President's Podcast Reviews DOJ Settlement

In his latest podcast, NATIONAL ASSOCIATION OF REALTORS^® (NAR) President Dick Gaylord details the NAR/U.S. Department of Justice settlement in simple terms. He also explains what REALTORS^® will need to do to comply when the agreement is finalized later this summer. The settlement deals with issues revolving around NAR's Virtual Office Website (VOW) policy. Check out the video podcast.

The proposed final order, which was filed with the federal district court in Chicago on May 27, 2008, the revised VOW policy, and other material on the agreement between NAR and the DOJ are available at www.realtor.org/doj.

CAN-SPAM Rules Examined

The NATIONAL ASSOCIATION OF REALTORS^® Legal Affairs department released an analysis of the Federal Trade Commission (FTC) rules that clarify CAN-SPAM provisions. The final FTC rules take effect on July 7, 2008.

Code of Ethics DVD Available from NJAR^®

A DVD, The Code of Ethics: Your Promise of Professionalism, is available to help members fulfill the quadrennial ethics training requirement mandated by NAR every four years. Each member is required to complete no less than two hours and thirty minutes of Code of Ethics instructional training by no later than December 31, 2008.

The DVD, produced for NJAR^®, is available for $5.35 each, plus shipping and sales tax. However, not all local boards/associations in New Jersey accept this DVD as an approved format for the quadrennial training. Prior to ordering, you will need to contact your primary local board/ association to inquire as to whether or not they will accept this for your training.

Risk Management

A big part of running a successful real estate business is avoiding the risks that can lead to costly litigation. Challenges may occur that deal with issues such as agency, antitrust, disclosure, ethics and fair housing. Armed with the resources below, members can be ready to proactively deal with the challenges that may come their way.

As the licensing authority in the state, the New Jersey Real Estate Commission (REC) maintains regulations for practitioners to uphold for licensure. Practitioners who are members of the NATIONAL ASSOCIATION OF REALTORS^® pledge to uphold the Code of Ethics as an added professional standard in their practice.

Members can check out the following resources on licensing requirements and other issues that impact the real estate business.