On May 11, 2023, Realtors® from throughout the US were present to adopt some changes to the real estate industry, and this summary will provide an overview of those changes.
Fair Housing and Diversity, Equity and Inclusion (DEI): Board members approved that, starting in 2025, all members will complete a two-hour fair housing training every three years as a condition of their membership. This new membership requirement will run at parallel to the Code of Ethics cycles. Currently, At Home with Diversity and Bias Override satisfy these requirements; Fairhaven will be updated to meet the two-hour requirement and serve as a no cost option.
Conventional Finance: Board members approved a policy that NAR opposes the sale, exchange and use of trigger leads for marketing of a mortgage loan. Trigger leads are a marketing tool where competing lenders and mortgage brokers buy leads from credit reporting agencies after a consumer has applied for a mortgage loan and a hard credit pull is executed.
Federal Finance and Housing: Approved was a recommendation that NAR support policies, regulations and programs that enhance assumable mortgage products for federally insured loan programs (FHA, VA, USDA) and the government-sponsored enterprises.
Federal Taxation: Approved was a recommendation to support tax policy that provides a reduced capital gains tax rate to existing owners (as of the date of enactment) of qualified one- to four-unit rental properties who sell to an owner – occupant.
NAR Dues: Board members approved the 2024 operating, advocacy and consumer ad campaign budgets setting the 2024 dues amount. The 2024 NAR dues will be $156 and the advertising campaign will remain at the $45 for 2024.