| In This Issue: Monday, February 13, 2006 | |||||
|
INDUSTRY NEWS AND EVENTS |
Online Convention Registration Opens February 15th |
| Registration opens Wednesday, February 15th for Commercial Source.com the online convention and trade show from the RCA. The free one week convention, June 6-12th, is your opportunity to visit virtual exhibitor booths of commercial real estate products and services. The online convention is a unique and comprehensive site for the commercial real estate professional. Find the latest programs, services and products for the business of commercial real estate. Attend seminars on 1031 exchanges, professional development and tax strategies for real estate investing. Join us in this great opportunity for business networking and marketing. Register here. |
Regional Courses on Tax Deferred 1031 Exchanges |
| The REALTORS® Land Institute (RLI) offers a course specifically for real estate practitioners interested in learning about tax deferred 1031 exchanges. Learn the mechanics of 1031 exchange and how transactions are put together, including evaluating when an exchange is advantageous. At the end of this course, participants will be able to understand how the rules governing 1031 tax-deferred real property exchanges are applied and how transactions are put together. Participants will be able to explain the tax deferral benefits of a 1031 exchange and recognize and evaluate situations in which a 1031 tax deferred exchange could be to the client’s advantage. The course will also cover what and who it takes to structure the transaction. The courses are held regionally. To see if a course will be held in your area and for more of a course description, visit http://www.coursecalendar.com/topic_tax_deferred.html |
T&I Briefings Hot Off the Press Into Your Mailbox |
| The Technology & Intelligence Briefing enclosed with your copy of the RCA Report mailed last week. Learn on the go with the T&I Briefings audio CD. The second issue features Tim Hatlestad, CCIM on tech tools to boost productivity, Mr. Internet Michael Russer on virtual assistants and NAR’s director of tax policy, Linda Goold on the proposed changes to the federal tax code that could affect commercial real estate. The interviews are also available as downloadable MP3 files for use with portable audio devices. The interviews focus on topics that impact business, best practices and most importantly are insight to the thinking and strategy of leaders within the commercial real estate industry. Learn more. |
PUBLIC POLICY UPDATES |
2006 NAR Federal Advocacy Agenda |
| NAR is advocating policy initiatives that will contribute to the continued creation of a fundamentally sound and dynamic U.S. real estate market. NAR strives to be the collective force influencing and shaping the real estate industry. The 2006 policy agenda, on , provides a summary of each of the key issues. Congress passes laws that affect the daily life and business of REALTORS®. To make your voice heard, visit NAR Action Center on the issues affecting commercial real estate. |
NAR Asks Treasury Secretary Snow to Discuss Bank Powers |
| Tom Stevens asked Treasury Secretary John Snow to discuss recent regulatory initiatives that are a significant challenge to maintaining one of our nation’s most fundamental economic policies—the separation of banking and commerce. In a letter to Snow, NAR President Thomas M. Stevens said Realtors® are extremely concerned over three December rulings by the Office of the Comptroller of the Currency (OCC) that allow three of the largest national banks in the nation to invest in the development of office buildings, hotels, residential condominiums, and even a windmill farm. Read the letter to Secretary Snow. |
NAR Asks New Fed Chair To Maintain Separation of Banking & Commerce |
| In a letter sent to the Federal Reserve on February 1st, NAR urged new chairman Ben Bernanke to maintain the separation of banking and commerce, calling it "one of our nation's most fundamental economic policies." The OCC is incrementally giving banks an unfair competitive advantage in the acquisition and development of real estate. This is part of a concerted effort, on all fronts, by the banking industry to engage in real estate transactions where they can both finance the development, and reap the full income of the property; an advantage that our members are not permitted to have. Read the letter to Bernanke. |
NAR Concerned About Expanded Bank Authority in Real Estate Development |
| On January 27, 2006, President Tom Stevens sent a letter to Comptroller of the Currency John Dugan explaining NAR's concerns about recent opinions of the Office of the Comptroller of the Currency (OCC) inappropriately expanding the authority of banks to engage in real estate development. The letter analyzes the three OCC rulings and argues that they each conflict with long-standing limitations on national bank real estate powers set forth in federal statute and regulation. It also points out that the rulings are inconsistent with long-standing OCC interpretations. This expansion of national bank real estate development powers, if left unchecked, will markedly increase the risk exposure of national banks and threaten the safety and soundness of the nation’s banking system. Read more. |
NAR Submits Comments On Real Estate Lending for Basel 1-A |
| On January 18, 2006, President Tom Stevens submitted NAR's comments to the federal banking regulators in response to their advance notice of proposed rulemaking (ANPR) requesting input on how they should equalize the requirements for the banks subject to Basel I capital rules, compared to the rules for the few large banks to be subject to Basel II. Because amending the regulations governing bank capital could reduce the availability of lending for real estate, NAR made recommendations pertaining to the different types of real estate lending. Read more on this page . |
RESEARCH, RESOURCES, LEGAL |
Landlord Covered by Insurance after Policy’s Expiration |
| A federal appellate court has considered whether an insurance company had a duty to defend a landlord over allegations of negligence related to an accident on the landlord’s property which killed one of the tenants. The tenant filed a lawsuit against the landlord, alleging that he had been negligent during his ownership of the building by failing to correct the dangerous condition of the rotting tree on his premises that caused the death of the tenant’s daughter. The policy required the Insurance Company to pay damages to defend the landlord in any lawsuit brought against him for lawsuits alleging “bodily injury” caused by an “occurrence” within the policy period, subject to the policy’s limits. The policy defined an “occurrence” as “an accident, including continuous or repeated exposure to substantially the same general harmful conditions which result in bodily injury”. The question for the court was whether the policy’s definition of an “occurrence” was met by the allegations in the tenant’s lawsuit. Read more. |
REALTORS® International Speaker Cadre Now Available |
| NAR International has a new resource of professional speakers on topics that include how to expand your market to reach international clients and matters of international laws and customs. The international speaker cadre was formed to spread the message to U.S. REALTORS® of the business potential in a global marketplace. Providing access to knowledgeable speakers is one of the ways NAR International can help members succeed in the international market. The database of speakers is available from this page and can be searched by name, topic, or geographical location. You will also find presentations to download. |
AFFILIATE NEWS |
IREM Book Details Building Security Measures Post-9/11 |
| Protecting buildings and occupants post-9/11 is a critical concern that cuts across the professional real estate community. Authored by law enforcement expert Lawrence J. Fennelly, Spotlight on Security for Real Estate Managers, Second Edition – recently published by IREM – is a must-have resource that covers the latest building security measures for all property types. Topics addressed include legal issues, crime prevention strategies, asset protection strategies, leading-edge security systems, and many more. Check the “IREM Store” section of the IREM Web site at www.irembooks.org to learn more. |
Report compiled by Carolyn Schwaar, cschwaar@realtors.org, 312/329-8874. |
| QUESTIONS on this report? Visit the INS FAQ and online feedback area on REALTOR.org. CLICK HERE. |
