This week, local licensees in the fields of mortgage, appraisal and real estate were visited by administrative authorities of the Utah Division of Real Estate who conducted meetings at the Dixie Center to remind and inform members of old and new rules.
Division Director, Deanna Sabey, touched on updated services and systems by the Division to enhance administrative procedures for licensees and the public. The newsletter is now on-line. The complaint process is now available on-line. Procedures required now under the new House Bill 275 were reviewed; these primarily clarify and clean up definitions and the application of fees and fines applicable to the three areas of the business. House Bill 53 was mentioned as being important to address issues related to work by licensees in the areas of foreclosure rescue and loan modification.
Mark Fagergren, Director of Licensing and Education, reviewed requirements for pre-license programs. Real Estate licensees must now complete 18 hours of approved continuing education credit for license renewal every two years; this is up from 12 hours required earlier.
Dee Johnson, Director of the Enforcement section within the Division of Real Estate spent time reviewing rules of conduct and cited case examples of complaints. He indicated that the number of complaints filed with the DRE amounts to less than one (1) percent of all licensees affected. He mentioned that the short sale business is likely to be a strong part of the real estate business for another 18 months. He also cited the following as concerns and areas where investigations occur as perpetrated by the public as well as possible involvement by licensees: Foreclosure schemes, Loan modification schemes, Short sale schemes, Affinity fraud, New construction schemes, and Artificially inflated appraisals.
Having been involved in this business as a licensee for 35 years, it is interesting to reflect back over the years as to the organization and administration of the Division of Real Estate and the modification of license rules, the types of problems and concerns that have been common-place in the related industries, and the attitude and philosophy of the Division. It is extremely helpful to the applicable industries to engage in these types of gatherings and meetings to receive common input and information and to enjoy an exchange of questions and ideas. In this writers opinion, there is a good working relationship between the regulatory arm of the business and the working practitioner licensees; we are served well by caring, professional, serving staff. Obviously, understanding is paramount, but communication is vital to the promotion of good business practice.
St. George REALTOR® Jim Coleman is Associate Broker and Partner/Owner of ERA Brokers Consolidated. He Specializes in Residential, Investment and Commercial Real Estate, holding National Designations of Accredited Buyers Representative (ABR), Certified Residential Specialist (CRS), Resort and Second Home Property Specialist (RSPS), Seniors Real Estate Specialist (SRES), Certified International Property Specialist (CIPS), GREEN Property Specialist, and Certified Short Sale and Foreclosure Resource Specialist (SFR). You can contact him by e-mail at Jim@JimColeman4Homes.com. Call: (435) 627-5411; or write: Jim Coleman, 201 East St. George Boulevard, St. George, Utah 84770. This and other columns are available at www.WinningTalk.com/articles.