Sen. Van Drew Confirms Attendance for Trenton Day
Senator Jeff Van Drew, Chairman of the Senate Community and Urban Affairs Committee, and Assembly Minority Leader Jon Bramnick have confirmed their attendance as speakers for this year’s REALTOR® Day in Trenton. Senator Van Drew chairs the committee where numerous pieces of legislation affecting housing and the real estate market in New Jersey are considered. In the past, the committee has considered legislation banning the use of private transfer fees and lowering the realty transfer fee. In addition, Governor Chris Christie has been invited to speak at this year’s REALTOR® Day in Trenton to share his views on the issues mattering most to you as a REALTOR®. Ticket sales are open for REALTOR® Day in Trenton on June 14, 2012 at the Historic Masonic Temple of Trenton and the New Jersey State House. This day is your chance to hear directly from and share your concerns with New Jersey’s top officials on the issues affecting the real estate industry, homeownership and private property rights. Individual tickets are $10.00 and tables of ten are $90.00. Those attending will also be able to tour the New Jersey State House, meet with individual legislators from around New Jersey and observe live Assembly and Senate Committee hearings. If you have any questions, please contact Bruce Shapiro of NJAR® at (732) 494-4713 or via e-mail at bshapiro@njar.com.
*Please note that this event is open to REALTORS® only.  DEP to Conduct Webinar on Changes to Regulations
On June 7, 2012, the New Jersey Department of Environmental Protection (DEP) and New Jersey Association of REALTORS® (NJAR®) will host a webinar on the amended regulations adopted by the DEP On April 2, 2012, which govern individual subsurface sewage disposal systems (septics). The webinar will focus on the aspects of the amendments to this regulation specifically impacting real estate transactions. Under the rule, cesspools have to be upgraded to “as close to current standards as technically feasible” as part of the real property transfer. The rule also establishes a State standard for conducting inspections of onsite systems for the purposes of real property transfers. The DEP will conduct this webinar for REALTORS® and members of the public to provide information and answer questions specific to the aspects of the regulation pertaining to real estate transactions. If you have any questions you would like the DEP to provide information on during the webinar, please provide them to Bruce Shapiro of NJAR® via e-mail at bshapiro@njar.com no later than May 31, 2012. Additional information including the time of the webinar, registration and details to access the webinar will be provided in future Week in Review e-mails and on the NJAR® website. In addition, to view a fact sheet prepared by the DEP specific to real estate transactions, click here.
 Parking Ordinance
Ocean County Denies Portion of Pt. Pleasant Beach Parking Ordinance
On May 2, 2012, Ocean County officially informed the Borough of Point Pleasant Beach that they will not authorize local enforcement of an ordinance previously adopted by the Borough Council banning overnight visitor parking in a portion of Point Pleasant Beach known as District 4, the section of town closest to the boardwalk and tourist areas. NJAR® opposed this ordinance at the request of local REALTORS® over concerns that it limits not only visitor parking, but also resident and seasonal renter parking. The ordinance, adopted by the council on April 17, 2012, would require every property owner in this section of town to have a permit to park on the streets. Those without permits would have to utilize meter parking or pay lots. Although the council approved, the ordinance, five of the main streets in this section of towns are county roads, meaning that the Ocean County Board of Chosen Freeholders had to approve the parking ban as well on their roads. The county, in their correspondence of May 2nd, chose not to authorize enforcement of the ordinance on their roads, assisting the residents and visitors of Point Pleasant Beach by ensuring there is adequate parking after midnight in the summer months.
 Regional Education Events
NJAR® developed a program in 2006 to sponsor educational networking events through New Jersey's local boards/associations. Below is the regional breakdown of each local board/association and any upcoming seminars or events taking place in that region.
Region 1 March Pending Home Sales Rise, Market Recovering
Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR).
The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, rose 4.1 percent in March from an upwardly revised February and is 12.8 percent above March 2011. The data reflects contracts but not closings.  March Existing-Home Sales Decline, Inventory Down
Existing-home sales were down in March but continue to outpace year-ago levels, while inventory tightened and home prices are showing further signs of stabilizing, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR).
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 2.6 percent in March from an upwardly revised February, but are 5.2 percent above March 2011.  FHFA Issues Short Sale Approval Guidance
The Federal Housing Finance Agency issued a new guidance requiring servicers of Fannie Mae and Freddie Mac loans to speed responses to short sale requests.
The guidelines would require servicers to acknowledge receipt of short sale purchase offers within three business days; respond to short sale requests within 30 days (with a possible 30-day extension); and make a final decision within 60 days of receiving purchase offers.
 N.J. REALTORŽ - April 2012
The April issue of New Jersey REALTOR® explores how to use the top social media platforms in today's digital world to the best of your advantage.
Features Included:
 NJARŽ Protects Seasonal Rental Properties from Tax
On March 19, 2012, the New Jersey Division of Taxation adopted changes to the regulations regarding how hotel room occupancies are subject to the sales and use tax. The regulation creates a new definition of hotel known as a condotel, or a building used as both a condominium and hotel. After reviewing this regulation when it was introduced, NJAR® expressed concerns to the Division of Taxation that this definition could possibly extend the sales tax to seasonal rentals in condos.
After meeting with the Division of Taxation, NJAR® was able to secure amendments to this regulation whereby any home where the keys to the property are provided to the renter at the location of an offsite real estate broker will not be considered a condotel and subsequently will not be subject to the sales and use tax. In addition, language has been inserted in the regulation at the request of NJAR® stating that hotels typically do not engage the services of real estate brokers. This further clarifies that private homes being rented out on a seasonal basis will not be subject to the sales and use tax.  DEP Submits Changes to Public Access Requirements
On March 19, 2012, the New Jersey Department of Environmental Protection (DEP) published changes to its rule proposal governing public access requirements to tidal waterways such as beaches and rivers in New Jersey. NJAR® has worked with the DEP on the original proposal, which it supported as it provided protections to the rights of private property owners against new requirements that they provide public access through their properties. NJAR® has begun reviewing the proposed changes to ensure that private property owners with homes on tidal waterways that currently are not required to allow private access will not have to do so under the proposed changes. NJAR® will submit comments on this proposal and will attend a public meeting the DEP is holding next month on this proposal. 
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