Updated on May 26, 2020
FAQ: SBA Loans for Brokers UPDATED 5/26
Find answers to your questions about the various loan options offered by the U.S. Small Business Administration. For information on Pandemic Unemployment Assistance (PUA) see this FAQ.
Members can call the new hotline at (213) 351-8450 for information on and assistance with applying for financial relief efforts available to REALTORS®, such as Small Business Administration and Paycheck Protection Program loans. The hotline will be staffed between 8:30 a.m. and 4:45 p.m., Monday through Friday.
The C.A.R. COVID Relief Hotline is intended to provide general answers regarding coronavirus-related federal and state relief programs available to REALTORS®. It is not intended as a substitute for individual legal, financial or tax advice. Advice in specific situations may depend on a wide variety of factors, and members who require review of a relief application or information about their specific legal or financial situation should consult the attorney, accountant or other advisor of their choice. These issues are beyond the scope of those provided by this Hotline.
Coronavirus Legal Documents and Useful Materials UPDATED 4/30: Forms CVA, PEAD, PEAD-LR
These materials will assist with potential issues in contracts and other issues related to best practices under the current conditions related to coronavirus.
Information from C.A.R. on electronic closings, relief for REALTORS® as independent contractors, online notary services, and real estate as an essential service.
In light of Governor’s Order of 3-19-20, in many instances, these conditions will prompt listing agents, in accordance with seller’s wishes, to change the MLS listing status to something like hold or withdraw — but if the listing agreement is still in effect, one would not select cancelled. Listing agents also have the option to maintain the listing in an active status, (or coming soon/delayed showing if such status is offered and appropriate under local MLS rules) albeit with an understanding of the limitation imposed on all face-to-face activity. Agents will have to be mindful of the implications of each status selection within their local MLS rules.
On April 10, 2020 – C.A.R. conducted a town hall virtual meeting with over 300 leaders of large brokerage firms from across the state. This page contains the questions that were asked by the brokerage community and the answers from the legal and professional services team at C.A.R.
Guidance for Employers UPDATED 4/21
Key information about paid leave, remote work and other policies affecting employers.
In response to the current COVID-19 epidemic, many firms are cancelling previously planned events in order to promote social distancing and to avoid spreading the contagionBrokerages may have entered into contracts related to these events, and now they need to cancel these contracts. Can a party cancel a contract without liability in the event of a viral epidemic? The answer to this question lies in the contract itself — and specifically in the section of the contract known as “Force Majeure.”