November - rockford area association of realtors

LATEST SCUTTLEBUTT
Recent Illinois Disciple Cases
Several broker licenses were indefinitely
suspended or canceled and refused
renewal for two years for failure to complete
continuing education requirements
for the 2002 renewal period.
A broker license was reprimanded and a
$500 fine was assessed for, while serving
as a managing broker, the broker failed
to ensure that earnest money checks on
three HUD/VA transactions were
deposited and disbursed in a timely
manner.
A broker license was suspended for 12
months for a managing broker who
failed to obtain a real estate broker corporation
license for a corporation, failed
to supervise the real estate activities of
the corporation and, as a result, allowed
a salesperson to manage the corporation
and an unlicensed person to engage in
real estate activities on behalf of the corporation.
Several broker’s licenses were refused
renewal for failure to satisfy Illinois tax
liabilities. (IDFPR, August 2004)
Wireless Subscribers Protected
According to NAR, the Federal
Communications Commission’s rules
regulating “mobil service commercial
messages” (MSCMs) issued August 12,
require any business seeking to send a
commercial electronic mail message to
first check the FCC’s wireless domain
name list to assure that the commercial
message is not being sent to any of the
listed domains, as the sender needs,
“express prior authorization” from the
MSCC recipient in order to send commercial
messages to those individuals.
The rules prohibit the sending of MSCMs
unless: 1) the sender has the express
prior authorization of the recipient; 2)
the sender is forwarding message to
his/her device; 3) the person forwarding
the message has not received any sort of
inducement from the original sender nor
does the MSCM promote a product of
the sender; or 4) the recipient’s domain
name is not found on the list of commercial
mobile service domain names
posted on the FCC’s Web site. (NAR,
9/04, FCC, 8/04)
Asians Rank High in Income
According to Kang & Lee Advertising’s
Asian American Market section of the
firm’s Web site, Asians have the highest
percent of households in the $75,000 or
above annual income. The section
includes data such as population size,
ethnic composition, language preference,
income, purchasing power and
more. A link to the site can be found in
IAR’s International Section of the Web
site. (American Demographics, 8/04)
“Fair Pay” Regulations
Workers earning $23,660 annually or
less are eligible for overtime pay for
working more than 40 hours a week.
Read the Illinois Chamber’s analysis of
the new regulations including “10 Things
Every Employer Must Do to Comply with
DOL’s New Overtime Regulations.”
www. ilchamber.org
Social Security Number Requirement
Restricted
Use of social security numbers is
restricted by amendments to the
Consumer Fraud and Deceptive
Business Practices Act, effective July 1,
2006. Among the stipulations, the Act
prohibits a requirement that a user must
give his or her social number as a prerequisite
to access an Internet Web site
“unless a password or unique personal
identification number or other authentication
device is also required to access
the Internet Web site.” For more information,
see Legal Case Studies in the
September 2004 edition of the
Designated REALTOR Exclusive newsletter.
(IAR Legal Counsel, September
2004)
IAR Contributes to Hurricane Relief
The IAR Executive Committee voted to
contribute to NAR’s Relief Foundation to
aid REALTORS® and victims of the hurricanes
in Florida. To date dozens of
REALTOR® Associations and hundreds
of members have contributed to the fund
for a total of $785,000.
Phishing Scam Brochure Available
The Federal Bank, Thrift and Credit
Union agencies have published a
brochure with information to help you
identify and combat the Internet scam
known as “phishing,.” The term is a play
on the word “fishing,” and that’s exactly
what Internet thieves are doing – fishing
for confidential financial information,
such as account numbers and passwords.
With enough information, a con
artist can run up bills on another
person’s identity. To obtain a copy go to
http://www.occ.treas.gov/consumer/Phis
hBrochFINAL-SCREEN.pdf
6
RAAR AWARDED
FAIR HOUSING
GRANT
The NATIONAL ASSOCIATION OF
REALTORS® Equal Opportunity Cultural
Diversity Committee selected the
Rockford Area Association of REAL-
TORS® and its Equal Opportunity
Committee and Affordable Housing
Committee to be the recipient of a
$3,000 grant in recognition of its innovation
and support to NAR’s diversity
objectives. “The Association’s actions
and program will serve as models for
other Associations across the nation.”
states Fred Underwood, Senior Policy
Representative of NAR.
Some of the projects and efforts that
have been implemented to fulfill the
objectives stated in NAR’s strategic plan
have been, a clothing drive for the
underprivileged trying to enter the workforce,
sponsorship of the At Home With
Diversity Certification Course,
Accessibility Equipment Drive for those
with disabilities, establishment of
alliances with grassroots organizations
that support fair housing, implementation
of a window display in a blighted
area that promotes homeownership, the
sponsorship of educational programs
with representatives from HUD and
FHA, and participation in the Rockford
Area Affordable Housing Coalition
Annual Home Buyer Fair.
Expanding the diversity of the
Association leadership, developing
strategies that will foster fair housing,
and increasing the relevance of the
Association in the community are
always important and will continue to
be a priority as the Association’s efforts
continue into the future.
The Rockford Area Association of REAL-
TORS® Equal Opportunity Committee
and the Affordable Housing Committee
are to be commended for their initiative
and passion to keep the membership
educated while promoting fair housing
and encouraging homeownership.