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TO: MNAR Brokers, Managers and
REALTORS®
RE: Team
Names |
Christopher Galler,
Chief Operating Officer |
Linda Modlinski,
Senior Vice
President | |
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At the end of last month, after a meeting with the Minnesota
Department of Commerce (DOC), we published information on the
use of real estate teams. Since the publication of that
information, we heard from several real estate teams and brokers
who were looking for further clarification about team names and
logos/artwork. We requested a meeting with representatives from
the DOC's Marketing Assurance Division. MNAR President Michael
Hoffman and MNAR General Counsel Brad Boyd joined us and we had
a positive discussion about team advertising and marketing and
following is a recap of that information and what we
were able to resolve:
In addition to MN Statute 82.22, Subd. 6,
which outlines how a real estate salesperson may conduct
business and advertise, the MN DOC also stated they used Minnesota Administrative Rules
2790 as a guideline for interpreting the use of
real estate team names. The DOC said they would take into
consideration the content, detail, character, purpose and use of
the advertisement and marketing efforts of real estate teams.
They did agree to relax
their requirement of the use of the last name of one of the team
members and also clarified the use of team
logos/artwork, provided the company name is
more prominently displayed in larger and bolder print than the
group name. They also agreed
"Family" could be included in
the group or team name (i.e. Smith Family Group or Smith Family
Team), but again stressed that the company name must be more
prominently displayed in larger and bolder print than the group
name. Below is a revised list of all the conditions to be
incorporated when using team names in advertising and marketing
efforts:
- The broker must be aware and
authorize the use of group or team names,
and
- The broker/company name must be
more prominently displayed in
LARGER and BOLDER print than
the team or group name, and
- The Department of Commerce will only allow team names with
informal designations TEAM or GROUP, and
- The Department of Commerce will not allow
team names that include Partners, Associates
or Real Estate Company,
as they may imply they are a separate
entity or company, which may be
misleading to the public.
The MN DOC stressed that the broker must authorize
and approve the use of team names
within the company and must have a hand in the
use of the team's marketing efforts to ensure all the conditions
and criteria noted above are complied with in all
advertising and marketing, business cards, websites,
letterhead, etc. The broker's supervisory duties are
covered under MN Statutes 82.48, Subd.
3(a).
We trust these modifications will be helpful to brokers and
team members alike and clarify how team names can be used within
the real estate industry in Minnesota. We encourage you to make
sure all of your marketing efforts are in full compliance.
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- Do you know when a BPO could become an appraisal?
- What loan modification activities are permissible under
Chapter 82?
- What activities can a real estate agent engage in under a
"Cash for Keys" program?
- If a bank asks an agent to do an REO "trash out" or
maintenance activities, what kind of a contract is needed and
can a commission or fee be collected by the agent?
- How should expenses and reimbursements incurred on behalf of
an REO owner be handled by the broker/agent?
- What is property management and who needs a license?
- What property management activities require a separate
management company or what can be handled within a real estate
brokerage?
- How should broker handle rental deposits?
- What kind of background checks can be required of renters
and how should pre-lease costs and fees be handled?
If you are unsure of the answer to any of these questions, we
have a comprehensive real estate continuing education class that
is designed to provide answers to these issues and many more!
This special program will only be offered three times throughout
the state and we encourage you to attend!
We are pleased to offer this program
at the following locations:
Wednesday, March 24 - 8:45am
check-in; 9:30am-12:30pm class
Mystic Lake Casino -
2400 Mystic Lake Blvd, Prior Lake
Thursday, March 25 - 8:45am check-in;
9:30am-12:30pm class
Grand Casino Hinckley -
777 Lady Luck Dr, Hinckley
Friday, March 26 - 8:45am check-in;
9:30am-12:30pm class
Arrowwood Resort - 2100
Arrowwood Lane NW, Alexandria
Cost: $35 prior to March 22, 2010, $50 after
March 22, 2010
This includes coffee, pastries, handouts and
3.0 hours of Real Estate and Appraisal CE (Approval
Pending).
To register, please go to www.mnrealtor.com and click on the
program you would like to attend. Enter your MNAR Login and get
registered today! Seating is limited at each location - sign up
soon!
For more information, please go to www.mnrealtor.com/eresource/bestpractices.
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Once again this year, we'll have some great education, a
rally at the Capitol and time to meet with your Legislators to
discuss the issues affecting your real estate business. We will
provide you with key talking points and information you need to
make the most of your meeting. The key to making this a
successful day is having YOU in
attendance. The event is FREE again this year, however,
you do have to register to attend. You can register at
www.mnrealtor.com. Approved for 2.0 hours of
CE.
Schedule of Events:
8:30am:
Registration/Check-In
9:30am-12:00pm: Legislative Update and
Issues Overview
12:00pm-12:30pm: Lunch on your own
12:30pm
- 1:15pm: Rally at the Rotunda with Legislative
Leaders
1:15pm-3:00pm: Visits with Legislators at the
Capitol
3:30pm-4:30pm: Special RPAC Program (For RPAC
Contributors only)
4:30pm-6:00pm: Hall of Fame/Major Donor
Reception (Sterling R or more in 2010)
(Schedule is subject
to change)
Why should you attend LID?
Following is a
list of bills that we'll be discussing and lobbying on
Legislative Impact Day.
- Elimination of Mortgage Interest
Deduction
- Elimination of Property Tax Deduction
- Sales Tax on Services
- Municipality Preemption of State Building
Code
- Wetland Disclosure
- Nuisance Disclosure
- Tenants Bill of Rights
- Urban/Suburban Defined
- Voluntary Special Assessment Energy
Improvement
- Well Disclosure
- Dept. of Commerce Market Assurance
Bill
- Real Estate Licensee Continuing Education
Modifications
- Foreclosure Sale Postponement for a 12 month
redemption period
- SAFE Act
- Foreclosure Moratorium
- Foreclosure Procurement
- Civil Receivership
- Homestead Lender Mediation
- Limited Right of Entry
- Manufactured Homes Building
Codes
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We are partnering with many local associations around the
state to bring you a full day of all new education for
2010.
March 10 - Maplewood Community Center
To
Register: Contact Val Brones at (952)
912-2667. (Cost is $75 all day or $50 per
session.)
8:00-12:15: "Today's Real
Estate" with Chris Galler. Approved for 3.75 hours
CE.
1:15-5:00: "Real Estate Legal Issues" with Lynn
Leegard, Esq. Approved for 3.75 CE hours.
April 1 - Plymouth Creek Center (CRS Sponsored)
To
Register: Go to www.mnrealtor.com (Cost is $55 all day or
$30 per session. After March 29, cost is $75 all day or $50 per
session)
8:00-12:15: "Agency, Fair
Housing and 2010 Legislative Issues" with Chris Galler and Rob
Mehta. 3.75 CE hours pending.
1:15-5:00:
"Real Estate Legal Issues" with Lynn Leegard, Esq.
Approved for 3.75 CE hours.
April 7 - Kelly Inn, St. Cloud
To Register:
Contact St. Cloud Area Association at (320)
253-7149
8:00-12:15: "Today's Real Estate"
with Chris Galler. Approved for 3.75 CE
hours
1:15-5:00: "Code of Ethics Interpretations"
with Linda Modlinski and Jim Dattalo. Approved for 3.75
hours CE. Meets NAR's Code of
Ethics.
April 8 - Prairie's Edge Convention Center, Granite
Falls
To Register: Contact West Central Association
at (320) 235-6881. More information here.
8:00-12:15: "Real
Estate Issues 1" with Jim Dattalo and Wayne Gilbert.
Approved for 3.75 CE hours. Meets MN's 1 hour Agency Law
and 1 hour Fair Housing.
1:15-5:00: "Agency, Ethics
and the Law" with Lynn Leegard, Linda Modlinski and Chris
Galler. Approved for 3.75 CE hours. Meets MN's 1 hour
Agency Law and NAR's Code of Ethics.
April 12 - The Lodge, Baxter
To Register:
Go to www.mnrealtor.com
8:00-12:15:
"Real Estate Legal Issues" with Lynn Leegard.
3.75 CE hours pending.
1:15-5:00: "Today's
Real Estate" with Chris Galler. Approved for 3.75 CE
hours.
April 14 - Ramada Hotel, Rochester
To Register:
Contact Southeast MN Association at (507)
285-9833
8:00-12:15: "Real Estate Legal
Issues" with Lynn Leegard. 3.75 CE hours
pending.
1:15-5:00: "Real Estate Issues 1" with
Gregg Hartos and Duane Sauke. Approved for 3.75 CE
hours. Meets MN's 1 hour Agency Law and 1 Hour Fair Housing.
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Broker Summit
An event exclusively for
Brokers & Managers
Keynote Speaker Stefan Swanepoel
4 speakers, 5 CE credits
for $65 (non members)
April 7, 2010, 9:00am-3:30pm
Hotel
Sofitel, Bloomington, MN |
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The Minneapolis Area Association of REALTORS®
(MAAR) would like to invite Minnesota brokers and managers to
their second annual Broker Summit on April 7, 2010. The Summit
features Keynote Speaker Stefan Swanepoel presenting his Top
10 Real Estate Trends for 2010. On the undercard will be Maureen
Tubbs from the Minneapolis/St. Paul Business Journal;
Greg Sax, Communications Director for 10K Research and
Marketing; and Mark Allen, CEO of MAAR.
The cost of this exclusive broker event is only $65, which
includes four speakers, five CE credits, and a delicious
continental breakfast and buffet lunch at the beautiful Sofitel Minneapolis Hotel in Bloomington.
For more information and Registration Form
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The Twin Cities is hosting its first Real Estate
BarCamp on Tuesday, April 6. Be part of the impromptu, freeform
learning trend sweeping the industry. The agenda will be set the
morning of the event - by you, for you.
Real Estate BarCamp is open to anyone wanting to
learn about topics in social media, technology, branding,
marketing and what's happening now and next in the industry. The
learning focus will lean particularly toward real estate
professionals such as REALTORS®, brokers,
lenders, title pros and the like.
This is a can't lose event! It's free, you will
learn things and you will be surrounded by a hive of forward
thinkers in your industry. Registration is now open and limited
to 400 registrants.
Date: Tuesday, April
6
Time: 9:00am-5:00pm (doors open at
8:30am)
Location: Spill the Wine, 1101
Washington Ave S, Minneapolis, MN
Register Online | View
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