Keller Williams Realty San José - Gateway Team Meeting – July 26, 2011

2. Keller Williams Realty San José - Gateway Team Meeting – July 26, 2011 Announcements *Video- Step 2: Commit to the 80/20 Principle *KW MegaCamp *KWSV Company Picnic/BBQ This Thursday 7/28 @ 4pm – 7pm Vasona Lake County Park - The 'Circle' Site 333 Blossom Hill Road Los Gatos, CA 95032 *Vendor Directory *Broker Risk Management- Mike & MARS *Energy Upgrade Workshop *Listing-Recruits Contest Update ALC Updates *Growth *Culture *Education Wrap-Up *Wants, Needs, Plugs Prospect Mortgage *Audrey & Rosalio

3. I wanted to forward this message that is posted on the MLSListings site every time you log in to the MLS-It has been posted since June.  The reason I wanted to send this to you is that I’ve been copied on several violation emails from MLS.  Each violation carries a fine to the agent of $100.  Please remember to keep the MLS info accurate. Thanks, Mike Rules Enforcement: Pending Listings in Wrong Status or Past COE Summary: The Close of Escrow (COE) date must be current, managed and dependable as part of the obligations of agent and broker to a timely, accurate and cooperative MLS. Issue: Properties with a status listed as ‘Pending’ retain this status until the agent modifies it to some off-market conclusion. If an agent does not closely manage such a listing and update the COE date—for example, if the anticipated transaction extends—the listing will, in effect, show a status of pending with a COE date that falls in the past.Agents interested in the progressive activity of properties in an area cannot determine from the MLS if any activity has occurred on an unmanaged Pending listing. Listings showing a COE date that has passed contribute to a poor ecosystem where the MLS data becomes unreliable and the actual status of the listing is undependable. Solution: Property listings 14 days or more past their COE date are subject to a penalty under MLS rule: 7.8 Change of Listing Information. The correctly managed listing will publish an estimated COE date after contract acceptance. This date must be managed to remain in the future as appropriate. Once the property‘s status changes, the activity must be reflected in the listing by the end of the next business day per Section 10: Reporting Status Changes and Other Information To The MLS. By requiring MLS listings COE date as well as all other data points to be current, managed and dependable, all interested parties to the service can rely on the MLS data to be timely, accurate and cooperative. Ultimately this best practice delivers better service to subscribers and their sellers and buyers. If you have any questions regarding these or any MLS rules please call MLSListings Compliance at 408-874-0200 option 5 or email compliance@mlslistings.com.

4. BROKER RISK MANAGEMENT WEEKLY PRACTICE TIP EFFECTIVE IMMEDIATELY, ALL SHORT SALE LENDERS ARE NOW PROHIBITED FROM PURSUING BORROWER/SELLERS AFTER CLOSE OF ESCROW The California legislature just passed, and the Governor has signed, SB 458 which modifies and extends existing law, effective for transactions closing after July 15, 2011, prohibiting all short sale lenders from seeking a deficiency from the borrower/seller after a short sale on one-to-four residential units, regardless of whether the lender is a senior or junior lienholder, and regardless whether the property is owner-occupied or rented, or whether the loan is a refinance. In addition, the law also prohibits all lienholders from requiring a borrower/seller to pay any additional compensation in exchange for a short sale approval. And, any attempt to waive this rule is void and against public policy. But, unfortunately, a lender is not prohibited under the new law from attempting to negotiate for a contribution from someone other than the borrower, such as other lenders, buyer or the agents. Hopefully this will not be a common occurrence. As with the previous law (SB 931-- which applied only to senior lienholders), these protections do not apply to: (1) a borrower who commits fraud or waste (damage to the property so as to affect value); (2) a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; or (3) a lien secured by a specified bond or a public utility lien. Finally, additional rules apply if a note is cross-collateralized by more than one property. PRACTICE TIP: Even though this law is now in effect, it is still recommended that listing agents advise their short sellers in writing to have the term sheets received from their lenders reviewed by their attorney prior to forwarding them to the buyer.

8. New Listings CONGRATULATIONS!

9. Open Escrow CONGRATULATIONS!

10. Closed Escrow CONGRATULATIONS!

11. ALC Updates

12. Wants, Needs, Plugs