Hilton Anaheim Hotel
Capistrano Room
Concourse Level, 4th Floor
Thursday, November 10, 2011
9:30 a.m. - 11 a.m.

Presiding:
Beth L. Peerce, C.A.R. President

Staff:
Matt Roberts, Federal Government Affairs Manager

I. Welcome: Beth L. Peerce, C.A.R. President

II. Issues to Come Before the Members at NAR November Business Meetings

A. Proposed Amendments to the Code of Ethics
1. Under Article 15of the Code of Ethics, there has been uncertainty about who would be considered a competitor of REALTORS®. To clarify this article, an amendment has been proposed to strike the word “competitor” from the article, and replace with the phrase, “other real estate professionals.”

2. Article 17 would give local boards and associations discretionary authority to require their members to mediate otherwise arbitrable disputes.

B. Amendments to NAR’s Constitution
1. Article 3; Section 8, would update our Constitution so that NAR’s current and future partners can be considered International Affiliate Organizations.

2. Article 8; Section 3, pertains to Institutes, Societies and Councils and is a housekeeping modification to remove language which no longer has any effect.

Official Notice of Proposed Amendments to The Code of Ethics and Constitution of the NATIONAL ASSOCIATION OF REALTORS®
http://www.realtor.org/LeadGov.nsf/pages/2011delegatenotice?OpenDocument

III. NAR Policy Issues: Barbara J. Palmer (Additional background in the committee’s agenda summary)

A. Mortgage Interest Deduction (Federal Taxation)
The committee will review the tradeoffs currently being debated that would reduce tax rates but also reduce the tax benefits related to homeownership.

B. Residential Visa (Business Issues/ Federal Taxation)
The committees will review proposed legislation that creates resident visa categories for foreign citizens who purchase homes.

C. REO Disposition (Federal Housing/ Conventional Finance and Lending)
The committees will discuss NAR’s response to the Request-for-Information on the disposition of Fannie Mae’s, Freddie Mac’s and FHA’s REO inventory.

D. Short Sale Subgroup Report (Conventional Finance and Lending)
The Short Sales Sub-group will brief the committee on preventing fraud in the short sale space, as well as outline “best” tips for second lien holders to employ in order to efficiently and effectively complete a short sale.  The sub-group plans to discuss with the Committee the possibility of making a recommendation to the Risk Management Committee on short sale fraud prevention to assist the development of short sale fraud prevention materials for members.

E. Conservation Easements (Land Use, Property Rights & Environment)
The Committee is expected to consider a motion that offers conditional support to tax incentives, such as conservation easements, that help preserve certain kinds of land while protecting property rights.  (This motion was referred to the committee by the Realtors Land Institute)

F. Valuation Principles (Appraisal Committee)
The committee will consider valuation principles for appraisals, non-appraisal valuations and automated valuation models.

G. Mortgage Debt Forgiveness (Federal Taxation)
At C.A.R.’s Fall Business Meetings, the BOD took the following position:

“That C.A.R. “SPONSOR” federal legislation in conjunction with NAR that would extend the debt forgiveness protections beyond the end of next year.  Once federal legislation is approved, that C.A.R. “SPONSOR” state legislation that would extend the debt forgiveness protections beyond the end of next year in conformity with federal law.”

While not on the Federal Taxation Committee’s agenda, California members of the committee should bring this issue up for discussion under “new” or “other” business.

H. Veteran Affairs Pest Certification (Federal Housing)
At C.A.R.’s Fall Business Meetings, the BOD took the following position:

“That C.A.R., in conjunction with NAR, “SUPPORT” the removal of the pest inspection and/or clearance requirement to insure a VA loan.”

While not on the Federal Housing Committee’s agenda, California members of the committee should bring this issue up under the committee’s discussion of VA fees, or under “new” or “other” business.

IV. Other Decision Items

A. MLS Issues
There are two items that come from the Multiple Issues and Policies Committee, and Concern IDX and reporting sale prices to MLSs.  They include whether NAR should rescind the “franchisor display” provisions of the IDX policy entirely or seek different ways to enhance the policy.

B. Valuation Committee
The NAR Leadership Team is proposing that the current Appraisal Committee be renamed the Valuation Committee, and its membership scope be expanded to include appraisers, brokers and members engaged in other real estate disciplines as deemed appropriate.

C. Nominating Committee
The Nominating Committee is presenting recommendations that will define what constitutes a candidate endorsement by a Nominating Committee member, as well as clarify the duties and obligations of an alternate regional committee member.  Moreover, the recommendation would clarify written endorsements by entities other than the candidate’s home state association.

D. Global Business and Alliances Committee
REALTOR.com is launching its global site, RELATOR.com International.  It will expand the exposure of U.S. listings to international markets, and offer currency and measurement conversion.  It will also translate listings into 11 languages, and will also include international listings from the partnering organizations.

V. New Business

VI. Adjournment