REALTOR® Advocate
June 17, 2008

REALTORS® Work to Fix Distressed Properties Law
REALTORS® throughout the state are frustrated with the ramifications of the well-intended distressed properties legislation on the real estate industry. The legislation, originally intended to apply to a narrow scope of distressed property conveyances, is having unintended consequences on both distressed property owners and on normal real estate transactions.

REALTORS® have started the outreach efforts with legislators who have indicated interest and support to solve the problem created by the legislation. Importantly, the Attorney General’s office understands and acknowledges the problems and challenges the law creates for real estate licensees, and has committed to work with us to identify the appropriate solutions for legislation next session. To this end, the AG’s Office, Consumer Protection Division, will convene a group of stakeholders to review the concerns with the bill and how those concerns can be addressed in the 2009 legislative session.

To keep current, visit our website often for new materials and answers to your questions. Also note we have posted the release from the Attorney General's office that briefly explains the rationale of the new law and what REALTORS® should do in response to the law. You may download and print this release to use as a client hand-out.

Distressed Properties Law

DOL Releases Statement on Title Company Incentive Law
The Office of the Insurance Commissioner added a section to Chapter 18.85 regarding title companies, which took effect on June 12, 2008. The department and the Real Estate Commission will be developing rules in the months ahead.

The first scheduled commission meeting to hear the proposed rules will be in September 2008. The department will be concentrating their efforts on education, not discipline. Once the education is provided and the rules are implemented, they may take possible disciplinary action for violations of the statute and rules.

Prior to rules implemented by the Office of the Insurance Commissioner and the Real Estate Commission, licensees may continue to receive up to $25 per year of "things of value" from title insurers and their agents. These "things of value" could include: gift cards, advertising, time, handing out flyers, charities, golf tournaments and hosting events. Be sure to track all things of value you receive from title companies or their agents.

Read More

Workers Compensation Requirements for REALTORS®
Industrial insurance (worker's compensation) must be paid quarterly, to the Department of Labor and Industries for each real estate agent licensed to a broker. For more information on this from Washington REALTORS® Legal Hotline, click on the link:

Legal Hotline: Requirement to pay Industrial Insurance

Quality of Life Mailing: Encouraging Home Choices
Washington REALTORS® have sent the latest in a series of mailings to all county commissioners, city and county council members, planning directors, state legislators, media and community leaders throughout the state. The REALTORS® mailing states, "…cities and counties planning under the Growth Management Act are required to 'promote a variety of residential densities and housing types."

View Quality of Life Mailings

REALTORS® Help Local Policymakers Understand Home Choice Needs
The North Central Washington, Sequim, Pt. Angeles and Jefferson County Realtors have all recently held housing issues briefings where Michael Luis, of Michael Luis & Associates was the keynote speaker and delivered a substantive message to help policymakers and planners understand the need for more home choices to accommodate changing demographics. The events have drawn as many as 80 attendees including congressional representatives, legislators, city and county officials and planning staffs, local utilities, members of local housing authorities, builders, several developers and consultants.

Jefferson Housing Issues Briefing News Story

REALTORS® in the News:

REALTORS® Call for Action to Stimulate Housing Market
A Call for Action was sent to all NAR members to urge their Senators to make permanent the increased FHA and GSE loan limits in the economic stimulus package. The permanent increase in the loan limits is mandatory to keep the housing market stable and to provide a source of safe and affordable mortgage options for homeowners. Just over 44,000 letters have been sent to the Senate resulting in a 4.1% response rate. We need to flood the Senate with letters about this important issue!

Take Action!

REALTOR®-Endorsed Candidates
Washington Realtors have interviewed nearly 150 candidates statewide to determine if they support and protect the business of real estate. Our web page of the candidates Realtors endorsed has links to the candidates' websites. Get involved today. Be sure to register to vote and be ready to help us elect our REALTOR®-endorsed candidates.

REALTOR®-Endorsed Candidates

Dino Rossi to REALTORS®: A Thank You
"I wanted to personally thank the Washington REALTORS® for their endorsement. With this endorsement, you have recognized that we need a governor in Washington state who will take the lead on issues such as transportation, education, the economy, and public safety. As REALTORS®, you know how important these issues are to your business, your clients and the communities where you serve. With a projected 2.5 billion dollar deficit next year and all of the other major decisions coming up involving the economy, taxes, land use, growth management, and regulations impacting real estate, it is critical to have a friend and fellow real estate professional who understands our business in the Governor's office."

More about Dino Rossi for Governor

REALTORS® PAC: Our Chance for Change!
With Washington facing many challenges in the real estate market, as well as potentially the largest budget deficit in state history, it is critical to elect legislators who understand the difficulties we face in our business. Elected officials and candidates need to be educated about real estate, otherwise well-meaning measures could negatively impact our entire industry. Now more than ever, REALTORS® PAC must ensure that lawmakers understand the real estate business. Real estate is your business, RPAC is your voice!

Invest in RPAC

The REALTOR® Advocate is written and produced by Washington Realtors® Government Affairs. Please send comments to Barb Lally at Barb.Lally@warealtor.org. If you are receiving a duplicate copy please send notification to the newsletter return e-mail address.