Washington REALTORS® Advocating for REALTORS® and their clients and providing services to help members prosper.
Elections: REALTOR® Candidates Win in the Primary!
Thanks for voting and for the REALTOR® PAC support, which was critical in races around the state. Our efforts made all the difference for Katrina Asay, running for a state House position in the 30th district and Sen. Steve Hobbs for his Senate seat in the 44th. More than 95% of REALTOR® endorsed candidates (elections still need to be certified) were in the top two of their race and now move to the General Election on Nov. 2. If you haven't already invested in RPAC we need you now more than ever! October 15th is the deadline for your 2010 investment.
Real Estate Forms Revisions
More than 80 real estate forms are in the process of being revised. Most changes relate to the new vernacular required by the amendments to RCW 18.85 (effective July 1, 2010) and are not substantive. However, some of the changes to the listing agreements, the buyer representation agreements, and the purchase and sale agreements are substantive changes. Other substantive changes to the forms include revisions to the financing forms, the short sale forms, the septic and well forms, the optional clauses form, and the seller financing form. The substantive changes to the forms are fully explained in Legal Bulletin 187.
DOL / RE Commission revise rules that concern industry
The new RE license law rules are effective July 1, 2010. Upon publication of the rules, members of the real estate community raised some concerns regarding certain aspects of the rules. The DOL and the RE Commission heard the concerns of the real estate industry and modified several new rules regarding advertising, the delivery of client funds and instruments, and the responsibilities of all licensees. DOL has recently issued a Q&A to help explain those modifications. Read the Revised Rules Q&A.
Read this second Q&A concerning the delivery of transaction and brokerage service documents.
You can also read the Revised Rules on the DOL website.
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WR 2010 Endorsed Candidates
2010 Washington REALTORS® Endorsed Candidates: REALTORS® have thoughtfully reviewed candidate qualifications and endorsed those who understand and support REALTORS® on matters that affect our business.
Fact or Fiction? Federal health care legislation imposes a 3.8% tax on homes sales?
FICTION!
An article is still circulating that mischaracterizes and overstates what is actually in the recently passed legislation. Here are the facts.
There is a new 3.8% Medicare tax for "High Income Filers" that goes into effect January 1, 2013. The tax is on unearned income and will apply ONLY to single filers with more than $200,000 of Adjusted Gross Income (AGI) and joint filers with more than AGI of $250,000. Unearned income includes interest, dividends, capital gains and net rents.
Keeping in mind the income limitations above, real estate income that will be affected for high-income filers includes:
- Sale of a primary residence: If the gain from the sale of the property is below $250,000 (individual)/ $500,000 (couple) NO tax will have to be paid on the gain. The new Medicare tax would only apply to any gain realized over the $250K/$500K existing primary home exclusion that will bring the filers AGI over the $200K/$250K limits.
- Second Home/Investment property: The additional 3.8% tax will apply to the portion of the gain realized on the sale of a second home or investment property that will bring the filers AGI over the $200K/$250K limit.
- Rental Income: The portion of net rental income that exceeds the $200K/$250K AGI limits will be subject to the new 3.8% tax.
GREEN Designation Courses Offered in Tacoma in September!
The GREEN 2-Day Course is being offered in Tacoma on September 8-9 at the Tacoma-Pierce Co. Association of REALTORS®. This course offers 15.0 clock hours towards renewal and goes from 8:30am to 5pm both days.
NAR's GREEN Designation Core Course provides real estate professionals with knowledge and awareness of green building principles applied in residences, commercial properties, developments, and communities so that they can help consumers in purchasing, retrofitting, and operating green properties. The course encourages the real estate professional to be an advocate for green principles in the design and use of homes and commercial buildings and a positive force for creating sustainable communities. In order to earn NAR's Green Designation, the student must successfully complete the CORE Course and one of three elective courses. Elective courses are Green Residential Real Estate, Green Commercial Real Estate, and Green Property Management. NAR's Green Designation is supported by the NAR Green Resource Council. Students who complete the Core Course and Elective, receive a one-year membership in NAR's Green Resource Council.
