– Georgiana S. Tyler, Education Chair, read the exam statistics report. For the month of December 2008, 297 salesperson and 37 broker exams were administered by PSI.
– Anne S. Cooke, Legislative Chair - deferred to Elizabeth Trimble, Commission, Counsel
Katherine F. Connelly
Current license count is 51,512, of which 4,964 are brokers, 3,265 are associate brokers, 42,288 salespersons, 735 branch offices, 3 timeshares, 53 reciprocal brokers, 17 reciprocal associate brokers, and 187 reciprocal salespersons; of the total count, 4,994 are inactive, an increase since last month.
Guaranty Fund balance as of November 30, 2008 is $2,259,185.28
The 2008 CE audit has been started. Forty (40) notices have been mailed.
The 2007 audit results are 14 out of 65 brokers failed for a pass rate of 79%, 7 out of 44 associate brokers failed for a pass rate of 84% and 40 out of 230 salespersons failed for a pass rate of 83%.
Elizabeth Trimble – comments throughout meeting. The bills concerning the Commission have not been seen yet.
Settlement Services Task Force will not meet until after the current Legislative Session. Members have been assigned research to complete now and report after the Legislative Session.
J. Nicholas D’Ambrosia noted the number of agents in MRIS is about 60,000 with anticipated drop to 35,000. The current MAR members are expected to drop from around 35,000 to 27,000
Fee Regulation was discussed at length, specifically the effective date. MAR requested an effective date of 7/1//2009. After reviewing the budget and decrease in income to the Commission special fund since the beginning of this fiscal year, the Executive Director advised that instituting the new fee increases should be done sooner than later. A compromise date that all felt was fair was March 1, 2009 as opposed to 10 days after the vote at the 21st January meeting or as late as 7/1/09. A motion was made by Commissioner Tyler to accept the fee increases. The motion was seconded by Commissioner Simpers. The motion was amended after discussion to accept the fee increase and make it effective on 03/01/2009. The motion was made by Commissioner Tyler and seconded by Commissioner Simpers. The decision was unanimous.
Discussion was held concerning bank exceptions to REO sales. Counsel Trimble met with HUD representative to discuss REO sales and 3RD party approvals. She will follow up with more meetings.
It was decided that third party approval for a contract is a material fact that must be disclosed. It was also decided that the absence of documents in REO sales is a material fact that must be disclosed.
This information will be disseminated in the next REC newsletter.
It was decided to wait until after the Legislative Session to hold a meeting with all education providers to discuss various issues. Since we have bills pending before the legislature concerning education which will affect the providers, we should wait until after the session so that we can discuss implementation as necessary.
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