3 Hour Continuing Education Credit (elective) # E1000
Understanding the impact of the changing real estate market and the
changing consumer is crucial to an agent’s successful ability
to represent the needs of their clients and customers.
Contact: Monika McGillicuddy (603) 548-7685 Date: Dec 10
Windham NH
I originally posted this back in July on the Active Rain Real Estate Network. At that time I was pretty excited about becoming an ABR and SRES instructor. I wrote the post and inserted lots of links that take you to other articles I’ve written. It’s sort of like a journal and a passage of sorts. I look back at some my early blog posts and cringe a bit…but hey that’s me…my words and my feelings.
I’m off teaching NHAR’s Quick Start program for the next two days and then Jay and I are driving to Pennsylvania for the Penn State/Ohio State game. Plus the RedSox are going to the world series! What a weekend it will be for us!
See you next week!
It’s Offical I’m an ABR and SRES Instructor!
July 2007
As some of you know I’ve been working my way through the instructor certification process required by REBAC to become an ABR and SRES instructor.
It took a while but I have completed both the required one day course in DC and the two day course in St Louis and the dreaded tests.
Thankfully I passed both tests and now I’m finally “certified”…YIPPEE!
But we’re getting closer…
Today with a standing room only crowd the New Hampshire Association of REALTORS board of directors voted to pass the recommended proposed Designated Agency legislation with some added language presented by the Exclusive Buyer agents. The language added appears in Italics below.
XII. Dual agency does not occur in firms that represent buyers only who have appointed designated buyers’ agents, or firms that represent sellers only who have appointed designated sellers’ agents within the firm.
It passed with hardly a whimper as a jammed room of state directors and visitors alike listened to a brief presentation and then cast a vote.
They cast a vote for all of us today and most importantly for the public. The consumer will finally, if this passes through legislation, get the representation they deserve!
How sweet it will be!
Caution…You Can Not act as a Designated Agent yet….If and I do mean If we get through the legislation process we’re looking at maybe 2009 before it becomes law! So Please don’t think you can do it now!
I’ll keep you updated as we go along. Feel free to post a comment or a question and I’ll do my best to get you the answer.
Read more here …What is Designated Agency?
Draft Copy of Proposed Designated Agency Legislation. Without the new language to XII added.
Designated Agency and Facilitation in NH
Till later
Sometimes I hear stories that just leave me wondering.
A listing agent met a Co-broker and her clients at her listing to do a showing. During the showing it was readily apparent that the home did not meet the buyers needs.
While standing in the kitchen talking about the home the listing agent mentioned another listing that she had just listed. One that she thought would better suit the buyers.The home was in excellent condition was priced competitively and had everything the buyers seemed to be looking for. She suggested that they go take a look at it as it was easy to show.
FAQ on the NEW Agency / Non-Agency Disclosure Form
As many of you know, recently the New Hampshire Real Estate Commission made changes to their Rules and Regulations. These rules went into affect on May 1 2007.
Are you using the new form? Do you understand how to use the new form?
They updated the 1. Listing agreements, you click here to see the changes>>>Listing agreement changes
2. Buyer Agency agreements>>>Buyer Agency Contract
3. Dual Agency Consent agreement>>>Dual Agency
The changes are an attempt to bring the Rules in line with the Law and the way we practice Agency in New Hampshire.
The commission also required that we ALL use only ONE agency disclosure form. One that the commission created and has approved.
*Updated* Buyer Agency AgreementThe New Hampshire Association of REALTORS has updated their Buyer Agency agreement to reflect the recent New Hampshire real estate commission rule changes on Dual Agency. I covered these changes in my blog post Dual Agency Alive and well in NH if you need an update on the changes.
This link to the sample new form Exclusive Buyer Agency Agreement is in PDF format and the changes are highlighted for easy reading.
The important thing to remember is that the section (7) on Disclosed Dual Agency form was expanded and an opt in or out was added for buyer to consent or deny consent for dual agency showings with a separate dated signature line or a box for agency to check if they do not practice dual agency as required per rule changes [404.04(c), 701.01(f)(2)].
Also added to section 8 was a statement to reflect the changes to the Code of Ethics Standard of Practice 1-13 reflecting the sellers ability to potentially disclose terms of an offer to competing buyers.
www.monikamcgillicuddytrainer.com
*Updated* Exclusive Agency and Exclusive Listing Agreement
The New Hampshire Association of REALTORS has updated their Exclusive Agency and Listing Agreement this link brings you to PDF sample form with changes highlighted for easy reading.
The important changes are to the Dual Agency section.
The Disclosed Dual Agency section was removed from cooperation section #3 and given its own section #4.
This section 4 includes information about disclosed dual agency and an opt in or out for the seller to consent or deny consent for dual agency showings with a separate dated signature line or a box for agency to check if they do not practice dual agency [404.04(c), 701.01(f)(2)]. The changes closely reflect the changes to the Buyer Agency agreement I posted.
www.monikamcgillicuddytrainer.com
Dual Agency Rule change effective May 1 2007
The New Hampshire Real Estate Commission recently approved rule changes that go into effect on May 1 2007. These changes now bring the Rules (REA) in line with the Law and as some of you know changes to the law (RSA) 331-A:25-d Disclosed Dual Agent;Duties were approved in 2005 and since that time the “Rules” really didn’t make any sense.
Many agents seem to be a little confused by the difference between RSA’s (Laws) and the REA’s (Rules)…what is what…and which one do you listen to? Now that won’t be a problem any more but to clarify I have always considered the Law (RSA’s)to be like your car’s owners manual…full of advice on what Must be done and the Rules (REA’s) to be like the operators manual...telling you How to do what must be done. Make sense?
Our Rules will now coincide with our Law!
The biggest change is to REA 701.01 Agency and Non Agency Disclosure and Rea 404.4 Brokerage Contracts
REA 701.01
(a) A licensee shall provide a written agency relationship disclosure to the consumer at the time of first business meeting.
(b) A licensee showing a property listed with another agency shall disclose their agency or non-agency relationship verbally or in writing to the other party’s agent prior to showing the property and in the writing at time of the offer.
(c) Licensees shall use the agency/non-agency disclosure form adopted by the commission (as of this writing they are still developing the form that we all will have to use)
(f) A licensee intending to act in the capacity of a dual agent shall:
(1) At the time of first meeting with a consumer to discuss a specific property, provide a written agency relationship disclosure pursuant to Rea 701 .01(a);
(2) On the listing contract and buyer agency/tenant representation contract, give the client the option to accept or deny a dual agency statement of consent to showings, pursuant to Rea 404.04;
(3) have the informed consent to dual agency agreement signed and reviewed by the buyer/tenant and seller/landlord at the time which in the dual agency occurs but no later than the preparation of a written offer for sale or lease pursuant to Rea 404.04
Changes to Rea 404.4 Brokerage Contracts as of May 1 2007 will now require that listing agreement and buyer agency agreements have consent for dual agency showings within the agreement by separate dated signatures.
Caution...You must be sure to gain Informed written consent at time of listing for potential Dual Agency showings and then be sure to get the actual consent form signed prior to drafting an offer for sale or lease of real estate.
Best Practice…Make sure you have (1.) signed consent for showings on the listing agreement and then (2.) Contact your seller client and inform them that a dual agency showing is taking place and try to get written consent…if unable to get written consent…make sure you get it before you present or draft an offer and make sure your buyer client understands what dual agency really means.
These changes are more in line with how we actually do business in NH but if not handled correctly the agent has more rope to hang themselves with in my opinion.
Need a refresher on what dual agency in New Hampshire is check out my blog post called Dual Agency Life in the Fast Lane
The New Hampshire Association of REALTORS will be adding new forms to our True Forms (forms on line) once we get final approval from the Board of Directors that will reflect these changes.
A listing of the forms pending approval are;
The Revised Forms will include:
CONDITIONAL RELEASE FROM EXCLUSIVE LISTING AGREEMENT
CONDITIONAL RELEASE FROM EXCLUSIVE BUYER AGENCY AGREEMENT
DUAL AGENCY INFORMED CONSENT AGREEMENT
EXCLUSIVE AGENCY AGREEMENT
EXCLUSIVE BUYER AGENCY AGREEMENT
EXCLUSIVE LISTING AGREEMENT
PROPERTY DISCLOSURE – LAND
PROPERTY DISCLOSURE – RESIDENTIAL ONLY
PURCHASE AND SALES AGREEMENT AND DEPOSIT RECEIPT
Brand Spanking New Forms will be:
BUYER AGENCY DISCLOSURE
SELLERS SUITABLE HOUSING ADDENDUM TO PURCHASE AND SALES AGREEMENT AND DEPOSIT RECEIPT
I’m sure we’ll all have a bit of a learning curve to go through but these forms will make it easier for all of us.
Jay and Monika McGillicuddy
Prudential Verani Realty
Hampstead NH
603-548-7728
Dual Agency Rule change effective May 1 2007
The New Hampshire Real Estate Commission recently approved rule changes that go into effect on May 1 2007. These changes now bring the Rules (REA) in line with the Law and as some of you know changes to the law (RSA) 331-A:25-d Disclosed Dual Agent;Duties were approved in 2005 and since that time the “Rules” really didn’t make any sense.
Many agents seem to be a little confused by the difference between RSA’s (Laws) and the REA’s (Rules)…what is what…and which one do you listen to? Now that won’t be a problem any more but to clarify I have always considered the Law (RSA’s)to be like your car’s owners manual…full of advice on what Must be done and the Rules (REA’s) to be like the operators manual...telling you How to do what must be done. Make sense?
Our Rules will now coincide with our Law!
The biggest change is to REA 701.01 Agency and Non Agency Disclosure and Rea 404.4 Brokerage Contracts
REA 701.01
(a) A licensee shall provide a written agency relationship disclosure to the consumer at the time of first business meeting.
(b) A licensee showing a property listed with another agency shall disclose their agency or non-agency relationship verbally or in writing to the other party’s agent prior to showing the property and in the writing at time of the offer.
(c) Licensees shall use the agency/non-agency disclosure form adopted by the commission (as of this writing they are still developing the form that we all will have to use)
(f) A licensee intending to act in the capacity of a dual agent shall:
(1) At the time of first meeting with a consumer to discuss a specific property, provide a written agency relationship disclosure pursuant to Rea 701 .01(a);
(2) On the listing contract and buyer agency/tenant representation contract, give the client the option to accept or deny a dual agency statement of consent to showings, pursuant to Rea 404.04;
(3) have the informed consent to dual agency agreement signed and reviewed by the buyer/tenant and seller/landlord at the time which in the dual agency occurs but no later than the preparation of a written offer for sale or lease pursuant to Rea 404.04
Changes to Rea 404.4 Brokerage Contracts as of May 1 2007 will now require that listing agreement and buyer agency agreements have consent for dual agency showings within the agreement by separate dated signatures.
Caution...You must be sure to gain Informed written consent at time of listing for potential Dual Agency showings and then be sure to get the actual consent form signed prior to drafting an offer for sale or lease of real estate.
Best Practice…Make sure you have (1.) signed consent for showings on the listing agreement and then (2.) Contact your seller client and inform them that a dual agency showing is taking place and try to get written consent…if unable to get written consent…make sure you get it before you present or draft an offer and make sure your buyer client understands what dual agency really means.
These changes are more in line with how we actually do business in NH but if not handled correctly the agent has more rope to hang themselves with in my opinion.
Need a refresher on what dual agency in New Hampshire is check out my blog post called Dual Agency Life in the Fast Lane
The New Hampshire Association of REALTORS will be adding new forms to our True Forms (forms on line) once we get final approval from the Board of Directors that will reflect these changes.
A listing of the forms pending approval are;
The Revised Forms will include:
CONDITIONAL RELEASE FROM EXCLUSIVE LISTING AGREEMENT
CONDITIONAL RELEASE FROM EXCLUSIVE BUYER AGENCY AGREEMENT
DUAL AGENCY INFORMED CONSENT AGREEMENT
EXCLUSIVE AGENCY AGREEMENT
EXCLUSIVE BUYER AGENCY AGREEMENT
EXCLUSIVE LISTING AGREEMENT
PROPERTY DISCLOSURE – LAND
PROPERTY DISCLOSURE – RESIDENTIAL ONLY
PURCHASE AND SALES AGREEMENT AND DEPOSIT RECEIPT
Brand Spanking New Forms will be:
BUYER AGENCY DISCLOSURE
SELLERS SUITABLE HOUSING ADDENDUM TO PURCHASE AND SALES AGREEMENT AND DEPOSIT RECEIPT
I’m sure we’ll all have a bit of a learning curve to go through but these forms will make it easier for all of us.
Jay and Monika McGillicuddy
Prudential Verani Realty
Hampstead NH
603-548-7728
NH Water Front Homes for Sale