NAR’s Board Meets, Votes on Changes

Dues won’t go up in 2022, an MLS policy now requires property addresses for residential listings on the day they’re submitted to the MLS, and new policies were approved.

WASHINGTON – The National Association of Realtors®’ (NAR) Board of Directors met during the association’s recent Legislative Meetings & Trade Expo. In addition to electing a 2022 Leadership Team and Regional Vice Presidents, it approved a budget that forecasts 1.43 million members for 2022. It also approved a move to keep national dues at the current level of $150 per member.

Among the policy changes approved by the board were a new federal tax policy, a policy that requires MLS participants to identify addresses of listings, and database changes designed to improve NAR’s member records.

Gail Hartnett of Boise, Idaho, and Larry Keating of Jefferson City, Missouri, were announced as the 2021 recipients of the Distinguished Service Award.

Holding a mock board vote at the meeting, NAR President Charlie Oppler asked the directors if they wanted to continue with virtual meetings or meet in person in November. The board voted overwhelming – if not unanimously – for an in-person meeting. “We’ll see you in San Diego!” Oppler said.

Multiple Listing policy

Directors adopted a new MLS policy requiring that property address for all residential listings filed with the MLS be disclosed and available to MLS participants and subscribers at the time the listing is submitted to the MLS. If an address doesn’t exist, a parcel identification number or legal description of the property’s location must be filed with the MLS. The change doesn’t preclude sellers who need privacy from keeping their address (or entire listing) off publicly accessible displays of their property.

To facilitate the display of sales data in non-disclosure areas, the board also amended MLS policy to allow, at local MLS discretion, the prohibition to display the sold price of a property.

New federal taxation policy

In response to a Biden Administration proposal, directors voted to amend NAR policy, which supports repealing the estate tax and retaining the step-up in basis to fair market value for all inherited assets. NAR’s policy now includes:

• Support for an estate tax exemption no lower than $11.7 million per person – the amount provided in current law

• Opposition to any tax on unrealized gains upon a property owner’s death

Core Standards enforcement

The board approved a series of Core Standards recommendations that impact the appeal hearing process:

• Enforcing a firm Dec. 31 deadline by which time local and commercial associations must complete their Core Standards certification forms

• Formalizing the process for state associations to communicate issues concerning a local association’s non-compliance to NAR

• Allowing state associations to meet with and provide written documentation to the hearing panel before any appeal

• Prohibiting Core Standards hearing panels from granting extensions to non-compliant associations

• Requiring a warning letter by Feb. 1 to chief staff and officers of non-compliant associations

• Allowing hearing panels to set a one-year probationary period on non-compliant associations and impose sanctions with options that are less severe than charter revocation for first-time offenders

• Authorizing an NAR-developed training program to educate local, commercial and state association volunteer leaders about the Core Standards

The new rules go into effect for the current cycle.

Database updates

The board approved changes to continue modernizing member records:

• Removal of the salutation field

• Addition of a preferred pronoun field

• Allowing updates to records of inactive members (Status I)

• Allowing state point of entries (POEs), in addition to local POEs, to update their real estate license field in the member record and the Main Office ID in the office record

• Requiring that the “business email” field in a member’s record include an individual business address. For those members who also want to include a shared address, there will be a new, optional “shared email address” field

• Requiring a business email for Institute Affiliate members

• Removal of obsolete fields

The updates are expected to be implemented by the end of 2022.

Legal action: property rights

Directors approved just under $4,000 in funding for an Illinois property rights case that was successfully settled with the help of Illinois Realtors.

Name change, jurisdiction procedures

The board approved amendments to the procedures for:

• Processing association applications for change of jurisdiction

• Local association name changes

• Contested applications for new board formation and/or release of jurisdiction

The changes go into effect in 2022.

New: Social media audit for appointees

Effective immediately, directors approved changes to the Campaign and Election Rules Manual to:

• Expand the social media audit to include appointed leaders: Vice President of Association Affairs, Vice President of Advocacy, Realtor Party Director, Realtor Party Fundraising Trustees Chair, RPAC Major Investor Council Chair, RPAC Participation Council Chair, and committee liaisons. Prior to the change, the manual required a social audit only of candidates for elected office.

• Permit the Credentials and Campaign Rules Committee (CCRC) to request that the Leadership Team, not the CCRC, make a final ruling on any appointed leader’s social media report.

Read the social media guidelines for NAR leaders.

© 2021 Florida Realtors®

Reprinted with permission.

Click here to read the original article.