Broker Report
January 2025
NAR Lawsuit Settlement Updates for NYS Brokers
NAR Consumer Guide: Flood Insurance
The latest NAR consumer guide covers what flood insurance is, what it covers and more.
Visit NYSAR’s dedicated NAR lawsuit settlement webpage for NAR Lawsuit Settlement resources, including FAQ’s for New York REALTORS®.
NYSAR also offers updated model statewide forms and instructional videos.
News
NAR Legal Action Program Helps Secure Victory in Appeals Court
“NAR announced the Eighth Circuit Court of Appeals issued a unanimous decision finding that the defendant brokerages and agents in Designworks Homes, Inc. v. Columbia House of Brokers Realty, Inc., et al. and Designworks Homes, Inc. v. Susan Horak, et al. did not infringe the plaintiff’s copyright when using floorplans in marketing properties.”
Enhancing Broker-Agent Communication for Better Business Outcomes
“Communication within a brokerage starts at the top. Set your agents and your office up for success by modeling open, frequent communication.”
“The inflation rate is not contained but moving ever so slightly into a better spot. The conquering of inflation will be a key factor in bringing down the mortgage rates, which so far have refused to budge even as the Federal Reserve has been cutting other interest rates.”
Donate to California wildfire victims
As your heart goes out to the victims of the California wildfires, give now to help bring hope and immediate aid to those in crisis. Donate to the REALTORS® Relief Foundation by January 31 to ensure 100% of your donation is earmarked for wildfire victims.
New Study Reveals Projections of a Slowdown in Household Growth, Housing Demand
According to a recent study from the Joint Center for Housing Studies (JCHS) of Harvard University, household growth in the coming years is projected to slow significantly, which would have a notable impact on housing demand.
NYSAR Mid-Winter Business Meetings
Join us for the 2025 Installation of Officers at the 2025 “Opportunity Awaits” Mid-Winter Business Meetings. Select committee meetings will be held virtually via Zoom Jan. 21-24 and in-person at the Crowne Plaza – The Desmond Hotel in Albany Feb. 3-6.
As we head “Across the Association” for the first time in 2025, we start off with some important Advocacy information and some FREE training from NYSAR.
Education
GRI – 7: Property (Graduate, REALTOR® Institute Designation Class*)
January 21-22 | 9 a.m. to 1 p.m.
CE Hours: 7.5
Member Price: $125
Instructor: Mike Smith
Buyer Representation: The Essential Guide
January 24 | 9 a.m. to 12 p.m.
CE Hours: 3; 1 in Agency
Member Price: $50
Instructor: Randy Templeman
GRI – 2: Business (Graduate, REALTOR® Institute Designation Class*)
January 27-28 | 9 a.m. to 1 p.m.
CE Hours: 7.5
Member Price: $125
Instructor: Mike Smith
GRI – 8: Technology (Graduate, REALTOR® Institute Designation Class*)
February 10-11 | 9 a.m. to 1 p.m. CE Hours: 7.5
Member Price: $125
Instructor: Ifoma Pierre
GRI – 3: Agency (Graduate, REALTOR® Institute Designation Class*)
February 13-14 | 9 a.m. to 1 p.m.
CE Hours: 7.5; 2 in Agency
Member Price: $125
Instructor: Al Fazio, Esq.
*NYSAR continues to offer new professionals, licensed in New York State one year or less, the opportunity to take GRI Zoom courses for free! Take two classes and get the third one on us! Classes must be taken over a one-year period. Contact the Education Department via email, [email protected] or call 518.463.0300 x 219 for information.
Remember: Active REALTORS® who have earned and maintained their NAR-family designations/ certifications and are looking for a refresher, may retake a previously completed designation/certification course for only $50 and earn CE credit for doing so provided your dues are current!
Government Affairs
Governor Hochul delivers 2025 State of the State Address
On Jan. 14, Gov. Kathy Hochul delivered her fourth State of the State Address in Albany outlining her priorities for the year. The governor’s speech placed a large focus on public safety and increasing affordability for New Yorkers, including proposals to provide a one-time “inflation refund” check, increasing the child tax credit, and providing down-payment assistance for first-time homebuyers.
Governor Hochul’s State of the State Address serves as a preview to her Executive Budget proposal, which is due by January 21. NYSAR will evaluate all relevant proposals as more details become available throughout the budget process, underscoring the importance of building upon the state’s investment in housing included in last year’s budget: $600 million to support new housing development; $500 million in capital funding for new homes on state-owned property; and new local tax incentives to create more housing opportunities.
2025 NYSAR President Jacqlene Rose Statement on Hochul’s 2025 Housing Priorities
Following Gov. Kathy Hochul’s State of the State Address and the release of her 2025 housing priorities, 2025 NYSAR President Jacqlene Rose issued a statement and video.
Update: State Code Council to meet on mandated home fire sprinklers
The NYS Fire Prevention and Building Code Council is now scheduled to meet on Feb. 28, to decide whether to adopt a new state fire sprinkler mandate following the postponement of two prior meetings. The proposed code change would mandate the installation of residential fire sprinkler systems in all new one- and two-family homes across New York. NYSAR is urging REALTORS® and residents to tell Governor Hochul, Secretary of State, and state lawmakers to oppose the proposed mandate.
Gov. Hochul and state lawmakers agree on new short-term rental law
State lawmakers and Governor Hochul have agreed to chapter amendments that will result in passage of a new law giving counties the option to create their own registries for short-term rental properties. There will be no mandate on counties. Booking platforms, including Airbnb and Vrbo, will be required to send quarterly reports to counties and the Department of State. Short-term rental properties will also be required to pay the same sales and occupancy taxes as hotels. Lawmakers are expected to approve the final, amended version in January.
Member Perks
Perform easy, comprehensive, and reliable tenant background checks for clients with TransUnion SmartMove.
RPAC
2025 RPAC Fundraising & Participation Goals Announced
NAR has announced the 2025 RPAC Fundraising and Participation goals. NYSAR’s 2025 RPAC fundraising goal is $1,331,735 and the 2025 participation goal is 17,844.
Register now for RPAC Lounge
The legendary RPAC Lounge will be open on Tuesday, February 4 from 7 a.m. – 5 p.m. during NYSAR’s “Opportunity Awaits” Mid-Winter Business Meetings at the Crowne Plaza – The Desmond Hotel in Albany. For a new $300 RPAC investment, enjoy breakfast, lunch, Ben & Jerry’s Ice Cream, manicures, massages, professional photographer, psychic readings and more.
January episode of NAR Advocacy Scoop
Shannon and Patrick delve into the complicated world of tax reform and how Congress and the administration plan to tackle the expiring Tax Cuts and Jobs Act (TCJA).
January RPAC Auction Item
The Jet Set Weekender bag by Michael Kors is the perfect travel companion! The bag dimensions are 19W X 11H X 8.5D and includes a detachable shoulder strap as well. Thank you to Vlora Sejdi from HGAR for the generous donation. Bidding will end on Friday, January 31 at 5 p.m.
Contributions are not deductible for income tax purposes. Contributions to RPAC are voluntary and are used for political purposes. You may contribute more or less than the suggested amount. You may refuse to contribute without reprisal and the National Association of REALTORS®, the New York State Association of REALTORS® or any of its local boards or associations will not favor or disfavor any member because of the amount contributed. 70% of each contribution is used by your state PAC to support state and local political candidates. Until your NYSAR PAC reaches its PAC goal, 30% is sent to National RPAC to support federal candidates and is charged against your limits under 2 U.S.C. 441a; after NYSAR PAC reaches its RPAC goal, it may elect to retain your entire contribution for use in supporting state and local candidates. Contributions are not deductible for income tax purposes. Contributions to RPAC are voluntary and are used for political purposes. You may contribute more or less than the suggested amount. You may refuse to contribute without reprisal and the National Association of REALTORS®, the New York State Association of REALTORS® or any of its local boards or associations will not favor or disfavor any member because of the amount contributed. 70% of each contribution is used by your state PAC to support state and local political candidates. Until your NYSAR PAC reaches its PAC goal, 30% is sent to National RPAC to support federal candidates and is charged against your limits under 2 U.S.C. 441a; after NYSAR PAC reaches its RPAC goal, it may elect to retain your entire contribution for use in supporting state and local candidates.