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Category: Rules & Regulations

On February 7, 2022, NAR sent a letter to Fannie Mae and the Federal Housing Finance Agency regarding Fannie Mae’s recent announcement that appraisers will be required to use ANSI® Z765-2021 (American National Standards Institute®) for measuring, calculating, and reporting above-grade and below-grade square footage for appraisals requiring interior and exterior inspections with an effective date of April 1, 2022. NAR requests that Fannie Mae delay implementation of this new requirement until Freddie Mac, FHA, VA and USDA adopt the same requirement to reduce confusion.

This video is provided for information only and not intended as a substitute for legal advice. Consult an attorney should you require specific advice. For follow up questions, contact your broker, attorney, and/or the C.A.R. Legal Hotline.
 
C.A.R. Member Legal Hotline: (213) 739-8282

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Starting 1/1/2021, there is a new disclosure requirement for properties located in high or very high fire hazard severity zones for homes built before 2010.

On November 19, 2020, the National Association of REALTORS® (NAR) and the U.S. Department of Justice (DOJ) announced that they are in the process of coming to an agreement that will affect how you use CRMLS products and services.

Please note that this agreement is not yet final. As of this writing, they are in the middle of a 45-day communication period that will determine the exact rule changes. We will share the information we have so far, but some specifics may change.

clean

What is the industry guidance for real estate professionals, specific to COVID-19?

The State of California, including the California Department of Public Health and Cal/OSHA, released guidance for the real estate industry, which must be followed.

By Edward Zorn
VICE PRESIDENT AND GENERAL COUNSEL,
CALIFORNIA REGIONAL MULTIPLE LISTING SERVICE
 

Many homeowners have reacted with frustration and resentment at being contacted by multiple real estate agents when their property listings either expire or cancel from the MLS. Such contacts have had a very negative impact and, under CRMLS Rule 12.11, are illegal.

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Orange County REALTORS provides industry updates, housing market data as well as member announcements to keep you in the know.

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