Assembly Bill 840 was signed into law by Governor Arnold Schwarzenegger which clarifies and extends the authority of the California Department of Real Estate (DRE) to discipline a real estate licensee on the basis of a criminal conviction.

Beginning January 1, 2008, the DRE will have the authority to suspend or revoke a real estate license based upon a misdemeanor conviction (or guilty plea) if the crime is substantially related to the functions of the licensed profession, but regardless of whether the crime involves moral turpitude.  The new law does not change the DRE’s current authority to revoke a license based upon a felony conviction (or guilty plea).

A new short sale listing form has been released by the CALIFORNIA ASSOCIATION OF REALTORS®.  The new standard-form Short Sale Listing Addendum (SSL), which listing agents can attach to listing agreements to advise their clients of various aspects of short sale transactions.

Key provisions of the Short Sale Listing Addendum include advisories for agents ranging from a list of alternatives to a short sale, what kind of tax implications may be involved for the seller, and other legal consequences that may apply.

In addition, the Short Sale Listing Addendum also provides authorization for the listing agent to advertise a property as a short sale and to contact lenders concerning their approval of a short sale.

MRMLS (Multi-Regional Multiple Listing Service) now requires the APN (Assessor’s Parcel Number) to be entered on “lease property” so that it is handled the same way as Residential listings.

APN is now required for the following property types:

• Residential Lease
• Commercial Lease
• Business Opportunity

California Housing Starts fell 14 percent in June from the previous month according to the California Building Industry Association (CBIA), based on data supplied by the Construction Industry Research Board.

Single-family home permits pulled totaled 6,533 statewide in June, reflecting an 11 percent drop from May, and a 50 percent decline from June 2006.  The number of permits pulled for multi-family housing, including condominiums and apartments, was 3,003, down 18 percent from the previous month and 54 percent below June 2006 figures.

Housing starts for the first half of 2007 fell 33 percent to 64,153, compared to the same period in 2006.  Single-family permits dipped 36 percent, while multi-family starts fell 26 percent for the first half of this year.

Mainstream Internet Users are showing solid support for online video and file sharing programs, suggesting the medium has come into its own as a viable marketing and advertising tool for business.

According to a new report by the Pew Internet & American Life Project, roughly 74 percent of all adult Internet users have either watched videos online or downloaded them, and about 19 percent of those users do so on a daily basis.  The report also says more than half or 57 percent of those users share video links with other users.

The Senate Committee on Banking, Housing and Urban Affairs passed the “Commission on Natural Catastrophe Risk Management and Insurance Act of 2007.”  The bill creates a non-partisan commission to “examine the risks posed by natural catastrophes, and means for mitigating those risks and for paying losses caused by natural catastrophes” by assessing: the status of insurance markets, the outlook for availability and affordability of property insurance, implementation of a catastrophic insurance system, approaches to promote risk reduction, and other related issues.  The Commission created by this bill must report back to Congress on December 1, 2008.  This bill is likely to be included with a separate committee bill (still being drafted) to reform the National Flood Insurance Program that the committee will consider in September or October.