: If, as a designated broker, your expiration date is prior to July 1, 2010, you should receive one license when you renew. If the expiration date is July 1 or after, you should receive two licenses when you renew; a firm license and a managing broker license with an endorsement as a designated broker.
The staff of the Real Estate Program realizes that this is confusing time as processes and explanations are often changing regarding implementation of the new licensing law. We appreciate your patience and understanding. This is a multi-facet undertaking that requires flexibility from all of us. We will do our upmost to keep you advised in a timely manner of changes relating to the implementation of the new RCW 18.85 law.
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May 12th, 2010
Posted by tom beno
More Q & A direct from the Department of Licensing:
QUESTION: On July 1, 2010, I will automatically go from being licensed as an associate broker to a managing broker. My designated broker wants me to supervise and train new staff. As a managing broker, may I supervise the training of new licensees for my firm?
ANSWER: Yes, you may supervise the training of new licensees if your designated broker and you have signed a written delegation agreement that includes authorizing you to supervise new licensee training. You will also want to know if part of your training supervision duties include responsibility for the heightened supervision of licensees with less than two years experience as required by WAC 308-124C-125(9)(c).
QUESTION: What is included in the heightened supervision rule pertaining to persons licensed for less than two years?
ANSWER: A firm’s designated broker must maintain, implement and follow a written policy that addresses the required review of all brokerage service contracts involving any affiliated licensee of the firm that has been licensed for less than two years. Every contract review must be completed by the firm’s designated broker or a delegated managing broker within 5 calendar days of client’s signature. The reviewer must initial and date the first page of the reviewed documents.
QUESTION: On July 1, 2010, I will have one year of licensed real estate sales experience. Because I do not have two years licensed real estate experience will I be subject to one year of heightened supervision?
ANSWER: No, only persons licensed from July 1, 2010 forward are subject to the heightened supervision requirements.
QUESTION: I am currently an active licensed salesperson. On July 1, 2010, I will have ten years real estate experience and will be called a broker. May I assist my firm by supervising new real estate licensees?
ANSWER: No, the new real estate licensing law, RCW 18.85.275(6) says that during the first two years a broker is licensed, a managing broker must provide a heightened level of supervision. Only those persons who are managing brokers including those endorsed as designated brokers or licensed as branch managers may supervise other real estate licensees.
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May 5th, 2010
Posted by tom beno
Diversity and Doing Business
Within six years of being in the USA, more than 70% of immigrants enter into the housing market. By the year 2042 the majority of the USA will be non-Caucasian. In the Puget Sound area, we have many anchor industries that attract immigrants to our cities and they need Realtors who understand how they make purchase decisions and how they relieve stress.
Diverse clients have different ways of meeting time frames, personal space for business, bantering and haggling, disciplining children, respect for older members of the community and how their feelings should be managed. This is the tip of the iceberg. In this class you will learn how to deal with an ever increasing diverse clientele. Ours is not to change the status quo, but to treat people as they would like to be treated, so that you close more transactions.
This 3 hour class is available to book in your branch or office, please email tom@thomasjbeno.com for more information.
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May 5th, 2010
Posted by tom beno
Creating High Performance Client Relationships
Do you have a one size fits all approach to the world? Do you treat your customers the same way you would your friends in a restaurant? Do you treat your children the same way you would treat your parents? If you do, life is uncomfortable, customers slip away easily and the pursuit of happiness becomes a distant dream. In this three hour class one learns one’s specific behavioral style and the growth opportunities associated with that knowledge.
Armed with that knowledge of your personal style how do you recognize the pattern in your customers, children, spouse or manager? Adapt your style to your customer’s style and you will close more real estate transactions, leverage the best for yourself in the industry, reduce conflict and promote harmony and reduce stress. This is truly a life skill class that rewards you financially and emotionally.
This class is available to book in your branch or office, please email tom@thomasjbeno.com for more information.
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May 5th, 2010
Posted by tom beno
Required for your license renewal after July 1, 2010, the Transition Class is now available for you to do on your own. Simply download the course, study the material, take the quiz, send us back a few pages with your fee and we will send you your certificate. Save precious travel time and expense and get it done on your own in your spare time. We are here to help you get your Transition class completed.
To download the class, simply click on the link below:
Transitions Class
Thanks and have a great week!
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April 29th, 2010
Posted by tom beno
This again from my good friend Steve Rennie at Hammerhouse:
Here’s the scenario: You’re having a great production month: referrals are coming in, transactions are closing, and life is good. Everything is working the way you promised and the bond is strong between you and your customer and/or client. Then something happens, such as a delay in a funding, an added closing condition or a title mix-up. The delay can put a strain on the relationship. At some point, you will have to have a difficult conversation, so here are tips to accomplish your goal of successfully addressing the issue:
Address the matter as soon as possible. If it’s a customer, let him or her know you recognize the problem and you are working to make it right. Keep the customer updated.
Set a specific time and place to address the issue.
Keep location in mind — privacy is important.
Be specific about the concern. In the conversation, avoid being reactive and stay focused and centered on what you want to accomplish.
Look from the customer’s viewpoint and take responsibility. Do all you can to fix everything with the customer and then clean up on your end last.
Leave the corporate doublespeak behind. People see doublespeak as an attempt to cloud issues and avoid responsibility. Say what you mean.
Be collaborative and open to listening after you have been clear about your purpose.
Avoid negative comments. Keep the conversation on finding a solution, not placing blame.
Leave the door open for more conversation. The problem is not resolved until the customer thinks it is. Make it clear that you are available. Don’t take offense if your customer is not pleasant to deal with at this time — stress makes us do things we wouldn’t normally do.
Document the conversation.
Roadblocks are worth getting past to get to the end result. You may not realize that avoiding a difficult conversation can cripple your progress.
Do what you can to confront the “elephant in the room” on a daily basis. This will contribute to project success and make you indispensable to your customers and your team.
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April 26th, 2010
Posted by tom beno
More great questions and answers from the DOL:
QUESTION & ANSWER
FOR THE NEW 18.85 RCW
April 21, 2010
QUESTION: I am a real estate licensee with a buyer client. The potential buyer signs an offer to purchase on Monday. The seller is not available for the offer presentation until Thursday. Does anyone in my firm need to be aware of the offer before mutual acceptance?
ANSWER: Yes, the new WAC 308-124E-100 clearly states that all brokers and managing brokers are required to deliver or transmit all transaction records and brokerage agreements to the appropriate managing broker, branch manager, or their designated broker within two business days of the client’s/customer’s signature or sooner if the terms of the contract require.
QUESTION: If the seller counters the offer does the listing licensee have to follow the same procedure if the counter offer is not accepted within two days?
ANSWER: Yes, the listing licensee must deliver or transmit a copy of the counter offer signed by their client/customer to the appropriate managing broker, branch manager, or their designated broker within two business days or sooner if the terms of the contract require.
QUESTION: Do the time frames in the rule apply to addenda that may be signed by a client/customer during transaction negotiations?
ANSWER: Yes, the same time frames apply throughout the ongoing transaction. The definition of transaction is the act of transacting so the rule applies to each signed document as a client/customer signs.
QUESTION: Does the word transmit in the rule allow for the transaction documents to be faxed to the appropriate manager?
ANSWER: Yes, the licensee may either physically deliver the transaction documents or transmit them electronically.
Have a great week!
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April 22nd, 2010
Posted by tom beno
I will have this on my blog shortly, but I just got my Transition class approved for online delivery. $20 buys you your required Transitions class. Download the pdf, study the material, take the quiz, send in your stuff, and we’ll send you your certificate, that simple.
If you questions about any of this, please email me at tom@thomasjbeno.com. It will also be available on this blog for download in the near future. Have a great week!
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April 22nd, 2010
Posted by tom beno
Homepath is FNMA’s new program to sell their REO. There are two elements. First is the property and second is the mortgage program. Go to www.homepath.com and you can search for properties by zip code, city, county, etc. This is pretty straight forward, just find properties that your buyers might be interested in. The second element is that you can use the new Homepath mortgage program to buy. NO APPRAISAL required, and no MI (mortgage insurance). An owner-occupied buyer can put down as little as 3%, and if can get help through gift money, etc. as little as $500. The $500 has to come from the buyer’s own funds. Mortgage rates are competitive and with no appraisal required, the underwriting process is dramatically shortened.
The mortgage lender must be Homepath approved. We are approved here at Absolute Mortgage for the Homepath program.
This is one of the best overall deals that have come along in a long time. If your buyer is flexible about the property, has a 660 credit score, and we run a preapproval, you may have a deal. One unknown is how long FNMA takes to sign off on a deal, but I have heard that there is help out there to get that done.
Please contact me if you have questions about this great new program. tom@thomasjbeno.com
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