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Economic Outlook and Forecast

Robert A. Kleinhenz, Ph.D.
Economist/Director of Research
UCR Business Forecast


• U.S. Economy
• California Economy
• High Desert/Inland Empire
• Conclusion

N.A.R. Code of Ethics Requirement

REALTORS® are required to complete ethics training of not less than 2 hours, 30 min. of instructional time within two-year cycle. The training must meet specific learning objectives and criteria established by the National Association of REALTORS®.


New members of local REALTOR® associations must complete similar training when they first join. A new member who has completed the New Member Code of Ethics Orientation shall not be required to complete additional ethics training until the next two year cycle.

A REALTOR® who has completed the required ethics training within a two-year cycle in one association shall not be required to complete any further ethics training for that same training cycle if the REALTOR® becomes or is a member of another association. In addition, a member may take courses to satisfy this ethics training requirement through any association or outside training facility where the member can provide satisfactory documentation of completion.

Ultimately, it is the local association where the individual holds membership that will determine if the training taken meets the required learning objectives and criteria. Failure to complete the required ethics training shall be a violation of a membership duty for which membership is suspended and subsequently terminated.

Be sure to familiarize yourself with the Code of Ethics Training requirements and learning objectives for new members and existing members.

Current Existing Member Course (free course)

Begin or resume

New Member Code of Ethics Orientation Course (free course)

Begin or resume

Membership Suspension Information


• Authority for local and state associations to discipline members is most commonly established in associations' bylaws in Article VI and in Article VII (which incorporates the Code of Ethics and Arbitration Manual ("Manual") by reference).

Section 1 of the Manual defines "suspension of membership".

• Suspension of REALTOR® membership results in suspension of "all Board/Association-provided rights, privileges and services". This refers only to rights, privileges, and services that are available to REALTORS® as a result of their being REALTORS®.

• While suspensions are generally imposed for at least thirty days and not longer than one year, these limits are not applicable when the cause of the suspension is "remediable", that is something the suspended REALTOR® can correct, thereby lifting the suspension. Examples of this include paying delinquent dues, fees and charges, taking required training (including mandated New Member or Code of Ethics training, etc.).

• Suspensions are generally lifted at the end of the stated term. An exception exists where suspension is imposed for "remediable" violations including failures to pay dues, fees and charges, and failures to meet education requirements.

• Suspensions of indeterminate duration imposed for "remediable" violations/offenses may remain in effect indefinitely.

• Suspensions for specified periods are lifted automatically at the end of the specified term; suspensions for remediable violations/offenses remain in effect until the suspended member "cures" the violation.

• "Reinstatement fees" may not be charged to restore a suspended member to good standing unless authority to assess such fees is specifically established in an association's bylaws, similar to the authority required to assess application fees, annual dues, special assessments, etc. Any reinstatement fee assessed should be reasonable in amount; related to actual costs incurred in restoring members to good standing; and should be assessed uniformly and consistently irrespective of the reason for suspension.

• Suspension and termination are not synonymous. A suspended member is still a REALTOR® and is subject to all of the duties and obligations of membership on an ongoing basis, including the duty to pay membership dues and any pending fees and charges; to abide by the Code of Ethics; to arbitrate disputes with clients and with other REALTORS® in circumstances where arbitration is deemed mandatory, etc.

• The consequences of a REALTOR® principal being suspended on other REALTOR® principals and on non-principal REALTORS® in the same firm depend on the bylaws of the local association. Generally this is addressed in Article VI of an association's bylaws. In some associations the membership of all REALTORS® is suspended automatically if any REALTOR® principal is suspended; and those members' suspensions remain in effect until the originally-suspended member either (a) is restored to good standing or (b) severs his relationship with the firm. Other associations, however, allow suspended REALTOR® principals to "relinquish management control" during the term of suspension with the memberships of other REALTOR® principals and non-principal REALTORS® being unaffected. It is essential to carefully review the local association's bylaws to determine whether/how the status of other REALTORS® will be affected if a REALTOR® principal is suspended.

MLS–related Issues

• MLS Participants are generally REALTOR® principals or firms comprised of REALTOR® principals. Non-principal brokers and sales licensees licensed with MLS participants have access to and use of MLS by virtue of their affiliation with an MLS participant in good standing. MLSs cannot deny non-principal brokers and sales licensees access to and use of MLS on the basis that such licensees do not hold REALTOR® membership or because their REALTOR® membership is suspended.

• If an MLS Participant is a REALTOR® principal who is suspended, his participatory rights in MLS suspend if REALTOR® membership is a condition of MLS participation. This will not occur, however, if an association's bylaws allow suspended REALTOR® principals to "relinquish management control" and if MLS participatory rights are transferred to another REALTOR® principal in the firm. In those circumstances, the REALTOR® membership of other principals is unaffected, and the access or "subscriber" rights of non-principal brokers and sales licensees are unaffected. Where MLS participatory rights are available to nonmember brokers (either as a matter of law or as a matter of local determination), the fact that a REALTOR® participant's REALTOR® membership has been suspended will not affect his continued right to participate in MLS.

• Where MLS participatory rights are available to nonmember brokers (either as a matter of law or as a matter of local discretion); where higher MLS fees are assessed nonmember participants; and where the REALTOR® membership of a participant is suspended, MLS dues, fees and charges should not be increased to the "nonmember level" during the term of suspension. The basis for higher fees for nonmembers is that associations of REALTORS® owning and operating MLSs incur expenses related to MLS operations that are ordinarily supported by member dues rather than MLS fees, e.g. enforcement of rules through associations' professional standards processes, dispute resolution (arbitration and mediation) of contractual/financial disputes between member and nonmember participants, etc. Suspended members continue to pay dues (supporting these services) while suspended.

Lock Box-related Issues
• If lock boxes are an association service and a suspended REALTOR® is a principal broker, that REALTOR®'s right to hold a lock box key or programmer suspends during the duration of the suspension. If the bylaws of the association do not permit the suspended REALTOR® principal to "relinquish management control" so other REALTORS® associated with firm will not be suspended, then the membership of non-principal brokers and sales licensees and their right to hold keys also suspends until the REALTOR® principal's suspension is lifted.

• If lock boxes are an association service and a suspended REALTOR® is a non-principal broker or sales licensee, his ability to hold a lock box key or programmer is unaffected. Refer to the Lock Box Security Requirements found in NAR's Handbook on Multiple Listing Policy for additional detail.

REALTOR® Code of Ethics Training Overview




California pending home sales post third straight annual increase in June

C.A.R. reports...

LOS ANGELES (July 25) – Led by the San Francisco Bay Area, California pending home sales continued their upward momentum in June to post three straight months of annual increases, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) said today.

The California housing market remained very competitive, as C.A.R.'s June Market Pulse Survey** reflected a slight increase in sales with three or more offers over the previous year, particularly in homes priced $300,000-$399,000, which climbed from 8 percent in June 2015 to 18 percent this year.

Pending home sales data:

• Statewide pending home sales rose in June on an annual basis, with the Pending Home Sales Index (PHSI)* increasing 3.2 percent from 123.4 in June 2015 to 127.3 in June 2016, based on signed contracts. With pending sales on a rising trend in the past couple of months, June's increase should portend for higher closed transactions in July and August.

• California pending home sales declined 7.0 percent on a monthly basis compared to May, primarily due to seasonal factors. When adjusting pending sales for typical seasonal patterns, pending sales were down 3.2 percent from May and up 3.0 percent from June 2015.

• After trailing behind Southern California and the Central Valley since the beginning of this year, the San Francisco Bay Area led the regions, with pending sales increasing on an annual basis across the state.

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C.A.R. analysis finds presidential elections have little impact on California housing market

Prospective home buyers want current presidential candidates to address housing affordability

LOS ANGELES (June 21) – Presidential elections have historically had little or no negative impact on the California housing market, according to findings by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.).

"Transitory political events such as presidential elections don't drive the housing market," said C.A.R. President Pat "Ziggy" Zicarelli. "Market fundamentals such as housing inventory, affordability, interest rates, job growth, and consumer confidence are the real factors that influence the housing market."

In an analysis of home sales dating back to 1990, the average growth in home sales during an election year is usually either slightly higher or lower each month than in non-presidential election years. Notably, sales growth is rarely negative during an election year, and there is no evidence of a systematic negative impact on home sales or prices stemming from election season. In fact, C.A.R. found that growth in home sales at the end of an election year actually outperforms non-election years by 7.1 percentage points.

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Realtor Party News






  Celebrating Home Ownership Through Advocacy

National Home Ownership Month is a good time to reflect on our commitment to helping others realize the American dream of real property ownership. Our job as REALTORS® goes beyond listing and selling property. We protect and promote home ownership and property interest in real and tangible ways through the REALTOR® Party. readmore

Puerto Rico REALTORS® Pull Out All the Stops to Fight a Tax on Services and Win

The REALTORS® of Puerto Rico are no strangers to challenge, with a higher than average unemployment rate and foreclosures up almost 90 percent since 2008. But the 350-member association stepped up in a big way, successfully leading the fight to repeal a 10.5 percent tax on services that was going into effect.readmore

by the numbers



800mil The estimated number of urban dwellers who are practicing some form of backyard farming. Backyard or urban farming has become a significant part of modern living, especially in the U.S. Find out what's driving this renewed interest in growing food and the laws of backyard farming in the latest Hot Topic Alert.readmore

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