Thursday, August 31, 2006

Time To Review Home Protection - Katrina A Year Later

On the anniversary of Hurricane Katrina, it's worthwhile to review the steps that should be taken to protect a home. But it's not just those who in hurricane-prone areas like the Gulf Coast who need to be prepared. Wind and water damage can occur in homes located across the country. Here's a good overview for you and your clients. (Source: Smartmoney)

Full Story



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Copyright 2006 by Timon, Inc. All Rights Reserved.

Return Value On Renovation Projects Revealed By Report

What's the payback for remodeling? Annual report compares construction cost with resale value in 60 markets.

Each year since 1988, Remodeling Magazine's Cost vs. Value Report has compared construction costs for common remodeling projects with the value they add at resale in 60 US housing markets. This year's Report has all 15 legacy projects (formerly, ten were surveyed each year in rotation), plus the "upscale" versions of five projects introduced two years ago. New this year are upscale versions of roofing and siding replacement projects.
(Source: Remodeling Magazine)

Full Story . . .



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Copyright 2006 by Timon, Inc. All Rights Reserved.

Google Trends - Search Topics Analytical Tool

With Google Trends, you can compare the world's interest in your favorite topics. Enter up to five topics and see how often they've been searched for on Google over time. Google Trends also displays how frequently your topics have appeared in Google News stories, and which geographic regions have searched for them most often.

Google Trends analyzes a portion of Google web searches to compute how many searches have been done for the terms you enter relative to the total number of searches done on Google over time. It then shows you a graph with the results -- our search-volume graph -- plotted on a linear scale.

Source: Google Trends



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Copyright 2006 by Timon, Inc. All Rights Reserved.

Download Classic Books For Free At Google

Starting today, Google provides their Google Book Search which not only allows you to do full text searches of books, but allows you to read online (electronically "turning" the image of each page) and even download the full text (readible scanned image of each page and covers) of out-of-copyright books in PDF format. (Click here for their "About" page.)

Take a break and read a good book!


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Copyright 2006 by Timon, Inc. All Rights Reserved.

Be Prepared For A Flood - FEMA

This was recently issued by FEMA in anticipation of potential storm flooding in a particular area, but the information is general in nature and useful for anyone living in locations that face the threat of flooding...

Floods can happen anywhere, at any time, and they can happen fast. To ensure you aren't caught unprepared, here are some actions you can take:

Prepare a disaster kit: A disaster kit should have essential supplies needed to sustain yourself and your family during and after a disaster. The most essential supplies for a kit are water, non-perishable food, a radio, a first aid kit, extra batteries, and unique family needs such as prescription medications and important family documents.

Make an emergency plan: Essential components should include a communication plan, an out-of-town contact, an evacuation plan, a shelter-in-place plan, and knowledge of emergency plans at work, school, and other areas of your community. Keep a list of emergency telephone numbers with you at all times.

Stay informed: Keep informed about all the different types of disasters that could affect your home and community. Remember, some of the things you do to prepare are the same for both natural and man-made disasters. To become more familiar with how to react in an emergency, visit www.ready.gov or call 1-800-BE-READY (1-800-237-3239) . Both the web site and hotline provide helpful information about disaster preparedness.

Document property for insurance: Take photos of your most valuable possessions to facilitate any insurance claims you make. Save and store receipts for any expensive household items so you have proof of original cost. Make an itemized list of other possessions including books, small kitchen appliances and clothing. The more comprehensive the list, the better. These documents will help you file a complete insurance claim.

In the event of flooding, there are a few steps you should take to make sure you and your family stay safe:

Do not walk through a flooded area. Just six inches of moving water can knock you down.

Do not drive through a flooded area. Two feet of water can lift and move a car, even an SUV. More people drown in their cars than anywhere else during a flood.

Keep away from downed power lines and other electrical wires. Electrocution is often a major cause of death in floods.

Be careful of animals that have lost their homes during a flood. Animals may seek shelter in your home and aggressively defend themselves.

To learn more about getting your home, family, business, or community ready, call 1-800-BE-READY or visit www.ready.gov. In addition to general disaster preparedness tips, the website has information specific to different groups such as children and the disabled, and provides links to some local resources. There are also brochures and booklets available that can provide you with more tips on disaster preparedness that are downloadable from the website, or can be mailed to your home or business by ordering through the toll-free number or online.

FEMA manages federal response and recovery efforts following any national incident. FEMA also initiates mitigation activities, works with state and local emergency managers, and manages the National Flood Insurance Program. FEMA became part of the U.S. Department of Homeland Security on March 1, 2003.

Source: FEMA Release Number: 1649-062




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Wednesday, August 30, 2006

RE/MAX World Long Drive Golf Events

RE/MAX is a proud sponsor of golf's World Long Drive events under the auspices of Long Drivers of America. (Go to their website for details.)
RE/MAX World Long Drive Golf Championship Venu

Since 1995, RE/MAX International has been title sponsor of the premier event in power golf, the RE/MAX World Long Drive Championship. The Denver-based real estate giant, whose global network encompasses more than 50 countries and over 120,000 agents, is also title sponsor of the RE/MAX Junior World Long Drive Championship. Many RE/MAX agents in markets worldwide take an active role in promoting the sport of long drive


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Census Report on Income, Earnings and Poverty for US Communities

The Census Bureau just released their report, "Income, Earnings, and Poverty Data From the 2005 American Community Survey", which shows that New Jersey has the highest average household income of any state in the United States, but also has 2 of the poorest cities (Camden and Newark).

Burlington county, in South Jersey, was one of three New Jersey counties (along with Morris and Somerset counties in North Jersey) that ranked in the top 10 counties in the country with the lowest poverty rates.



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Kids' Survival Guide to Moving - The Video

RE/MAX International, which is the parent company for all your local RE/MAX offices, developed a video program to help kids who are facing a move to a new area, entitle the "Kids' Survival Guide To Moving".

This program is a winner of the Parents' Choice award and is approved by the American Library Association. "This award-winning RE/MAX Satellite Network production features kids telling kids what to expect in a relocation. A move is almost always stressful for children. But information, especially concerning important issues like friends, belonging to new schools, can make transition much easier - especially if the reassuring words come from peers."

You can view several clips from the program below and even order a copy (see image sidebar at right).

View the video clips:

Tip 1 - Don't decide how you feel.
Tip 2 - Give it some time.
Tip 3 - Ask lots of questions.
Tip 4 - Pack your own stuff.
Tip 5 - Keep important stuff with you.
Tip 6 - Say goodbye to your house.
Tip 7 - Let parents know how you feel.
Tip 8 - Stay in touch.
Tip 9 - Get an address book.
Tip 10 - Explore your new home.
Tip 11 - Unpack your room right away.
Tip 12 - Make new friends one kid at a time.
Tip 13 - Introduce yourself.
Tip 14 - Checking out the new school.
Tip 15 - Ask for help.
Tip 16 - Visit the new school before first day.
Tip 17 - Make the most of make-shift house.
Tip 18 - Talk about it.
Tip 19 - Work as a team.
Tip 20 - Give yourself time.
Tip 21 - Be accepting.
Tip 22 - Talk to your classmates.
Tip 23 - Make a neighborhood map.
Tip 24 - I will survive.
Tip 25 - Make a poster for your class.
Tip 26 - Talk to your parents.

Source: RE/MAX International
Videos Copyright RE/MAX International - RE/MAX Satellite Network.
RE/MAX and Logo are registered trademarks of RE/MAX International.



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Tuesday, August 29, 2006

Wikipedia Tools

For those of you that can't get enough information, here are links to Wikipedia Tools and ToolsServer, which provides statistics, usage, helps, etc. plus tools related links:

Wikipedia Tools
ToolServer
Wiki Charts - Top 50 Viewed Articles



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Copyright 2006 by Timon, Inc. All Rights Reserved.

New Residential Sales in July 2006 Lower Than 2005

Sales of new one-family houses in July 2006 were at a seasonally adjusted annual rate of 1,072,000, according to recent estimates released jointly by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). This is 4.3 percent (±11.5%)* below the revised June rate of 1,120,000 and is 21.6 percent (±10.1%) below the July 2005 estimate of 1,367,000.

The median sales price of new houses sold in July 2006 was $230,000; the average sales price was $293,500. The seasonally adjusted estimate of new houses for sale at the end of July was 568,000. This represents a supply of 6.5 months at the current sales rate.

Click here for details.

Source: CB06-129



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Monday, August 28, 2006

Investment Terms - Online Database Lookup

Launched in 1999, InvestorWords is a free financial glossary on the web, helping individuals understand and keep up-to-date with the terms that they need to know in order to succeed in today’s financial world, including real estate investment.

This glossary is a learning tool, as it is comprehensive and easy to navigate. InvestorWords currently has 6,000 definitions, and new terms are added frequently. Also, the links between related words and term listings by subject help individuals to learn even when they do not have a clear focus of what they need to know.

http://www.investorwords.com

Real Estate Investment Words:
http://www.investorwords.com/cgi-bin/bysubject.cgi?18



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Copyright 2006 by Timon, Inc. All Rights Reserved.

Leadership According to Rudolf Giuliani

I recently heard a speech by Rudolf (Rudy) Giuliani who was a featured speaker at a non-partisan convention given by a company in which my wife is associated. His topic was "Leadership" and is based on his book, also entitled, Leadership.

If you ever get a chance to hear him in person, regardless of your political affiliation, you will enjoy it as he is an engaging and motivating speaker. The information he shared is applicable to anyone in any field of endeaver who wants to motive and lead others.

According to Giuliani, he had already written his draft for the book prior to 9/11, but afterword he had to go back and rethink much of it. He shared with us what he believes to be 6 principles of leadership and provided examples of people who exibited those principles, from Ronald Reagan to Martin Luther King:

1. You must know what you believe.
2. You must be able to invision things better than they are now.
3. You must have the courage to take risks.
4. You must conduct relentless preparation.
5. You must have balanced teamwork.
6. You must have effective communication.

Note: This list is at best a paraphrase of his comments. He explained each principle, how they all tied together, and mentioned other leaders and his own experiences applying those principles during 9/11.

For example, regarding principle #4, he discussed that his NYC police and emergency personnel established and practiced plans for various emergency scenarios, but no one had conceived of the situation that occurred on 9/11. However, even though this was nothing they are invisioned, the plans they had worked out and relentlessly practiced still served them well and they only had to make some adjustments to adapt and stay focused.

If you would like to obtain a fuller understanding of the principles of Leadership and stories of other leaders and Giuliani's own personal experiences during 9/11, I recommend reading his book (
Hardcover, Paperback, Hardcover - Large Print).



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Sunday, August 27, 2006

Scientists Prove Bright Light During Day Makes You More Alert

Letting in a little extra light throughout the day may do more than just lift your spirits. It could make you more alert and help you avoid an afternoon energy slump. (Source: FoxNews.com)

Full Story...



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Teacher's Gender Affects Learning According to Study

Boys learn more from men and girls learn more from women, according to a provocative new study by Thomas Dee, an associate professor of economics at Swarthmore College and visiting scholar at Stanford University. His study was to appear Monday in Education Next, a quarterly journal published by the Hoover Institution. (Source: CBSNews.com)

Full Story...



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Copyright 2006 by Timon, Inc. All Rights Reserved.

RE/MAX Proud Sponser of Little League Baseball

In addition to being recognized as the most productive agents in the business, RE/MAX agents are known for their community involvement. So it was only fitting when, in the spring of 2005, RE/MAX joined Little League Baseball and Softball as its official real estate sponsor of America's oldest and most well-known youth sports programs, which helps thousands of children learn teamwork, sportsmanship and athleticism.

See previous article: RE/MAX = Little League Baseball + Softball



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Saturday, August 26, 2006

Avoiding Fraudulent Companies When Investing In Stocks

So how can you invest in a technology company, or any public company for that matter, and feel confident that management treats you like a friend rather than a foe? Think "Dividends"... (Source: The Motley Fool)

Full Story


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RE/MAX International CEO on CNBC "Power Lunch"

RE/MAX International CEO, Margaret Kelly appeared on CNBC “Power Lunch” and commented on the housing market after the National Association of Realtors(NAR) released housing statistics on Wednesday (8/23). “After five solid years, some correction was expected. We look at this as a stabilizing and normal market with 2006 still expected to be a good year,” Kelly said. Joining the telecast was Peter Hooper, Chief Economist for Deutsche Bank Securities who sees a “below trend growth” and a “bumpy landing” as the effect of these housing numbers on the economy.

See the appearance of Kelly and Hooper on CNBC Power Lunch by clicking on this link:
Margaret Kelly - CNBC Interview August 23, 2006 on the Housing Market

Source: RE/MAX.com



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Copyright 2006 by Timon, Inc. All Rights Reserved.

Articles and Briefs of Importance to Eldercare Professionals and Caregivers - #14

The LONG LIFE Family Study: An International Research Project Sponsored by the National Institutes of Health What are the secrets of a long and healthy life? This study examines the families of those that have achieved this distinction.

Drug Plan Study Says Seniors Get Bad Advice: Providers Give Wrong Information When undercover investigators at the U.S. Government Accountability Office called insurance companies that sell Medicare drug plans, they received correct and complete answers about coverage only 34 percent of the time.

Dolls 'Help Alzheimer's Patients': Advice for Clinicians Dolls and teddy bears can help people with Alzheimer's disease interact and communicate with others, researchers at senior care communities have found. Dolls appear to alleviate agitation or distress, help overcome communication difficulties, and reduce withdrawal.

Guardianship Monitoring: A National Survey of Court Practices (AARP Research Report) Guardianship is a powerful legal tool that can bring good or ill for an increasing number of vulnerable adults with cognitive impairments. Incapacitated elders are at risk of abuse, neglect and exploitation by guardians with the authority to make surrogate personal and financial decisions. To better understand how courts are monitoring the performance of guardians, AARP’s Public Policy Institute (PPI) took the first detailed look at guardianship monitoring in over fifteen years.

Many with Alzheimer's Do Just Fine: But Caregivers May Not Think So
Doctors are finding Alzheimer’s is not automatically associated with the type of distress many seem to expect. Despite the importance people place on memory, the disease may cause an unpleasant disruption at first, which fades in recognition as memories do. Those with Alzheimer’s spend their remaining life possibly no worse or better off emotionally than before. Out of the 181 patients who could confidently answer the survey, more than two-thirds viewed their lives as "good" or "very good." according to results published in the American Journal of Geriatric Psychiatry. Such optimistic self-assessments are not always shared by families and caregivers.

Source: EldercareNetwork


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Realty Reality On Your Smartphone, Palm and Pocket PC PDA

[NOTICE: This service is no longer available. ]


Now you can get automatic updates to Realty Reality on your Smartphone or PDA ( Palm or Pocket PC) though
Avantgo.com

If you have never used AvantGo, then first
click here for prior article on how to get set up on Avantgo.

After you are registered, then all you need to do is "sign in" and click on "AvantGo for RSS" in the "AvantGo Features" box (shown at right).

Click on "Create An RSS Channel Now!", and where it asks you to input the Location of your Channel URL, enter the following link:

http://feeds.feedburner.com/RealtyReality

Next, click "Continue", enter "Realty Reality" for Channel Title, and leave the rest of the settings as they are (you can set the "Include Images" option to "No" for smaller downloads). If you directly connect to the internet and don't need to synchronize your unit, you should also select the appropriate "Channel Refresh" option.

Then click "Save Channel" and you are now ready to get the lastest from Realty Reality -- starting the next time you synchronize your Smartphone or PDA with Avantgo.
Enjoy!


NOTE: If you are already registered with AvantGo, you have the option to do a quick add of
Realty Reality to your account Channels. Just click here to add Realty Reality. (Then login, select the appropriate "Channel Refresh" option and click "Save Channel". That's all there is to it!)



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Friday, August 25, 2006

Airfare Comparison and Predictor

Farecast is a new site that claims to be able to track airfare history and predict when fares will go up or down and when to buy. It is currently monitoring fares for over 55 cities in the United States with more to be added. While they are still in beta testing mode, it shows some potential. When I checked out a flight from Philadelphia to San Francisco it identified numerous options, a significant number were with orbitz.com.

Click here for Farecast




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Copyright 2006 by Timon, Inc. All Rights Reserved.

Thursday, August 24, 2006

HUDCLIPS - Quick Access to HUD Resources Online

HUDCLIPS stands for HUD CLient Information and Policy System and it a website provided by HUD that contains full text searchable databases of the following:

- ALL HUD handbooks,
- ALL HUD notices,
- ALL Mortgagee, Preservation, and Title I letters,
- United States Code Titles 12 and 42,
- Code of Federal Regulations Title 24,
- Housing Waivers,
- OGC Preservation Documents,
- Federal Register notices,
- HUD Forms in PDF and GIF format,
- and more!!!

HUDCLIPS provides it's clients with fast, easy access to information and resources has always been a number one priority at HUD. And now, in the information age, we are delighted to offer HUDCLIPS on the Web! This new information service offers HUD clients FREE access to HUD's official repository of policies, procedures, announcements, and other materials.


Click here for HUDCLIPS



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Reading Dirt - For The Literary Gardner

Reading Dirt: Reading your way down the garden path (a blog site for the literary gardener).

Reading Dirt bills itself as a place where literary gardeners may relax and kick back with a good book. They discuss both gardens and literature, reviewing garden-related books while keeping up with the weeds.

Click here for an example article on Beans based on book SuperFoods


Click here for Reading Dirt




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Wednesday, August 23, 2006

Existing-Home Sales Down With Softening Prices

WASHINGTON (August 23, 2006) – Existing-home sales were down in July, while home prices in many areas are slightly below year-ago levels, according to the National Association of Realtors®(NAR).

Total
existing home sales – including single-family, townhomes, condominiums and co-ops – dropped 4.1 percent to a seasonally adjusted annual rate1 of 6.33 million units in July from a downwardly revised pace of 6.60 million June, and were 11.2 percent below the 7.13 million-unit level in July 2005.

David Lereah, NAR’s chief economist, said higher interest rates dampened sales but that price softening is good news for the housing market because it is drawing buyers. “Many potential home buyers have been on the sidelines, some ‘kicking the tires,’ but mostly waiting for sellers to compromise on prices and terms,” he said. “Now sellers in many areas of the country are pricing to reflect current market realities. As a result, there could be some lift to home sales, but it’ll likely take some months for price appreciation to rise.”

The national median existing-home price2 for all housing types was $230,000 in July, up 0.9 percent from July 2005 when the median was $228,000. The median is a typical market price where half of the homes sold for more and half sold for less.

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 6.76 percent in July, up from 6.68 percent in June; the rate was 5.70 percent in July 2005. Last week, the 30-year rate declined to 6.52 percent. “An unexpected quarter-point drop in mortgage interest rates over the last month also could help to stimulate the housing market,” Lereah said.

NAR President Thomas M. Stevens from Vienna, Va., said most sellers continue to see excellent returns on their homes. “Considering that typical sellers have been in their home for six years, the average appreciation during that time is close to 60 percent,” said Stevens, senior vice president of NRT Inc. “This demonstrates the value of housing as a long-term investment – the longer you own, the better your return.”

Total housing inventory levels rose 3.2 percent at the end of July to 3.86 million existing homes available for sale, which represents a 7.3-month supply at the current sales pace.

Single-family home sales dropped 5.0 percent to a seasonally adjusted annual rate of 5.51 million in July from 5.80 million in June, and were 11.4 percent below the 6.22 million-unit pace in July 2005. The median existing single-family home price was $231,200 in July, up 1.5 percent from a year earlier.

Existing condominium and cooperative housing sales rose 2.8 percent to a seasonally adjusted annual rate of 818,000 units in July from 796,000 in June, but were 10.5 percent below the 914,000-unit pace in July 2005. The median existing condo price3 was $225,600 in July, down 1.0 percent from a year ago.

Existing-home sales in the Northeast dropped 5.4 percent to an annual sales rate of 1.05 million units in July, and were 12.5 percent below a year ago. The median price in the Northeast was $276,000, down 2.1 percent from July 2005.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

# # #
1The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns.

Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings. This differs from the U.S. Census Bureau’s series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which generally account for 85 percent of total home sales, are based on a much larger sample – nearly 40 percent of multiple listing service data each month – and typically are not subject to large prior-month revisions.

2The only valid comparisons for median prices are with the same period a year earlier due to the seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns.

3Because there is a concentration of condos in high-cost metro areas, the national median condo price can be higher than the median single-family price. In a given market area, condos typically cost less than single-family homes.

Existing-home sales for August will be released September 25. The next Pending Home Sales Index will be on September 1 and the forecast will be revised September 7.




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Copyright 2006 by Timon, Inc. All Rights Reserved.

Real Estate Broker vs. Broker-Salesperson vs. Salesperson

What Are The Differences Between A Licensed Real Estate Broker and A Licensed Salesperson?

The terminology used to identify real estate professionals differs a little from state to state. Brokers are usually required to have more education and experience than Salespersons, commonly called real estate agents. The real estate person you normally deal with is a real estate Salesperson. The real estate Salesperson is licensed by the state, but must work for a state licensed Broker. All listings are placed in the Broker's name, not the real estate agent's.

A Salesperson license allows you to perform all the functions of a real estate professional while working under the sponsorship and direction of a Broker.

The Broker license allows you to work independently, representing others as well as yourself. It will also allow you to sponsor other licensees and act as manager or owner of a real estate firm.

A Broker-Salesperson has fullfilled all the requirements of a Broker, but has has chosen to work under and for another Broker (similar to a regular Salesperson).

Buyers and sellers should be aware of the difference in levels of qualification and experience for each license.

In New Jersey, in order to qualify to be a Broker, one must complete a state-licensed 150 hour Broker course, have at least 3 years of full-time employment as a licensed NJ Salesperson and pass the New Jersey Real Estate Broker License examination. Finally, they must submit to a state criminal history check and receive a clearance from the NJ Real Estate Commission.

An alternate path for Broker training is to complete a NJ Associations of Realtors (
NJAR) sanctioned GRI Designation course and then complete a GRI Broker Course.

The GRI Broker Course is made up of supplemental courses that, along with the GRI Designation, satisfy the education requirements for the NJ Broker License. (Providing all other requirements are met as set forth by the New Jersey Real Estate Commission.)

The GRI Broker Course is a 90 hour course comprised of Course IV (General Brokers) Course V (Ethics/Agency) and Course VI (Office Management), each 30 hours.

Normally, a Brokers Course is a 150 hour program. After you have acquired the 90-hour GRI Designation, however, 60 of those hours are applied to the broker education requirements. Hence, 90 hours are required through the NJAR GRI Broker course, for a total of 180 hours.

Only about 12% of licensed New Jersey real estate professionals have earned a Broker's license (including Broker-Owners, Brokers of record and Broker-Salespersons).




Visit my web site for additional resources and services: www.LawrenceYerkes.com

and visit
BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land)

Copyright 2006 by Timon, Inc. All Rights Reserved.

Tuesday, August 22, 2006

1031 Exchange Resources

1031 Exchanges are a tremendous investment tool to help preserve you wealth and increase your assests. They are a way to defer your taxes that is accepted by the IRS. An experienced Realtor is essential for insuring a successful 1031 transaction. Here are some resources we've provided to help you maximize the benefits and minimize the risks involved with 1031 Exchanges...


Primer on 1031 Exchanges

By plowing proceeds of a property sale into a new building, you can defer taxes. Here’s how...

Small Business Review

Wikipedia - 1031 Exchange

LawrenceYerkes.com



Popularity of 1031 Exchanges Surges

Investors who want to cash in their chips on real estate bought as an investment--but defer the tax bill, in some cases forever--can do so by trading into another piece of property. This strategy isn't new, but it's enjoying a resurgence in popularity now because many investors believe that real estate values have peaked in some markets. They want to lock in their gains and shift into other holdings without a big payment to Uncle Sam. That's where the 1031 exchange comes in. (Source: RealEstateJournal.com)

Full Story . . .



Past Myths: Investors love them, but they can backfire if you don’t know the ropes

"Once the province of commercial brokers, Internal Revenue Code section 1031 exchanges are increasingly being used by savvy residential investors to defer capital-gains taxes. Most people know the basics of a 1031, or like-kind, exchange: For a property you plan to sell, you have to identify replacement property within 45 days and close on the purchase within 180 days. Beyond that a lot of misinformation exists. Understanding these common misconceptions will help keep you and your client out of trouble." (Source: Realtor Magazine)

Full Story...



NAR Field Guide to 1031 Exchanges

Section 1031 of the U.S. Internal Revenue Code allows investors to defer capital gains taxes on the exchange of like-kind properties. 1031, or tax-deferred, exchanges hold great advantages for investors. This Field Guide provides access to articles, manuals, forms, ideas, and other information to help the investor and your Realtor.

Click Here for NAR's 1031 Exchange Field Guide



Flipping Properties Can Be Costly -- Real-Estate Flip Deals Have a Catch

Amateur "flippers" in the real-estate market have more to worry about than a bubble. Many of them could be facing an income-tax audit -- and higher tax bills than expected.The popularity of so-called flip deals has made section 1031 of the Internal Revenue Code popular with real-estate speculators. In a 1031 exchange -- also known as a "like-kind" exchange -- a person who sells a business or investment property can defer capital-gains taxes by immediately rolling the gains into a similar piece of property.The trouble, tax experts say, is that people don't understand the rules. Many trust the advice of real-estate brokers, who often aren't well versed in tax law. Some amateurs are buying and selling properties too quickly, running the risk that the Internal Revenue Service may deem the transactions a person's trade or business, with gains taxed as ordinary income and subject to self-employment taxes. (Source: WSJ - DJWirenews)

Full Story


See related articles:
1031 Exchange Expense Inclusions






Visit my web site for additional resources and services: www.LawrenceYerkes.com

and visit
BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land)

Copyright 2006 by Timon, Inc. All Rights Reserved.

Most Common Defects Found During Home Inspection

1) The house has poor drainage and/or basement/crawlspace water penetration.
2) The house has faulty wiring or other electrical safety issues.
3) The roof leaks or has other problems.
4) The house has an unsafe, failing or aging heating and cooling systems.
5) The whole house has been poorly and/or improperly maintained (interior/exterior).
6) The house has minor structural damage.
7) The house has plumbing problems.
8) The house’s exterior lets in water and air around windows and doors.
9) The house is inadequately ventilated.
10) The house has environmental hazards.
The house never had a building permit for alterations and additions performed as is now in violation of local building codes.
The house has rotted wood (dry rot).
The house's chimney(s) and fireplace(s) have been neglected.
The house has missing, improperly placed and/or working smoke and CO detectors.
The house has trip hazards and other similar safety concerns.
The house has improperly placed or maintained vegetation.
The house has firewall violation in garage.
The house has termite or other wood destroying insect damage.


http://realestate-news.blogspot.com/2006/08/most-common-defects-found-during-home.html

http://www.elsahomeinspections.com/common-defects.html
http://realestate.msn.com/buying/InspectionTopTen.aspx

http://blog.liagent.com/public/blog/134586


Alternate Lists:
http://www.housedetective.com/articles/top10.htm
http://www.relojournal.com/Apr2000/homeinspection.htm
http://www.accuspect.com/defects.asp


Common New Home Defects:
http://www.nowccs.com/Common%20Defect%20in%20Homes.pdf#search=%22The%2010%20Most%20Common%20Home%20Defects%22


Common Construction Defects
http://www.certifiedriskmanagers.com/10CDs.pdf#search=%22The%2010%20Most%20Common%20Home%20Defects%22 [PDF file]



RISMEDIA, August 22, 2006—Although some homeowners don’t like to admit it, no house is perfect. Even the best built and maintained homes will always have items in less than perfect condition.

In order to help homeowners start planning ahead for repairs, The HomeTeam Inspection Service, the nation’s professional leader in home inspections, offers a list of the 10 most common home defects that frequently arise.

“Many homeowners are unfamiliar with common problems a house can develop,” said Greg Haskett, vice president of The HomeTeam Inspection Service. “Being aware of these home defects now can not only save in expensive repairs in the future, but also adds to the value of the home if the house should be put up for sale.”

The HomeTeam Inspection Service’s 10 Most Common Home Defects:

1. Poor Drainage- Improper drainage can lead to water intrusion in the basement of homes and even severely compromised foundations.

2. Failing or Aging Heating and Cooling Systems- Older heating and cooling systems require maintenance and may be energy inefficient. There is also the risk that they can emit dangerous carbon monoxide fumes that are harmful to the family.

3. Environmental Hazards- Older homes may contain lead-based paint, high levels of carbon monoxide, radon, toxic molds, and even asbestos.

4. Inadequate Ventilation- This occurs when moisture accumulates in homes which damages interior walls and structural elements.

5. Improper Maintenance- Taking poor care of your household appliances can create consequences. Simple actions like cleaning out the lint trap in the clothes dryer can help prevent a fire.

6. Plumbing Problems- The pipes under your sink can be made of incompatible materials that lead to dripping faucets, leaking fixtures, and slow drains.

7. Roof Problems- The roof of your home may contain old or damaged shingles and improper flashing due to rain. The overall structure of the roof may be affected because of improperly installed collar ties and ridge beam supports.

8. No Permit- Many homes do not have permits for finished basements, deck additions, and hot tub and pool additions. This can lead to unnecessary fines when putting the house up for sale.

9. Electrical Safety Issues- A home with an out-of-date or insufficient electrical system can lead to fires and electric shock. Examples of other electrical safety hazards are ungrounded outlets, lack of Ground Fault Circuit Interrupters (GFCI), aluminum wiring, and faulty wiring conditions in electrical panels or elsewhere in a building. These are potentially hazardous defects and not to be taken lightly.

10. Rotted Wood- Wood placed around areas that are frequently wet can begin to rot. Wood around bathtubs, showers, and toilets are especially defective. The exterior of the home, including the outside trim of the house, decks, and roof eaves, should also be checked regularly for signs of rotting.

Knowing the top 10 most common house defects can help you prepare to put your home on the market. Check these areas of the home often to prevent damage and provide repairs when needed.

The above suggestions may require professional assistance to ensure proper installation.

For more information about HomeTeam, visit www.hometeaminspection.com.

Internet Rumors - An Example

In a prior blog article I provided resources (Rumors - Hoaxes) for finding out if information you come across being circulated via the Internet is fact or fiction. I just received an email from a close relative who was sharing a health-related alert (see below for text of message). It's not necessarily something that I at first viewing triggered a warning in my mind as it seemed reasonable/plausible, after all it was from Johns Hopkins, and I quickly forwarded it on to my immediate family. Then I realized that I had not followed my own advice and validated the information. I did a simple search on some key terms and the first couple of entries included a Snopes Urban Legend entry corresponding to the information. At that point I emailed a follow up message to my family, including the relative that originally sent the notice to me with the link to the Snopes article as will as direct link to a John Hopkins article specifically addressing the warning that was received. Note: The original alert that I received does contain some good information, but it needs to be put in context with other available information.

Here's another example of why you have to always verify information before you pass it onto others: http://www.bms.jhmi.edu/JHI/English/Media/Find_an_Expert/FE_RolfHaldenJuly05.asp

See my article for verification sources:Rumor Control - Hoaxes Debunked - Clearing Houses



Original message:

Subject: Important Toxicity Warning

Cancer update -- Johns Hopkins -- Cancer News from Johns Hopkins:

1. No plastic containers in micro.
2. No water bottles in freezer.
3. No plastic wrap in microwave.

Johns Hopkins has recently sent this out in its newsletters. This information is being circulated at Walter Reed Army MedicalCenter as well.

Dioxin chemicals causes cancer, especially breast cancer.

Dioxins are highly poisonous to the cells of our bodies. Don't freeze your plastic bottles with water in them as this releases dioxins from the plastic.

Recently, Dr. Edward Fujimoto, Wellness Program Manager at Castle Hospital, was on a TV program to explain this health hazard. He talked about dioxins and how bad they are for us.

He said that we should not be heating our food in the microwave using plastic containers. This especially applies to foods that contain fat. He said that the combination of fat, high heat, and plastics releases dioxin into the food and ultimately into the cells of the body.

Instead, he recommends using glass, such as Corning Ware, Pyrex or ceramic containers for heating food. You get the same results, only without the dioxin. So such things as TV dinners, instant ramen and soups, etc., should be removed from the container and heated in something else. Paper isn't bad but you don't know what is in the paper. It's just safer to use tempered glass, Corning Ware, etc.

He reminded us that a while ago some of the fast food restaurants moved away from the foam containers to paper. The dioxin problem is one of the reasons.

Also, he pointed out that plastic wrap, such as Saran, is just as dangerous when placed over foods to be cooked in the microwave. As the food is nuked, the high heat causes poisonous toxins to actually melt out of the plastic wrap and drip into the food.

Cover food with a paper towel instead.

This is an article that should be sent to anyone important in your life!



I just received an email from a close relative who was sharing a health-related alert (see below for text of message). It's not necessarily something that at first viewing triggered a warning in my mind as it seemed reasonable, after all it was from Johns Hopkins, and I quickly forwarded it on to my immediate family.

Then I realized that I had not followed my own advice and properly vetted the information. I did a simple search on some key terms and the first couple of search results included a Snopes Urban Legend entry corresponding to the information about which I was checking. I quickly emailed a follow up message to my family, including the relative that originally sent the notice to me, with the link to the Snopes article as will as direct link to a John Hopkins article specifically addressing the warning that was received.

Note: The original alert that I received does contain some good information, but it needs to be put in context with other available information.

Original message text:

Subject: Important Toxicity Warning

Cancer update -- Johns Hopkins -- Cancer News from Johns Hopkins:

1. No plastic containers in micro.
2. No water bottles in freezer.
3. No plastic wrap in microwave.

Johns Hopkins has recently sent this out in its newsletters. This information is being circulated at Walter Reed Army MedicalCenter as well.

Dioxin chemicals causes cancer, especially breast cancer.

Dioxins are highly poisonous to the cells of our bodies. Don't freeze your plastic bottles with water in them as this releases dioxins from the plastic.

Recently, Dr. Edward Fujimoto, Wellness Program Manager at Castle Hospital, was on a TV program to explain this health hazard. He talked about dioxins and how bad they are for us.

He said that we should not be heating our food in the microwave using plastic containers. This especially applies to foods that contain fat. He said that the combination of fat, high heat, and plastics releases dioxin into the food and ultimately into the cells of the body.

Instead, he recommends using glass, such as Corning Ware, Pyrex or ceramic containers for heating food. You get the same results, only without the dioxin. So such things as TV dinners, instant ramen and soups, etc., should be removed from the container and heated in something else. Paper isn't bad but you don't know what is in the paper. It's just safer to use tempered glass, Corning Ware, etc.

He reminded us that a while ago some of the fast food restaurants moved away from the foam containers to paper. The dioxin problem is one of the reasons.

Also, he pointed out that plastic wrap, such as Saran, is just as dangerous when placed over foods to be cooked in the microwave. As the food is nuked, the high heat causes poisonous toxins to actually melt out of the plastic wrap and drip into the food.

Cover food with a paper towel instead.

This is an article that should be sent to anyone important in your life!

Reliable Online Health Advice

The Kiplinger Retirement Report has an online article entitled, "Reliable Health Advice That's Only a Click Away" in which they scoured the Internet to find some of the most useful health-care sites the Web has to offer.

The sites highlighted:
www.mayoclinic.com
www.healthline.com
www.webmd.com
www.cancer.org
www.americanheart.org
www.medlineplus.gov
clinicaltrials.gov
www.ahrq.gov/consumer
www.caphis.mlanet.org/consumer


Click here for full story.




Visit my web site for additional resources and services: www.LawrenceYerkes.com

and visit
BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land)

Copyright 2006 by Timon, Inc. All Rights Reserved.

Monday, August 21, 2006

Experian Study Highlights Key Differences Between Consumers With and Without Mortgages

Data shows an average credit score 55 points higher for consumers with mortgages; consumers with second mortgages have an average score 81 points higher than consumers without a mortgage.

Aug. 21, 2006 — Experian Consumer Direct, a leading provider of online direct-to-consumer credit reports, scores and monitoring, today announced the results of a nationwide study showing the differences between consumers with and without mortgages and consumers with and without second mortgages (including home-equity loans or lines of credit). National and statewide results for the study can be found on Experian’s National Score Index® Web site at www.NationalScoreIndex.com .

The study reveals that consumers with mortgages have an average credit score that is 55 points higher than consumers without a mortgage. Additionally, the study shows that consumers with second mortgages have an average credit score 81 points higher than consumers without a mortgage.

“Consumers with mortgages are doing a great job managing their credit and those with second mortgages are doing even better,” said Ty Taylor, president of Experian Consumer Direct. “Although consumers with mortgages have on average about five times more debt than those without, their average credit score is 713 — compared to 658 for consumers without a mortgage. Additionally, with an average credit score of 739, consumers with second mortgages seem to be keeping their credit in check despite the additional financial responsibility.”

The percentage of consumers with open second mortgages has increased 63 percent from 2001 (4.6 percent) to 2006 (7.5 percent). The average second mortgage balance in 2001 was $13,994 compared with $21,265 in 2006 — an increase of nearly 52 percent.

More information about the Experian study plus additional credit data at the state and local levels can be found on Experian’s National Score Index Web site at
www.NationalScoreIndex.com .

For more information, visit
www.experian.com .



Visit my web site for additional resources and services: www.LawrenceYerkes.com

and visit
BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land)

Copyright 2006 by Timon, Inc. All Rights Reserved.

Commercial Real Estate Index Maintains Uptrend In Second Quarter

WASHINGTON (August 21, 2006) – The Commercial Leading Indicator for Brokerage Activity,* a leading indicator for the commercial real estate market, shows an improvement in commercial sectors will continue into 2007, according to the National Association of Realtors®(NAR).

During the second quarter, the Commercial Leading Indicator for Brokerage Activity was at an index of 119.4, up 0.4 percent from a reading of 118.9 in the first quarter. The index is 2.5 percent above the second quarter of 2005 when it stood at 116.5. The second quarter index was the fifth straight quarter of growth.

David Lereah, NAR’s chief economist, said the improvement is long-term. “Our commercial leading indicator has risen in 11 out of the last 12 quarters, meaning the recovery in commercial real estate will be sustained well into 2007,” Lereah said.

“However, we are seeing a deceleration in the rate of growth – apparently in response to higher oil prices and interest rates – so the expansion in net absorption and commercial construction should continue, but at a slower pace.”

NAR’s commercial leading indicator is a tool to assess market behavior in the major commercial real estate sectors. The index incorporates 13 variables that reflect future commercial real estate activity, weighted appropriately to produce a single indicator of future market performance, and is designed to provide early signals of turning points between expansions and slowdowns in commercial real estate.

The second quarter index suggests net absorption of space in the industrial and office sectors will improve over the next six to nine months, with overall completion of retail, office, warehouse and lodging structures expected to grow.

Net absorption in the office and industrial sectors in the fourth quarter is projected to be 70 million to 90 million square feet, with an estimated $300 billion to $310 billion in new commercial construction activity, higher than the $296 billion of new construction recorded in the second quarter.

The indicator suggests a 2.5 percent increase in leasing and sales activity for commercial real estate practitioners in the fourth quarter in comparison with the same period in 2005.

The 13 series in the index include industrial production, the REIT (real estate investment trust) price index, NCREIF (National Council of Real Estate Investment Fiduciaries) total return, personal income minus transfer payments, jobs in financial activities, jobs in professional business service, jobs in temporary help, jobs in retail trade, jobs in wholesale trade, initial claims for unemployment insurance, manufacturers’ durable goods shipment, wholesale merchant sales, and retail sales and food service.

More than 100,000 NAR members offer some level of commercial service, with 60,000 specializing primarily in the commercial real estate market.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

# # #

*NAR reviewed a wide variety of indicators, examined the relationships of indicators that demonstrated a historical impact on commercial real estate, and modeled a forward looking index based on historic trends. Although individual indicators sometimes move in opposite directions, together they offer a better indication of future market activity.

Quarterly data for 13 selected series were reviewed back through the first quarter of 1990 (table attached). The modeling demonstrated a change in commercial brokerage activity that could be seen two quarters later as measured by net absorption in the industrial and office sectors, and the value of building construction put-in-place on completion of retail, office, warehouse and lodging structures. An index of 100 is defined as the level of commercial real estate market activity during the first quarter of 1990, the first period to be analyzed.


The next commercial real estate market forecast is scheduled for release on September 12, and the next commercial indicator index will be released November 22.



Visit my web site for additional commercial resources and services: www.LawrenceYerkes.com

and visit
BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land)

Copyright 2006 by Timon, Inc. All Rights Reserved.

Own A Home - Tax Breaks for Home Ownership Defy Market Trends

Though the housing market is in flux, there are still advantages to owning a home, including tax breaks. The tax code backs up reverence for owning a home with tax deductions for mortgage interest and property tax that in effect reduce the monthly cost of housing. An analysis released by economist Robert Dietz of the National Association of Home Builders (NAHB) calculated that about 35 million households claimed $338 billion in mortgage deductions on 2003 returns, an average of $9,650. About 39 million deducted $119 billion in real-estate tax, an average of $3,000. (Source: USNews.com)

Full Story . . .

P.S. While you're there, check out their article: It may be better to pay tax now on retirement savings.

WARNING: Their site has some annoying video advertisements that keep playing and you can't easily turn off.




Visit my web site for additional resources and services: www.LawrenceYerkes.com

and visit
BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land)

Copyright 2006 by Timon, Inc. All Rights Reserved.

Sunday, August 20, 2006

Horse Farms and Equestrian Opportunities In New Jersey

Black HorseIn New Jersey, especially South Jersey, you will find horse enthusiats and a relatively large number of horse farms of all sizes. The equestrians and their horses are well supported by local tack and supply shops, trainers, instructors, farriers and veteranarians. There are shows and competitions for everyone, whether your interests are dressage, eventing or even professional rodeo. It's all here or close-by.


Horse related resources:

Horses Running on Beach
Equerry.com - see their First-Time-Horse-Owner section. (And while there take a break and check out their Humor and Fun Barns)

Cowtown Rodeo - Professional Rodeo in South Jersey
Jersey Equine - NJ Dept. of Agriculture official site
New Jersey PHA
New Jersey Horse Council
Horse Park of New Jersey

New Jersey Horse Shows Assoc.

NJ Horse Council.com

South Jersey Horse Page
NewJerseyHorse.com
New Jersey Tack Shops
Horse of Delaware Valley
The Chronicle of the Horse


If you are a horse enthusiast that is looking to move into our area we are ready to help with your unique requirements. (
Click here to contact us.)



Visit my web site for additional resources and services: www.LawrenceYerkes.com

and visit
BestHomes-NJ.com for the latest New Jersey Real Estate property listings (residential, commercial, multi-family, farm, land)

Copyright 2006 by Timon, Inc. All Rights Reserved.