Event Coverage
C.A.R. Update at Cupertino/Sunnyvale District Tour Meeting
California Association of REALTORS® (C.A.R.) Region 9 Directors from the Cupertino/Sunnyvale District delivered their reports to members at yesterday's District tour meeting. The directors and the committee meetings they attended at last week's C.A.R. Fall Business Meetings are District Chair Mark Burns – Professional Standards, Local Government Forum and Federal committees; Board Director Jeff Bell - Taxation & Government Finance, Transaction & Regulatory, Legislative and Nominating committees; and Region 9 Chair Carolyn Miller, Regional Chairs and Nominating committees.
Here is some information they shared with members:
C.A.R. to Publication of Names and Photos of Code of Ethics Violators
In an effort to make ethics violations and the disciplinary process more transparent, C.A.R. has been publishing the names and photos of members found in violation of the Code of Ethics. This information is published on the members-only section of the C.A.R. website. The photos will stay on the website for three years.
PACE Loans
PACE loans continue to be a concern. A PACE loan allows a homeowner to borrow money to finance energy upgrades. The loan is then repaid as a surcharge on the property tax. The loan travels with the house and is transferred to the buyer upon purchase. Though PACE loans are a way to finance important energy upgrades, they have some very real risks. These loans hold the primary position over the mortgage. Consequently, Fannie Mae and Freddie Mac will not purchase loans when there is a PACE type of loan on the home. Many banks will not loan to buyers or those looking to refinance, unless the loan is paid off first. Additionally, homeowners who take out these loans and do not tell their mortgage lender may find themselves in automatic default. California REALTORS® are being told to be aware of PACE loans. The best practice is full disclosure and speaking with the mortgage holder.
Forms
Lobbying by SILVAR and other Bay Area REALTORS® has forced the Bay Area Air Quality Management District to withdraw its controversial proposal to ban fireplaces at the point of sale. PRDS will be coming out with a disclosure that states wood smoke is bad for the health.
C.A.R. is coming out with yet another new form, an addendum that confirms that the buyer does, indeed, mean zero contingencies.
Taxation
C.A.R. will be sponsoring legislation that will require parcel taxes to be uniformly applied to all properties.
C.A.R. will be sponsoring legislation extending to landlords liability protection from environmental hazards.
Signs
If a sign has the broker's name, there is no need to include a BRE number. If a sign has the name of the agent, then the agent's BRE number should be included on the sign.
Companion Animals
Tenants need to inform the landlord that they have a companion animal. They need to have a prescription or a companion animal license to have a companion animal.
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The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
For further information, please email or call the SILVAR office at (408) 200-0100.