Replies to This Discussion

Permalink Reply by Beverly Cibulsky on July 11, 2011 at 10:08am

Just look at the disclosure on the right hand side of this site... Just do it!

Permalink Reply by Jim Stewart on July 11, 2011 at 10:15am

Yeah, I noticed that.  I know there was supposed to be more guidance from NAR about this but I've never heard anything.  Has anyone else?

Permalink Reply by Lydia on July 11, 2011 at 10:19am

Hi Jim,

 

I had the same issue so I went to our legal dept and here is what they said:

 

"The words “Important Notice” must be 2 points larger than the words that follow in the disclosure.  But the whole disclosure must be no smaller than the smallest print in the ad or marketing piece."

 

I was able to use an 8pt font for the main part of the disclosure and then made "Important Notice" in a 10 pt font.

 

Hope that helps.

 

Lydia

Permalink Reply by Elise Fay on July 11, 2011 at 10:22am

The wording Important Notice needs to be 2 font sizes bigger than the disclaimer but we are adding it as required by my broker. Just small enough to read without a magnifier!

Permalink Reply by Lydia on July 11, 2011 at 10:23am

BTW the verbiage that is required by law is:

 

Important Notice: _________________ Realtors is not associated with the government or your lender.  Even if you accept this offer and use our services, your lender may not agree to change your loan.  If you stop paying your mortgage, you could lose your home and damage your credit.  Even if you accept this offer and use our service, your lender may not agree to change you loan.

 

Permalink Reply by Jim Stewart on July 11, 2011 at 10:36am

This is what I just found on something from NAR that my franchise sent me.  "For printed materials, the written disclosure must be the larger of 12-point type or one-half the size of the largest letter used to list the name of the firm providing the disclosures." Blech.  Lydia, this may not bode well for your 8 point font.  Here's a link to where I found it: http://www.scribd.com/fullscreen/49895499

Permalink Reply by Wendy Rulnick on July 11, 2011 at 12:09pm

The practicality of the law where it applies to postcards is ridiculous. Try "tweeting" that you help with short sales.  There won't be enough characters to simply tweet the notice.  I think everyone needs to push NAR to at least allow "Call for MARS disclosure" on postcards.  That's actually a restriction of commerce.  As for tweeting, or even FB, it's not possible.  I would think and hope that if the disclosures are EVERYWHERE, on your email signatures, websites, blog posts, listings and approval acknowledgments, if your font was two points too small on one postcard, the judge would SEE you were doing your darned best to comply (except for the Tweet!).

Permalink Reply by Elise Fay on July 11, 2011 at 3:10pm

If that was the case we wouldn't have been involved at all in the FTC rulings! Best advice is to follow your Brokers rules and guidelines that pertain to MARS!

Permalink Reply by Susan Motta Knight, LLC on July 16, 2011 at 5:31am

Good News My Friends!

As I was reading Trent Chapman's blog yesterday...but here it goes, readit for your self:

 

"Great news for Agents who do short sales!!

Were you as annoyed as I was by the FTCs MARS ruling when it came into affect in early 2011?

I can't stand the confusing wording of the MARS disclosure that my State's Association came up with as so many of my clients thought that it meant that even if we didn't close on the short sale, I was going to come after them for my commission!

In the video I share how this will change what you are or aren't required to do with short sales:

Watch the video on my blog by clicking the video below, or click here to watch it directly on YouTube."

Have a great weekend,

 

Susan

Permalink Reply by Jim Stewart on July 16, 2011 at 7:26am

Woo Hoo!!!! Awesome!

Permalink Reply by Jim Stewart on July 16, 2011 at 7:27am

Here's a link to the actual FTC announcement: http://www.ftc.gov/opa/2011/07/mars.shtm