New Tourism Deal Between Argentina, Brazil and Isra

Tourism agreement to be signed between Israel and Argentina (www.jpost.com):"Tourism Minister Stas Misezhnikov and his Argentinean counterpart Carlos Enrique Meyer will sign a tourism agreement in the near future, after Misezhnikov, who was accompanying President Shimon Peres on his South American tour, said on Tuesday that "Israel considers Argentina to be a country with great tourism potential."

This adds to the services when "In May 2009, El Al began to operate a direct flight route between Tel Aviv and Sao Paolo," Brazil's economic center.

Meyer said he aspires to promote code-sharing agreements on the Brazil-Israel route and encourage the inception of direct flights between Buenos Aires and Tel Aviv." Lots of potential tourism options!

However, Argentina authorizes industrywide air fare hike (Reuters)
which might affect travel plans.

View of Buenos Aires's iconic Obelisk and Avenida 9 de Julio is displayed with the kind permision of Roberto Ingledew.

View of a busy street in São Paulo is displayed with the kind permission of Ron Miller - author of Escape from the Happy Cannibal.

Source: http://gosouthamerica.about.com/b/2009/11/25/new-tourism-deal-between-argentina-brazil-and-israel.htm

High housing price defies traditional real estate picture in Beijing

BEIJING, Dec. 14 (Xinhua) -- There are many riddles in Beijing's property market this year, and the most recent one is the much higher sales price for apartments than for office buildings in the same district, China Daily reported Monday.

Industry experts said that in a healthy real estate market, the unit price of commercial property is usually 30 percent higher than that of residential buildings in the same region.

But in Beijing, the situation is just the opposite. In some areas, the price of high-end apartments is even 50 percent higher than that of office buildings.

A major reason for the abnormal purchasing patterns is too much speculative buying of high-end apartments, mainly by individual investors, the newspaper said, citing Li Wenjie, general manager of the property agency Centaline China (North China region).

Since the mortgage policy for office buildings is stricter, the purchase of office space requires bigger cash flow from investors, thus pushing some individual buyers away from the market.

According to the China Index Institute, the average property price in Beijing reached a record high of 17,509 yuan (2,574.9 U.S. dollars) per square meters in November, up 9.74 percent month-on-month.

Meanwhile, the floor space of available apartments dropped 30.3percent on a yearly basis to 13.6 million square meters at the end of November, the lowest since 2008.

Source: http://news.xinhuanet.com/english/2009-12/14/content_12644057.htm

The end of the live real estate auction

Leasing Space to the Government

GSA, the nation's largest public real estate organization, provides workspace for more than 1.2 million federal workers through its Public Buildings Service. Approximately half of the employees are housed in buildings owned by the federal government and half are located in over 7,100 separate leased properties, including buildings, land, antenna sites, etc. across the country. An updated listing of this inventory is posted after the 15th of each month at the Monthly Lease Inventory. Its downloadable excel spreadsheet contains 35 data elements per lease including the information most requested under the Freedom of Information Act.

GSA prepares an annual turnover analysis on its lease inventory as requested by the commercial realty community. This is the latest analysis; however, GSA does not recommend that business decisions, in particular portfolio and financing decisions, be based upon this analysis.

GSA leases space in diverse locations when leasing is the best solution for meeting federal space needs. More than 50 percent of GSA leases are for 10,000 square feet or less, so owners do not have to be corporate giants to compete for lease contracts.

Starting a Real Estate Career

Applied Research

Applied Research strives to:

  • Generate recommendations to improve PBS operations, strategies, and policies
  • Lead research to formulate strategic use of new and existing technologies to advance the PBS mission

We have seven active projects in two key research areas:

  • Adopt sustainability practices and high performance building strategies
  • Improve workplace effectiveness

Security

The Department of Homeland Security's (DHS) Federal Protective Service (FPS) provides law enforcement and security services to over one million tenants and daily visitors to federally owned and leased facilities nationwide. The FPS has established itself as the center of expertise for physical security operations. From the installation of alarm systems, x-rays, magnetometers and entry control systems, to monitoring those systems 24 hours a day, 7 days a week, providing uniformed police response and investigative follow-up, the FPS is organized to protect and serve. The provision of contract security guard services, crime prevention seminars tailored to individual agency and employee needs, facility security surveys, and integrating intelligence gathering and sharing.

For more information, click on the links below.

Commissioning

Total Building Commissioning is the Public Buildings Service process for quality assurance in new construction and facility modernization.

It is the process for achieving, validating and documenting that the performance of the total building and its systems meet the design needs and requirements of the owner.

Workspace Delivery

As the federal government's premier acquisition and workplace solution agency, GSA is committed to designing and delivering workplaces that maximize your long-term economic and strategic value. GSA's Workspace Requirements Development Process (RDP) provides tools, guidance and consultant help that goes beyond delivering traditional office design. Current workplaces are often a poor fit for changes made to organization, initiatives, technologies and staff. Traditional workplace planning that focuses on data does not solve problems that ultimately benefit the organization. RDP is a process that GSA uses to understand the customer's business, employee work patterns, constraints, and mission before the design process begins.

RDP deploys innovative tools and methods to learn an organization's mission, goals and workplace needs before attempting to design for it. RDP is analogous to a tailor who creates a good fit through accurate measurement. The tools are scaled to the level of employee engagement that the client organization deems appropriate and can be designed to be minimally intrusive as the client goes about its mission. As a result, RDP is a customer-driven process which adds real value to real estate.

Governmentwide Real Property Information Sharing (GRPIS) Program

The GRPIS program’s purpose is to encourage and facilitate the sharing of real property information among federal agencies so that better asset management decisions can be made. The program encourages the formation of real property councils within major federal communities nationwide. Active GRPIS councils are centered in Puget Sound, WA; South Florida; Arizona; New Mexico; Kansas City, KS/MO; the Front Range of Colorado; Atlanta, GA; the San Francisco Bay Area; and Portland, OR

GRPIS participants are working level federal real property professionals, including realty specialists, community planners, facility managers, interior designers, contracting officers, and other interested people.

The GRPIS program provides:

  • A common sense strategy for improving real property management.
  • A means to develop an informal, yet defined, network of federal real property colleagues in the local community.
  • A collaborative community-based approach to problem solving and promoting improved uses of resources where participation can lead to tangible results.
  • A process to identify and share “Best Practices” and to recognize innovative approaches/solutions to real property issues.

The GRPIS Team conducts one-on-one site visits with the local federal real property professionals to introduce the GRPIS program and to facilitate the establishment of a local GRPIS council. Once established, the GRPIS Team supports the local councils by facilitating the sharing of real property information and providing planning and administrative support for council meetings. It also supports a ListServ email service that provides participants with frequent updates on real property issues, training opportunities, information sources, and meeting announcements.

Spatial Data Management

GSA's Public Buildings Service (PBS) is mandated by Congress to charge rent to tenants occupying space in owned and leased buildings.

The Spatial Data Management (SDM) Program is GSA’s national effort to create, update, and maintain its spatial data and associated Computer Aided Design (CAD) floor plans to accurately reflect the national federally owned inventory.

SDM CAD floor plans are the basis for the assignment data and square footage information that GSA uses for tenant rent bills. The creation and maintenance of drawings supports accurate rent bills for customer agencies.

The SDM program also aids in the performance and utilization of each asset while identifying the most efficient and cost-effective way to house federal employees.

The GSA Office of Portfolio Management provides national program support to the regional SDM programs through:

  • Implementing the PBS Business Space Assignment Policy
  • Maintaining SDM National Business Process Flows
  • Coordinating significant SDM projects

Regional SDM programs reinforce efficient management of GSA’s real estate portfolio. Asset managers, realty specialists, and property managers must have accurate inventory and assignment information through the regional SDM programs. The SDM drawings produced under the national program provide a graphic record of the GSA building inventory and can also be used as a planning tool and reference for building projects.

Creating Real Estate Classified Ads - Free Real Estate Marketing Tips

Real Estate Downfall followed by a tidal wave rise

Land Ports of Entry

GSA's Border Station Center (BSC) is the central program body for the border station capital program. This office develops and maintains standard processes and procedures to ensure land ports of entry are developed consistently and to an acceptable standard. The center consists of a national program office and two geographic offices specializing in the particulars of each of our two borders. The US Northern Border is managed from the BSC's offices in Denver, Colorado. The US Southern Border is managed from the BSC offices in Forth Worth, Texas. This allows the center to focus on the unique requirements of our neighboring nations and state transportation offices. The center maintains vital planning tools such as the "Border Wizard", a mathematical traffic modeling system utilized to verify traffic performance resulting from border station design.

Additionally, the center has provided single-source delivery on a variety of special projects for federal inspection agencies such as radiation portal monitors, license plate readers, gamma-ray devices, and USVISITS biometric readers.

Real Property Disposal

GSA is responsible for promoting effective use of federal real property assets, as well as the disposal of real property that is no longer mission-critical to federal agencies.

With thousands of properties in the federal portfolio, disposing of underused federal property is a considerable task. GSA—while working together with partner federal agencies, state and local governments, non-profit organizations, business groups, and citizens—leaves a lasting positive impact on communities by making valuable government real estate available for numerous public purposes.

Unneeded or underutilized federal property can vary widely in type and value, and may include:

  • Undeveloped land;
  • Office buildings;
  • Warehouses;
  • Commercial and industrial facilities;
  • Military holdings; and
  • Single- and multi-family residences.

These former federal properties can contribute to a community’s vitality by providing benefits such as:

  • Expanded employment opportunities;
  • Housing for the homeless; and
  • Establishment of educational centers, parks, and open spaces.

Property may be located in any of the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and the U.S. Pacific Territories.

Asset Forfeiture Program

The Marshals Service administers the Department of Justice's Asset Forfeiture Program by managing and disposing of properties seized and forfeited by federal law enforcement agencies and U.S. attorneys nationwide. The program has become a key part of the federal government's efforts to combat major criminal activities.

There are three goals of the Asset Forfeiture Program: enforcing the law; improving law enforcement cooperation; and enhancing law enforcement through revenue. Asset forfeiture is a law enforcement success story, and the Marshals Service plays a vital role.

In 1984, Congress enacted the Comprehensive Crime Control Act, which gave federal prosecutors new forfeiture provisions to combat crime. Also created by this legislation was the Department of Justice Assets Forfeiture Fund (AFF). The proceeds from the sale of forfeited assets such as real property, vehicles, businesses, financial instruments, vessels, aircraft and jewelry are deposited into the AFF and are subsequently used to further law enforcement initiatives.

Moreover, under the Equitable Sharing Program, the proceeds from sales are often shared with the state and local enforcement agencies that participated in the investigation which led to the seizure of the assets. This important program enhances law enforcement cooperation between state/local agencies and federal agencies.

The asset forfeiture community consists of: The Marshals Service; U.S. Attorney's Offices; Federal Bureau of Investigation; Drug Enforcement Administration; Department of Homeland Security, and the Bureau of Alcohol, Tobacco, Firearms and Explosives.

It is important to note that the Marshals Service participates with the U.S. Attorneys Offices and the investigative agencies in pre-seizure planning — the first critical step to ensuring that sound, well-informed forfeiture decisions are made.

The role of the Marshals Service is to not only serve as custodian of seized and forfeited property but also to provide information and assist prosecutors in making informed decisions about property that is targeted for forfeiture. The Marshals Service manages and disposes of all assets seized for forfeiture by utilizing successful procedures employed by the private sector. The Marshals Service contracts with qualified vendors who minimize the amount of time an asset remains in inventory and maximize the net return to the government.

NOTE: The Marshals Service's National Sellers List (Pub. 319P) is available from the Consumer Information Center at 1-888-878-3256 for $1.00. The same list can be downloaded or printed free of charge from the U.S. Marshals Service website by clicking here. Both sources provide the same information contained in commercially marketed publications.

Nature of the Work of Appraisers and Assessors of Real Estate

Appraisers and assessors of real estate estimate the value of property for a variety of purposes, such as to assess property tax, to confirm adequate collateral for mortgages, to confirm or help set a good sales price, to settle an estate, or to aid in a divorce settlement. They often specialize in appraising or assessing a certain type of real estate such as residential buildings or commercial properties. However, they may be called on to estimate the value of any type of real estate, ranging from farmland to a major shopping center. Assessors estimate the value of all properties in a locality for property tax purposes whereas appraisers appraise properties one at a time.

Valuations of all types of real property are conducted using similar methods, regardless of the type of property or who employs the appraiser or assessor. Appraisers and assessors work in localities they are familiar with so they have knowledge of any environmental or other concerns that may affect the value of a property. They note any unique characteristics of the property and of the surrounding area, such as a specific architectural style of a building or a major highway located next to the parcel. They also take into account additional aspects of a property like the condition of the foundation and roof of a building or any renovations that may have been done. Additionally, they may take pictures to document a certain room or feature, in addition to taking pictures of the exterior of the building. After visiting the property, the appraiser or assessor will estimate the fair value of the property by taking into consideration such things as comparable home sales, lease records, location, view, previous appraisals, and income potential.

Appraisers and assessors write detailed reports on their research and observations, stating the value of the parcel as well as the precise reasoning and methodology of how they arrived at the estimate. Writing reports has become faster and easier through the use of laptop computers, allowing them to access data and write at least some of the report on-site. Another computer technology that has affected this occupation is the electronic map of a given jurisdiction and its respective property distribution. Appraisers and assessors use these maps to obtain an accurate perspective on the property and buildings surrounding a property. Digital photos also are commonly used to document the physical appearance of a building or land at the time of appraisal.

Appraisers have independent clients and focus solely on valuing one property at a time. They primarily work on a client-to-client basis, and make appraisals for a variety of reasons. Real property appraisers often specialize by the type of real estate they appraise, such as residential properties, golf courses, or strip malls. In general, commercial appraisers have the ability to appraise any real property but may specialize only in property used for commercial purposes, such as stores or hotels. Residential appraisers focus on appraising homes or other residences and only value those that house 1 to 4 families. Other appraisers have a general practice and value any type of real property.

Assessors predominately work for local governments and are responsible for valuing properties for property tax assessment purposes. Most senior assessors are appointed or elected to their position. Unlike appraisers, assessors often value entire neighborhoods using mass appraisal techniques to value all the homes in a local neighborhood at one time. Although they do not usually focus on a single property they may assess a single property if the property owner challenges the assessment. They may use a computer-programmed automated valuation model specifically developed for their assigned jurisdictions. In most jurisdictions the entire community must be revalued annually or every few years. Depending on the size of the jurisdiction and the number of staff in an assessor’s office, an appraisal firm, often called a revaluation firm, may do much of the work of valuing the properties in the jurisdiction. These results are then officially certified by the assessor.

When properties are reassessed, assessors issue notices of assessments and taxes that each property owner must pay. Assessors must be current on tax assessment procedures and must be able to defend the accuracy of their property assessments, either to the owner directly or at a public hearing, since assessors also are responsible for dealing with tax payers who want to contest their assigned property taxes. Assessors also keep a database of every parcel in their jurisdiction labeling the property owner, issued tax assessment, and size of the property, as well as property maps of the jurisdiction that detail the property distribution of the jurisdiction.

Work environment. Appraisers and assessors spend much of their time researching and writing reports. However, with the advancement of computers and other technologies, such as wireless Internet, time spent in the office has decreased as research can now be done in less time or on-site or at home. Records that once required a visit to a courthouse or city hall often can be found online. This has especially affected self-employed appraisers, often called independent fee appraisers, who make their own office hours, allowing them to spend much more time on-site doing research and less time in their office. Time spent on-site versus in the office also depends on the specialty. For example, residential appraisers tend to spend less time on office work than commercial appraisers, who could spend up to several weeks at one site analyzing documents and writing reports. Appraisers who work for private institutions generally spend most of their time inside the office, making on-site visits when necessary. Appraisers and assessors usually conduct on-site appraisal work alone.

Independent fee appraisers tend to work more than a standard 40 hour work week, in addition to working evenings and weekends writing reports. On-site visits usually occur during daylight hours, and according to the client’s schedule. Assessors and privately employed appraisers, on the other hand, usually work a standard 40-hour work week. Occasionally they work an evening or Saturday, to speak with a concerned tax payer, for example. More than 10 percent of appraisers and assessors worked part time in 2006.

Most independent fee appraisers’ offices are relatively small, consisting of either just themselves or a small staff. However, private institutions such as banks and mortgage broker offices may employ several appraisers in one office. The size of the office employing assessors depends on the size of the local government; in some States assessments are by counties whereas in other States assessments are made by municipalities or other local governments. Therefore a county assessor’s office probably would employ more assessors than a small town, which may only employ a single assessor.

General Martha Coakley Enters into Settlement to Address Alleged Discrimination Against a Woman and Her Young Child by a Boston Real Estate Company

Attorney General Martha Coakley’s office obtained a consent judgment against City Realty Group, LLC, a Boston-based realty company, and its agent, Matthew A. Rose, resolving claims that the company refused to rent an apartment to a tester from the Boston Fair Housing Commission posing as a woman with a three-year old child whose presence would require abatement of lead paint hazards under state law. The consent judgment, entered by Judge MaryLou Muirhead in Boston Housing Court, orders the defendants to pay a total of $5,000 to the Commonwealth of Massachusetts and the Boston-based Lead Action Collaborative and bars the defendants from future acts of discrimination.

“It is illegal to refuse to rent an apartment to a family with young children or to steer prospective tenants away from properties that may contain lead paint,” said Attorney General Coakley. “Massachusetts landlords, real estate companies and others involved in the rental property business need to abide by important state laws that are designed to combat discrimination and protect the health and safety of our children.”

According to the complaint filed by the Commonwealth on February 20, 2009, the fair housing tester inquired about an apartment advertised by City Realty Group on Craigslist. After the tester informed the agent that she had a three-year old child, the agent refused to show her the apartment unless she agreed to sign a waiver that purported to absolve the owner of the unit from liability due to any lead paint found in the apartment.

The settlement also requires the defendants to attend fair housing training and implement non-discrimination policies. The consent judgment further requires the defendants to advertise as equal housing opportunity real estate agents and maintain records of those apartments that they advertise that contain lead paint.

The Massachusetts Anti-Discrimination Act prohibits real estate companies, agents, landlords and others involved in property rentals, from discriminating against families. In addition, the Massachusetts Lead Paint Statute requires landlords who rent to families with children under the age of six to abate lead hazards in a rental unit in order to prevent lead poisoning. It is illegal to discriminate against families with children in order to avoid compliance with the lead paint law.

This matter was handled by Assistant Attorney General Alan Jay Rom of Attorney General Coakley’s Civil Rights Division.

"Fee/USPAP" Renewals

A Fee/USPAP Renewal is the first renewal after the beginning of your CE Cycle. This renewal requires documentation of the seven-hour National USPAP Update Course taken within the license term.

This course applies towards the total number of continuing education hours required to renew the subsequent license. Therefore, at that time, assuming a license was not renewed on a "late renewal basis," "Full CE Renewals" will require 49 additional hours of continuing education. The continuing education must include an additional seven-hour National USPAP Update Course.

Please note: If a license within a CE Cycle is renewed during the two-year grace period that follows a license expiration, continuing education will continue to accrue in the amount of seven hours for each six-month period a license application is late. In addition, if your license expires, you may not legally perform real estate appraisals in federally related transactions.

Simple Tool To Analyze Real Estate Deal Risk

Real Estate Agent Training

Broker Compliance Evaluation Manual

The Broker Compliance Evaluation Manual was prepared to primarily assist the real estate broker conducting residential sales in ascertaining his/her compliance with Department of Real Estate requirements. It contains many of the questions that you would be asked if visited by a Department of Real Estate representative. It is divided into two sections: the first dealing with general brokerage office procedures and the other focuses on trust fund handling.

This manual was not designed to encompass all of your obligations and responsibilities under the Real Estate Law but rather as one of the tools you may use when reviewing your records and office procedures. We hope that it will assist you.

How To Be A GREAT Real Estate Agent

Nature of the Work of Property, Real Estate, and Community Association Managers

To businesses and investors, properly managed real estate is a source of income and profits; to homeowners, well-managed property is a way to preserve and enhance resale values and increase comfort. Property, real estate, and community association managers maintain and increase the value of real estate investments by handling the logistics of running a property. Property and real estate managers oversee the performance of income-producing commercial or residential properties and ensure that real estate investments achieve their expected revenues. Community association managers manage the common property and services of condominiums, cooperatives, and planned communities through their homeowner or community associations.

When owners of apartments, office buildings, or retail or industrial properties lack the time or expertise needed for the day-to-day management of their real estate investments or homeowner associations, they often hire a property or real estate manager or a community association manager. The manager is employed either directly by the owner or indirectly through a contract with a property management firm.

Generally, property and real estate managers handle the financial operations of the property, ensuring that rent is collected and that mortgages, taxes, insurance premiums, payroll, and maintenance bills are paid on time. In community associations, homeowners pay no rent and pay their own real estate taxes and mortgages, but community association managers collect association dues. Some property managers, usually senior-level property managers, supervise the preparation of financial statements and periodically report to the owners on the status of the property, occupancy rates, expiration dates of leases, and other matters.

Often, property managers negotiate contracts for janitorial, security, groundskeeping, trash removal, and other services. When contracts are awarded competitively, managers solicit bids from several contractors and advise the owners on which bid to accept. They monitor the performance of contractors, and investigate and resolve complaints from residents and tenants when services are not properly provided. Managers also purchase supplies and equipment for the property, and make arrangements with specialists for repairs that cannot be handled by regular property maintenance staff.

In addition to fulfilling these duties, property managers must understand and comply with relevant legislation, such as the Americans with Disabilities Act, the Federal Fair Housing Amendment Act, and local fair housing laws. They must ensure that their renting and advertising practices are not discriminatory, and that the property itself complies with all of the local, State, and Federal regulations and building codes.

Onsite property managers are responsible for the day-to-day operations of a single property, such as an office building, a shopping center, a community association, or an apartment complex. To ensure that the property is safe and properly maintained, onsite managers routinely inspect the grounds, facilities, and equipment to determine whether repairs or maintenance are needed. In handling requests for repairs or trying to resolve complaints, they meet not only with current residents, but also with prospective residents or tenants to show vacant apartments or office space. Onsite managers also are responsible for enforcing the terms of rental or lease agreements, such as rent collection, parking and pet restrictions, and termination-of-lease procedures. Other important duties of onsite managers include keeping accurate, up-to-date records of income and expenditures from property operations and submitting regular expense reports to the senior-level property manager or owners.

Property managers who do not work onsite act as a liaison between the onsite manager and the owner. They also market vacant space to prospective tenants by hiring a leasing agent, advertising, or other means, and they establish rental rates in accordance with prevailing local economic conditions.

Some property and real estate managers, often called real estate asset managers, act as the property owners’ agent and adviser for the property. They plan and direct the purchase, development, and disposition of real estate on behalf of the business and investors. These managers focus on long-term strategic financial planning, rather than on day-to-day operations of the property.

In deciding to acquire property, real estate asset managers consider several factors, such as property values, taxes, zoning, population growth, transportation, and traffic volume and patterns. Once a site is selected, they negotiate contracts for the purchase or lease of the property, securing the most beneficial terms. Real estate asset managers review their company’s real estate holdings periodically and identify properties that are no longer financially profitable. They then negotiate the sale of, or terminate the lease on, such properties.

Community association managers, on the other hand, do work that more closely parallels that of onsite property managers. They collect monthly assessments, prepare financial statements and budgets, negotiate with contractors, and help to resolve complaints. In other respects, however, the work of association managers differs from that of other residential property and real estate managers because they interact with homeowners and other residents on a daily basis. Usually hired by a volunteer board of directors of the association, they administer the daily affairs, and oversee the maintenance, of property and facilities that the homeowners own and use jointly through the association. They also assist the board and owners in complying with association and government rules and regulations.

Some associations encompass thousands of homes and employ their own onsite staff and managers. In addition to administering the associations’ financial records and budget, managers may be responsible for the operation of community pools, golf courses, and community centers, and for the maintenance of landscaping and parking areas. Community association managers also may meet with the elected boards of directors to discuss and resolve legal issues or disputes that may affect the owners, as well as to review any proposed changes or improvements by homeowners to their properties, to make sure that they comply with community guidelines.

Work environment. The offices of most property, real estate, and community association managers are clean, modern, and well lighted. However, many managers spend a major portion of their time away from their desks. Onsite managers, in particular, may spend a large portion of their workday away from their offices, visiting the building engineer, showing apartments, checking on the janitorial and maintenance staff, or investigating problems reported by tenants. Property and real estate managers frequently visit the properties they oversee, sometimes daily when contractors are doing major repair or renovation work. Real estate asset managers may spend time away from home while traveling to company real estate holdings or searching for properties to acquire.

Property, real estate, and community association managers often must attend evening meetings with residents, property owners, community association boards of directors, or civic groups. Not surprisingly, many managers put in long workweeks, especially before financial and tax reports are due and before board and annual meetings. Some apartment managers are required to live in the apartment complexes where they work, so that they are available to handle emergencies, even when they are off duty. They usually receive compensatory time off for working nights or weekends. Many apartment managers receive time off during the week so that they are available on weekends to show apartments to prospective residents.

Real Estate Tips : How to Buy Foreclosed Homes

Installment Sales - Real Estate Tax Tips

An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. If you dispose of property in an installment sale, you report part of your gain when you receive each installment payment. You cannot use the installment method to report a loss.

General Rules

If a sale qualifies as an installment sale, the gain must be reported under the installment method unless:

  • You elect out of using the installment method
  • You are not a qualified accrual method taxpayer

FDIC Adopts Guidance on Prudent Commercial Real Estate Loan Workouts

The Federal Deposit Insurance Corporation (FDIC), in coordination with the other member Agencies of the Federal Financial Institutions Examination Council (FFIEC), adopted a policy statement today supporting prudent commercial real estate (CRE) loan workouts. This policy statement stresses that performing loans, including those that have been renewed or restructured on reasonable modified terms, made to creditworthy borrowers will not be subject to adverse classification solely because the value of the underlying collateral declined.

This policy statement provides guidance to examiners, and financial institutions that are working with CRE borrowers who are experiencing diminished operating cash flows, depreciated collateral values, or prolonged delays in selling or renting commercial properties. It also recognizes that during these difficult economic circumstances, continued credit availability to businesses, especially small businesses, is challenging, even where borrower performance has been acceptable. This policy statement reflects the appropriate balance of prudent credit practices and meeting legitimate credit needs.

The FFIEC Agencies recognize that prudent loan workouts are often in the best interest of both financial institutions and borrowers, particularly during difficult economic conditions. This policy statement details risk-management practices for loan workouts that support prudent and pragmatic credit and business decisionmaking within the framework of financial accuracy, transparency, and timely loss recognition. Financial institutions that implement prudent loan workout arrangements after performing comprehensive reviews of borrowers' financial conditions will not be subject to criticism for engaging in these efforts, even if the restructured loans have weaknesses that result in adverse credit classifications.

The policy statement includes examples of CRE loan workouts. The examples, provided for illustrative purposes only, reflect examiners' analytical processes for credit classifications and assessments of institutions' accounting and reporting treatments for restructured loans. The policy statement reiterates existing guidance that examiners are expected to take a balanced approach in assessing institutions' risk-management practices for loan workout activities.

The member Agencies of the FFIEC include the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the FFIEC State Liaison Committee. The FDIC currently chairs the FFIEC.

Escrow Violations

In California, escrow processing can be performed under various forms of licensure. Most commonly, real estate related escrows are performed by independent escrow companies licensed by the California Department of Corporations and title insurance companies licensed by the California Department of Insurance. Real estate brokers licensed by the California Department of Real Estate can also perform escrows, but only in transactions where the broker is acting as an agent.

Real estate tips - interviewing listing agents w/ Jim Klinge

The Hypo Real Estate

The Hypo Real Estate Holding AG is a holding company based in Munich, Germany which comprises a number of real estate financing banks. The company's activities span three sectors of the real estate market: commercial property, infrastructure and public finance, and capital markets and asset management. Hypo Real Estate is the second largest commercial property lender in Germany.

The bank originated in 2003 from the real estate financing business of HypoVereinsbank. It employs about 2,000 people and was one of the 30 members of the DAX stock index of the largest German companies between December 2005 and December 2008, before the shares were demoted to the MDAX. Its shares were further demoted to the SDAX in September 2009. In 2007 it acquired public finance company Depfa Bank. The company remains a legal entity as a wholly-owned subsidiary of the Hypo Real Estate Group.

The firm was bailed out by the Bundesbank and other German banks in October 2008 in the midst of the global financial crisis, before approving a complete nationalisation a year later.

OREA Guidelines for Access to Public Records

OREA Guidelines for Access to Public Records


  • The Office of Real Estate Appraisers ("Office") will provide to any requesting person or agency timely access to all records not specifically exempt from disclosure or release under the provisions of the Public Records Act (Gov. Code, section 6254 et seq.) or that are otherwise not exempt from disclosure or release under state or federal law. The Office may refuse to disclose records that are exempt from disclosure.
  • Records are available for inspection upon reasonable notice during regular business hours, Monday through Friday, 8:00 a.m. - 5:00 p.m. at:

    1102 Q Street, Suite 4100
    Sacramento, CA 95811
    (916) 440-7876

    fpaige@orea.ca.gov

  • In order to preserve the integrity of the requested records against theft, mutilation, or accidental damage, and to insure that requests for public inspection do not interfere with the orderly functions of the Office, any person requesting to inspect or obtain copies of public records must comply with the following guidelines:
    1. Requests for non-confidential information may be made in writing to the address above. They may also be made via fax or email, or orally by telephone or personal communication. The Office encourages written requests;
    2. Requests shall include a concise statement specifically describing the records sought and, if known, the form in which the records are maintained whether in electronic of other format. If a request is not specific, staff of the Office shall assist requestors in identifying the information requested and the format in which such information is maintained by the Office;
    3. Office functions shall not be suspended to permit, nor shall public records be made available for, inspection during periods when use of such records is reasonably required by Office personnel in the performance of their duties;
    4. Records may only be reviewed under the supervision of Office staff. Records will not be provided for inspection outside the Office.
  • The Office may, in the discretion of the Director, charge any person of agency requesting inspection of records a reasonable fee for retrieval of records stored or maintained outside the Office. The fee shall not exceed the cost incurred by the Office in retrieving the requested information.
  • Copies of requested information will be provided upon prepayment of copying costs of $.10 per page.
  • A copy of these guidelines shall be posted in a conspicuous place open to the public within the Office, and a copy shall be made available free of charge to any person requesting such.

Board of Registration of Real Estate Brokers & Salespersons

Licensed real estate brokers and salespersons assist consumers wishing to purchase, sell, lease or exchange real property. This assistance encompasses a host of services including appraising property for basic valuations, negotiating purchase, sale or lease agreements, maintaining escrow accounts and advertising.

The Real Estate Board licenses only those candidates who meet the statutory and regulatory requirements for real estate brokers and salespersons. In carrying out its mission, the Board regulates real estate schools and agent curriculum and contracts with a testing vendor to provide the agent examination. Of equal importance, the Board seeks to protect consumers by exercising its authority to discipline those real estate agents who violate licensing laws and regulations.

The Real Estate and Business Agents

The Real Estate and Business Agents Supervisory Board is the independent statutory authority established under the Real Estate and Business Agents Act 1978 to regulate people who conduct real estate transactions and certain business transactions.

The Board is responsible to the Minister for Commerce, and has the following functions under the Act:

  • administer the licensing system for real estate and business agents and the registration system for sales representatives;
  • conduct and promote education and provide advisory services;
  • conduct investigations into allegations about real estate agents and sales representatives;
  • provide conciliation services to consumers and agents in dispute;
  • administer the Fidelity Guarantee Account, which reimburses people for financial loss due to the criminal or fraudulent behaviour of an agent or sales representative;
  • administer the Homebuyers Assistance Account, which provides first homebuyers with financial assistance;
  • advise the Minister for Commerce on the administration of the Act; and
  • recommend amendments to the Regulations and the Act.
The Board is fully funded through the interest paid on the balance of money held in the trust accounts of agents, licence and certificate fees, and interest on investments held in Treasury. Funding is used to provide services to the industry and public in five major areas:
  • Licensing
    • Involves the quality control of people seeking to enter the real estate and business broking industries and those already registered or licensed in those industries.
  • Compliance
    • Ensures that licensed real estate and business agents and their representatives comply with the relevant legislation and financial reporting requirements.
  • Education and Awareness
    • Aims to encourage awareness of real estate "best practice" through activities such as proactive visits, seminars and publications.
  • Fidelity Guarantee Account
    • Centres on the assessment of claims for reimbursement from consumers who have suffered financial loss during a real estate transaction due to the criminal or fraudulent conduct of a licensed real estate and business agent or their sales representative.
  • Home Buyers Assistance Account
    • Works to ensure that people who lodge a claim against the Fund satisfy the necessary requirements and receive funding in a timely manner.

Appraisers and Assessors of Real Estate

Appraisers and assessors of real estate estimate the value of property for a variety of purposes, such as to assess property tax, to confirm adequate collateral for mortgages, to confirm or help set a good sales price, to settle an estate, or to aid in a divorce settlement. They often specialize in appraising or assessing a certain type of real estate such as residential buildings or commercial properties. However, they may be called on to estimate the value of any type of real estate, ranging from farmland to a major shopping center. Assessors estimate the value of all properties in a locality for property tax purposes whereas appraisers appraise properties one at a time.

Valuations of all types of real property are conducted using similar methods, regardless of the type of property or who employs the appraiser or assessor. Appraisers and assessors work in localities they are familiar with so they have knowledge of any environmental or other concerns that may affect the value of a property. They note any unique characteristics of the property and of the surrounding area, such as a specific architectural style of a building or a major highway located next to the parcel. They also take into account additional aspects of a property like the condition of the foundation and roof of a building or any renovations that may have been done. Additionally, they may take pictures to document a certain room or feature, in addition to taking pictures of the exterior of the building. After visiting the property, the appraiser or assessor will estimate the fair value of the property by taking into consideration such things as comparable home sales, lease records, location, view, previous appraisals, and income potential.

Appraisers and assessors write detailed reports on their research and observations, stating the value of the parcel as well as the precise reasoning and methodology of how they arrived at the estimate. Writing reports has become faster and easier through the use of laptop computers, allowing them to access data and write at least some of the report on-site. Another computer technology that has affected this occupation is the electronic map of a given jurisdiction and its respective property distribution. Appraisers and assessors use these maps to obtain an accurate perspective on the property and buildings surrounding a property. Digital photos also are commonly used to document the physical appearance of a building or land at the time of appraisal.

Appraisers have independent clients and focus solely on valuing one property at a time. They primarily work on a client-to-client basis, and make appraisals for a variety of reasons. Real property appraisers often specialize by the type of real estate they appraise, such as residential properties, golf courses, or strip malls. In general, commercial appraisers have the ability to appraise any real property but may specialize only in property used for commercial purposes, such as stores or hotels. Residential appraisers focus on appraising homes or other residences and only value those that house 1 to 4 families. Other appraisers have a general practice and value any type of real property.

Assessors predominately work for local governments and are responsible for valuing properties for property tax assessment purposes. Most senior assessors are appointed or elected to their position. Unlike appraisers, assessors often value entire neighborhoods using mass appraisal techniques to value all the homes in a local neighborhood at one time. Although they do not usually focus on a single property they may assess a single property if the property owner challenges the assessment. They may use a computer-programmed automated valuation model specifically developed for their assigned jurisdictions. In most jurisdictions the entire community must be revalued annually or every few years. Depending on the size of the jurisdiction and the number of staff in an assessor’s office, an appraisal firm, often called a revaluation firm, may do much of the work of valuing the properties in the jurisdiction. These results are then officially certified by the assessor.

When properties are reassessed, assessors issue notices of assessments and taxes that each property owner must pay. Assessors must be current on tax assessment procedures and must be able to defend the accuracy of their property assessments, either to the owner directly or at a public hearing, since assessors also are responsible for dealing with tax payers who want to contest their assigned property taxes. Assessors also keep a database of every parcel in their jurisdiction labeling the property owner, issued tax assessment, and size of the property, as well as property maps of the jurisdiction that detail the property distribution of the jurisdiction.

Work environment. Appraisers and assessors spend much of their time researching and writing reports. However, with the advancement of computers and other technologies, such as wireless Internet, time spent in the office has decreased as research can now be done in less time or on-site or at home. Records that once required a visit to a courthouse or city hall often can be found online. This has especially affected self-employed appraisers, often called independent fee appraisers, who make their own office hours, allowing them to spend much more time on-site doing research and less time in their office. Time spent on-site versus in the office also depends on the specialty. For example, residential appraisers tend to spend less time on office work than commercial appraisers, who could spend up to several weeks at one site analyzing documents and writing reports. Appraisers who work for private institutions generally spend most of their time inside the office, making on-site visits when necessary. Appraisers and assessors usually conduct on-site appraisal work alone.

Independent fee appraisers tend to work more than a standard 40 hour work week, in addition to working evenings and weekends writing reports. On-site visits usually occur during daylight hours, and according to the client’s schedule. Assessors and privately employed appraisers, on the other hand, usually work a standard 40-hour work week. Occasionally they work an evening or Saturday, to speak with a concerned tax payer, for example. More than 10 percent of appraisers and assessors worked part time in 2006.

Most independent fee appraisers’ offices are relatively small, consisting of either just themselves or a small staff. However, private institutions such as banks and mortgage broker offices may employ several appraisers in one office. The size of the office employing assessors depends on the size of the local government; in some States assessments are by counties whereas in other States assessments are made by municipalities or other local governments. Therefore a county assessor’s office probably would employ more assessors than a small town, which may only employ a single assessor.

Real Estate Vultures

Choosing Real Estate-Related Services

Buying a home is a big financial commitment — very likely, the biggest financial investment most people make. If you choose to work with a real estate professional, finding someone who understands what you are looking for and how much you can afford to spend is critical. Ask friends, family members, neighbors, or co-workers who have bought or sold recently for recommendations. Interview several agents about their experience, style, and market knowledge. Expect an agent to be professional: to return your phone calls promptly, to be organized, to listen to your preferences, and to communicate clearly. Here are some questions you may want to ask:
  • How many homes have you sold in the past year? How many in the neighborhood I’m interested in?
  • Can you provide a list of references?
  • Are you willing to represent only my interests? Do you have any obligations to the seller?
  • What is the commission you are interested in? Are you willing to negotiate that? Will you accept a lower commission?
  • How many homes are you prepared to show me? Where will you look for these?
  • Will you show me homes that offer lower commission rates? Homes offered by non-traditional brokers? Homes that are For Sale By Owner?

Once you sign your purchase agreement, your agent may recommend companies for financing, inspections, moving, insurance, and other related services. It may be convenient for you to use these providers, but it isn’t required. Shopping for these services is just like shopping for any services: Compare prices and ask for references before you make your choices.

Real Property Issues

According to the GAO report, federal real property is a high-risk area for several reasons:

  • Several agencies have long-standing excess and underutilized real property, deteriorating facilities, unreliable real property data, and costly space challenges
  • Real property mismanagement has multi-billion dollar cost implications and can jeopardize mission accomplishment
  • Federal agencies face challenges securing real property due to the threat of terrorism. asdf

Recommended Solutions

GAO's report recommends the following:

Develop a comprehensive and integrated real property transformation strategy that:

  • Identifies how best to realign and rationalize federal real property and dispose of unneeded assets
    • Addresses significant real property repair and restoration needs
    • Develops reliable, useful real property data
    • Resolve the problem of heavy reliance on costly leasing
    • Minimizes the impact of terrorism on real property
  • Assemble an independent commission or task force to develop the real property transformation strategy and enact legislative action to address long-standing challenges

Real Property Initiatives to Address GAO Recommendations

Executive Order 13327 is one effort currently underway to successfully address some of GAO's recommendations. The Order establishes a Federal Real Property Council (FRPC) in the Office of Management and Budget. The Council of Senior Real Property Officers are developing guidance for and working with landholding agencies to prepare and implement asset management plans.

Real Estate Investing-How To Buy Property From The Government(Real Estate Investment Tips)

Real (Estate) Opinions: Men vs. Women

Real Estate Licensee information and potential for misuse

To protect the citizens of Michigan from individuals who claim to hold a license in a particular field, the State of Michigan has provided a means for the general public to be able to verify whether or not a person is properly licensed in an occupation. The Department of Energy, Labor & Economic Growth provides the "Check A License" link for that purpose.

While this tool provides a great service to the public, in rare instances, the information provided can be abused. DELEG's Bureau of Commercial Services' Licensing Division was recently contacted by a licensee who reported that her license number was used to gain the access code to a lock box on a listed property. When the licensee received an e-mail confirming her appointment, she immediately called the listing broker's office to inform them that she had not made the appointment.

This type of incident emphasizes the importance of having proper procedures in place for dispensing sensitive information such as this. To protect yourself and your customers and clients, we encourage you to adhere to methods to ensure unauthorized individuals are not given restricted information. Providing information without first ascertaining that the individuals are who they claim to be is a questionable and potentially dangerous practice.

A proven method suggests that you send an e-mail to confirm the appointment, by which the lock box information is sent, or calling the nonpublic-published phone number for the licensee. Whatever means your office has in place, it's important that your entire staff is aware of and abides by it. Remember that real estate rules require that each broker's office have in place written policies and procedures for all licensees. Including a strengthened office practice detailing what is expected in this area will protect everyone. Thank you for your anticipated cooperation.

Laws & Regulations For Real Estate Activities

Here are some of the laws and regulations relating to real estate activities. If you need help with legal matters, you should seek professional legal advice.

Building Construction, Development & Maintenance
Commercial & Residential Property
Land Development, Planning & Titles
Property Tax & Stamp Duty
Finding Laws & Regulations

Building Construction, Development & Maintenance

Below are some of the laws that apply to businesses that construct, develop, renovate and maintain buildings/housing.

  • Building Control Act (Cap. 29)
    Building and Construction Authority (BCA)
    Laws relating to renovations and building works.

  • Building Maintenance And Strata Management Act 2004, Act 47 Of 2004
    Building and Construction Authority (BCA)
    Laws relating to proper maintenance and management of buildings.

  • Housing Developers (Control And Licensing) Act (Cap. 130)
    Urban Redevelopment Authority (URA)
    Laws relating to the licensing and control of housing developers.


Commercial & Residential Property

Below are some of the laws that apply to businesses, including real estate agents, that buy-sell residential and commercial property.

  • Residential Property Act (Cap. 274)
    Singapore Land Authority (SLA)
    Legislation relating to the restriction of ownership of residential property by foreign persons (including foreign companies and foreign societies).

  • Sale Of Commercial Properties Act (Cap. 281)
    Urban Redevelopment Authority (URA)
    Regulations on the sale of non-residential property such as offices, shops or factories.


Land Development, Planning & Titles

Below are some of the laws that apply to business that buy-sell or develop land.

  • Land Titles Act (Cap. 157)
    Singapore Land Authority (SLA)
    Laws relating to the registration of titles to land.

  • Land Titles (Strata) Act (Cap. 158)
    Singapore Land Authority (SLA)
    Legislation relating to the subdivision of land into strata units and the disposal of such units, including the collective sale of property.
  • Planning Act (Cap. 232) & Subsidiary Legislation
    Urban Redevelopment Authority (URA)
    Laws relating to land development.


Property Tax & Stamp Duty

Below are the laws relating to taxes and stamp duties on property and property transactions.

  • Property Tax Act (Cap. 254)
    Inland Revenue Authority of Singapore (IRAS)
    Provisions for the levy of property tax on immovable properties such as houses, buildings and land.

  • Stamp Duties Act (Cap. 312)
    Inland Revenue Authority of Singapore (IRAS)
    Provisions for the imposition of stamp duties on documents relating to immovable properties such as houses, buildings and land.


Finding Laws & Regulations

You can find Singapore's laws and regulations using the resources below. If you need help with legal matters, you should seek professional legal advice.

  • Singapore Statutes Online (free)
    Complete collection of the latest written laws passed by Parliament. They are known as “Acts” and set out the broad principles of laws.

  • Subsidiary Legislation (subscription/fees)
    Fully searchable online repository of Subsidiary legislation. Subsidiary legislations are “Regulations” that provide details on how Acts should be enforced.

  • Court Decisions (subscription/fees)
    Judgments from the courts can be found in LawNet – a searchable online database. Laws resulting from court decisions are known as Case Law.

How to Manage Your Mortgage If Your Lender Closes or Files for Bankruptcy

When a mortgage company closes or files for bankruptcy, its customers may be left wondering about the impact on their own loans. The Federal Trade Commission (FTC) says consumers should continue to make their mortgage payments as usual. The nation’s consumer protection agency has several situation-based tips for consumers who need to know what to expect in today’s mortgage market:

If your lender files for bankruptcy after your loan closes: Loans and the rights to service them often are bought and sold. A mortgage servicer collects your monthly loan payments, credits your account, and handles your escrow account, if you have one. If your mortgage servicer is different from your original lender — and your original lender goes out of business — continue to make your payments to the mortgage servicer by the date they’re due.

If your mortgage servicer files for bankruptcy or goes out of business: It’s very likely that a mortgage servicer that files for bankruptcy will sell its assets under the supervision of the bankruptcy court to another financial institution and transfer the servicing of your loan to another company. A mortgage servicer that simply goes out of business probably would transfer the servicing of your loan to another company as well.

How will you know if your loan has been transferred? Read your mail and your email — and pay attention to phone calls and messages that deal with a change of lender, a late payment, or a payment that wasn’t received. To avoid a scam, the FTC says, review the notices and call to confirm the new loan servicer before you send a payment.

If your loan is transferred to another servicer: Regardless of the reason for a loan transfer, you should get two notices: one from your current servicer and one from the new servicer. The current servicer must notify you at least 15 days before the effective date of the transfer — unless you got a written notice at your settlement. The effective date is when the first payment is due at the new servicer’s address. The new servicer also must notify you within 15 days of the transfer.

By law, the notices must include particular information:

  • the name and address of the new servicer;
  • the date your current servicer will stop accepting your payments;
  • the date the new servicer will begin accepting your payments;
  • telephone numbers for both the current and the new servicer that you can use to call toll-free or collect for more information about the transfer; and
  • whether you can continue any optional insurance, like life or disability insurance, whether you need to do anything to maintain coverage, and whether the insurance terms will change.

The notices also must include a statement that the transfer will not affect any terms or conditions of your mortgage contract, except those directly related to the servicing of your loan. For example, if your mortgage contract has an escrow account to pay property taxes and insurance premiums, the new servicer can’t close the escrow account.

In addition, you have a 60-day grace period after a transfer to a new servicer. That means you can’t be charged a late fee if you send your mortgage payment to the old servicer by mistake — and your new servicer can’t report that payment as late to a credit bureau.
The FTC advises all mortgage holders to read their monthly statements. If your statement is late — even by just a few days — call the mortgage company to track it down. Keep records of your payments, including billing statements, canceled checks, bank account statements, or online account histories if appropriate. If you have a dispute, continue to make your mortgage payments, but challenge the servicing in writing and keep a copy of your letter and any enclosures for your records. Send your letter by certified mail, and request a return receipt, or send it via fax, and keep the transmittal confirmation.

If you have an escrow account: An escrow account is a fund held by your servicer. You pay into the fund to cover charges like property taxes and homeowners insurance. Typically, your payments are included as part of your monthly mortgage payment, and the servicer pays your taxes and insurance from this fund as they come due. Even if your servicer files for bankruptcy or goes out of business, it is responsible for making the escrow payments in a timely way.

The Real Estate Settlement Procedures Act (RESPA) covers escrow accounts. If your mortgage servicer administers an escrow account for you, it is required to make escrow payments for taxes, insurance, and any other charges when they are due. The mortgage servicer also is required to give you a free statement every year that details the activity of your escrow account. This statement should show your account balance and reflect payments for your property taxes, homeowners insurance, and other charges. But it is your responsibility to review the statement to make sure the appropriate entities and payments are made.

If one recipient of escrow funds lets you know that a payment is overdue, call the others that are supposed to be paid from your escrow account — for example, state or county governments for property taxes, insurance companies, or homeowners associations — to make sure the funds are being transferred in a timely way. The Department of Housing and Urban Development (HUD) enforces the Real Estate Settlement Procedures Act. Contact HUD with questions or comments about RESPA by email (hsg-respa@hud.gov) or by phone (202-708-0502).

If your lender files for bankruptcy before your loan closes: If you’ve been pre-approved for a mortgage and learn that the lender has filed for bankruptcy, call to find out if or when the company intends to make good on your loan. If the lender can’t — or has gone out of business altogether — start shopping around for another mortgage immediately.

The FTC works for the consumer to prevent fraudulent, deceptive, and unfair business practices in the marketplace and to provide information to help consumers spot, stop, and avoid them. To file a complaint or to get free information on consumer issues, visit ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters consumer complaints into the Consumer Sentinel Network, a secure online database and investigative tool used by hundreds of civil and criminal law enforcement agencies in the U.S. and abroad.

RESPA-related Inquiries and Disputes

Under the Real Estate Settlement Procedures Act (RESPA), your mortgage servicer must respond promptly to your written inquiries. If you think you have been charged a penalty or a late fee that you don’t owe — or if you have other problems with the servicing of your loan — continue to make your regular monthly mortgage payment, and contact your servicer in writing in a separate communication. Send your letter — including your account number and an explanation of why you think your account is incorrect — to the customer service address. Don’t write your note on your payment coupon.

Timeline: The servicer must acknowledge your inquiry in writing within 20 business days of receiving it, and take action within 60 business days. The servicer must correct your account or determine that the accounting is accurate, and then send you a written notice of the action it took and why, and the name and phone number of someone to contact for more information or help.
In any case, do not subtract the disputed amount from your mortgage payment. Some mortgage servicers may refuse to accept what they consider a “partial” payment: they could return your check and charge you a late fee, or claim that your mortgage is in default and start foreclosure proceedings.

"A" Loan or "A" Paper

"A" Loan or "A" Paper: a credit rating where the FICO score is 660 or above. There have been no late mortgage payments within a 12-month period. This is the best credit rating to have when entering into a new loan.

How To Get a Fine New Appartment

Finding an apartment in New York City can be a daunting process. In today's tight real estate market, stories abound about apartment hunters seeing scores of units before finding a suitable one, only to be outbid by a prospective tenant with check in hand. It is also common to hear anecdotes about unbelievable deals on centrally-placed apartments found simply by word-of-mouth. How do apartment hunters actually find a place to live in New York City? Check out our Top Ten List to see the most common ways New Yorkers find apartments.

Ways to Find an Apartment

1: Brokers One of the most common methods of finding an apartment in New York City is using a real estate broker. If you know what neighborhood you want to live in, it's usually best to find a broker based there. Many brokers also have Web sites where you can view available apartments, sometimes even with photos and detailed descriptions.

2: Word-of-Mouth There is good news for those who would prefer not to pay hefty brokers' fees: a substantial number of New Yorkers find their units by word-of-mouth, mostly from friends, relatives, and co-workers. If you're looking for an apartment, make sure everyone you know knows that you're looking.

3: Classified Ads The third most common method used by recent movers is a classic: the classified ad. Movers cite using the New York Times, the Village Voice, the Daily News, local or community papers, and Newsday. Foreign-language or ethnic newspapers, such as El Diario and the Jewish Press, are also a good source of classified ads. Many newspapers now post their classified ads online, so make sure to check out the Web sites of local papers and online message boards like newyork.craigslist.org.

4: Walking Around A small but notable percentage of movers find their apartment when they simply see a "For Rent" sign. It can pay to walk around the neighborhood you want to live in and look around.

5: Housing Office If you're living here for professional or educational reasons, don't neglect your organization's housing office or service. They know what you often don't about renting in New York City and it's their job to help you find a great new apartment.

6: Apartment Referral Service Referral services are a growing resource that savvy hunters, especially those who are comfortable searching on the Internet, should not neglect. For a monthly fee these services will provide you with a list of no-fee apartment rentals as they become available.

7: Finding a Vacant Apartment in Same Building Other movers find their apartments in the same building in which they already live. Be proactive and talk to neighbors, doormen, supers, landlords, and/or your management company to see if another apartment is available in the same building.

8: Going on Waiting Lists Affordable housing is often offered through waiting lists or application lotteries. If you have time before you need to move, put your name on waiting lists and/or fill out applications for affordable housing through the NYC Department of Housing Preservation & Development (HPD), the New York City Housing Development Corporation (HDC), or the NYC Housing Authority (NYCHA).

9: Community Groups You may occasionally find housing through local government offices or community groups that keep information on neighborhood housing notices.

10: Apartment Guides Lastly, don't forget to rely on resources like our Apartment Guide. These general references provide information about leases and other housing issues.

U.S.Department of Housing and Urban Developement

HUD's Office of Public Affairs (OPA) strives to educate and keep the American people informed about the Department's mission to sustain homeownership, support community development and increase access to affordable housing free from discrimination. By pursuing media outreach, OPA works to ensure homeowners, renters, and those living in subsidized housing hear directly from key officials about the Department's latest initiatives and goals. Using communications tools such as press releases, press conferences, the Internet, media interviews, New Media and community outreach, OPA provides Americans with information about housing policies and programs that are important to them.

REAL ESTATE BROKERS AND AGENTS

Before you hire a real estate professional, it’s important to know the difference between a real estate broker and a real estate agent. Real estate brokers are licensed professionals who assist sellers and prospective buyers of homes. Real estate agents are licensed professionals who work under the supervision of a licensed real estate broker. In return, the broker pays the agent a portion of the commission earned from the sale or purchase of the property.

Real estate brokers and agents earn commissions from the services they provide. The services and the commission due to a broker working with a home seller are set out in the listing agreement that the broker and seller sign. Brokers generally list your home on the Multiple Listing Service (MLS), a clearinghouse that member real estate brokers and agents use to exchange and update information on property listings, and to connect with other brokers or agents working with prospective buyers. To have a home listed on the MLS, a home seller usually agrees to offer a share of the total commission to a second broker who finds a buyer for the property.

Traditional, full-service real estate brokers working with sellers provide a broad range of services, including helping prepare the property for sale, recommending an asking price, publicizing the home to prospective buyers, arranging meetings and negotiating with prospective buyers, following up on home inspections and other matters once a sales contract is signed, and arranging for the closing of the transaction. A broker also may help by referring the home seller to other service providers, like mortgage lenders, title companies, home inspectors, and real estate attorneys, which could make the difference between success and failure in closing a sale. That said, remember that you are not locked into the service providers they recommend.

Non-traditional real estate brokers often offer many of the same services as full-service brokers, but on an a la carte basis, at a reduced commission rate, or for a flat fee. You may be able to pick and pay for only the services you want. If you choose more limited services, it means that you may have to do more of the work yourself to help sell your home. For example, some non-traditional brokers offer an MLS-only package, which includes listing the property on the local MLS for a flat fee: you would be responsible for every other aspect of the transaction, like advertising, running open houses, negotiating with buyers, and coordinating the closing.

HIRING A REAL ESTATE BROKER

Finding a broker whom you’re comfortable with may take a little time. Ask friends, co-workers, and neighbors who have sold houses in the recent past for recommendations. You also can see who’s selling property in your area by checking lawn signs and ads.

Interview several real estate brokers/agents to learn about their experience, track record, style, and market knowledge. Expect a broker to be professional: to return phone calls, to be organized, and to communicate clearly.

Here are some questions to ask to help you find the best real estate broker for you:

  • How many homes did you sell in the past year? Finding out what types of properties, how many units, and where brokers have sold can help determine how efficiently they’re operating and how much experience they have.

  • What is your commission? Real estate commissions are negotiable. They are neither fixed by law nor by any local real estate associations (at 6 percent or any other level). The rate could be a percentage of the final sale price of the property, an hourly fee, or a flat fee. The payment could be up front, or when the property is sold. As you interview real estate professionals, keep two things about fees in mind: a traditional full-service broker generally charges more than a nontraditional broker, and if you hire a nontraditional broker, you can expect to pay higher fees if you purchase more services.

  • What share of the total commission should I offer to another broker who finds the buyer? Your broker should be able to recommend that.

  • How will you market my home? Ask whether the broker plans to rely on the MLS alone, or use it in combination with newspaper ads, open houses, or other promotions. Will the home be visible on popular websites?

  • Will you help the buyer get financing? You also may want to discuss any seller-financing options you could offer to attract buyers.

  • Can you provide a list of references? The broker should be able to give you the names, addresses, and phone numbers of clients whose homes have recently sold. Ask each client how long their home was on the market, whether they were satisfied with the broker, and why. Ask if they have any tips for you – or lessons learned to share.