The U.S. homeownership rate has posted its highest annual rise on record, reaching 65.5% in 2020, 1.3 percentage points over the year before. Hispanic homeownership soared to a record high and is above 50% for the first time on record. However, Black homeownership continues to lag and has fallen to a lower level than it …
Category: Real Estate Tips
Nov 09
Federal Court Blocks ‘Love Letter’ Ban
A federal judge ruled that an Oregon law preventing buyer “love letters” is a violation of First Amendment rights. The letters have commonly been included in home offers, with buyers writing to sellers expressing their desire for a home. Last year, Oregon became the first state in the country to prevent real estate agents from …
Nov 07
Avoid Fair Housing Violations in Advertising
Real estate professionals are legally obligated to uphold fair housing laws, and the language and images you use in your advertising needs to be vetted carefully. REALTORS® also have an obligation to do so under Article 10 of the Code of Ethics. “Advertisements should never indicate a preference or limitation based on a protected class, …
Nov 06
NAR Urges Supreme Court Review on Protection for Use of Floor Plans
The National Association of REALTORS® is leading a large coalition of stakeholders in the real estate industry—property owners, real estate professionals, appraisers, portals, valuation, and public records companies, and others—that is urging the Supreme Court to review and overturn a federal appeals court threatening copyright liability for the use of floor plans in the sale of …
Nov 03
‘Close the Gap’ in Homeownership
Homeownership rates for many minority groups continues to be well below that of whites, and discriminatory policies are often blamed for that. During National Fair Housing Month in April, many housing groups and organizations are bringing the racial housing gap to the forefront and asking others in the real estate industry to support programs that …
Nov 02
Top 5 Legal VideosFair Housing Primer: DisabilityTop 5 Legal Videos
What you need to know to serve this protected class. Definition: Federal fair housing law defines a person with a disability as any individual with a physical or mental impairment that substantially limits one or more major life activities. Some disabilities, such as blindness or mobility impairment, are readily observable, while others are invisible. What’s …
Oct 31
Is That Legal?
Understanding how antitrust law applies to the practice of real estate is foundational knowledge. Let’s see how much you know. Understanding how antitrust law applies to the practice of real estate is foundational knowledge. Let’s see how much you know. 1. Federal and state antitrust laws are designed to: A. Prevent companies from misleading the …
Oct 30
3 Things to Remember About…
Things to know about sale-leasebacks, using recording devices, and conducting criminal background checks. Sale-leasebacks When home sellers need to retain possession of the home for a few days— or longer—after the closing: Use of Recording Devices If your sellers use audio or video recording in the course of a home sale: Use of Criminal Background …
Oct 25
RESPA Reminders
Understand the letter of the law when it comes to teaming with allied businesses. The Real Estate Settlement Procedures Act is a federal law designed to protect consumers in the settlement of real estate transactions. Before you get involved in any business-building partnership with allied professionals, be sure you know what is and isn’t allowed …
Oct 24
Next Steps in Class-Action Suit Over Buyer’s Rep Compensation
Three years ago, in March 2019, the National Association of REALTORS® and four corporate defendants were sued in class-action lawsuits filed in Missouri and Illinois alleging that home sellers have been damaged because their listing broker compensates the buyer’s representative. These lawsuits claim that various NAR rules and members’ adherence to those rules have led …
Oct 23
4 REALTORS® Named Inaugural Fair Housing Champions
The National Association of REALTORS® and realtor.com® on Wednesday honored the four inaugural winners of the Fair Housing Champion Awards during NAR’s Fair Housing Month event, “What Will it Take to Close the Racial Homeownership Gap?” Honorees were recognized for making a significant impact on efforts to advance fair housing and expand homeownership to traditionally …
Oct 20
BOD Votes to Strengthen Fair Housing, Continue Ad Campaign
NAR’s Board of Directors meeting highlights strategic priories for the association and solidifies the 2023 leadership team. Strengthening fair housing enforcement was a priority for the National Association of REALTORS® Board of Directors during its Friday meeting. The governing body passed resolutions supporting fair lending provisions of the Fair Housing Act and the Equal Credit …
