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!
NAR’s latest consumer guide, “10 Tips for Unpacking Smartly After a Move,” was developed to help ease the burden buyers may feel when surrounded by boxes. For your clients on the cusp of a move, the guide suggests establishing a priority unpacking order, wiping down each room before unpacking, discarding boxes quickly, having garbage and donation bags at the ready, and more. Share the new guide along with the companion guide “10 Tips for Packing Smartly for a Move.” As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: 10 Tips For Unpacking Smartly After A Move UPDATED : Multiple Listing Services Overcoming Roadblocks to a Sale or Purchase How Solar Impacts a Real Estate Transaction Navigating Interest Rate Shifts Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Check out the next consumer guide on identifying homebuying wants vs. needs.
Thinking about buying a home? Discover how homeownership can help build wealth, increase financial stability, and create lasting value.
From the Louisiana Department of Insurance: During a press conference today with Governor Jeff Landry, Insurance Commissioner Tim Temple announced that registration for the next round of the Louisiana Fortify Homes Program (LFHP) will open at 8 a.m. on Monday, June 1, and will include 3,000 grants. The registration period for this lottery will be open for three weeks, closing at 5 p.m. on Friday, June 19. During the press conference, Gov. Landry signed HB 1187 by Rep. Paul Sawyer, which will allow Louisiana Citizens Property Insurance Corporation to transfer $50 million in additional Katrina bond assessment funds to the LFHP. Combined with the $30 million in funding the program will receive through taxes and fees on insurance entities, the LFHP will receive a total of $80 million this year. “By lowering overall losses, we can reduce insurance and reinsurance costs, draw more insurers into the market, motivate existing companies to write additional policies and lower insurance premiums,” said Commissioner Temple. “That is exactly what the Louisiana Fortify Homes Program is designed to do.” The list of coastal parishes that are eligible to participate is expanding to include Acadia, Jefferson Davis and Lafayette parishes. Additionally, homeowners who live in the portions of Ascension, Calcasieu, Iberia, Livingston, St. Martin, St. Tammany, Tangipahoa and Vermilion parishes that were previously not included in the program will now be eligible to participate. A map showing the full list of eligible parishes is available on FortifyHomes.La.Gov . “Louisiana is the fastest growing state in the country for Fortified roofs, and that growth is not by accident—it is the result of strong support from Governor Landry and legislators like Chairman Talbot, Chairman Firment and Representative Sawyer, targeted program design, and a clear recognition that strengthening homes is one of the most effective ways to reduce insurance losses,” said Commissioner Temple. “At the end of the day, this program is about more than just roofs. It is about protecting families, it is about strengthening communities, and it is about putting Louisiana in a stronger position—both physically and economically—to face the challenges ahead.” To participate in the lottery, homeowners must register during the June registration period. Homeowners who registered for a previous round but were not selected must register again to participate. People who register on the last day of the registration period have the same chance of being selected as those who register on the first day, so there is no need to rush to register as soon as the period opens. When registering, homeowners will need to upload their homestead exemption, insurance policy declarations page that includes wind coverage, and flood insurance declarations page if the residence is in a flood zone. Homeowners who need assistance obtaining a copy of their homestead exemption should contact their parish tax assessor. Homeowners can contact their homeowners and flood insurance companies or agents for a copy of their policy declarations page. Homeowners are required to create a profile in the LFHP system before registering for the lottery and may do so by visiting the LFHP website and clicking the Login button. Homeowners who previously created a profile may use the same one for this and future rounds. Once the lottery registration period closes, the LFHP will randomly select 3,000 participants and send email notifications to registrants about whether they were selected to participate. These selection notices will be sent via email beginning on Monday, June 22. There are several program requirements that homeowners should be aware of before registering. Those interested in the program are encouraged to review eligibility information and frequently asked questions at FortifyHomes.La.Gov to determine whether their home meets the requirements for the program. If selected to participate in the grant program, homeowners will be financially responsible for having the home evaluated by a FORTIFIED-certified Evaluator as well as costs for the roof upgrade including permits, inspections and construction costs beyond the amount of the grant The LFHP provides grants of up to $10,000 for homeowners to upgrade their roofs to standards set by the Insurance Institute for Business & Home Safety. The program helps Louisiana homeowners strengthen their roofs to better withstand hurricane-force winds.
