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.
On a 1031, in escrow, seller will sign a form called “Assignment Agreement for Replacement Property.” The seller is allowed to sign this.
1099, Agent Complaint/Question: 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 email@example.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
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, 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: DOCUMENTS AND FORMS: http://www.azre.gov/Lic/LicForms.aspx
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 Form 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, FEE SCHEDULE, Pllc towards the bottom of page 1. http://www.azre.gov/PublicInfo/Documents/Fee_Schedule.pdf
ADRE, LICENSING FAQ’S: http://www.azre.gov/Lic/LicFaqs.aspx#FAQ27
ADRE, LICENSE: Broker or Sales License, How to qualify http://www.re.state.az.us/Lic/Documents/Original_Licensing_Brochure.pdf
ADRE LICENSE RENEWAL FAQ’S http://www.re.state.az.us/edu/studentfaqs.aspx#FAQ48
ADRE, PLLC, how do I form a PLLC? http://www.re.state.az.us/Lic/LicFaqs.aspx#FAQ34 ADRE: 602-771-7799
ADRE, SUBSTANTIVE POLICY STATEMENTS: http://www.re.state.az.us/LawBook/SubstantivePolicyStatements.aspx
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, UNLICENSED ACTIVITY, TRANSACTION COORDINATORS: 1) See ADRE Substantive Policy Statement, 2) See ADRE Bulletin regarding transacton coordinators and unlicensed activity.
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 IS MOVING! (Along with SEVRAR) Chandler Support Center: 1733 E Northrop Blvd, Suite 2, Chandler, AZ 85286
ARMLS: BEDROOM DEFINITION http://www.armlsblog.com/define-bedroom/ ARMLS http://www.armls.com/home
ARMLS: DELAYED STATUS
ARMLS: FALSE CLOSE, HOW TO PREVENT A FALSE CLOSE: http://armls.com/prevent-false-close
ARMLS: GRID MAP http://www.armls.com/docs/website-documents/armls-grid-map-foldout.pdf
ARMLS, LOCKBOX, ALTER LOCKBOX ACCESS TIMES: http://armls.com/alter-lockbox-access-times
ARMLS: NO ADDRESS YET (VACANT LAND, LOT): say “000 Unknown St” or “XXX Unknown St” or 000 Main St or XXX Main St
ARMLS: RULES COURSE:
ARMLS: SYNDICATION: The option to send listings to third parties has been renamed broker distribution in Flexmls.
ARMLS, MUST BE CCBS, UCB OR PEND? PER SUSAN 3/28/17, THE STATUS MUST MATCH THE CONTRACT!
ARMLS: (5/2017) NEW ER/EA FAQ’S: http://armls.com/faq-new-er-ea-forms
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)
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
MORTGAGE LOAN ORIGINATORS: Can Realtors originate Mortgage Loans?
AZ ADM CODE: Promotional Activities, R4-28-503 Az Adm Code Article 5, Advertising
R4-28-502. Advertising by a Licensee R4-28-503. Promotional Activities
ACCEPTED OFFERS MUST Be Disclosed (NOT OPEN OFFERS-UP TO SELLER HOW TO PROCEED) (NAR/ETHICS)
ADDENDUM: Don't use an Addendum as a continuation! My concern is that the seller wont sign the addendum, but agreed to all the terms of the Addendum and addressed/acknowledged the Addendum in their BINSR response.
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: Q: When agents are advertising "recently sold" properties, are we asking them to put in a disclaimer stating they weren't all necessarily sold by that agent? A: I'd ask Laurie about her take on that. We always have asked for the disclaimer that they were not involved in the transactions if they are advertising SOME recent sales versus ALL of the recent sales (meaning they cherry picked the nicer ones).
A: she said yes, we need a disclaimer. Something like, "properties sold by various MLS participants,"
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?
AGREEMENT FOR SALE: EQUITABLE INTEREST, PURCHASE MONEY MORTGAGE:
AGENT: Q: Does HomeSmart have a policy that allows or disallows a HomeSmart agent to also be the loan officer in the same transaction?
A: No, we don't allow an agent to also act as an LO on the same transaction. They may do both independently from one another in separate transactions, but not in the same transaction. Creates E&O Issues as well. Laurie/Kyle
AGENT, CAN HOMESMART AGENT SELL AS FSBO OR BUY FOR THEMSELVES OUTSIDE OF HOMESMART? NO!
All transactions must be run through HomeSmart. They can not put on and take off their HomeSmart hat. ADRE requires a broker to review all transactions that a licensee is involved in. It being in the MLS or where he advertises it - has nothing to do with our policy. If he doesn't want to run his transactions through us - we probably are not the company for him. TM
AGENT DECIDES TO PURCHASE LISTING: 4/3/17, Andy McDonald Tucson (Plus talked with Kyle) Avoid conflict of interest!
1) Resign Listing (Mutual Cancellation) When you are a principal in a transaction, you can’t represent the other principal. That would be a conflict of interest and would not be an arm’s length transaction. It would also create a conflict of your fiduciary duties to your client (OLD CAR)
2) Advise seller to get their own representation and to seek out a professional BPO.
“Seller acknowledges that Listing Agent has resigned the listing for Sellers property located at 123 Main Street, dated xx/xx/xxxx. Seller further acknowledges that Listing Agent intends to enter into a contract to purchase Sellers property and will represent himself/herself exclusively in this transaction. Seller acknowledges and Agrees that he/she has been strongly advised to seek out their own exclusive representation along with a Brokers Price Opinion (BPO) and any legal, tax or other professional advice regarding this transaction.”
3) Seller can then be represented or unrepresented (Declination of Representation).
AGENT MUST DISCLOSE FINANCIAL INTEREST (SELL AT A PROFIT) (Used by Kahuna invesements, Jaime Starks/Judy Van Essen)
“Buyer(Agent) intends to acquire legal, equitable title in order to Sell at a Profit.” “Seller agrees to allow xyz LLC to advertise the property and enter into a resale agreement during the escrow period. Seller acknowledges that a member of xyz LLC is licensed in the state of Arizona. Buyer waives SPDS and CLUE Report. Buyer agrees to pay all Seller’s escrow closing costs except any cost incurred to provide marketable title. Seller shall be responsible tor all unpaid taxes, utilities, liens, judgements or fines attached to the property. Close of Escrow shall be on the date stated on line #x, or earlier with written mutual agreement between the parties. Seller agrees to release Earnest Money back to the Buyer at any time that the contract is cancelled within the inspection period or if the Title Report reflects undisclosed clouds on title that inhibit the transfer of good title.”