1031 EXCHANGE  (Asset Preservation) https://apiexchange.com/what-is-a-1031-exchange/    https://apiexchange.com/45-180-day-exchange-calculator/

Here is a link to a 1031 exchange company that you can consider.      https://apiexchange.com/what-is-a-1031-exchange/

Please direct your specific questions to them, or the exchange company of your choosing.

1099, Agent Complaint: 

Hello YYYY, 

Looking at the settlement statement we are unable to revise your 1099.  HomeSmart reports Gross Commission Earned. This is the amount that will be reported on your Form 1099.  (not your net checks)

The HomeSmart Agent first earns the Gross Commission Amount that is reported on the Settlement Statement and then certain amounts are deducted/paid from those Gross Commissions, such as Transaction Fees, E&O and Credits given to the Buyer or Seller. 

 

Therefore, when reporting your Earnings for the year on your Tax Return, you will first report the Gross Commission Amount and then Record the other items paid as expenses or Costs of doing Business.

 

Please Consult your Tax Accountant on the proper way to report these expenses on your tax return.

 

Please contact Trudy Moore Designated Broker at 602-889-2110 or tmoore@hsmove.com with any other questions or concerns. 

Thank you,  Ashley Gomez

 

AAR, REAL ESTATE LETTER TEMPLATES:     https://www.nar.realtor/library/real-estate-business-letter-templates

AAR, RESOLVE DISPUTES, ETHICS:  https://www.aaronline.com/resolve-disputes/ethics/

AAR, BROKER SELLING OWN PROPERTY OR OWNER/FSBO        https://www.aaronline.com/tag/owneragent/

AAR 2017 New Forms Redline Version    https://www.aaronline.com/2017/01/2017-revisions-to-ancillary-forms/

https://www.aaronline.com/2016/12/ancillary-forms-roll-out-in-february-2017/   AAR HELPLINE:  https://www.aaronline.com/2015/12/tech-helpline/

AAR 2017 NEW PURCHASE CONTRACT ARTICLE/OVERVIEW                                                                                                         

https://www.aaronline.com/2016/11/2017-residential-resale-purchase-contract-faqs/?utm_source=newsletter&utm_medium=email&utm_content=2017%20Residential%20Resale%20Purchase%20Contract%20FAQs&utm_campaign=VOICE_15Nov2016

AAR, REALTORS VOICE:     https://www.aaronline.com/stay-informed/arizona-realtor-voice/

ADRE IS MOVING!  100 N 15th Ave., Suite 201, Phoenix, AZ 85007—-Effective June 11, 2018

ADRE, SUBSTANTIVE POLICY STATEMENTS:   http://www.re.state.az.us/LawBook/SubstantivePolicyStatements.aspx

ADRE, UNLICENSED ACTIVITY, TRANSACTION COORDINATORS:  1) See ADRE Substantive Policy Statement, 2) See ADRE Bulletin regarding transacton coordinators and unlicensed activity.

ADRE, TOPICS TO REVIEW BEFORE PURCHASING REAL ESTATE:  http://www.azre.gov/PublicInfo/RealEstateResearchTopics.aspx

Airport Disclosure, Arizona Sex Offender Information, Beneficiary Deed, Environmental Hazards, Expansive Soil Survey, Flood Insurance, Freeways, Geologic Hazards, Homeowners Association (HOA) Information, Lead-Based Paint, Mold In The Home, Mortages, Sellers Property Disclosure Statement (SPDS), Buyer Advisory, Termites, Title Insurance, Water Availability

 

Michele Lind, Every Buyer is Entitled to an SPDS:   http://www.azre.gov/PublicInfo/Documents/Every_Buyer_Is_Entitled_To_A_SPDS.pdf

ADRE LICENSE RENEWAL FAQ’S     http://www.re.state.az.us/edu/studentfaqs.aspx#FAQ48

ADRE, LICENSING FAQ’S:  http://www.azre.gov/Lic/LicFaqs.aspx#FAQ27

ADRE Broker or Sales License, How to qualify     http://www.re.state.az.us/Lic/Documents/Original_Licensing_Brochure.pdf

ADRE FEE SCHEDULE, Pllc towards the bottom of page 1.    http://www.azre.gov/PublicInfo/Documents/Fee_Schedule.pdf

ADRE Form Ll-231 for PLLC     http://www.re.state.az.us/Lic/Forms/Form_LI-231_App_for_Lic_as_Pro_Corp_or_Pro_LLC.pdf

ADRE, how do I form a PLLC?     http://www.re.state.az.us/Lic/LicFaqs.aspx#FAQ34             ADRE:  602-771-7799

ADRE LI-231 Worksheet     http://www.re.state.az.us/Lic/Forms/Form_LI-231_App_for_Lic_as_Pro_Corp_or_Pro_LLC-Instructions.pdf

ADRE, Broker Audit, Who May A Broker Pay, and more.  http://www.azre.gov/Aud/documents/Auditing_faqs.pdf

ADRE, COMMON VIOLATIONS, PAGE 5     http://www.re.state.az.us/Bulletins/Bulletin_11.14.pdf

ADRE, APOLOGY, SELF REPORT & SELF CORRECT ISSUES:  Our Accounting department  was notified that a referral was owed to you (Homesmart Agent Kevin McFarlin) on June 20, 2017.  Accounting promptly cut the check and mailed it out on June 21 or 22.  The U.S. Mail is apparently taking longer than it used to, but I would not have expected the check to get there any faster than 5-6 days in any case.  

I certainly apologize for the error on the part of our staff.  Apparently the referral form was misplaced by back office staff, but we corrected it as soon as we knew about it.  I am very sorry for the delay.

ARMLS Bedroom Definition     http://www.armlsblog.com/define-bedroom/          ARMLS   http://www.armls.com/home

ARMLS, MUST BE CCBS, UCB OR PEND?  PER SUSAN 3/28/17, THE STATUS MUST MATCH THE CONTRACT!

ARMLS Grid Map     http://www.armls.com/docs/website-documents/armls-grid-map-foldout.pdf

ARMLS:  (5/2017) NEW ER/EA FAQ’S:     http://armls.com/faq-new-er-ea-forms

ARMLS, LOCKBOX, ALTER LOCKBOX ACCESS TIMES:  http://armls.com/alter-lockbox-access-times

MLS, TUCSON     https://www.tucsonrealtors.org/docs/default-source/Documents/risk_archive-021015.pdf?sfvrsn=8

ARMLS:  IF PAST 7 DAYS FOR CORRECTION, EMAIL TO:  DI@ARMLS, in subject line include MLS#, explain the change wanted in the body of the email.  No fine for self reporting.

ARIZONA REGISTRAR OF CONTRACTORS, LICENSING REQUIREMENTS:  (GREATER THAN $1000 COST)

https://roc.az.gov/license-classifications

 

ARIZONA DEPARTMENT OF FINANCIAL INSTITUTIONS     http://www.azdfi.gov/Licensing/Licensing-FinInst/Licensing-FinInst.html

AZ Dept of Financial Institutions     http://www.azdfi.gov/

AZ Mortgage Loan Originators License                                                                                                                                            

http://mortgage.nationwidelicensingsystem.org/slr/PublishedStateDocuments/AZ-MLO-New-Application-Checklist.pdf

MORTGAGE LOAN ORIGINATORS:  Can Realtors originate Mortgage Loans?  

http://nationalmortgageprofessional.com/news/22398/can-real-estate-agents-originate-mortgage-loans

 

ACCEPTED OFFERS MUST Be Disclosed (NOT OPEN OFFERS-UP TO SELLER HOW TO PROCEED)  (NAR/ETHICS)

http://realtormag.realtor.org/law-and-ethics/ethics/article/2012/09/accepted-offers-must-be-disclosed

ADDENDUM:  Can any party draft an addendum if seller agrees to credit buyer X amount of dollars at COE?    Sure, either party can draft an addendum. Typically though, the party who is proposing or asking for something would take the initiative and create the addendum.  Either way works.

ADDENDUM, USE TO CHANGE/CLARIFY:  “This Addendum is for clarification purposes only:  Contrary to page 10 of the Purchase Contract, there was not a Counter-Offer from the Seller.”  OR   “Line #181 of the Purchase Contract was initialed in error.  The parties acknowledge and agree that the Buyers initials on line #182 is the correct choice as the home was built in xxxx.”

ADDENDUM:  How to use properly in a contract:     https://www.aaronline.com/2015/05/dont-add-confusion-to-an-addendum/

ADDENDUM, UNKNOWN, SEND (ANY) ADDENDUM WITH COUNTER OFFER LANGUAGE                                                                                      Buyer agrees to execute the attached (BLANK) Addendum simultaneously along with this Counter Offer.”  FOR EXAMPLE:  “Buyer agrees to execute the attached BACK-UP OFFER Addendum simultaneously along with this Counter Offer.”

I just wrote an offer on a property I'm buying myself.  The seller signed the contract without a counter but sent an "as is" addendum to be signed with it.  Do I need to sign it to have a contract?

No.  If the AS-IS Addendum (or any other addendum) is not referenced in the purchase contract, then it is simply unenforceable.  JT

ADDENDUM:  “This Addendum #1 Replaces the previous Addendum #1 dated xx/xx/xxxx which was rejected by the buyer and is hereby considered NULL and VOID.”   or, write “VOID” on the unused/unsigned Addendum or Counter Offer or write “Addendum1 is unsigned by the seller/buyer as they did not agree to the terms and is hereby considered null and void.

ADDENDUM:  If an addendum is not agreed to, write that This addendum is hereby considered null and void (or on next addendum or missing pw form).

ADDITIONAL TERMS AND CONDITIONS:  This page left intentionally blank.

ADVERTISING, GENERAL MAILING, GENERAL TELEPHONE CANVASS:  Bulk mailing is allowed, Article 16, SOP 16-2, solicitation disclaimer recommended but not required.

ADVERTISING SOLD PROPERTIES:     http://realtormag.realtor.org/law-and-ethics/ethics/article/2004/08/advertise-ethically

ADVERTISING:  “Blind Ads”: A licensee must not advertise property in a manner that implies that no salesperson or broker is taking part in the offer for sale, lease, or exchange. A.A.C. R4-28-502(A). In other words, “blind ads”, including advertising a property for sale or lease without the (broker and agent’s names), in newspapers, on Craigslist, Zillow, Trulia, or otherwise is prohibited.

Per department rules, HomeSmart and the logo need to be prominent, at least as large or larger than your info.  Please revise and resend for approval.

ADVERTISING OTHER AGENTS & BROKERS LISTINGS:  You can only market other brokers listings with their express, written permission and authorization.  You may advertise HomeSmart listings, but if the listing agent requests that you stop, you must comply immediately and cease and desist the advertising.  That being said, you can do all of these items in your email, however, please remember that we must approve of the final product.  Please forward any videos or print adverting to this email address for broker approval prior to publication.

AFFILIATED BUSINESS DISCLOSURE:   I've been seeing Affiliated Business disclosures from other brokerages a lot lately.  I'm not entirely sure we need to present these to our clients because, in part, our clients aren't their clients.  What is HomeSmart's position on this?  Should I recommend to my client that he sign their ABD?

Hi Larry, My thought on this is that there's really no harm in your client signing it if the other side is asking for it.  You're right, our clients are not their clients so it's pretty much an exercise in futility, but just to be helpful I'd at least present it to my clients.  If your clients read it and don't want to sign it though, then I'd let the other agent know that.  KF.

AFFIDAVIT OF DISCLOSURE:  DUE WITHIN 5 DAYS OF CONTRACT ACCEPTANCE (PC, SECTION 4e)  Affidavit of Disclosure, un-subdivided lands or unincorporated area of county.

Hi, I have a listing in Rio Verde.  Address is 28511 N. 148th St. Scottsdale AZ 85262  MLS #5536236

My seller says his property is in an unincorporated area. The SPDS states that an affidavit of disclosure is required if five or fewer parcels, other than subdivided land are being transferred.  Would this come in to affect? I feel like this is subdivided land but I could be interpreting the statement wrong.  Your help and insight would be great.  Thank you!

Is it in a subdivision?  What does the legal description say?  

Legal description is:  W2 NW4 SW4 SE4 SEC 29 EX S 414.97F TH/OF (Local jurisdiction shows no city/town, + County Services),

28511 N 148th St, Scottsdale, AZ, 219-39-097C, this is a metes and bounds property description, plus I checked the county assessor website, no city or town is listed, so it appears the Affidavit of Disclosure will be required here.  Jeff.

 Maricopa County Tax Assessor "UNINCORPORATED AREA" Sample    Another Sample?  503-02-029-B?  

http://mcassessor.maricopa.gov/mcs.php?q=21939097C&mod=pd        https://mcassessor.maricopa.gov/mcs.php?q=30279176