Legislative Session Issues Survey #2 - Eminent Domain

Thank you again to all that took the survey on Continuing Education last week. That survey will be open until Friday, February 10th. Your comments on Continuing Education proposals will be published in the Wednesday, February 15th edition of the Minnesota REALTORS® Resource.

This week we would like your comments on the complicated issue of Eminent Domain. We are anticipating that this will be a major item of debate with numerous stakeholders already taking ridged positions.

The Minnesota REALTORS® have not taken a formal support or opposition position on this issue. Some members utilize Eminent Domain legislation when assembling projects for either commercial or residential developments. Without this tool it would be very difficult to economically redevelop older areas, which in turn would result in either additional sprawl or total economic loss as businesses decide to relocate to other states.

Click here to answer the survey now, or

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Advertising Issues: Salespersons and Team Names

There is a lot of confusion in the marketplace surrounding the advertising of salespersons and real estate team names due to conditions placed by the Department of Commerce for the advertising of team names. We're hopeful that the information below will clarify the issues.

Let's first look at a salesperson. According to Minn. Stat. 82.22, subd 6, a salesperson can only conduct business under the licensed name or on behalf of the broker to whom the salesperson is licensed. Accordingly, the salesperson must include the company name in any advertising. However, nothing in the law requires that the company name be more prominently displayed than the individual salesperson's name. A broker or real estate company, however, may have an office policy on this issue, so we suggest that you speak to your broker to see what requirements, if any, are part of your company's policy.

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Mortgage "Decoding Sites" Available on Web

Ten years ago REALTORS® qualified 95 percent of all homebuyers and help them choose which mortgage products were best suited for their personal situation. Today, many consumers seek out mortgage loans before contacting their local real estate professional. Although mortgage officers are interested in selling loans, they are not bound by the same "fiduciary duties" as a real estate broker/agent representing the purchaser. This can create scenarios in which the consumer is not considering all possible loan products based upon their financial situation, but based upon the loan officers desire to sell a mortgage product with maximum return to the company/officer.

Many of the loan fraud schemes involve consumers who are not familiar with lending terms or the options available to them. Some real estate agents are unwilling to intercede or question a loan programs benefits in fear that the consumer will become upset or the mortgage officer referrals will cease.

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Minnesota REALTORS® Go To Washington

A caucus of Great Lakes States is meeting Washington DC to discuss a variety of issues important to Minnesota REALTORS®. President Mark Urista, President-Elect Duane Sauke and MNAR staff Chris Galler will be representing Minnesota during meetings with NAR lobbyists, leaders and some of congressional delegation.

Issues of primary importance are Health Insurance for Independent Contractors, Preventing Banks from entering Real Estate and other non-financial transactions, Mortgage Interest Deductibility and preservation of the Capital Gains Exclusion for Principal Residences. These critical meetings are a stepping stone to understanding NAR stratedgy and grassroots efforts.

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