| In This Issue: Monday, March 14, 2005 | |||||
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INDUSTRY NEWS AND EVENTS |
Plan to Participate in Commercial Hill Visit Day |
| Join the REALTORS® Commercial Alliance, the Institute of Real Estate Management, and the CCIM Institute on April 20 to bring the federal legislative and regulatory issues that affect commercial real estate to Capitol Hill. Last year, nearly 300 commercial practitioners attended lobbying meetings with more than 175 members of Congress. The hill visit program begins on Tuesday, April 19, at the Capitol Hilton in Washington, D.C., with federal issue briefings from NAR lobbyists and issue experts and strategies for conducting effective meetings with elected officials. Hill visits will be scheduled for Wednesday, April 20, followed by a reception at the new NAR headquarters building near the U.S. Capitol building from 4 p.m - 6 p.m. For more info, CONTACT: Mike Mini, 888/648-8321. |
NAR Tallies Tsunami Project Totals |
| On March 15, NAR will give Habitat for Humanity International a check for more than $1.4 million -- the amount raised from REALTOR® associations, members, and others taking part in the REALTORS® Tsunami Relief Project. The relief project is now closed online, but NAR is still accepting checks. For more info, Click Here. |
Fundamentals of Commercial Real Estate Course Now Available |
| The REALTORS® Commercial Alliance introduces a course for residential practitioner members who want to know more about commercial real estate. Contact your local REALTOR association if you're interested in taking the course to or ask them to host the course. The 3.5 hour course was designed for CE credit approval. For more info, CONTACT: Mike Mini, 888/648-8321. |
RCA Sponsors RealComm 2005 |
| The RCA is a gold sponsor of the Realcomm commercial real estate technology conference, Commercial Real Estate at the Speed of Light, Jun 27-28 at the Anaheim Convention Center, Anaheim, Calif. RCA will sponsor the Networking Luncheon, the Data Standards session, and the Commercial Board Summit. NAR members can register for Realcomm and the Commercial Board Summit at a discount from the regular rate of $695. For more info on Realcomm, Click Here. For more info on the NAR member discount, call 888/648-8321. |
PUBLIC POLICY UPDATES |
REMIC Legislation Introduced in the House |
| The Real Estate Mortgage Investment Conduit Modernization Act, H.R. 1010, a bill is similar to the REMIC bill introduced in the last Congress, was introduced last week. The legislation will enhance the ability of commercial property owners to upgrade their building after their mortgage has been securitized. This enhanced flexibility will allow building owners to more easily reposition their property to serve the surrounding demographic. NAR believes this legislation will spur new economic growth and employment by facilitating the renovation of commercial properties and strengthening capital flows to commercial real estate. For more info, CONTACT: Tom Heinemann, 202/383-1090. |
NASD Issues Notice on TICs |
| The National Association of Securities Dealers (NASD) issued guidance regarding the private placements of tenant in common (TIC) interests. The notice reiterated the NASD's rule prohibiting the compensation of real estate professionals by broker dealers in TIC securities transactions. While the Securities and Exchange Commission (SEC) generally works in tandem with the NASD, the SEC indicated that it would still welcome more information on the role of real estate professionals in the TIC securities market. To access the NASD's notice PDF, Click Here. |
Spur on Grassroots Action on Association Health Plans |
| An e-mail to members not already registered on NAR's Action Center went out last week urging them to register in advance of a March 8 Call for Action on Association Health Plan legislation now in the House and Senate. The legislation would expand the availability of health coverage for the self-employed and employees in small businesses through their associations. For more info, CONTACT: Marcia Salkin, 202/383-1092. |
CAN-SPAM Webcast Archive Online |
| An archived version of last week's CAN-SPAM Webcast is available online. The Webcast seminar on the Federal Trade Commission's recently issued final rules implementing the CAN-SPAM Act features experts on the types of e-mails that are subject to the CAN-SPAM requirements and how e-mail senders can comply with the federal law. To register to view the archive, Click Here. For more info, CONTACT: Lynn King, 202/383-1156. |
RESEARCH, RESOURCES, LEGAL |
Commercial News Headlines |
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Visit the commercial news section of REALTOR Magazine Online every week for the latest commercial news. Here's a sample of recent headlines:
* Shopping Malls Adopt Survival Strategies * REITs Yawn at Federated, Fret Over Winn-Dixie * D.C.: Office Space Demand Drives Development * Employers Put More Workers in Less Space * GMAC commercial Hits $2B Mark * Study: Investors Still Putting Money in Real Estate * Shopping Malls Change Anchor Store Defination More commercial headlines, Click Here. |
New International Course Offered at Midyear Meetings |
| Members can learn how to conduct real estate transactions with clients from the Middle East and Africa at the Certified International Property Specialist (CIPS) Network's new designation course. The course will introduce attendees to cultural differences in those areas of the world. Tuition: $195 for students, $145 for CIPS designees. For more info, CONTACT: Judy Perez, 800/874-6500 x8412. To access the PDF registration form, Click Here. |
Statements About Property's Development Potential Not Fraudulent |
| Statements made by a bank representative to a developer about the potential for a parcel of land that turned out to be false, did not amount to fraud, the Court of Appeals of Georgia ruled, affirming a lower court decision. The bank representative's statements were "expressions of opinion, general commendations, and sales puffing" that the developer had a duty to verify before purchasing the property, the court said. The bank was also found not liable for an incorrect soil assessment by an engineer contracted by the bank, because the engineer was not acting as the bank's agent. The developer, unable to fully develop the property because of soil problems, sued after the bank foreclosed on his loan. To read a summary of the case, in the Letter of the Law, NAR's online legal newsletter, Click Here. |
Salesperson Liable for Developer's Lost Profits |
| An Ohio court has found that a salesperson breached his fiduciary duty when he purchased a property for himself rather than for his client, a residential developer. The developer contacted the salesperson about purchasing for development a 10.5 acre lot. The salesperson then contacted the property's owners and sought to purchase the property on his own, telling the developer he was still researching the property before making a bid. The trial court awarded the developer damages of $461,325, based its projected lost profits. To read a summary of the case, in the Letter of the Law, NAR's online legal newsletter, Click Here. |
AFFILIATE NEWS |
Commercial and Development Courses in Chicago |
| The REALTORS® Land Institute will sponsor a series of commercial and development courses in Chicago, April 11 - 14. Courses, including site selection, transitional land, creative land planning, and agribusiness, will be held in the NAR Chicago headquarters and are open to all REALTOR® members. For more info, CONTACT: Angelique Childress, 800/441-LAND. To access the registration form and course descriptions, Click Here. |
Make New Connections at the IREM Executive Exchange |
| IREM is sponsoring a unique event in Chicago May 18 - 20 featuring two professional development seminars: "Leadership for Today's Real Estate Manager" and "Maximizing Profit: Growth Strategies for Real Estate Management." Discover new leadership techniques, exchange business development strategies, and network with fellow industry leaders. Register for the both seminars and receive 10 percent off. For more info, Click Here. |
Master Market Analysis with New Course |
| The decision to buy or sell a property can be made only following an extensive analysis. The CI 102 Market Analysis course from CCIM incorporates technological resources, interactive activities, and case studies to help you make informed decisions about site feasibility, market dynamics, and market pricing. For more info, Click Here. |
REALTORS® Commercial Alliance, 430 N. Michigan Ave., Chicago, IL 60611, www.REALTOR.org/RCA, 888-648-8321. |
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. |
