February 24, 2016

ROANOKE VALLEY REALTOR®                  Online  

  Roanoke Valley  Associathion of REALTORS


You are receiving this online newsletter as a benefit of being a member of the Roanoke Valley Association of REALTORS®.

Membership Update Logo


Member Type | Count


REALTOR@       1,106

Offices                     129

Affiliate                  223


Click here to see which RVAR members have switched firms, gone inactive, or joined recently.

In This Issue
NAR Survey: TRID Impact on REALTORS®
MLS Lock Box Rules Updated
Advocacy @ Work
Deadline to Pay Supra Display Key Invoice
Speaker's Forum
RVAR Community Service Days
RVAR is Hiring
REALTOR Safety Tips
VAR Spring Broker Day
Upcoming Education
Our RVAR Family
Upcoming Events & Deadlines
NAR Survey: TRID Impact on REALTORS®
NAR has just released survey results regarding the new TILA-RESPA Integrated Disclosure (TRID) rules and how they have affected REALTORS® across the country over the past three months. The new rules went into effect on October 3, 2015. Survey highlights indicate that: 
  • 10.4% of transactions were delayed, but less than 1% cancelled; the typical delay was 8.8 days.
  • 54.5% of survey respondents had problems getting closing documents for transactions and half found errors when they did get access.
  • Missing buyer, seller and agent concessions plus incorrect names and addresses were the most frequently cited errors, but incorrect fees, commissions and taxes were also reported.
  • E-settlement procedures had fewer errors and faster remediation.

Click here for more NAR survey results. 

MLS Lock Box Rules Updated
The MLS Policy Committee and Board of Directors have just completed a thorough review of the MLS Rules related to lock boxes and Supra keys (both display keys and eKeys.) Click here to access the updated MLS Rules & Regulations. Of special note are the following two new sections with rules related to security and use of keys.

Security of Lock Box Key and Property Key

Keyholder acknowledges that it is necessary to maintain security of the Key (defined as the Supra display key or eKey) and the property key to prevent their use by unauthorized persons. Keyholder agrees:
a. To keep the Key in Keyholder's possession or in a safe place at all times;
b. Not to allow Keyholder's PIN to be attached to the Key;
c. Not to disclose Keyholder's PIN to any third party;
d. Not to lend the Key or the property key to any person for any purpose whatsoever or to permit the Key or the property key to be used for any purpose by any other person without authority from the seller;
e. Not to duplicate the Key or the property key or allow any other person to do so without authority from the seller;
f. Not to assign, transfer or pledge the Key or any other rights thereto;
g. Not to allow anyone who has been admitted to the property by Keyholder to remain in the property after the Keyholder has left the property without the consent of the property owners;
h. To return the property key(s) to the lock box when leaving the property;
i. Prior to leaving the property, close and lock any windows or doors opened or unlocked by the Keyholder or by anyone admitted by the Keyholder, and follow all additional security procedures as specified by the MLS.

NOTE: Any Keyholder found guilty of giving a Key to a non-MLS member may be fined up to $5,000 by the MLS Board of Directors.

Restrictions on Use of Key

Keyholder shall use the Key only for purposes of gaining authorized entry into real property on which an MLS lock box has been installed pursuant to an agreement with the Seller of such real property. Use of a Key to gain entry to a property for any purpose other than the exercise of authority or responsibility derived from the agency, subagency or other legally recognized brokerage relationship granted by the Seller in the listing agreement or offer of cooperation by the Agent, or from an appraisal relationship with the Seller or contract buyers, is specifically prohibited, without the authority of the Seller or Listing Agent. 
Advocacy @ Work 
Advocacy @ Work is a new article aimed at updating members on what is happening in our region regarding Economic Development and/or Governmental Affairs.

Last week more than 20 members of the Governmental Affairs Committee along with the RVAR  Leadership Team and some members of the Board of Directors visited with our area legislators regarding important bills making their way through the General Assembly.  This was in conjunction with Virginia Association of REALTORS® Day on the Hill where over 700 REALTORS® from across the state meet with Legislators.  

Virginia Association of REALTORS® has 4 bills making their way through the General Assembly that RVAR is supporting.  
  • Agency & Licensing Law - RVAR helped to draft this bill that clarifies several aspects to the Agency law and deletes the disclosure of brokerage in commercial transactions.
  • Home Inspector Licensing - RVAR helped to draft this bill that seeks to have Home Inspectors licensed starting July 1, 2017. [UPDATE: This bill has now been passed by both Chambers of the General Assembly and is on the way to the Governor's office for his signature.]
  • Property Owners Association / Condo Owners Association Amendments -This bill helps to further clarify and define aspects of POA / COA's.
  • Housing Trust Fund - Allows brokers to interplead cases in the District Courts involving earnest money / escrow deposits upon default of stakeholders and direct those funds to the Virginia Housing Trust Fund. 

VAR and RVAR are also supporting the Home Builders Association of Virginia on their bill to prohibit localities from making zoning decisions tied to unreasonable proffers.  Proffers are "offered" by a developer / builder to address the impacts on local infrastructure of the development of a property.  Many localities now "require" cash proffers for specific rezoning of a property that has a direct impact on the affordability of new homes.  

Click here to find out more about VAR's bills and to track the progress.  The 2016 session of the General Assembly is scheduled to conclude on March 12th.  

Article provided by Joe Sutliff, RVAR Director of Economic & Governmental Affairs.


March 13th Deadline to Pay Supra Display Key Invoice
Be sure to pay your annual Supra Display Key invoice by the deadline -- Sunday, March 13th. The amount of the annual invoice is $197.07 (including tax and personal property tax.)

Agents can go online to www.supraekey.com for billing information -- or to pay online -- 24 hours a day, 7 days a week. If you have any questions about your invoice, contact Supra support at 877-699-6787.

Reminder: This reminder applies ONLY to agents who use Display Keys. Agents who have switched to the eKey (your smartphone) are charged monthly by Supra.

Supra Update

Have you given up your landline? Supra has a solution for you to update your Supra key. Supra offers a USB cradle that uses an Internet connection on your computer to connect to KIM. Simply bring in your old cradle, phone cord and charger to the RVAR office and exchange it for a USB cradle with installation CD at no charge.

Lockbox access hours to change: Daylight Savings Time begins Sunday, March 13th. Standard lockbox access hours will change then to 9AM - 9:30PM. 
The Speaker's Forum Presents...
The 2016 Speaker's Forum is planning to host an exciting array of speakers throughout the year!  The Speaker's Forum will kick off the year with a presentation by Beth Doughty, Executive Director of the Roanoke Regional Partnership. The Roanoke Regional Partnership serves as the point of contact for businesses looking to relocate and expand in the region. Mrs. Doughty will provide an update about the Partnership's role in business attraction, retention and expansion. She will also discuss how the Partnership works together with the Economic Development offices in the various localities in the region. The first Forum will be on Wednesday, March 16th at the RVAR office starting at 8:45AM with coffee, juice and pastries provided.  From 9:00 - 9:45 we will have a brief welcome followed by Beth Doughty's presentation.  There is NO CHARGE to attend this event, but seating is limited.   Click here to register 
or contact the RVAR office. 
The Speaker's Forum helps to provide local, informative presentations regarding topics that affect our businesses. The Forum welcomes any REALTOR® and Affiliate members and there is no charge to attend.

RVAR Community Service Days  
Join In & Help Make A Difference!    
The 2016 Community Service Committee needs your help by volunteering just a little of your time throughout the year!  The Community Service Committee has established four RVAR Community Service Days for 2016 with the goal of helping one of our supported charities each quarter.  The charities scheduled for 2016 are Feeding America Southwest Virginia, Renovation Alliance (formerly Rebuilding Together Roanoke), The Rescue Mission and the Community Christmas Store of the Roanoke Valley.  
Join in and help make a difference by donating just a few hours of your time on each scheduled project.  Collectively, we believe our REALTOR® and Affiliate members can make a huge impact on our community and the people that live here.  Make plans to volunteer in 2016!  
Our first RVAR Community Service Day will be Friday, March 4th at Feeding America Southwest Virginia (1025 Electric Road, Salem, VA 24153).  There will be two opportunities to volunteer that day either from 9:00AM - 12 Noon or 1:00PM - 4:00PM and lunch will be provided.  Our primary service will be helping to inspect and sort dented cans, crushed boxes, or other superficially damaged food to ensure the food inside is safe.  
Please click here to sign up for the AM Shift. Please click here to sign up for the PM Shift. Or call RVAR to have us register you for a shift of your choice.     
Feeding America Southwest Virginia's mission is to feed Southwest Virginia's hungry through a network of partners and engage our region in the fight to end hunger. They distribute more than 20 million pounds of food annually to nearly 400 partner agency soup kitchens, rescue missions and food pantries throughout the 26 counties and associated municipalities that make up Southwest Virginia.        
Next RVAR Community Service Day
: Helping with Renovation Alliance on Saturday, April 23rd.  More details to follow. 
RVAR Is Hiring!
RVAR is seeking a person to fill a full-time position to help plan, promote and implement the various programs and events for the Association as well as continue to expand the successes of our Community Service projects. This person will serve as the Staff Liaison for the Program & Special Events, Affiliates and Community Service Committees, as well as help coordinate logistics for all the events of the RVAR.
Do you know someone who might be interested in this dynamic role as a team player who is detailed-oriented, energetic, and possesses the ability to plan and coordinate events and meetings? Communication and social media skills are preferred, along with knowledge of Microsoft software applications. The ability to mulit-task is essential to this position. NOTE: RVAR employees are not permitted to have active real estate licenses.
Anyone interested should submit a resume and salary requirements to Joe Sutliff at the RVAR office.
REALTOR® Safety Tips for Cold Winter Months
The snow, ice, wind chill -- it's been a challenging winter. Click here for tips to keep REALTORS® safe during these cold winter months.
VAR Spring Broker Day 
Attention Brokers and Managers: Plan to attend VAR's Spring Broker Day -- earn Broker CE credit and network with brokers from across the state. This year's Spring Broker Day will be held Wednesday, April 20th 9AM-4PM at the Doubletree Hotel Hilton in Charlottesville. (A Broker Reception is scheduled for the evening of Tuesday, April 19th.)

Key topics scheduled:
  • Straight Talk for the Managing Broker with Speaker Karel Murray (managing the process of recruiting, hiring and motivating agents)
  • Knowing Your Risks: Email, Social Media and E&O Insurance
  • Broker Pitfalls & Resources (approved for 2 hours Broker CE; approved for 2 hours Legal update with Flood)
Click here for more information or to register.
Upcoming Education
Understanding Mold and Remediation: RVAR's Education Committee in conjunction with SERVPRO® of Roanoke, Montgomery & Pulaski Counties is offering a FREE class to cover:
  •  Types of mold
  •  Health effects
  •  Mold risk management
  •  Mold testing and remediation
This March 23rd class (9AM-Noon at the RVAR Office) qualifies for 3 hours of CE credit. (This class does NOT qualify for PL credit.) Click here to register.

Code of Ethics Training: NAR requires all REALTORS® to complete 3 hours of ethics training every four years, with the current four-year cycle ending December 31, 2016. Mark your calendars for RVAR's next Code of Ethics Training class, April 5th, 9AM-Noon. This class, taught by John Dickinson, not only satisfies NAR's requirement but also qualifies for 3 hours of CE credit. Registration will open soon.

Deal Shakers: Holding a Deal Together: Mark your calendar for Tuesday, April 19th, 10AM-Noon for this panel presentation focused on appraisal, home inspection and settlement issues. Registration for this FREE class will be open soon.
Our RVAR Family 
RVAR congratulates those REALTORS® and Affiliates who serve on the 2016 Executive Committee and Board of Directors of the Smith Mountain Lake Regional Chamber of Commerce: Chairman Lee Willard (Berkshire Hathaway Smith Mountain Lake); Chairman-elect Jessica Gauldin (TBS Construction); Vice Chairman Adam Lynch (Berkshire Hathaway Smith Mountain Lake); and Director Dana Montgomery (Berkshire Hathaway Smith Mountain Lake).

RVAR also congratulates Rick Carroll of RE/MAX Lakefront Realty for his service on the 2016 Board of Directors of the Smith Mountain Lake Lions Scholarship Trust. 
RVAR expresses sympathy to the friends and colleagues of affiliate Gordon Stitcher, of Tri State Real Estate Appraisals, upon his passing.  
Let RVAR know if you have news to share.

March 4th
Community Service Day:  Feeding America
March 16th
Speakers Forum
March 18th
New Member Orientation
March 23rd
Mold & Remediation Class
March 25th
RVAR Office Closed for Good Friday
April 5th
Code of Ethics Training
April 19th
Deal Shakers Panel
April 23rd
Community Service Day: Renovation Alliance
Roanoke Valley Association of REALTORS®
Proudly Recognizes Our 2016 Partner / Sponsors
Platinum Level Partner / Sponsor


Diamond Level Partner / Sponsor

Lawrence Companies
Member One Federal Credit Union
Performance Title & Settlement, Inc
Union Mortgage Group

Gold Level Partner / Sponsor

Acquisition Title & Settlement Agency, Inc
Allied Termite & Pest Control
BB&T Home Mortgage
Bill Meador Insurance Agency
Blue Eagle Credit Union
Bug Man Exterminating, Inc
Colonial Mortgage Co.
Consolidated Construction Services, Inc
First Choice Title & Settlement, LLC
Integrity Home Mortgage Corporation
Virginia Mountain Mortgage
Virginia Title Center, LLC
Virginia's All-American Movers

Silver Level Partner / Sponsor

Bank of Floyd
First Citizens Bank
HMS Home Warranty
HomeTown Mortgage
Seal-Tite Basement Waterproofing Co.
The Roanoke Times

Roanoke Valley Association of REALTORS ® 
 www.RVAR.com |
(540) 772-0526 | Email