JUNE 17, 2021

VOL. 23

WEEKLY REPORT The latest news and updates from Longleaf Pine REALTORS®

IN THIS ISSUE THE JUNE LUNCHEON THAT'S A WRAP ON PRACTICAL SKILLS LICENSE RENEWAL DEADLINE UPCOMING EVENTS TO ATTEND ECONOMIC UPDATE FROM NAR® GOVERNMENT AFFAIRS UPDATE

The June Luncheon by Emily McCartney, LPR® Com Coordinator On Tuesday, June 15th at noon the Board of Directors and Members joined together to learn about all the updates made to the NC REALTORS® forms. Our guest speaker this month was Will Martin, NC REALTORS® Attorney. The luncheon opened with a brilliant quote from 2021 LPR® President David Sattlemeyer stating that we had all joined together to discuss something very important, "Every REALTORS® favorite topic, paperwork!" Then Candilee Quigley, LPR® Vice President Membership, took the floor to welcome all the new REALTORS® who joined the association within the month. After the new members were introduced, Will Martin took the floor to discuss some of the many changes made to forms effective July 2021. He began with the Offer to Purchase changes. Some of which include; Special Assessments now represented under the Due Diligence Paragraph, the 14-day closing delay limit was changed to 7 days, and a new warning about "Buyer Love Letters" as he called them. To view all of these changes or to hear Will speak on them please feel free to click below to stream the full Luncheon or follow the link here to view a Summary of Residential Forms Updates.

He went on to discuss changes in the Back-Up Contract Addendum, Agreement to Amend Contract, and even the Exclusive Right to Sell Listing Agreement. However, one bit of information he found to be prominent was the change in dialogue when discussing the Working With Real Estate Agents "pamphlet." The changes made in the contracts include the new word for this document as the WWREA "disclosure." If you don't find that impressive they also reworked the Marketing Paragraph in the Listing Contract. The Listing Contract Date will no longer automatically be when the contract is signed. Instead, agents will be able to discuss how the client would like to move forward and chose a date they want the property marketed. To summarize, there were a lot of changes to discuss and those changes are all represented on NCR®s website under the "Forms" tab. I have also included both summaries below. Simply click on the summary you would like to see or stream the luncheon anytime by clicking here. Residential Forms Update Summary Commercial Forms Update Summary

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That's a Wrap on Practical Skills by Kayla Howard, Member Services Coordinator This week marked the end of the Practical Skills Series for the summer. Every student was able to walk away with more knowledge of how to be a well-rounded REALTOR®! The instructors were incredible, delivering powerful advice and scenarios any agent could find themselves in. The aim is to have each of these class sessions available for the membership to stream anytime. We hope that if you were unable to join us at the office for this series this month you'll

keep an eye out for the next time the course will be offered. If you have any questions pertaining to the series or any other upcoming events please feel free to reach out to us via email or visit our website. If you have any other interest in educational opportunities provided by Longleaf Pine REALTORS® look no further than our new Education Page.

License Renewal Deadline by Jane Cannon, Director of Operations Don't forget to renew your real estate license by June 30th or it will expire! Questions about your requirements? Contact the Real Estate Commission for more information. 919.875.3700 ncrec.gov

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Upcoming Events to Attend by LPR® Public Relations Committee

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Vacation Home Sales Skyrocket as a Result of Pandemic by Quinton Simmons, NAR® Media Contact The sale of and demand for vacation homes soared during the COVID-19 pandemic, according to a new study from the National Association of Realtors®. The 2021 Vacation Home Counties Report finds that buyers flooded the real estate market in the second half of 2020 and through April 2021, causing vacation home purchases to rise expeditiously. In 2020, the share of vacation home sales to total existing-home sales increased to 5.5% (5% in 2019). Vacation home sales rose by 16.4%, outpacing the overall growth in existing-home sales of 5.6%. From January to April 2021, the share of vacation home sales to total existing-home sales rose to 6.7%. Vacation home sales jumped 57.2% year-over-year compared to the 20% year-over-year growth in total existing-home sales. "Vacation homes are a hot commodity at the moment," said Lawrence Yun, NAR's chief economist. "With many businesses and employers still extending an option to work remotely to workers, vacation housing and second homes will remain a popular choice among buyers." Read More Here

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Government Affairs Update by Angie Hedgepeth, LPR® Government Affairs Director

Angie Hedgepeth, Government Affairs Director for the Association, attends all the local meetings each month, as well as NAR and NCAR meetings, and keeps members abreast of the multiple issues being addressed in local, state, and national government. She prepares reports on the meetings she attends and they are included in the monthly “Government Affairs Update”. Look for updates on laws that will affect YOUR industry this year! Click Here to read her latest report.

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