February 2021 Broker Insights Newsletter

Industry Leaders Summary (updated 2/26/21)

Below are the follow up items we promised from today’s Town Hall:

• Jordan’s Market Update is found here.
• Sanjay’s Legislative Update is found here. 
• On Proposition 19
• C.A.R. just launched the website to ensure you have all of the up to date information about Prop 19 including the California Board of Equalization’s guidance and rationale on the implementation of Prop 19 for more information go here and to access the letter directly go here. 
• Our legal team is hosting a webinar on Tuesday, March 9, 2021 at 1:30PM on Prop 19.  A very favorable aspect of Prop. 19 is the expansion of the right of a senior homeowner to transfer an advantageous property tax base from the owner’s existing principal residence to a replacement residence purchased within 2 years of the sale of the old.  Some would argue that the favorable expansion of the replacement residence rules is balanced by the greater restrictions imposed on the ability of a parent/grandparent to transfer an existing tax base to a child/grandchild along with the transfer of the elder’s principal residence or other property.  Join C.A.R. attorney Neil Kalin, and maybe others, to learn more about the impact of Proposition 19 such as:  When it becomes effective; What new rules apply; How to calculate the new tax base;  What questions remain; and What this all could mean to you.  Tuesday, March 9, 2021 at 1:30 p.m.  Register here.  
• On Relief Efforts
• FHFA announced that Fannie Mae and Freddie Mac (the Enterprises) are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until June 30, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums were set to expire on March 31, 2021.
• On Mortgage Forbearance -- a reminder for those who would participate in the Moratorium on Mortgages, that Gov was addressing for FHA, VA, USDA, Fannie, or Freddie, those requests must be in writing with your Mortgage Loan Servicer and confirmed to be enforceable. For more information go here.
• For more information on California Relief Grants, the website is found here.
• On PPP Loan Forgiveness - here are our guides to the PPP loan forgiveness application for those WITHOUT employees and for those WITH employees. Both can be accessed via this link, as can the PEAD forms, PUA guides and more here. 
• On Supply - here’s an interesting article on supply.
• Gov’s Legal Update
• On allowing the public to enter your brokerage office - According to the CA Department of Public Health Industry Guidance —members of the public can come into RE sales offices because real estate is an essential service.  However, allowing members of the public inside may increase the risk of infection and cause more work for the broker (e.g., making sure people are wearing masks, making sure the space doesn’t become too crowded, etc.). Please refer to the Department of Health’s guidance for Real Estate. 
• On COVID vaccine priority - find resources here. 
• On LA County eviction restrictions you can go here  and the residential FAQ is here.
• On the forms that buyers must sign before they sign an offer in order to remove their statutory right of rescission - those are listed below:
• NHD report (NHD), 
• Transfer Disclosure Statement (TDS), 
• the federal lead paint disclosure form (FLD) 
• the new Home Fire Hardening Disclosure and Advisory (HHDA)

• The Industry Leaders Call is designed for Brokers and Industry Executives.  Calls take place bi-weekly on Fridays.  For additional information or to request access, please send your contact information and job title to Paula Green, Executive Assistant, at (213) 739-8337 or paulag@car.org.  The next call will take place on Friday, February 26th.

For more information regarding Industry & Broker Relations, please contact Sara Sutachan, Industry & Broker Relations Senior Vice President, at (213) 739-8224 or saras@car.org.

Broker Education Resources

WomanUP!® Academy Executive Certification Course

The New Broker's Benchmark: Prepare and Perform! Course Bundle - ONLINE ANYTIME

Nuts and Bolts: The Broker’s Day-to-Day - ONLINE ANYTIME

Teams 2.0: The Team Leader - ONLINE ANYTIME

California Human Resource Law for Brokers/Teams - ONLINE ANYTIME

Administrative Staffing: The Human Side of Human Resources - ONLINE ANYTIME

Upcoming Education Opportunities at C.A.R.

Click the link for more information and to register.

March 2 - 10am - Grow your Knowledge of Lone Wolf Transactions (zipForm Edition) - Learning the Basics

March 3 - 8am - WomanUP!® Coffee & Conversation with Leslie

March 4 - 10am - Learn All the Advanced Features of Lone Wolf Transactions (zipForm Edition)

March 5 - 2pm - WomanUP!® Weekly Facebook Live

March 9 - 11am - Sign Documents Electronically with Digital Signatures inside Lone Wolf Transactions (zipForm Edition)

March 9 - 1:30pm - Proposition 19

March 10 - 10am - Top Producer Panel

March 10 - 11am - Maximize Your Value and Stay Top-of-Mind with an Effective Client-Centric Strategy

March 10 - 1pm - Glide for Forms

March 11 - 1pm - Fill Contracts Out on the Go with zipForm® Mobile – and go Paperless!

March 12 - 2pm - WomanUP!® Weekly Facebook Live

Resources for Office Managers

Office managers, keep up to date with spilling relevant and practical tea (information) tailored for office sales meetings. You will be the first to know about hot issues, market conditions, and motivational material to keep your agents inspired to achieve success. Print copies or or forward the link to your team via email.

Local Monthly Data

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