CCAR NEWS
Don't Let Your GFE Change for No Good Reason
By Phil Martin, CCAR REALTOR®/Lender Committee

What is and what is not a good reason for a "Changed Circumstance" or "Change in Circumstance" (CIC) on a Good Faith Estimate (GFE)? One of the primary purposes of the new GFE is to protect consumers against unwarranted and/or unexpected changes which result in increased costs. Specifically, to protect against changes in circumstances that are not driven by legitimate reasons for the change.

But as we know, in the real world circumstances do in fact change. But as we move forward with the new GFE, our approach to CIC may also need to change. In the past, if a change led to an increase in cost, our natural tendency may have been to simply reconcile the invoice with the increase. Does "We can't close until we get an invoice," sound familiar?  But in today's environment, the presence of an invoice does not justify a change in the charges passed to a consumer. With the new GFE, our scrutiny should be focused on the reason for the change itself. Read the remainder of the story.

Early Voting Ends Tomorrow
Tomorrow is the last day to vote early for the May 8 election. Most cities have something on the ballot: Collin College Trustees, Independent School District Board Trustees, mayoral and/or council members, as well as various city and school bond elections.

The Collin County Elections Office has contracted with many cities to conduct their elections. Therefore, you can go to any early voting location in the county to cast your vote. So, don't wait until Saturday to exercise this important privilege. Vote today or tomorrow from 7 a.m.-7 p.m.

The CCAR Government Affairs Committee interviewed candidates for city and town councils in Allen, Frisco and Prosper. The following candidates have earned the CCAR endorsement:

Allen City Council
Robin Sedlacek - Place 4
Jeff McGregor - Place 6

Frisco City Council
Jeff Cheney - Place 2
David Prince - Place 4

Prosper Town Council
Ray Smith - Mayor
Woody Adams - Place 1
Meigs Miller - Place 4
Trent Lewis - Place 6

Health Reform: 4 Percent Home Sale Tax is Myth
Reprinted from NAR's "Internal News Service"
 
Information circulating on the Internet claiming health reform includes a 4 percent tax on home sales is incorrect. Starting in 2013, the law imposes a 3.8 percent Medicare tax on households with adjusted gross income (AGI) of more than $200,000 for individuals ($250,000 for married couples), a portion of which is "net investment income."

Since capital gains are included in the definition of net investment income, an additional tax obligation for these households might result from the sale of real property, but for many households the tax obligation won't apply to gains from the sale of a principal residence. On the sale of a principal residence, the existing $250,000/$500,000 exclusion from capital gains remains unchanged. Consequently, even when the AGI limits are met, the new tax would apply only to gains realized in excess of the $250,000/$500,000 exclusion that push AGI over the $200,000/$250,000 Medicare tax limit.

Details on health reform will be discussed in a free NAR webinar, on May 27 at 1 p.m. (EST).

CCAR's Got Talent...or Not! A Success
"CCAR's Got Talent...or Not!" took place on April 23, and everyone who attended had a great time. Close to $3,000 was raised for TREPAC, and the talent was amazing - or not. Everyone who performed gave it their all.

The "People's Choice" first place winners were the WCR gals singing "Simply Irresistible."
Second place went to "The Beauties and the Beasts" entourage, who sang a medley of songs. And, third place went to the Allegiance Title team who belted out "You Don't Have to Call Me Darlin."

We would like to give a special thanks to Gerald Vokolek, event chairman and Master of Ceremonies. This event was Gerald's brainchild and he worked tirelessly to make it a success! Also, a big thank you to: Stephanie Allen, Artistic Director; Darrell Thomas, Sound and DJ; Ruth Darling, Piano; and Dan Hunt, Auctioneer and Stage Director.

Also, we couldn't have put on the event without the support of our Patron Offices: Ebby Halliday Realtors - Plano (Kay Wright); Ebby Halliday Realtors - Allen (Diane Hausler); Keller Williams Realty Plano; RE/MAX Dallas Suburbs; and RE/MAX Premier Properties.

And thanks to our wonderful event volunteers: Jerry Welch, Ken Missler, Peg McBrayer, Doug Reece, Mary Leidy, Jonna Fernandez, Carol Johnson, and Casey Ross.

UPCOMING CCAR EDUCATION CLASSES
NTREIS InnoVia Basic 101
This course focuses on the basic features of the MLS access program InnoVia. Students will learn to utilize information related to inventory, expiring listings, and expiring prospects. Instruction will also be provided on customizing the home page with the Provider Bulletin Board, User Bulletin Board, links of interest, calendar and statistics. Students will learn to do basic searches for listings and a variety of display reports. This course will also cover Hotsheet search, as well as how to save, print, and e-mail reports. Students will also learn to utilize the financial calculator and Prospect Manager.

Date and time: Monday, May 10, 1-4 p.m. Cost: $18 for CCAR members, $28 for non-members. MCE: Three hours (no legal). Instructor: Stacey Buettner or Don Cook. Register for this class.

FREE CLASS: Brown Bag MCE
Join CCAR for its third annual FREE one-hour MCE "Brown Bag Lunch and Learns." Hosted every month at CCAR, these one-hour MCE sessions discuss current and relevant topics in the field of real estate. So bring your lunch, and grab a free hour of MCE! Registration begins at 10:45 a.m. Upcoming session: "Record Keeping for Licensees"

Date and time: Thursday, May 13, 11 a.m.-noon. Cost: FREE (registration is required: A $10 no-show fee applies). MCE: One hour (no legal). Instructor: CCAR REALTOR®/Lender Committee. Register for this class.

TREC Legal Update and TREC Legal Ethics
TREC requires licensed REALTORS® in the business more than 12 months to have six legal hours. These two classes fulfill TREC's requirement. The Legal Update and Legal Ethics courses each offer three legal hours. These courses are being offered on two separate dates, at two separate locations:

Date and time: Monday, May 17, 9 a.m.-noon (Legal Update) and 1-4 p.m. (Legal Ethics). Cost: $20 for CCAR members, $30 for non-members. MCE: Three TREC legal hours per class. Instructor: Judy McKee or Bob Baker. Register for this class.

THIS WEEK'S CCAR NETWORKING MEETINGS
Plano - May 4, Networking - 8:30 a.m., Meeting - 9 a.m.
Location: CCAR - 6821 Coit Rd., Plano 75024
Host: Ebby Halliday Realtors, Allen
Speaker: Tim Carroll, Spokesperson - Allen Independent School District
Topic: Everything You Want to Know About Allen Schools
Advertiser: Tucker Hill

Farmersville - May 6, Networking - 8:30 a.m., Meeting - 8:45 a.m.
Location: O.E. Carlisle Center - 201 Orange St., Farmersville 75442
Speaker: Everett Wingo, Texas CHL Professionals
Topic: Concealed Gun Information and Safety
Advertiser: First National Bank of Trenton

Frisco - May 6, Networking - 8:30 a.m., Meeting - 8:45 a.m.
Location: Train Depot - 6455 Page Street, Frisco 75034
Host: William Davis Realty
Speaker: Drew Owens, Summit Seminars
Topic: How to Make Money in Today's Challenging Market
Advertisers: Home Warranty of America, Amy Desgrange and Susan Staging Services, Susan Held
Builder Drawing: DR Horton, Andrew Voight
This will be the last Frisco Networking meeting until September 2.

UPCOMING CCAR EVENTS
2010 TREPAC Golf Tournament
Join us for a day on the course benefitting the Texas Real Estate Political Action Committee.

What: 2010 TREPAC Golf Tournament
When: Tuesday, June 1 - Registration begins at 11:30 a.m., shotgun start at 1 p.m.
Where: Heritage Ranch Golf Course - Fairview, TX
Cost: $75 for 18-hole round of golf, lunch and awards dinner (all other event proceeds will go directly to your TREPAC investment).
Register: Register by completing the reservation form. For more information please contact Diane Donley at 972-618-3800 or diane@ccar.net.

Affiliate Sock Hop for TRLP
It's 1950's fun at the Hop! CCAR's Affiliate Committee will host a Sock Hop with all proceeds benefitting the Texas REALTORS® Leadership Program (TRLP).

What: Affiliate Sock Hop for TRLP
When: Friday, June 4 - 7-11 p.m.
Where: CCAR Banquet Room
Cost: $20 per person, which includes food, soft drinks, and games. Please provide your own alcoholic beverages.
Information: Join us for a night of fun, as we raise funds for TRLP. "This is Elvis with Kevin Bode" will perform live and there will be contests for best dressed and more! For more information, view an informational flyer or contact Diane Donley at 972-618-3800 or diane@ccar.net.

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