Policy Matters | Fair Housing Continuing Education and Flood Insurance

Last week the Michigan House of Representatives voted on a key priority of Michigan Realtors®, adding a fair housing component to real estate continuing education. House Bill 4717 sponsored by Representative Kristian Grant (D-Grand Rapids) passed by a vote of 93-17. This bill does not add to the current 18 hour continuing education requirement, instead it carves out 1 hour of fair housing annually from the current elective credits. If this bill becomes law, the annual requirement for continuing education would be 2 hours legal update, 1 hour fair housing.

Michigan Realtors® Fair Housing and Public Policy committees strongly support HB 4717 and its implementation to guarantee access to housing for all Michiganders. Fair housing is currently a component of pre-licensure but is not required beyond that time. 

As you may have heard, as part of the budget negotiations in Congress the National Flood Insurance Program was extended until November 17th, 2023. While this is good news for anyone with a closing requiring flood insurance, this short window means that we are redoubling our communication efforts with the National Associations of Realtors®, and Federal Political Coordinators (FPCs), to ensure the continuation of NFIP for a longer timeframe. There are currently 19,535 Michigan properties in the program that rely on NFIP and require flood insurance as part of the sale.

Please add your voice to these efforts by responding to the NAR Call for Action on NFIP!

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Source: National Association of REALTORS^® (NAR)

2023 Within The Law Materials Now Available

Source: Michigan REALTORS^® (MR)

New Homebuyers Insurance Handbook

The Triple-I and the National Association of Realtors® have released a Homebuyers Insurance Handbook to educate current and prospective homeowners about their insurance needs. 

Handbook addresses questions like:

• What’s covered in a standard home insurance policy and what are the basic types of coverage?
• How much insurance do I need and what factors should I consider when evaluating those needs?
• What questions should I ask when connecting with an insurance professional?

Click "HERE" to Download Homeowners Insurance Handbook

Source: National Association of REALTORS^® (NAR)

Housing Groups Tell Fed to Stop Raising Interest Rates

NAR and two other major housing players send a letter to Fed Chairman Jerome Powell, saying further rate increases could invite a recession.

Source: Michigan REALTORS^® (MR)

IDENTIFYING REAL ESTATE LICENSE EXPIRATION DATE AND CONTINUING EDUCATION DEADLINES

To remain compliant and meet the continuing education requirements for renewal, licensees need at least 18 total credit hours every three years. Within these 18 hours, two hours of legal credit must be taken in each year you are licensed. The additional 12 credits to reach a total of 18 prior to renewal may be credits of any type (legal or elective) and may be taken at any time during the three-year period.

MICHIGAN REAL ESTATE LICENSEES NOW HAVE INDIVIDUAL EXPIRATION DATES, BASED ON THE ORIGINAL ISSUE DATE OF THE LICENSE.

To find your license expiration date(s), click here!

The month and date of your license expiration is your new deadline each year to complete your 2 hours of legal credit.

QUESTION: A lender that I work with regularly often uses an appraiser that I think always comes in too low. Can I condition my future referral of business on the lender’s agreement not to use this one particular appraiser?



ANSWER: NO. You should not try to get an appraiser removed from a list of qualified appraisers because you disagree with her valuation(s).

For more legal Q&A, visit law.mirealtors.com

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