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April 15, 2014 | Stay Connected!

Legal Hotline

Hotline Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of the Week. Pleasesubmit questions to [email protected] or call (800) 562-6027. Please have your NRDS numberready when you call or e-mail the Hotline with your question. The Legal Hotline lawyer does notrepresent Washington Association of REALTORS® members or their clients and customers. Research thistopic and thousands of others online.

Question:Buyer has an accepted offer with seller using Form 22B, Buyers Sale of PropertyContingency. Buyer accepted an offer on their property and buyers agent insisted that Form22Q, Buyers Pending Sale be signed by seller instead of delivering notice to Seller with Form46. What are your thoughts on agents using Form 22Q instead of Form 46 when the Sale ofbuyer's property has been satisfied?

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Answer:It is entirely improper to use Form 22Q in this manner. When a Form 22B buyer sells theirproperty, Form 22B provides that buyer should give notice to seller using Form 46. Form22B continues to control the transaction even after buyer enters an agreement to sell buyer'shome. Form 22B continues to control the transaction in the event buyer's buyer fails to closethe purchase of buyer's home. Form 22Q does not control that situation in the same way.

At no point in a Form 22B transaction should buyer and seller ever swap out the Form 22Bfor a Form 22Q. There is no need to do that and doing so injects confusion, ambiguity andinconsistency into the transaction. Part of a broker's limited license to practice law andcomplete real estate forms includes the obligation to select the correct form to use. Brokerswould select the incorrect form by selecting Form 22Q for use in this situation rather thanForm 46.

Print this week's Legal Hotline - Click here

Career Help

We have scanned and selected interesting tips & tricks articles from a variety of industry publications soyou don't have to. Always check with your broker/owner to see if these practices fit within yourcompany policies.

RealTrends NewsletterThis issue contains insightful articles on

Off-MLS MarketingMobile Apps vs. Mobile WebsitesPredicting SuccessInventory WoesHousing Market Reportand more...

This is a member benefit so make sureyou have your NRDS# handy to access!

25 Killer Pinterest RE Board Suggestions...(Inman.com) If you are just getting your feet wet with Pinterestfor your real estate business, you may not know just how goodthe site can be as a marketing tool! You might also not realize


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that you need to have a variety of boards posted that are abouta lot more than just the homes you have for sale. Using Pinterestfor real estate well entails having a variety of useful boards.

Top Stories

REALTORS, you can still help....Relief efforts continue in the town of Oso aftersuffering a catastrophic mudslide on March22nd. REALTORS® who wish to contributeare encouraged to contact the Red Cross,United Way or the Salvation Army. Click belowfor more information or to help with reliefefforts...

Also of note, the Washington State Housing Finance Commission has issued a waiver thatallows victims of the Oso/SR530 mudslide to access emergency housing more quickly...

Obamacare Regulations Recognize Brokers as Non-Employees(REALTOR.org) Recently released final regulations under the Affordable Care Act (ACA)recognize "qualified real estate agents" as non-employees for purposes of the "SharedResponsibility for Employers" provisions of the new health care law. Earlier proposedregulations were silent on their status, leaving some doubt as to whether brokerages mighthave to count agents as employees for purposes of the ACA.


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Condo Prices Up in West Coast CitiesDowntown condominium prices continue to skyrocket in West Coastcities, as the booming tech industry and interest from foreignbuyers sends condo prices skyward and leaving little left to buy....inSeattle, new condo prices were up 18% in March from a year ago...

Mortgage


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National Averages 30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM

Average Rates 4.34% 3.38% 3.09% 2.41%

Change (from prior week) -0.06% -0.09% -0.03% -0.04%

Fees & Points 0.7 0.6 0.5 0.5

Margin N/A N/A 2.74 2.71

Regional Averages(West)

30-Yr FRM 15-Yr FRM 5/1-Yr ARM 1-Yr ARM

Average Rates 4.31% 3.36% 2.82% 2.13%

Change (from prior week) -0.07% -0.09% -0.11% -0.05%

Fees & Points 0.7 0.7 0.6 0.6

Margin N/A N/A 2.71 2.67

Source: Freddie Mac - Weekly mortgage rates released every Thursday.

Freddie Mac's Primary Mortgage Market Survey

Government Affairs

We need your help!This is the shortest survey you'll ever take! We're asking for 30seconds of your time to tell us if you're involved in any (or none)of the listed local boards, committees, etc. It will take you lessthan a minute to complete and goes a long way in helping usidentify and provide resources for our members. Thank you foryour time!

Senate Introduces TRIA Reauthorization Bill


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(REALTOR.org) On Thursday, Apr. 10th, Senator Chuck Schumer (D-NY) introduced S. 2244,a bill to reauthorize the Terrorism Risk Insurance Act (TRIA), currently set to expire at theend of 2014, for seven more years.

Homeowner Flood Insurance Affordability Act of 2014(REALTOR.org) On March 13, 2014, Congress amended the 2012 Biggert-Waters law with the"Homeowner Flood Insurance Affordability Act," HR 3370. President Obama signed the billinto law on March 21, 2014.

Education

For your convenience, Washington REALTORS® Education offers both online education and live classes,including webinars! To participate in a webinar, all you need is internet access and a phone. For moreinformation, or to sign up for classes, visit www.warealtor.org/education.

Upcoming Live Classes:

Date Course Title CEHours Instructor Location Registration

Options

4/16/2014 NAR Code of Ethics 3.0 JanEllingson Pullman (509) 338-0949

4/16/2014 CORE 3.5 JanEllingson Pullman (509) 338-0949

4/17/2014 CORE 3.5 MichaelAlvarez Wenatchee (509) 663-1211

4/23/2014 Statewide Forms (Full day) 7.5 AnnieFitzsimmons Yakima (509) 457-8191

4/30/2014 The Principles & Punch ofAd Writing 3.5 Pili Meyer Olympia/Webinar

9:00am-12:30pm(800) 748-7053 orRegister Online

4/30/2014 CORE 3.5 MichaelAlvarez Walla Walla (509) 525-0934


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5/7/2014 Effective Negotiation forReal Estate Professionals 7.5 Pili Meyer Tacoma


5/7/2014 CORE 3.5 AnnieFitzsimmons Longview (360) 560-9987

5/7/2014 Best of the Legal Hotline 4.0 AnnieFitzsimmons Longview (360) 560-9987

5/8/2014 List to Sell 7.5 Pili Meyer Tri City8:30am-5pm (509) 783-2184

5/8/2014 One Size Doesn't Fit All 7.5 DougTingvall Yakima (509) 457-8191

5/20-21/2014 Seniors Real EstateSpecialist (SRES) 13.0 Pili Meyer Vancouver (800) 748-7053 or

Register Online

5/22/2014 Core 3.5 AnnieFitzsimmons Olympia (360) 491-3910

5/22/2014 Best of the Legal Hotline 4.0 AnnieFitzsimmons Olympia (360) 491-3910

5/27-28/2014 Seniors Real EstateSpecialist (SRES) 13.0 Pili Meyer Tacoma


5/29/2014 Networking & ReferralSystems 7.5 Margo Willis Kent (509) 990-9700

5/29/2014 Legal Symposium 7.5 Various SeaTac ConferenceCenter

(800) 748-7053 orRegister Online

6/5/2014 CORE 4.0 Pili Meyer Yakima (509) 457-8191

6/8/2014 Regional ProfessionalStandards 7.5 Jan

Ellingson Wenatchee (509) 663-1211

7/10/2014 Legal Aspects of RE Tech &Intellectual Property 4.0 Doug

Tingvall Tri-City (509) 783-2184

7/10/2014OSCAR: OutrageouslySloppy Contracts AgentsRite

3.5 DougTingvall Tri-City (509) 783-2184

8/27/2014 VA & Military Real EstateSpecialist 7.5 Pili Meyer Yakima (800) 748-7053 or

Register Online

Visit Washington REALTORS Education for a complete list ofclasses, how to register, and more...

Thank You, Sponsors!


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Best of the Legal Hotline Q & A

QuestionBuyer's offer for financing was 10% conventional along with a pre-approval letter.5 days into the contract buyer changes financing to 3% FHA. The financingaddendum is waived according to the contract, however does the seller have theability to terminate? This was a multi-offer situation and the seller made herdecision based on the financing being offered. Click here for the ANSWER! Hotline Attorney Annie Fitzsimmons writes the Legal Hotline Question and Answer of theWeek. Please submit questions to [email protected] or call (800) 562-6027. Pleasehave your NRDS number ready when you call or e-mail the Hotline with your question. TheLegal Hotline lawyer does not represent Washington Association of REALTORS® members ortheir clients and customers. Research this topic and thousands of others online.

Member Resource Quick Links

Please have your NRDS number and password ready when you access some of these links.


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