GLAR News: Nov. 4, 2024 - REALTOR DIRECT

Get involved at YOUR Association! We invite you to apply to be part of our committees and advisory groups for the upcoming year. Serving on a committee or advisory offers a rewarding opportunity to make a real difference, grow professionally, and collaborate with others who share your dedication to our industry.

Simply fill out your 2025 Member Engagement Form and select the committee or advisory group you are interested in serving on. The deadline for committee sign-ups is December 1, 2024. If you’ve thought about making a difference, this is your moment. Don’t miss out on the opportunity to be a part of our exciting year ahead!

We have reimagined this year’s holiday celebration!

Join us on Thursday, December 12th for an unforgettable evening where tradition meets a fresh, fun twist! Our Greater Louisville Association of REALTORS® holiday event will feature the Installation Ceremony, where we will proudly swear in the 2025 GLAR President, Will Fischer, and MSI President, Kristen English, along with incoming board members. We’ll also celebrate excellence in our industry by announcing our 2024 award recipients.

After the ceremony, the real party begins! We’ll kick off the night with music, cocktails, and delicious hors d'oeuvres, as we dance the night away with GLAR and your fellow members. Find out more and get registered here.

November 5th is Election Day! Our advocacy work includes supporting legislation to help agents, blocking legislation that hurts agents, and supporting Realtor® Champions running for office. This year GLARPAC and KYRPAC have supported the following candidates for Louisville Metro Council, JCPS School Board, Kentucky State House, and Kentucky State Senate.

JCPS School Board:
Taylor Everett, Gail Strange, Tricia Lister

Metro Council:
Representative Josie Raymond, Councilman Brent Ackerson, Councilwoman Barbara Shanklin, Councilman Ben Reno-Weber, Ken Herndon, Representative Kevin Bratcher, Mera Corlett, Councilman Rick Blackwell, Councilwoman Cindi Fowler, Councilman Scott Reed, Councilman Stuart Benson

State House:
Representative Jared Bauman, Representative Susan Tyler Witten, Representative Tina Bojanowski, Representative Jason Nemes, Representative Sarah Stalker, Representative Lisa Willner, Representative Emily Callaway, Representative Nima Kulkarni, Representative Pamela Stevenson, Representative Beverly Chester-Burton, Representative Ken Fleming, Representative Rachel Roarx, Representative Mary Lou Marzian, Joshua Watkins, Representative Al Gentry, Representative Peyton Griffee, Representative Thomas Huff, Representative Michael 'Sarge' Polluck, Representative James Tipton, Representative Josh Calloway, Ryan Bivens, Speaker of the House David Osborne

State Senate:
Aaron Reed, Senator Cassie Chambers Armstrong, Senator Gerald Neal, Representative Keturah Herron, Senator David Yates, Senator Stephen Meredith, Senator David Givens

If you have any questions contact Clancy Fulkerson, Director of External and Government Affairs, at clancy@louisvillerealtors.com

Under the Corporate Transparency Act (CTA), which went into effect on January 1, 2024, many U.S. small business owners are required to file corporate transparency reports with beneficial ownership information. For most eligible businesses, the filing deadline is January 1, 2025.

Join Harry Borders for a FREE session at the GLAR Office on Monday, November 18 from 6:00-7:30 PM for answers to all your questions and a tutorial for registering.

WHAT YOU NEED TO KNOW

Who must file?
What must be reported?
What are the deadlines?
What are the consequences for non-compliance?

Instructor: Marki Lemons-Ryhal
Date/Time: November 19, 2024 | 10:00-11:00am
Cost: FREE Webinar for GLAR Members
Credit: Fulfills NAR Ethics requirement (No CE or PLE)

Join Marki Lemons-Ryhal for a dynamic presentation on building an ethical AI-driven industry. Artificial Intelligence (AI) can potentially revolutionize the real estate industry, but it raises significant concerns regarding privacy, data security, and fair housing. Real estate professionals must understand the ethical considerations of AI and how it affects the real estate industry. This course meets the National Association of REALTORS® Code of Ethics Training requirement for the Triennial 7th training cycle, from January 1, 2022, to December 31, 2024. REGISTER for the Zoom Webinar

To support our members in staying compliant with MLS Rules and Regulations, we will be highlighting the most frequently reported MLS violations each month, along with the corresponding rule. Below are the top 3 violations from October.

1. Not Uploading Seller Disclosure
1.20 SELLERS DISCLOSURE: The Seller’s Disclosure of Property Condition Form must be added to the MLS within 72 hours of the listing being made active, except when a Seller’s Disclosure of Property Condition Form is not required by the Kentucky Real Estate Commission or except where the sellers expressly direct that such disclosure documents not be disseminated through the MLS. The Seller’s Request to Withhold Photos and/or Seller’s Disclosure from MLS must be filled out and submitted to the MLS department within 48 hours of obtaining the listing contract if the Seller directs the disclosure not be placed on the MLS.

2. Missing Coming Soon Form
2.503 COMING SOON: Coming Soon is an MLS status that provides the listing broker the ability to promote a listing prior to it being available for showings. This status is for short-term use only, 14 calendar days or less, and requires a valid listing contract be completed by the seller. The listing must be added to the MLS within one (1) business day of the effective date of the contract. “Coming Soon Form” must also be filled out and uploaded to the private documents section at the time of listing. During this time the listing may only be promoted or advertised as “Coming Soon.” All signs on the property must include a Coming Soon rider. The MLS will not distribute coming soon listings via IDX. DOM/CDOM do not accumulate while a listing is in this status. The listing’s go-live date can be extended within the 14 calendar days from the listing date, and the status can be changed to Active at any time. Once a listing has moved from Coming Soon to Active, it cannot be returned to a Coming Soon status. A property address may only be allowed in the Coming Soon status one time with the same owner unless the property has been off market (Expired or Canceled) for at least 90 calendar days.

3. Not Updating Status of Sold Listings within Provided Timeframe
2.6 SOLD NOTIFICATION: Within 2 business days of closing, unless directed by Seller to do so prior to closing, the listing Broker shall report the property to MSI as “sold” unless Seller requests in writing not to disclose until the deed is recorded. If negotiations were carried on under section 2 a or b hereof, the cooperating Broker shall report accepted offers and prices to the Listing Broker within 1 hour after occurrence and the Listing Broker shall report them to the MLS within 2 business days after receiving notice from the cooperating Broker.

To help empower members to act consistent with the settlement, NAR has developed two new resources that provide clarity on what is—and is not—permissible under the proposed settlement. These resources help to define the responsibilities and limitations for real estate agents by outlining the “dos” and “don’ts” of supporting homebuyers and home sellers during the transaction process.

NAR's Consumer Guide Series:
NEW: 10 Questions to Ask a Seller’s Agent
10 Questions to Ask a Buyer's Agent
Listing Agreements

Fair Housing Guide
Multiple Listing Services (MLS)
Seller Concessions
Offers of Compensation

What Veterans Need to Know About Buying a Home
Negotiating Written Buyer Agreements
Why Am I Being Asked to Sign a Written Buyer Agreement?
Open Houses and Written Agreements
REALTORS’® Duty to Put Client Interests Above Their Own