On June 29, 2012, both the Senate and House passed the Biggert-Waters Flood Insurance Reform Act of 2012 as a part of H.R. 4348, the Surface Transportation Conference Report. The President will sign the measure in a few days. This is the culmination of a successful multi-year REALTOR campaign and a final push at NAR’s Midyear Legislative Rally and Meetings in May 2012. Congress had been extending the National Flood Insurance Program a few months at a time since 2008. Twice this led to shut downs, including one that stalled more than 40,000 home sales in June 2010 alone. Passage of this 5-year reauthorization will bring certainty to real estate transactions in more than 21,000 communities nationwide where flood insurance is required for a mortgage. The bill ensures the program will continue long-term for more than 5.6 million business- and homeowners who rely on it, achieves one of NAR’s top priorities for the year, and means taxpayers will spend less on federal assistance for flood disasters over the long run. NAR will continue to monitor the legislation as it is implemented.
For those of you accustomed to joining NHAR for its annual “REALTORS in the Crossfire” seminar each Spring, the event has not gone away, but the format has changed, for this year only. For your convenience, the NHAR Risk Management Subcommittee is proud to offer the first of three 2012 “REALTORS in the Crossfire” video presentations, below.
This week, “The Top 10 Things NOT to do or Say as a REALTOR” is presented by attorney Matt Johnson of Devine Millimet. Matt oversees the NHAR Legal Resource Line, a free member benefit at nhar.org (click on the purple RISK MANAGEMENT box on the home page).
Matt’s Part 2, “Top 10 Risk Management Tips,” will be released next Monday, June 18, and his third and final topic, “Top 10 Things NOT to Put on a Listing Sheet or Tell a Prospective Buyer,” will be released on June 25.
Keep in mind, while this is an alternative delivery vehicle to NHAR’s “REALTORS in the Crossfire,” it should be considered a supplement, not a replacement. Risk continues to escalate in the real estate industy, making this popular program more relevant and better attended than ever before.
Mark your calendars for next April, as the subcommittee has already begun lining up speakers for the return of “REALTORS in the Crossfire” as a live risk management event.