Get the Facts - Member Updates

  • by Washington REALTORS®
  • May 21, 2024, 13:02 PM

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May 14, 2024Edition

Member Updates

Dont Miss This! The Legal Symposium happening May 30 at the DoubleTree in SeaTac

The Legal Symposium is Coming in HOT!

Watch here as Annie Fitzsimmons gives an EXCITING message about what to expect from the 2024 Legal Symposium! ▶️

It doesn't matter if this is your first or fifth time taking this course, you won't want to miss it! Join us on May 30th at the DoubleTree in SeaTac for one of the most anticipated WR events of the year.

Class discussion will be led by a group of six lawyers who’ll debate a range of scenarios and situations to help give clarity to the latest legal issues impacting the real estate industry currently. Not only that, 7CE hours, lunch, AND parking are included in the member price of $149!

 

Another Successful WR Spring Business Conference in the Books!

The Washington REALTORS® Spring Business Conference held from April 17th-19th, 2024in Tacoma was an exciting and productive event. The energy was high...we felt it and hope you did too!

Not only did our Board of Directors approve key decisions and discuss important & ongoing association matters, but also held leadership elections for the upcoming year and much more. Read the full event recap below for a rundown of the conference's highlights & key outcomes.

 

VOLUNTEER OPPORTUNITY

Looking to Get Involved & Make a Difference?

Junior Achievement (JA) in Washington is still in need of volunteers to support financial literacy among our youth, specifically at the Auburn campus. Your participation can make a significant impact in our Washington REALTORS® / Junior Achievement partnership!

The JA Education Center is located at 1610 Perimeter Road in Auburn, Washington. To sign up, simply click the SIGN UP HERE link on the date of your choice at the link below and follow the prompts. Please note that if you are new to the system, you must first create an account and then sign up for your volunteer experience.

 

REALTOR® Tools to Help You Thrive Personally and Professionally

Discover the Wellbeing Hub at wellbeing.crd.realtor – your go-to resource for enhancing your health and happiness as a REALTOR®. This comprehensive platform offers tips and tools to help you thrive both personally and professionally. From mental health strategies and stress management techniques to physical fitness guides and nutrition advice, the Wellbeing Hub is dedicated to supporting your overall well-being. Visit today to start your journey towards a balanced, fulfilling life and career.

 

The Washington State Real Estate Commission Would Like to Hear From You!

 

The commission is collecting information to assess impacts related to Substitute Senate Bill (SSB) 5399Concerning future listing right purchase contracts (RCW – 61.38.901), formerly known as 40-year contracts.

A 'future listing right purchase contract' means a contract granting an exclusive right to list residential real estate for sale in the future and includes, but is not limited to, any document recorded in the county where the real estate is located relating to the contract including the contract itself, a memorandum concerning the contract, or a deed of trust to secure the terms of the contract.

The survey is anonymous. The information you give will be analyzed to provide recommendations for consumer protections and potential regulations, including potential licensing requirements. The findings will be reported to the state legislature at the end of the year.

 

LAST CHANCE to Apply to Serve on an NAR Committee in 2025!

If you or someone you know is interested in serving on an NAR Committee in 2025, tomorrow is your last day to apply! Serving on a national committee is a perfect opportunity to learn more about how YOU can add your voice to the national conversation.

Applications close May 15, 2024. Apply ASAP!

 

Did You Know?

May is Asian Pacific American Heritage Month

Looking for resources, or don't know where to start? We've got you covered! Washington REALTORS® partner, AREAA, and other organizations like the Asian Pacific Cultural Center are great sources of information and resources within the AAPI community. We've compiled these fantastic resources at the link below - and even have downloadable AAPI Month Social Media Graphics available here!

We encourage you to honor this month with us through education and exploration!

Legal Hotline Q&A of the Week

Question

My office recently received a form called a "touring agreement" that a local brokerage is promoting. Please share your thoughts on this form. It purports to allow brokers to show homes without establishing an agency relationship and without any agreement for buyer to compensate broker and simultaneously says that the broker must adhere to all non-waivable duties under state law. The form says that broker and buyer will enter an agreement after showing homes if buyer wants more services from broker. 1) The term "non-waivable duties" leads an agent and the buyer to believe that there are duties they can waive. Can we pick and choose the agency duties we want to waive. 2) I don't believe I can show a home to a buyer in a non-agency capacity unless I am the listing agent. Correct? 3) If an agent shows a home and the buyer wants to write an offer then they would be negotiating the services agreement and an offer. The buyer could refuse to compensate the broker and move to another agent or the listing broker.

Answer

DB is correct. The "touring agreement" is not consistent with Washington law. Showing homes is the provision of RE Brokerage Services and Washington law is entirely clear that broker MUST enter a services agreement with a client "before or as soon as reasonably practical after commencing to provide RE Brokerage services."

The services agreement must include statutorily required terms that this "touring agreement" does not include. If broker shows homes, much less multiple homes, to buyer without a services agreement, broker is likely in violation of Washington law. One of the required terms of the services agreement is an agreement as to the compensation broker will earn in exchange for the provision of RE Brokerage Services .DB is correct, for a variety of reasons, that if a buyer broker relies on this touring agreement to show homes, broker may be practically and statutorily prohibited from taking any compensation from this buyer, even if this buyer chooses to purchase one of the homes broker shows buyer.

While there are a very small number of Agency Law duties that can be waived, the vast majority of duties are mandatory. The language in the "touring agreement" would be confusing to consumers and brokers as it compares to the "pamphlet on RE agency" that brokers must provide to buyers. Additionally, Washington's Agency Law makes clear that anytime a broker provides RE Brokerage Services to a buyer, broker is an agent of the buyer unless broker has a written agency agreement with the seller or is the seller. This form says that broker will show properties to buyer without forming an agency relationship with buyer. That is an impossibility under Washington law.

The Legal Hotline Lawyer does not represent Washington REALTORS® or its members. The advice contained herein does not constitute legal counsel. To browse through our database of past Q & A’s, visit warealtor.org/legal-hotline. Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. This is a WR members-only benefit so you will be prompted to log in with your M1 number and password. Your Designated Broker is cc’d on Legal Hotline inquiries.

MARK YOUR CALENDAR

AE Training

June 6th-7th, 2024

Seattle, WA.

 

Fall Business Conference

September 18th-20th, 2024

Kennewick, WA.

 

WR 2024 Leadership Conference

October 23-25, 2024
Vancouver, WA

NAR Annual CONVENTION

November 6-11, 2024
Boston, MA

 

MORTGAGE RATES

Source: Mortgage News Daily

 

Graph showing Current Mortgage Rates

 

EDUCATION OPPORTUNITIES

 

 

Survival Skills in a Changing Market
Thursday, May 16th, 2024(9:00am-12:00pm) 3CE Hours

Live Webinar

Learn More & Register

 

Operation Evolve 2.0: Adapting to New Legal Requirements and Consumer Expectations
Wednesday, May 22nd, 2024(8:30am-12:00pm) 3.5 CE Hours

Greenbank Progressive Club, Greenbank, WA.
Learn More & Register

 

NAR Code of Ethics - 3.0
Wednesday, May 22nd, 2024 (9:00am-12:00pm)3CE Hours

Live Webinar

Learn More & Register

 

At the Intersection of NAR's Settlement, Escrow Closings and Residential Lending
Wednesday, May 22nd, 2024(1:00pm-4:30pm) 3.5 CE Hours

Greenbank Progressive Club, Greenbank, WA.
Learn More & Register

 

Operation Evolve 2.0: Adapting to New Legal Requirements and Consumer Expectations
Thursday, May 23rd, 2024(8:30am-11:30pm) 3.5 CE Hours

Hotel Bellwether Ballroom, Bellingham, WA.

Learn More & Register

 

Current Issues in WA Residential 24-25 Real Estate

Thursday, May 23rd, 2024(9:00am-12:00pm) 3CE Hours

Live Webinar

Learn More & Register

 

Death, Divorce and Disgruntled Clients
Tuesday, May 14th, 2024(1:00pm-4:30pm) 3.5 CE Hours

Hotel Bellwether Ballroom, Bellingham, WA.
Learn More & Register

 

View All Upcoming Classes...

 

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