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In February 2004, The Appraiser Qualifications Board (AQB) of the Appraisal Foundation adopted changes to the real property appraiser qualifications criteria that will become effective January 1, 2008. The requirements individuals must meet in order to become a licensed or certified appraiser will change significantly. The changes include increased requirements for qualifying education and experience, and a new Uniform State Appraiser Examination.

The manner in which the Office of Real Estate Appraisers will implement the new criteria is important to understand. For all initial license applications and upgrade applications received on or after January 1, 2008, applicants must meet all components (education, experience, and examination) of the new requirements.

Initial or upgrade applications received on or before December 31, 2007, will be reviewed based on current licensing requirements. However, if an examination is not taken until after January 1, 2008, the examination content will be based on 2008 criteria. Any deficient component of an application not completed prior to December 31, 2007, will be required to meet the 2008 new requirements. This pertains primarily to the education and examination components.

Please refer to this website frequently. Additional information will be posted as it becomes available.

The real property appraiser criteria effective January 1, 2008 are summarized in the following table.

Individuals gaining experience at the AT level must be supervised by a certified licensed level appraiser under the new criteria. No supervisor can supervise more than three trainees.

* In lieu of the Associate Degree, an applicant can complete 21 college semester credits in courses covering specific subject matters: English Composition; Principles of Economics (Micro or Macro); Finance, Algebra, Geometry or higher mathematics; Statistics, Introduction to Computers; and Business or Real Estate Law.

** In lieu of the Bachelors Degree, an applicant can complete 30 college semester credits in courses covering specific subject matters: English Composition; Micro Economics; Macro Economics; Finance, Algebra, Geometry or higher mathematics; Statistics, Introduction to Computers; and Business or Real Estate Law; and two elective courses in accounting, geography, ag-economics, business management, or real estate.

Licensure. In every State and the District of Columbia, real estate brokers and sales agents must be licensed. Prospective brokers and agents must pass a written examination. The examination—more comprehensive for brokers than for agents—includes questions on basic real estate transactions and laws affecting the sale of property. Most States require candidates for the general sales license to complete between 30 and 90 hours of classroom instruction. To get a broker’s license an individual needs between 60 and 90 hours of formal training and a specific amount of experience selling real estate, usually 1 to 3 years. Some States waive the experience requirements for the broker’s license for applicants who have a bachelor’s degree in real estate.

State licenses typically must be renewed every 1 or 2 years; usually, no examination is needed. However, many States require continuing education for license renewals. Prospective agents and brokers should contact the real estate licensing commission of the State in which they wish to work to verify the exact licensing requirements.

Generally, if you exchange business or investment property solely for business or investment property of a like-kind, no gain or loss is recognized under Internal Revenue Code Section 1031. If, as part of the exchange, you also receive other (not like-kind) property or money, gain is recognized to the extent of the other property and money received, but a loss is not recognized.

Section 1031 does not apply to exchanges of inventory, stocks, bonds, notes, other securities or evidence of indebtedness, or certain other assets.

Like-Kind Property

Properties are of like-kind, if they are of the same nature or character, even if they differ in grade or quality. Personal properties of a like class are like-kind properties. However, livestock of different sexes are not like-kind properties. Also, personal property used predominantly in the United States and personal property used predominantly outside the United States are not like-kind properties.

Real properties generally are of like-kind, regardless of whether the properties are improved or unimproved. However, real property in the United States and real property outside the United States are not like-kind properties.

Traditionally, real estate brokers have performed virtually all services related to buying and selling a home, including:

• Marketing the home.
  • Marketing services include listing the property in the local multiple listing service (MLS), placing advertisements in local media and on the Internet, and hosting open houses.
• Reviewing contracts.
  • Contract review might include providing advice on pricing, home inspections or other contractual terms.
• Negotiating with potential home buyers and sellers.
• Locating potential properties for prospective buyers.
• Arranging for prospective buyers to inspect properties.
• Providing prospective buyers and sellers with pertinent information about a community such as relative property values, most recent selling prices, and property taxes.
• Apprising potential buyers of financing alternatives.
• Assisting in the formation and negotiation of offers, counter offers, and acceptances.
• Assisting with the closing of the transaction.
  • Closing services might include assistance with handling paperwork.

Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?

• Don't ignore the letters from your lender
• Contact your lender immediately
• Contact a HUD-approved Housing Counseling Agency
• Toll FREE (800) 569-4287
• TTY (800) 877-8339

If you are unable to make your mortgage payment:

1. Don't ignore the problem.

The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.

Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.

The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.

Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

5. Understand foreclosure prevention options.

Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL .

6. Contact a HUD-approved housing counselor.

The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.

After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

8. Use your assets.

Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.

9. Avoid foreclosure prevention companies.

You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

10. Don't lose your house to foreclosure recovery scams!

If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

Dubai Real Estate Corporation (DREC) was established by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in June 2007 through Law Number 14.

DREC’s activities encompass owning and managing its land bank which includes a sizable amount of properties registered under the name of the Dubai Government,as well as others. Its mandate extends to building, investing in and utilisation of commercial and industrial lands and properties.

DREC contributes to the sustainability of Dubai’s urban growth while expanding its asset base by providing unique projects that satisfy market needs and exceed customer expectations.

wasl is an Asset Management Group owned by Dubai Real Estate Corporation (DREC), created to manage and develop its assets. It aims to grow into a globally competitive entity. wasl operates a wide spectrum of property management, project management and investment management services for DREC.

Key business areas that wasl is focused on are project management , property management, hospitality and investment. In line with its long term strategic ambitions wasl’s project management capability will cover Residential, Commercial, Retail, Light-Industrial, Public Utilities, Leisure and Entertainment sectors and Education.

Before it was known as Dubai, our great Emirate was called wasl which signifies connection in Arabic, reflecting Dubai’s historic position as the trading hub of the region. Dubai continued to flourish because of its entrepreneurial drive and continuous investment in the future.

Inspired by Dubai’s vision, Dubai Real Estate Corporation (DREC) established wasl, an asset management group that emphasizes our values of unity, connectedness, integrity and tradition.

wasl is symbolic of the strong connection we share with our customers, our partners and our stakeholders. It highlights the tight connection and open channels of communication between all areas of our business. It represents our connection to the past, our stature in the present, and our vision for the future.

wasl was established to strengthen the success of Dubai, to actively contribute towards securing its growth far into the future. We aim to carry out this vision by being a major contributor to Dubai’s legacy.

In July, Congress passed H.R. 3221, the “Housing and Economic Recovery Act of 2008,” in response to the challenges facing the real estate market, Along with the more publicized portions of the Act that provide tax benefits for selected home purchases and authorization for a takeover of Fannie Mae and Freddie Mac, the Act also significantly alters mortgage licensee regulation in the United States.

Title V of the Act is the S.A.F.E. Mortgage Licensing Act of 2008 (SAFE). SAFE was developed by policy makers as they searched for the cause of the challenges facing the United States economy, particularly the housing market. Among the many causes, policy makers targeted oversight of loan originators.

While Utah regulates mortgage brokers with background checks, pre-licensing education, testing, and enforcement actions against bad actors, few other states protected the public as well. SAFE requires licensing according to minimum federal standards and calls for a more coordinated effort among the states in regulating mortgage loan originators.

All mortgage licensees need to understand that SAFE will impact your license or license renewal process over the next couple of years. The Division of Real Estate is actively working to implement the mandates in SAFE with as little impact on you as possible. This article summarizes some of the key provisions of the Act.

What is a tenancy database?

Tenancy databases generally store personal information about individuals relating to defaults or alleged defaults on tenancy agreements, including failures to pay rent or damage to property. This information is usually supplied to tenancy database operators by real estate agents. The information in these databases is then accessed by real estate agents assessing potential tenants.

Are tenancy databases covered by the Privacy Act?

Yes, tenancy databases are covered by the Privacy Act.

How did I get on a database?

There are different reasons why a real estate agent may have put your details on a tenancy database. When you sign an application for a lease, it is important to read the notice about how the agent will use your personal information and whether your information will be disclosed to a tenancy database in certain circumstances.

I am a real estate agent / tenancy database operator. Where can I go for more information?

If you are a real estate agent or tenancy database operator and you would like more information you may wish to contact our Office or your state Real Estate Institute.

Other places to go

• Fair Trading or Consumer Affairs agencies in your State or Territory.

• Real Estate Institutes or your local Tenants Union.

Protect Your License and Career by Avoiding “Investment” Scams

Please be aware and make your employees aware of a dramatic increase in illegal property flipping throughout

our state. The scam involves individuals posing as “real estate investors” – offering to purchase single-family

homes at inflated prices, promising “guaranteed high rates of return”, falsifying or obtaining fraudulent

appraisals to substantiate the artificial values, and reselling or refinancing the homes several times for 150 to 200

percent of the actual value. The scam is most prevalent in areas of new construction and high-end homes,

particularly Utah County (Provo/Alpine), Washington County (St. George), and Salt Lake County (Draper).

Identifying and Avoiding Real Estate Fraud

• Properties reported as “sold” or offers to buy at values significantly higher than asking price.

• Property sales history shows many sales with rapid and significant increases in value.

• Buyer purchasing multiple properties in a short period of time (often as owner occupied).

• Appraisal is dated prior to the loan application.

• “Investor” using someone else’s identity and/or credit score to purchase a home.

• Buyers providing false information on employment, credit score, income, or the occupancy of the home.

• REPC does not reflect the “true terms” of the agreement, such as undisclosed addendums.

• Unlicensed persons receiving “consulting fees” for helping “clients” purchase investment properties.

• Buyers and sellers conspiring to artificially inflate the property value and sharing the “profit”.

• Excessive payments to third parties such as unsubstantiated notices of interest or unrecorded second-mortgages.

The term “advance fee” as used in this part is a fee claimed, demanded, charged, received, collected or contracted from a principal for a listing, advertisement or offer to sell or lease property, other than in a newspaper of general circulation, issued primarily for the purpose of promoting the sale or lease of business opportunities or real estate or for referral to real estate brokers or salesmen, or soliciting borrowers or lenders for, or to negotiate loans on, business opportunities or real estate. As used in this section, “advance fee” does not include “security” as that term is used in Section 1950.5 of the Civil Code, or a “screening fee” as that term is used in Section 1950.6 of the Civil Code. This section does not exempt from regulation the charging or collecting of a fee under Section 1950 1950.6 offees that are not subject to those sections.

All HUD assisted and insured housing (Public Housing and Multifamily Housing) covered under the Department's Uniform Physical Condition Standards (UPCS) regulations must be inspected by individuals certified in the Department's UPCS inspection protocol and procedures. The Physical Assessment Sub System (PASS) of the Office of Public and Indian Housing - Real Estate Assessment Center (PIH-REAC) facilitates these inspections of all HUD-affiliated properties.

• An extensive review of a State or Entitlement jurisdiction's laws, regulations, and administrative policies, procedures, and practices;
• An assessment of how those laws affect the location, availability, and accessibility of housing;
• An evaluation of conditions, both public and private, affecting fair housing choice for all protected classes; and
• An assessment of the availability of affordable, accessible housing in a range of unit sizes.

On September 2, 2004, an Analysis of Impediments Memorandum was signed by the Assistant Secretaries for the Offices of Community Planning and Development and Fair Housing and Equal Opportunity. This memorandum gives guidance to HUD field offices regarding the requirements of the Consolidated Plan to prepare an Analysis of Impediments to Fair Housing Choice.

The Fair Housing Act (FHAct) protects all citizens from discrimination on the basis of race, color, national origin, religion, sex, handicap or familial status (families with children under the age of 18 living with parents or legal guardians; pregnant women and people trying to get custody of children under 18).

Senior Housing Exemption

Although the FHAct was amended in 1988 to prohibit discrimination on the basis of disability and familial status, Congress intended to preserve housing specifically designed to meet the needs of senior citizens. Housing that meets the FHAct definition of "housing for older persons" is exempt from the law's familial status requirements, provided that:

• HUD has determined that the dwelling is specifically designed for and occupied by elderly persons under a Federal, State or local government program or
• It is occupied solely by persons who are 62 or older or
• It houses at least one person who is 55 or older in at least 80 percent of the occupied units, and adheres to a policy that demonstrates intent to house persons who are 55 or older.

Therefore, housing that satisfies the legal definition of senior housing or housing for older persons described above, can legally exclude families with children.

§ 4151. "Building" defined

§ 4152. Standards for design, construction, and alteration of buildings; Administrator of General Services

§ 4153. Standards for design, construction, and alteration of buildings; Secretary of Housing and Urban Development

§ 4154. Standards for design, construction, and alteration of buildings; Secretary of Defense

§ 4154a. Standards for design, construction, and alteration of buildings; United States Postal Service

§ 4155. Effective date of standards

§ 4156. Waiver and modification of standards

§ 4157. Reports to Congress and Congressional committees

(a) The Administrator of General Services shall report to Congress during the first week of January of each year on his activities and those of other departments, agencies, and instrumentalities of the Federal Government under this chapter during the preceding fiscal year including, but not limited to, standards issued, revised, amended, or repealed under this chapter and all case-by-case modifications, and waivers of such standards during such year.

(b) The Architectural and Transportation Barriers Compliance Board established by section 792 of Title 29 shall report to Public Works and Transportation Committee of the House of Representatives and the Environment and Public Works Committee of the Senate during the first week of January of each year on its activities and actions to insure compliance with the standards prescribed under this chapter.

In 2006, real estate brokers and sales agents held about 564,000 jobs; real estate sales agents held approximately 77 percent of these jobs.

Many real estate brokers and sales agents worked part time, combining their real estate activities with other careers. About 61 percent real estate brokers and sales agents were self-employed. Real estate is sold in all areas, but employment is concentrated in large urban areas and in rapidly growing communities.

Most real estate firms are relatively small; indeed, some are one-person businesses. By contrast, some large real estate firms have several hundred agents operating out of numerous branch offices. Many brokers have franchise agreements with national or regional real estate organizations. Under this type of arrangement, the broker pays a fee in exchange for the privilege of using the more widely known name of the parent organization. Although franchised brokers often receive help in training sales staff and running their offices, they bear the ultimate responsibility for the success or failure of their firms.

The median annual earnings, including commissions, of salaried real estate sales agents were $39,760 in May 2006. The middle 50 percent earned between $26,790 and $65,270 a year. The lowest 10 percent earned less than $20,170, and the highest 10 percent earned more than $111,500. Median annual earnings in the industries employing the largest number of real estate sales agents in May 2006 were:

Median annual earnings, including commissions, of salaried real estate brokers were $60,790 in May 2006. The middle 50 percent earned between $37,800 and $102,180 a year. Median annual earnings in the industries employing the largest number of real estate brokers in May 2006 were:

Commissions on sales are the main source of earnings of real estate agents and brokers. The rate of commission varies according to whatever the agent and broker agree on, the type of property, and its value. The percentage paid on the sale of farm and commercial properties or unimproved land is typically higher than the percentage paid for selling a home.

Commissions may be divided among several agents and brokers. The broker or agent who obtains a listing usually shares the commission with the broker or agent who sells the property and with the firms that employ each of them. Although an agent’s share varies greatly from one firm to another, often it is about half of the total amount received by the firm. Agents who both list and sell a property maximize their commission.

Income usually increases as an agent gains experience, but individual motivation, economic conditions, and the type and location of the property affect earnings, too. Sales workers who are active in community organizations and in local real estate associations can broaden their contacts and increase their earnings. A beginner’s earnings often are irregular because a few weeks or even months may go by without a sale. Although some brokers allow an agent to draw against future earnings from a special account, the practice is not common with new employees. The beginner, therefore, should have enough money to live for about 6 months or until commissions increase.

Certificate of Good Standing

A Certificate of Good Standing reflects the current license level of a licensee and the issuance and expiration date of a licensee's active record. Pending renewals will not show on this certificate even if the application has been processed and the license issued. In addition, a Certificate of Good Standing cannot be processed for individuals who do not hold a valid license with the Office of Real Estate Appraisers.

The price for a Certificate of Good Standing is $15.00 each.

Letter of License History

A Letter of License History shows the issuance date and ending date of each license held by the licensee. This includes the date the licensee was originally issued; any license upgrade dates; and each date the license was renewed. A license history also shows any name changes the licensee may have had and the current mailing address of the licensee. In addition, a license history will show any public disciplinary action taken against the licensee. A Letter of License History may be requested for current licensees as well as for individuals previously licensed with the Office of Real Estate Appraisers.

The price for a Letter of License History is $40.00 each.

One of the most complex and significant financial events in peoples’ lives is the purchase or sale of a home or investment property. Because of this complexity and significance, people typically seek the help of real estate brokers and sales agents when buying or selling real estate.

Real estate brokers and sales agents have a thorough knowledge of the real estate market in their communities. They know which neighborhoods will best fit clients’ needs and budgets. They are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers.

When selling property, brokers and agents arrange for title searches to verify ownership and for meetings between buyers and sellers during which they agree to the details of the transactions and in a final meeting, the new owners take possession of the property. They also may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for closing sales; in others, lawyers or lenders do.

Agents and brokers spend a significant amount of time looking for properties to sell. They obtain listings—agreements by owners to place properties for sale with the firm. When listing a property for sale, agents and brokers compare the listed property with similar properties that recently sold, in order to determine a competitive market price for the property. Following the sale of the property, both the agent who sold it and the agent who obtained the listing receive a portion of the commission. Thus, agents who sell a property that they themselves have listed can increase their commission.

Before showing residential properties to potential buyers, agents meet with them to get an idea of the type of home the buyers would like. In this prequalifying phase, the agent determines how much the buyers can afford to spend. In addition, the agent and the buyer usually sign a loyalty contract, which states that the agent will be the only one to show houses to the buyer. An agent or broker then generates lists of properties for sale, their location and description, and available sources of financing. In some cases, agents and brokers use computers to give buyers a virtual tour of properties that interest them.

Agents may meet several times with prospective buyers to discuss and visit available properties. Agents identify and emphasize the most pertinent selling points. To a young family looking for a house, for example, they may emphasize the convenient floor plan, the area’s low crime rate, and the proximity to schools and shopping. To a potential investor, they may point out the tax advantages of owning a rental property and the ease of finding a renter. If bargaining over price becomes necessary, agents must follow their client’s instructions carefully and may have to present counteroffers to get the best possible price.

Once the buyer and seller have signed a contract, the real estate broker or agent must make sure that all special terms of the contract are met before the closing date. The agent must make sure that any legally mandated or agreed-upon inspections, such as termite and radon inspections, take place. In addition, if the seller agrees to any repairs, the broker or agent ensures they are made. Increasingly, brokers and agents are handling environmental problems as well, by making sure that the properties they sell meet environmental regulations. For example, they may be responsible for dealing with lead paint on the walls. Loan officers, attorneys, or other people handle many details, but the agent must ensure that they are carried out.

Most real estate brokers and sales agents sell residential property. A small number—usually employed in large or specialized firms—sell commercial, industrial, agricultural, or other types of real estate. Every specialty requires knowledge of that particular type of property and clientele. Selling or leasing business property requires an understanding of leasing practices, business trends, and the location of the property. Agents who sell or lease industrial properties must know about the region’s transportation, utilities, and labor supply. Whatever the type of property, the agent or broker must know how to meet the client’s particular requirements.

Brokers and agents do the same type of work, but brokers are licensed to manage their own real estate businesses. Agents must work with a broker. They usually provide their services to a licensed real estate broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agent’s sale of the property. Brokers, as independent businesspeople, often sell real estate owned by others; they also may rent or manage properties for a fee.

Work environment. Advances in telecommunications and the ability to retrieve data about properties over the Internet allow many real estate brokers and sales agents to work out of their homes instead of real estate offices. Even with this convenience, workers spend much of their time away from their desks—showing properties to customers, analyzing properties for sale, meeting with prospective clients, or researching the real estate market.

Agents and brokers often work more than a standard 40-hour week. They usually work evenings and weekends and are usually on call to respond to the needs of clients. Although the hours are long and frequently irregular, most agents and brokers have the freedom to determine their own schedule. They can arrange their work so that they have time off when they want it. Business usually is slower during the winter season.

Corporation Background Statement (RE 212)

Section III of the Corporation License Application (RE 201)requires the designated officer who obtains the original corporation license to file a Corporation Background Statement (RE 212) for any director, chief executive officer, president, first level vice president(s), secretary, chief financial officer, and subordinate officers with responsibility for forming policy of the corporation and all natural persons owning or controlling more than 10% of its shares, if such a person has been the subject of any of the items enumerated in Regulation 2746. If none of the officers have been the subject of any of the items enumerated in that Regulation, a Corporation Background Statement (RE 212) is not needed. In all instances, the designated broker/officer must complete and sign the certification in Part III of the application.

Licensing Additional Brokers

Other officers who are acting for the corporation in any capacity which would require a broker license must be additionally licensed as officers of the corporation. Additional broker/officers may be licensed by submitting a completed Corporation License Application (RE 201) and the current fee. There is no limit to the number of broker/officers who may be added. All brokers who are applying for an additional broker/officer license must hold an officer title in the corporation. The term "broker/officer" is not an official officer title.

Designated Officer Responsibilities

The designated corporate officer is responsible for the supervision and control of the activities requiring a license which are conducted, on behalf of the corporation, by its officers and employees. The designated broker officer may, by resolution of the board of directors, assign supervisory responsibility over salespersons licensed to the corporation to additional licensed broker officers. A certified copy of the corporate resolution and Certification (Assignment of Supervisory Responsibility) (RE 210) must be forwarded to DRE within five days after the adoption or modification thereof if such supervisory responsibility has been delegated to other licensed broker officers.

Proof of Legal Presence

All license applicants must submit proof that they have legal presence in the United States. A proof of legal presence document (i.e., birth certificate, resident alien card, etc.) must be submitted with a State Public Benefits Statement (RE 205)before a license will be issued.

DRE is proud to announce that on August 3, 2009, DRE’s new Electronic Examination System was deployed in the Oakland District Office. Planning for this project was started in 2006, following a feasibility study and approval for a budget augmentation. With the sponsorship of DRE’s Executive staff, the system was developed by DRE’s own internal technical staff and Licensing staff members. Several steps had to be successfully completed before the system could be launched including overall system design, equipment procurement, examination room renovations, and very complex system building and rigorous testing phases.

This system allows examinees to take the real estate salesperson and broker examination using an electronic method. The system allows for examination results to be provided as soon as applicants complete their examination. In addition, qualified candidates who pass their examination can be issued a temporary license which allows them to commence conducting licensed activities immediately.

The electronic exam system will improve examination security, improve testing practices, and contain future examination costs by reducing administration overhead. Examination security will be improved by eliminating the theft of examination material and allow for the ability to electronically capture candidate identification information. Testing practices will be improved by allowing DRE to scramble examination material and provide for more effective proctor oversight. Examination administration costs will be reduced by eliminating the need for printing and duplicating examination booklets which in turn will allow for reduction and eventual elimination of material storage and shipping costs.

How will it work? The electronic examination system will be in an easy to use format. Examination workstations will contain a computer monitor, which will be recessed under glass at an examination station, and a mouse. Keyboards will not be used. Applicants will be able to will be able to peruse back and forth through the questions and point and click on the answers they select. During the examination they will know how many questions they have answered or unanswered.

The electronic examination system will be deployed at all DRE District Offices on a phased schedule. Current plans call for the system to be deployed in the Fresno District Office next.

• Exceedingly high interest rates and inflated fees in comparison with other lenders.
• Bait and switch tactics where a mortgage broker or lender knowingly offers one set of terms which are more appealing but are not readily available and then pressures the borrower into signing a contract with more expensive terms and hidden fees.
• Door-to-door high pressure salespersons and pitches for home equity loans related to home improvement contracts or contracts for the installation of items such as drapes and carpets.
• Salespersons with backgrounds similar to yours who attempt to gain your trust. This tactic is oftentimes used to lull a homeowner into a false sense of security, causing the homeowner to make a decision based on trust instead of knowledge and understanding.
• Mail, radio and television ads that claim "No job! No credit! No problem! You can still qualify for a loan based on your home equity." These ads encourage you to place your home at risk. If you can't make the payments, you will lose your home! Offers that sound too good to be true, usually are.
• High-pressure sales tactics requiring you to sign a loan contract right away. If the offer is good today, it should probably be good tomorrow, AFTER you have reviewed the contract and have consulted a knowledgeable, uninvolved advisor.

• There are oftentimes major differences between various lending sources, so shop around for the best loan and visit several reputable mortgage brokers and lenders.
• Compare interest rates, fees and points and examine all of the terms of the loan.
• The law requires mortgage brokers and lenders to notify you of your right to review your credit score and the key factors affecting your credit score. Obtain a copy of your credit report to verify that it accurately reflects your credit history.
• In most mortgage loan transactions, you are entitled by state and federal law to a "Good Faith Estimate" disclosure of the costs and expenses you are expected to pay in connection with obtaining the loan. Read it carefully and question any items you don't understand.
• Double-check the loan application for accuracy in the cost of the home, your income and your employment information. If false information is provided, you could lose your home if the lender decides to foreclose and/or even face criminal charges.

The most common violations of this section found in audits relate to Commissioner's Regulation 2832(a), which requires that a broker place funds accepted on behalf of another into the hands of the owner of the funds, into a neutral escrow depository or into a trust fund account in the name of the broker, or in a fictitious name if the broker is the holder of a license bearing such fictitious name, as trustee at a bank or other financial institution not later than three business days following receipt of the funds by the broker or by the broker's salesperson. Two of the most common problems related to this regulation are:

1. A broker's failure to designate accounts receiving trust funds as trust fund accounts in the name of the broker or broker's dba as trustee; and



2. Failure to deposit trust funds received by a broker or broker's employee into a trust fund account within three business days of receipt.

The most common violations of this section found in audits relate to Commissioner's Regulation 2832(a), which requires that a broker place funds accepted on behalf of another into the hands of the owner of the funds, into a neutral escrow depository or into a trust fund account in the name of the broker, or in a fictitious name if the broker is the holder of a license bearing such fictitious name, as trustee at a bank or other financial institution not later than three business days following receipt of the funds by the broker or by the broker's salesperson. Two of the most common problems related to this regulation are:

1. A broker's failure to designate accounts receiving trust funds as trust fund accounts in the name of the broker or broker's dba as trustee; and



2. Failure to deposit trust funds received by a broker or broker's employee into a trust fund account within three business days of receipt.

Real estate agents covered by the Privacy Act may collect only the personal information necessary to fill a property vacancy. An agent covered by the Privacy Act can collect personal information about an individual if:

• the collection of the personal information is necessary for its functions or activities
• it collects the information by lawful and fair means and not in an unreasonably intrusive way.

The agent can only collect sensitive information (e.g. health or race) if the individual has consented.

"A lot of people know that omega-3 fatty acids are a good thing, but have thought of them in the area of nutritional or health foods," said study author Dr. Carl J. Lavie, medical director of cardiac rehabilitation and prevention at the Ochsner Clinic in New Orleans. "They don't realize there is so much data, a lot of data from big studies, that they are not only preventive but also help in therapy for a number of conditions, such as atrial fibrillation, heart attack, atherosclerosis and heart failure."

The report in the Aug. 11 issue of the Journal of the American College of Cardiology cites four trials with almost 40,000 participants that show benefits of omega-3 fatty acids in primary prevention of cardiovascular disease, in treatment after heart attack and, most recently, in heart failure patients.

The benefits of omega-3 fatty acids are such an old story that such studies can go unnoticed, Lavie said. "If you polled cardiologists about whether this is a good thing or a bad thing, I don't know if they would recognize how much has been done in this area," he noted.

As far back as 2002, the American Heart Association issued a scientific statement endorsing omega-3 fatty acid intake, from fish or supplements. It recommended specific amounts of omega-3 fatty acids each day for people in general, with greater intake recommended for people with heart disease.

"For the general population, it should be 500 milligrams a day," Lavie said. "If you have heart disease, it should be 800 or 1,000 milligrams a day."

Lavie includes himself in the second category, because "I have a family history of heart disease. I eat a lot of fish and take a supplement just to be sure."

It's got to be the right kind of fish, the oily species that have a lot of omega-3 fatty acids, Lavie added. "Redfish, trout, salmon," he said. "Salmon is my favorite."

Not much effort is needed for most people to achieve the recommended intake, Lavie said. "Five hundred milligrams a day is two fatty fish meals per week," he added.

But too many people eat non-oily fish such as catfish, Lavie noted. "And they have it fried, which reduces its health benefits," he added.

His review did turn up a few negative studies, including one showing no benefits of omega-3 fatty acids in people who had heart attacks. But it was a relatively small (4,000 people), short (one-year) trial, and the patients in the trial were already getting intensive drug therapy including clot-busting clopidogrel, cholesterol-lowering statins, beta blockers and ACE inhibitors, Lavie noted.

Set against that one trial are the many larger studies cited by Lavie, and epidemiological evidence showing that populations such as Asians and Alaskan Eskimos, whose diets are rich in fish oil, have a low incidence of cardiovascular disease.

The picture is not complete, the new report noted. Studies still must be done to determine the relative benefits of DHA and EPA, the long-chain fatty acids in the omega-3 family. And the American Heart Association says that Omega-3 supplements should be taken only after consulting with a doctor, because too much can cause excessive bleeding in some people.

Another study now in the recruiting stage will test omega-3 fatty acids to prevent not only cardiovascular disease but also cancer, said Dr. JoAnn Manson, chief of preventive medicine at the Harvard-affiliated Brigham and Women's Hospital.

She is a leader of the trial, which is now recruiting 10,000 men aged 60 and older and 10,000 women aged 65 and older. The researchers will test not only the effect of omega-3 fatty acids but also of vitamin D.

Both are "very promising nutrients in prevention of cardiovascular disease, cancer and other chronic diseases," Manson said. In the five-year trial, a quarter of the participants will take both vitamin D and omega-3 fatty acids, a quarter will take the vitamin, a quarter will take the fatty acids and a quarter will take a placebo.