Updates on current legislation: 

1. AB 980 is currently on the Governor’s desk awaiting action.  AB 980 (Calderon) Disclosure of Private Transfer Taxes:  This bill will require that a stand alone document on the private transfer tax (PTT) be recorded to become part of the title record, as well as a separate disclosure to potential home buyers as to whether the home they are considering purchasing requires the payment of a private transfer tax, the percentage of the home price constituting the PTT, the duration of the payment obligation, and the recipient of the PTT payment.  If the stand alone PTT document is not recorded, the new home buyer will not have to pay the PTT.
2. SB 226 is currently on the Governor’s desk awaiting action.  SB 226 (Negrete McLeod) “Degree Broker” Requirements: Current law provides that the Real Estate Commissioner may grant a brokers’ license to an applicant without real estate experience if the applicant has a degree from a 4-year college or university with a “specialization in real estate.”  SB 226 will require the DRE to clarify what a “specialization” in real estate means.  This bill will not change the other mechanisms for demonstrating equivalency such as a petition by a licensee from another state for recognition of his or her experience.  Additionally, SB 226 will empower the Commissioner to require a licensee to display his or her license number on “consumer first contact materials” which include: business cards, stationery, advertising fliers, and other materials designed to solicit a professional relationship.  However, this additional authority is limited and may not be applied to “for sale” signs or advertisements that appear either in print or electronic media.
3. AB 144 (Jones) Local Planning:  is on the Governor’s desk awaiting action.  Current law permits local agencies to meet their housing element requirements by relying on sites that are primarily zoned for commercial development, but are also authorized for residential use.  AB 414 will prevent these “double-zoned” sites from being used to accommodate a city or county’s share of the Regional Housing Needs Allocation.  It sets an absolute cap of 30% on counting “double-zoned” sites towards the jurisdiction’s lower-income housing needs, and sets a limit of 50% on the use of double-zoned sites as credit toward meeting the applicable housing element requirement. 

REALTORS®, remember that safety is a year-round priority.  Real estate professionals are not the only ones at risk when showing a property – follow these steps to help your clients protect themselves against crime.

1. Remind clients who are selling their house that strangers will be walking through their home.  Tell them to hide any valuables in a safe, secure place.  This includes prescription drugs.
2. At an open house, be alert to the pattern of visitors’ arrivals, especially near the end of showing hours. 
3. Finally, when you leave a client’s property, whether after an open house or a standard showing, make sure that all doors and windows are locked. 
4. Let your clients know that you will take all of the above precautions, but that when they return home, they should immediately verify that all doors are locked and all valuables accounted for.

(Source: Nevada County Board of REALTORS® (CA) This article is part of the NATIONAL ASSOCIATION OF REALTORS® 2007 REALTOR® Safety Week Kit.

Tips for Safety:  To best prepare for an emergency, pre-program important numbers into your cell phone.  These may include your office, your roadside assistance service or garage, and even 911.  Do not respond to e-mails requesting personal or private information such as passwords, credit card number or bank account numbers.  Even if a message appears to be from your bank or a trusted vendor, credible companies never request private information this way.

Remodeling projects are undertaken by sixty percent of buyers within three months of closing, and they typically spend near $4,500.  The most targeted room for improvement by these recent buyers is the kitchen, followed closely by bathrooms.  (NAR)

The Federal Trade Commission (FTC) warned mortgage brokers, lenders, and media outlets that some of the advertising claims being made about mortgage products may violate federal law.  The FTC is concerned about false advertising claims on the Internet; in newspapers and magazines; and in direct mailings, e-mail, and faxes.  For example, even after all the recent publicity about abusive mortgages, some ads continue to promote extremely low monthly payments without disclosing the terms of the loan, including sharp payment increases and balloon payments.