CAR REPORT: Transaction and Regulatory Committee January 23, 2014 Action Item: C.A.R. “Sponsor” legislation to empower the Bureau of Real Estate to collect email addresses. Approved by Board of Directors Brief Explanation: The BRE is empowered to require licensees to supply mailing addresses, but not email addresses. BRE has expressed concern that they cannot cost effectively communicate with licensees in the modern world without the use of email. Action Item: That C.A.R. “Sponsor” legislation to clarify the rules for the Bureau of Real Estate (CALBRE) to regulate the use of “Team” names by licensees. The clarification should be consistent with existing CALBRE policy on advertising and team name rules, with further amendments to be considered during the May Board meetings. Approved by Board of Directors Brief Explanation: The BRE is empowered to regulate team names under its general authority to regulate business conduct and avoid illegal or misleading behavior. B&P Code 10159.5 also requires that any corporate real estate name attempting to utilize a fictitious business name demonstrate that the name has been appropriately filed with the county clerk. This is a very complex and confusing issue and more details are to be discussed at the May meetings. Action Item: That C.A.R. “Sponsor” legislation to require an auction company to indemnify or “hold harmless” the listing broker in a transaction against liability that results from the auction companys action in a short sale transaction. Approved by Board of Directors Brief Explanation: Some lenders or servicers have begun to experiment with use of autions as a way to validate the fair market value of a potential short sale. In additions to traditional valuation methods like a BPO or appraisals, the servicer will approve an accepted short sale contract contingent upon the short seller (and sometimes his or her agent) agreeing to allow the home to be put out to the public at auction for some period of time. Action Item: That C.A.R. “Sponsor” legislation to prohibit short-lived communication like tweets or text messages from being considered “transactional documents” that must be retained in a brokers file. Approved by Board of Directors Brief Explanation: In the Spring 2013 Real Estate Bulletin, the BRE caused considerable consternation among licensees by observing that transactional documents in electronic form must be preserved for the same period as paper documents, and that they must be produced to BRE auditor upon demand. Action Item: That C.A.R. “Sponsor” a legislative resolution expressing California support for preservation of existing loan limits. Approved by Board of Directors No Explanation Needed * Note: Home Inspector Liability Limitations; We will be receiving a position paper from staff at the May meeting of C.A.R
Posted on: Wed, 12 Feb 2014 21:30:24 +0000
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