RESPA

RESPA and Home Warranty Programs - To help REALTORS® understand the impact of HUD's 2010 interpretive ruling.

Smoother Closings

An outline as presented by Nancy Burger and Cindy Reach at the GMM September 23, 2010.

Ethics

Ethics in dealing with Multiple Offers

Fees

REO Compliance and Other Fees

Broker Settlement Fees - On April 20, 2009, a federal judge in Alabama concluded that a broker's "administrative brokerage" of $149 per transaction fee violated section 8(b) of RESPA.

A brief review of the law that the Alabama decision changes nothing in Michigan. Read the full legal opinion from McClelland & Anderson (legal counsel for AAABoR).

Commissions

Calculating Commissions based on "Net Sales Price"

Mortgage

Mortgage Cancellation Summary

HUD

HUD's Settlement Cost Booklet

Commercial Broker Lien

The MiRPAC, working with the Michigan Legislature presented the Public Act 201 of 2010, which Governor Granholm signed on October 5, 2010.

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FCC Rules

CAN-SPAM Act - Effective January 1, 2004 covers email whose primary purpose is advertising or promoting a product or service, including content on a website. The law bans false or misleading header information. It prohibits deceptive subject lines and requires that your email give recipients an opt-out method. The law also requires that email be identified as an advertisement and include the sender's valid physical postal address. Each violation is subject to fines of up to $11,000. Read the complete CAN-SPAM Act.

State of Michigan Laws

Real Estate Law Book (Red Book)

Unlicensed Assistant Rules

Independent Contractor

Independent Contractor Agreement

MAR's 2010 Legal Update Videos

1. Introduction, Closing Fees & RESPA
2. Foreclosures & Short Sales
3. Contract Issues & Closing Fees
4. Seller Financing, Land Contracts, Purchase Agreements
5. Leases with Option to Purchase

Disclosure Requirements

A summary of the Revised TILA Disclosure Requirements, effective July 30, 2009. Lenders will be subject to new disclosure requirements for mortgage loans under the Federal Reserve Board Truth in Lending Regulation (Reg Z). Applies to loan applications file on or after July 30, 2009. Read the Federal Reserve Board Final Rule (Federal Register, May 19, 2009).

2011 Legal Update (74 pages from MAR 2010 Convention & Expo): Includes:

• Legal Liability Update
• FAQ's About Earnest Money Deposits
• Flopping: Some of the Issues
• Anti-Kickback and Unearned Fee Provisions of RESPA Update
• Seller Financing and The Michigan Originator Act - Update
• Silent Fraud and The Duty to Disclosure
• Dual Agency

2010 Broker Summit (56 pages): Includes:

• Fair Housing and Civil Rights Law Update
• First-Time Homebuyer Tax Credit
• FAQ's from the Legal Hotline

2010 Achieve Conference (26 pages): Includes:

• A Primer on Short Sales
• Calculating Commissions Based Upon "Net Sale Price"
• Administrative Fees: A New RESPA Risk?
• Electronic Transactions
• Ethics Proceedings and Litigation

2010 Legal Update (55 pages): Includes:

• Seller Financing
• Contract Issues on Foreclosed Properties
• Foreclosures & Short Sales - Current Issues
• Legal Liability

2009 Broker Summit (24 pages): Includes:

• Broker Responsibility for the Actions of Salespersons
• Brokerage Firm Organizational Issues
• Independent Contractor Status and the Michigan Business Tax

2008-2009 Legal Update (83 pages): Includes:

• Brokerage Firm Organizational Issues
• Buyer's Agency - Current Liability Issues
• Dual Agency - A Refresher
• Foreclosures & Short Sales: Selected Issues
• Leases with Options
• Recent Changes in Real Property Law
• State Transfer Tax Issues
• Departing Agents - Current Listings & Pending Sales
• Legal Liability Update
• Risk Reduction Issues

2008 Achieve Conference (14 pages): Includes:

• Working in Teams
• Threats of Lawsuits
• Common Corporate Questions
• Court of Appeals Order Example

2007-2008 Legal Update (40 pages): Includes:

• Dealing with FSBOs
• Foreclosure & Short Sales
• Fraud: What it is and How to Avoid it
• Land Contracts/Leases with Option or Rights of First Refusal
• Legal Liability Update