NEWS ORRA helps launch downpayment assistance program Up to $22,500 is available to income-qualified buyers in Orange and Seminole counties through October of 2017 Income-qualified buyers looking for homes in Orange and Seminole counties now have access to a new program able to provide $11,250 to $22,500 in downpayment assistance. The Housing Floridians program officially launched during an announcement event held at ORRA; funds are available immediately but the program expires in October of 2017. "ORRA and its charitable arm, the Orlando Regional REALTOR® Foundation, are dedicated to efforts that support homeownership affordability, especially in service to our area's veteran, workforce, and first-time buyer populations," says ORRA President Bruce Elliott, Regal R.E. Professionals LLC. "As property values in Orlando continue their upward march and the inventory of affordable homes continues to shrink, downpayment assistance programs ORRA President Bruce Elliott (center) joins Housing Floridians officials WD Morris (left) and Arthur Fleming (right) to announce a new downpayment assistance resource available for residents of Orange and Seminole counties through October. play an ever-greater role in helping many buyers fulfill the dream of homeownership." Households earning 80 percent or less than the area median income (a calculator is available on the program's website) are eligible for the program, and the property they purchase must serve as their primary residence. Visit housingfloridians.com to learn more. Ethics complaints, arbitration disputes jump 50 percent Article 12 of the REALTOR® Code of Ethics leads violations with 39 percent, while Article 1 trails at #2 with 23 percent The Orlando Regional REALTOR® Association in 2016 addressed 66 new ethics complaints and arbitration disputes combined, which reflects a 50 percent increase compared to the 44 conflicts addressed in 2015. The ORRA Professional Standards Committee last year worked through 45 REALTOR® Code of Ethics cases (which can be initiated by a REALTOR® or a member of the public) and 21 broker-to-broker arbitration disputes (which exclusively involve commission issues). Thirty of the 45 ethics cases completed in 2016 were resolved after a hearing, while seven cases were dismissed and eight were withdrawn or closed. A total of 13 ethics violations were identified within those cases that completed the hearing process, and they resulted in $5,000 in fines. In 2015, those numbers were 116 violations and $14,500 in fines, respectively. The majority of ethics violations (39 percent) involved Article 12 of the REALTOR® Code of Ethics, while 23 percent involved Article 1. Article 2 garnered 15 percent of the violations, while articles 3, 9, and 13 each accounted for 8 percent of all violations. Seven of 2016’s arbitration disputes were resolved after a hearing, while two were resolved via mediation and eight were withdrawn. The disputes involved commissions worth $43,317, which is a 282 percent increase from the $11,350 involved in 2016. There are currently 11 ethics complaints and four arbitration disputes working their way through the resolution process. 2016 ORRA REALTOR® Code of Ethics Violation Filings Hearings 30 Dismissed 7 Closed 8 Total 45 6 Orlando REALTOR® May / June 2017
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