Realtors E-Newsletter
LOUISIANA REALTORS • December 19, 2016
Message from the CEO:
Norman Morris, CEO gives a quick recap of LR’s 2016 programs and accomplishments in the latest video Message from the CEO
2016 Executive Committee Holiday Greeting
The 2016 Executive Committee met for the last time on December 1st at LR offices in Baton Rouge. Members received certificates of appreciation and enjoyed a nice lunch following the meeting. Members represented on Executive Committee are as follows (left to right): Beth Cristina – Immediate Past President, Frank Trapani – President-Elect, David Gleason – Commercial Division Director, David McKey – Regional Vice President II, David Holloway – Legislative Division Director, Eloise Gauthier – Professional Development Division Director, Aaron Goolsby – Marketing & Member Services Division Director, Betty Sun – Professional Conduct Division Director, Tom Giroir – Regional Vice President-IV, Gladys Smith – Regional Vice President I, Carole Woodward – Regional Vice President III. Not pictured: Judy Holland- LARPAC Director and Scott Hughes- Association Executive.
E&O Insurance and What You Need to Know
The Louisiana Real Estate Commission (LREC) requires all licensees to be covered by Errors and Omissions (E&O) insurance. This insurance helps protect individuals and companies from the full cost of defending against a claim made by a client and damages awarded. This can be through a Firm policy that covers everyone or through Individual coverage. Some brokerages provide group coverage as a benefit so you should check with your office manager or broker about that and know your coverage before spending any additional money.
LR’s member benefit partner CRES Insurance Services offers an alternative option for E&O insurance along with other exclusive offerings and have provided a helpful article regarding frequently asked questions. If you would like to minimize your risk in the coming year, you should take a look at more information about your options and access that additional information, here. For questions contact CRES at 858-618-1648.
Education Requirements CE & Ethics
There is a lot of confusion regarding required education hours that typically surfaces this time of year. As the license renewal deadline approaches on December 31, many members find themselves scrambling for CE credit and we are also at the end of a Quadrennial Cycle for Code of Ethics. Many education vendors and local boards are still offering live classes and there are a variety of online CE providers with license renewal packages. Misinformation gets circulated all too easily and it is hard for REALTORS® to decipher what credits are needed and who tracks what and where so we’ve compiled this information for you.
Let’s first talk about CE. Annual continuing education is a requirement to keep and renew your real estate license. The Louisiana Real Estate Commission (LREC) is the regulatory body that approves classes for CE credit and will be the authority that enforces penalties should you not complete your education hours.
Q: How many CE hours are required for license renewal?
A: 12 hrs are required annually for your real estate license renewal. 4hrs of the 12hrs are to be completed with the 2016 Mandatory Topic. 8 hrs can then be completed with any combination of LREC approved CE classes.
Q: What is the 2016 Mandatory Topic?
A: There were 3 topic options in 2016 to satisfy the Mandatory Topic and will vary with each education vendor.
1) 4 hrs on Agency 2) 4 hrs on CFPB or 3) 2 hrs on Agency & 2 hrs on CFPB.
It is important to check that the class you take to fulfill the mandatory hours contains “2016 Mandatory Topic” in the class title. The topic is determined by LREC and changes from year to year. Failure to complete the Mandatory Topic can result in a fine. Alternative credit for mandatory topic will be indicated in the title of the class. For example: “2016 Mandatory Commercial Alternative-Land Use and Zoning,” which was provided to commercial practitioners.
Q: Where can I check my hours?
A: The best place to check your hours is from your own records. Always be sure to sign in and sign out when you attend a class. Then try to note the date, instructor, and location on your calendar or planner. Lastly, it is important that you keep a copy of your certificate. The other place to check your education record is www.lrec.state.la.us/licensee-search/. You should complete your 12 hrs prior to renewing your license.
Q: What do I do if a class I attended is not on my education record?
A: If you check your education record and see a class has not been reported, contact the education vendor. Note that vendors have up to 30 days following a CE class to report credit to LREC. You should contact the education vendor first if you lost your certificate and need a duplicate copy produced. It is possible that some vendors will charge for that. The certificate is to be kept for your records and will only need to be produced if you get audited. You do not need to send copies of the certificate to LREC unless you are audited.
Q: What happens if I don’t complete the 12 hrs?
A: Renewing your license before completing the CE hours is subject to a fine. Not completing 12 hrs of CE is also subject to a fine. If you cannot find a live class and still need hrs, it is best to purchase a 12 hr CE package through an online CE provider and complete as soon as possible.
Q: Do CE credits transfer from year to year?
A: No they do not. It is perfectly OK to take “extra.”
***If you were licensed in 2016, the education requirement is the 45 hours Post License class AND the 4 hr Mandatory Topic. If your 180 days deadline to complete the 45PL is after December 31, then you will need to complete all 12 hrs of CE with 4 hrs being the Mandatory Topic. This can be confusing so if you have a specific question, contact the LREC Education Department at 225-925-1923.
Now, let’s talk Code of Ethics/Quadrennial Cycle/Professional Standards.
(Yes, it is referenced by all of those names but it is not necessarily all the same thing)
Q: What is the Code of Ethics Training Requirement?
A: As a condition of REALTOR® membership, REALTORS® are required to complete ethics training of not less than 2 hours, 30 minutes of instructional time within four-year cycles. The training must meet specific learning objectives and criteria established by the National Association of REALTORS®. The current cycle for the Code of Ethics training requirement is January 1, 2013 to December 31, 2016.
Q: Where is Code of Ethics Training available?
A: Training may be completed through local or state REALTOR® associations or through another method, such as home study, correspondence, classroom courses, or online courses. Check with your local board of REALTORS® whether a class you have taken will count toward the training requirement. If you are in need of training, click here.
Q: Can REALTORS® get CE credit for Code of Ethics classes?
A: Yes and No. Many providers of the Code of Ethics classes have also applied for LREC credit for these classes. Credit hours for this topic can range between 2 hrs to 4 hrs. While the class can count toward regular CE, this requirement is a condition of REALTOR® membership NOT a requirement of your license renewal. You will need to check with your local board NOT LREC to insure the class you take or took will suffice for credit. If you have taken a course that you feel should satisfy this requirement, you will need to talk to your local board.
If you took a CE class or believe you should have received credit from Louisiana REALTORS, please call us at 1-800-266-8538 so someone can assist you.
Local Board President Installations
Congratulations to the incoming local board Presidents and local directors who are being installed at events taking place around the state. Louisiana REALTORS® looks forward to working with a great group of leaders in 2017!
REALTORS® Association of Acadiana – Angi Trahan
Northeast LA Association of REALTORS® – Al Peterson
Bayou Board of REALTORS® – Synde Devillier
Greater Central LA Association of REALTORS® – Jim Leggett
Greater Fort Polk Association of REALTORS® – Frances Jouban
New Orleans Metropolitan Association of REALTORS® – Josie Degrusha
Southwest LA Association of REALTORS® – Kathy Venable
2017 LR Leadership Applications
The 2017 LR Leadership Applications are now available. This statewide leadership program boasts an impressive group of professionals who have given back to their brokerages, their communities, and through serving on the local, state, and national levels of the REALTOR® organization. This program is comprised of a series of day and half retreats that provide speakers and programming to develop one’s leadership and business skills. The program requires an investment of your time and provides a great opportunity to travel to different locations and meet REALTORS® from around the state.
“Louisiana REALTORS Leadership (Class of 2013) has, to date, been the single most enjoyable and beneficial decision I’ve made in my career. It strengthened my leadership abilities, helped me in my everyday business by teaching me “read” clients more accurately, and introduced me to a group of men and woman from around the state who have become friends – and who are only a phone call away when I need advice or someone to act as a sounding board for an idea.” – Allen Duhe, 2016 REALTOR Association of Acadiana President & 2017 LR Professional Development Division Director.
“LR Leadership has inspired me to not only learn more about my association and my desire to serve, but also raised my awareness of how to apply those skills to my business as well. The bonds and friendships formed with my peers in leadership have exceeded all expectations I had when I started the program.” – Rick Roberts, 2012 LR President & 2017 NAR Director
The application deadline is Friday, January 6, 2017 and space is limited. For questions or if you want more information contact, Amy P. Fennell.
REGISTRATION OPEN FOR LEARNING TO LEAD CONFERENCE AND LR COMMITTEE SIGN UPS
Registration for the 2017 Learning to Lead conference
is now available online. This day and half event sets the tone for the priorities of the new year and aims to provide information and tools for incoming local board and state level leaders and volunteers to serve the real estate industry throughout 2017. This is no registration fee to attend and the room block at the Hilton Capitol Center ends on Monday, January 2, 2017. Reservations can be made by calling the hotel at 1-800-955-6962. You will need to provide the code LRA or ask for the “LA REALTORS Association” group.
CONTACT US
ICYMI: It’s not too late to sign up for LR committees!! If you want to volunteer your time and input at the state level we encourage you to sign up for a team. Meetings are conducted throughout the year and commitments vary depending on the area you volunteer in and the program of work involved. Committees are a good way to provide input and get to know members from around the state. For a list of committee descriptions, click here.
Holiday Hours: Our offices will be closed on Friday, December 23 and Monday, December 26 in observance of the Christmas holiday and Friday, December 30 and Monday, January 2, 2017 in observance of the New Year. On behalf of LR staff and leadership, we look forward to an exciting and productive 2017!
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Louisiana REALTORS® CEO Norman Morris issued the following statement after SpaceX announced plans to invest $100 billion in a new launch facility in Vermilion Parish. The project is expected to create 3,000 direct jobs and more than 8,100 indirect jobs across Acadiana. “SpaceX’s investment is an extraordinary economic win for Louisiana. We congratulate Governor Jeff Landry, Louisiana Economic Development Secretary Susan Bourgeois, Vermilion Parish leaders, and everyone who helped bring this historic project home. The housing and infrastructure improvements needed to support more than 11,000 new job opportunities should generate a huge economic boost to the Acadiana and Gulf Coast region. According to the National Association of REALTORS®, each typical Louisiana home sale generates approximately $88,600 in economic activity. Even if only half of the new SpaceX related jobs lead to a home purchase, the impact would generate nearly half a billion dollars across our state's economy. That improves our tax base and school systems, and ripples through our economy touching builders, bankers, hardware stores, appliance dealers, contractors and so many more. “Housing is not downstream of economic development; it is an essential infrastructure. Louisiana REALTORS® and our partners stand ready to help turn these new jobs into homes, stronger communities and lasting roots in Louisiana. Economic development creates jobs, but housing turns those jobs into homes. Let’s make Louisiana home again, together.” Economic-impact estimates are illustrative calculations by Louisiana REALTORS® using employment projections from Louisiana Economic Development and the National Association of REALTORS®’ estimated economic impact per typical Louisiana home sale. They are not forecasts or recurring annual-impact figures. Enjoy the video below from the Louisiana Department of Economic Development .
Explore technology investments that help Louisiana real estate agents stay organized, strengthen client relationships, and market more effectively.
