GLAR News: REALTOR Direct - April 27, 2020

President Donald Trump authorized additional funding for coronavirus-related small-business relief programs on Friday, April 24, 2020. The president’s signature clears the way for lending to resume under two Small Business Administration programs, the Paycheck Protection Program and the Economic Injury Disaster Loan Program. The measures were approved by the Senate and the House. Under the agreement, the PPP will receive $310 billion in new cash, while the EIDL fund will receive an additional $60 billion ($50 billion for loans and an additional $10 billion in advance grants). The bill sets aside $60 billion of the PPP funding for small and medium-sized community banks, which will provide extra help for self-employed individuals and small businesses that don’t have relationships with larger banks. Read More.

If you missed today's unemployment zoom webinar by GLAR and LBAR, you can view the full live recording here. In this session, you will find out about the new and expanded unemployment assistance options that are now available to qualifying independent contractors as part of the relief response to COVID-19.

Email additional questions you may have to UIassistance@ky.gov or visit the Kentucky Unemployment Insurance website for more information. You can also check out these FAQs regarding COVID-19 and UI.

WATCH WEBINAR

The MLS Rules & Regulations have been updated to adopt the National Association of Realtors® (NAR) mandated Clear Cooperation Policy. The new MLS rules are now in effect; however, enforcement of these new rules starts on May 1, 2020 to allow members to get in compliance.

1. LISTING PROCEDURES: Listings of real or personal property, which are listed subject to a real estate Broker’s license, are located within the service area of the Multiple Listing Service, and are taken by Participants on indicated form(s) of listing(s) accepted by the MSI, shall be input into the MLS database within one business day of the effective date of the listing.

1.01 CLEAR COOPERATION: Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public-facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.

1.5 EXEMPT LISTINGS: All exclusive listings accepted by Participants must be sent to MSI. However, if the Seller(s) refuses to permit the listing to be disseminated by MSI, the Participant may then take the listing (“Office Exclusive”) and such listing shall be filed with MSI within 48 hours after all necessary signatures of the Seller(s) have been obtained, but not disseminated to the Participants. Filing of the listing should be accompanied by certification signed by the seller that the seller does not desire the listing to be disseminated by the service.

Note: MLS Participants must distribute exempt listings within (1) one business day once the listing is publicly marketed. See Section 1.01, Clear Cooperation.

Click here to view the MSI Office Exclusive Certification form. This form and a copy of the Listing Contract must be sent to the MLS for any “Office Exclusive”.

2.502 TEMPORARILY OFF MARKET LISTINGS: Listings of property that cannot be shown for more than seven (7) days must be entered into Temporarily Off Market status until such time as the property may be shown. A copy of the “MSI Temporarily Off Market” form shall be submitted to MSI within 48 hours after all necessary signatures of Seller(s) have been obtained for all properties placed into Temporarily Off Market status. Third-party owned properties that prohibit showings are exempt from this rule provided that the third party owned status is disclosed in agent notes. In the event a seller becomes unresponsive to inquiries and offers, the listing broker may change the listing status of the property to Temporarily Off Market without the seller’s signature. Any limitations on the showing of active properties must be disclosed in agent notes.

Click here to view MSI Temporarily Off Market form.

In the initial weeks of its introduction, more than 25,000 members and their families nationwide are receiving coverage through Members TeleHealth. Because of the tremendous response, NAR leaders have decided to extend the offer through May 31. The Leadership Team cited their strong feeling that REALTORS® and their families should have access to telemedicine at this time. Their message to members: "Stay home, stay safe. Nothing is more important than your health and welfare." Learn more.

Advertising Laws & Ethics Class Via Zoom Webinar

Due to GLAR having to temporarily suspend all in-person classes, we are offering some of our courses via Zoom. On May 21st, join us for Advertising Laws and Ethics from 9am-Noon. The class will cover all the new real estate advertising laws which go into effect June 1st. It counts for 3 hours of LAW CE and also fulfills your NAR Ethics requirement.

Members can register for this class on http://ims.lbr.org You will need to download the Zoom app at https://zoom.us/download. You will receive an email with further instructions prior to the class start date. Questions? Email Education@LouisvilleRealtors.com.