Martin Kalisker, WEICHERT, REALTORS®- Synergy: Metrowest's Preferred Realtor

The House and Senate of our Commonwealth are reviewing final readings of proposed legislation, which when enacted, will drastically alter the licensing and continuing education requirements for real estate salespersons and brokers. House Bill 4169 will require a minimum 20 hours of continuing education for all licenses renewing on or after January 1, 2011. Senate Bill 121 will raise the minimum number of hours required for classroom instruction required of salespersons desiring to become brokers and will also raise the minimum work experience under a duly licensed broker from 1 year to 3 years.

Personally, I support the efforts of our House and Senate. These changes are not "barriers to entry", but are being made to strengthen the knowledge and experience of real estate agents and their brokers and in turn, increase the consumer's confidence in our industry.

When asked by Senator Karen Spilka (D-Second Middlesex and Norfolk) for my comments before the November 9th reading of the proposed legislation in the Senate, I responded favorably for both the House and Senate bills, but also urged Senator Spilka to consider language that would require continuing education to be more relevant and timely. Using the model of the Board of Accountancy, I suggested that a certain number of continuing education hours be mandated for ethics, professional standards, real estate law and practice, and a limitation on non-technical hours allocated to the continuing education requirement.

If you want to review the proposed legislation, please contact your local Representative or Senator.

As for the MAR and the local real estate board, I have yet to see a position statement from these groups, which is surprising, at a minimum.

Bob Parsons from GoDaddy has done it again! Each year he celebrates Veterans Day with a salute to the USMC. Even Gomer Pyle would be proud. Click here or on the graphic below to see this year's salute.

Happy Veterans Day, everyone!

And to those in our armed services, the US Navy, Coast Guard, The US Marine Corp, The US Air Force and the US Army. God Bless you all and thank you for the sacrifices that you have made to make our country safe and for protecting our freedom. God Bless the USA.

In a bit of positive news, Freddie Mac recently confirmed, in writing, that Loan Servicers may not renegotiate sales commissions below the amount agreed to by real estate brokers and sellers, whcih is now consistent with Fannie Mae policy on the same issue. Previously, Freddie Mac officials has publicly stated such a policy, but had not confirmed it in writing.

If the negotiated commission exceeds six percent, servicers are required to limit it to six percent. The National Association of Realtors has asked Freddie Mac officials to establish an appeals process for cases when servicers refuse to comply with the commission policy.

In another incidence of media frenzy, and haste to be the first to get the news out (a la Fort Collins Balloon Boy), more inaccurate information has hit the wire.

The extended tax credit is not yet approved

There is talk that the extended (and possibly expanded) credit will have the following features:

1) Sales agreements must be signed no later than April 30, 2010

2) Deeds must be recorded no later than June 30, 2010

3) A reduced credit of up to $6,500 is being proposed for repeat buyers who have owned their current homes for at least five years (the original credit of up to $8,000 is for home buyers who have not owned a home for at least 3 years and is limited by income)

HOWEVER, no formal vote has been taken on the floor of the U.S. Senate regarding any extension of the First Time Homebuyer tax credit. However, there is some talk that U.S. Senate leaders from both parties have agreed in principle to extend and expand the housing tax credit before it expires on December 1, 2009.

If all is approved at the U.S. Senate level and voted upon, it still must go to the House of Representatives for further action.

At this point, all is still very uncertain.

The Wellesley Department of Public Works has sent out notices to all residents informing them that the water mains will be flushed during the hours of 8am to 5pm starting yesterday (October 19) through Friday October 23. Since the Town just sent out the notices today (Tuesday), I hope that there haven't been any surprises!

The major issue (besides not having water to brush your teeth or flush the toilet during the day) is that there may be sediment left in the water pipes which could discolor or stain your clothes. So, when in doubt, run the cold water for a while before putting in a load of whites!

For more information, please read the entire alert issued by the Town of Wellesley here