AboutTodd C. Menard Expertise National Association of Realtors Code of Ethics and Professional Standards
* Contract Questions: 05/05 Arizona Real Estate Purchase Contract, Exclusive Buyer Broker Contracts, Listing Contracts and associated contract documentation as it relates to boilerplate, covenants, contingencies, procedures and procedures.
* ARMLS Arizona Regional Multiple Listing questions
* Real Estate Professional Standards and Practices, Ethics, Obligations, Duties
* Agency relationships in Arizona, Procurring Cause
* Questions typicaly arising during the listing period
* Questions typically arising during the escrow period
* Questions about working with a real estate agent v. REALTOR
* Questions Related to New Home Builders
Experience Arizona Real Estate Salesperson License (1991-1995),
Arizona Real Estate Brokers License (1995-Present),
Arizona Association of REALTORS Board of Directors (2008-Present),
Arizona Association of REALTORS Professional Standards Committee (2008-Present),
AAR Certified NAR Code of Ethics and Professional Standards Instructor,
Southeast Valley Regional Association of REALTORS Board of Directors (2008, 2009),
Southeast Valley Regional Association of REALTORS Grievance Committee Chairperson (1998-2007),
Southeast Valley Regional Association of REALTORS Bylaws Committee (2008-Present),
Southeast Valley Regional Association of REALTORS Education Committee (2008),
Arizona Association of REALTORS Forms Committee - Residential Purchase Contract (2005),
Arizona Association of REALTORS Forms Committee - Residential Rental Agreement (2008),
Arizona Association of REALTORS Forms Committee - Buyer Broker Agreement (2009),
Arizona Association of REALTORS Presidents Advisory Group, Road to Professionalism (2009),
Arizona Association of REALTORS GRI Curriculum Review Committee (2009),
Organizations National Association of REALTORS,
Arizona Association of REALTORS,
Arizona Regional Multiple Listing System (ARMLS),
American Notary Association,
Southeast Valley Regional Association of REALTORS (SEVRAR),
Phoenix Association of REALTORS (1994-2000, 2005-2009),
Scottsdale Association of REALTORS (1994-2000, 2005-2009),
Maricopa/Glendale Association of REALTORS (1994-2000, 2005-2009),
Publications "Real Estate in 2008"- Lifebushido Publishing (Contributory Author), SEVRAR Magazine,
Internet Crusade, RealTown ListServe, Blogger.com, Active Rain
Education/Credentials - AAR Certified Ethics and Professional Standards Instructor, Graduate REALTOR Institute (1993), Certified Negotiation Expert (CNE), Over 100 Hours of annual real estate continuing education, Annual Ethics and Professional Standards Development Workshops as required by the National Association of REALTORS, Approx. 72 hours of NAR Code of Ethics training annually, Numerous IDW, Seminars and Train the Trainer programs, Business Management Degree - 1981
Awards and Honors 2009 REALTOR of the Year Award, Southeast Valley Regional Association of REALTORS (10,000+ Members),
Double Platinum Production Award ($45,000,000 Sales Volume)- Keller Williams Realty Int'l (2001),
Top 15 Sales Production Keller Williams Realty International (2001),
Top 5 Sales Producation Keller Williams Realty Southwest Region (2001),
Top Recruiter Award - Keller Williams Realty Int'l, SW Region (2002),
Who's Who in U.S. Executive (1983),
Who's Who in U.S. Real Estate Professionals (2007)
Question Hi, my parents own land about 2 acres. They have 4 adult children all with incomes above 60,000 a year. We were thinking about building a multi family home on the property. But how could we all have partial ownership of the property. Would this be consider a Condo?
Answer Hello Tonya - First let me apologize as the system did not notice me of your question which accounts for the delay in my response. Inquire about taking title as tenants-in-common (TIC). This means each tenant would own an undivided equal share of the premises. You can contact an attorney, a title agency or the county recorders office for more information. When it comes to ownership interests in investment property each potential owner needs to talk to their own accountant and attorney as each owners current financial and asset portfolio may require different methods of holding title, asset protection entities, etc. Many asset protection specialists recommend Limited Liability Companies to shelter the owner(s) from tenant liability by holding interest (title) to the property in the name of an LLC rather than a personal name. Depending on your state a REALTOR or an attorney can discuss this more with you. Also, your accountant can discuss investment property characteristics which are different from owner-occupied ownership. This also can effect the way you hold title. If you plan to sell the property you need to determine whether it will be a short-term investment or a long-term investment and what different characteristics are common to both. Finally, you need to think about disposing of the asset (selling it) and how it affects your capital gains and reinvestment strategies (1031 tax exchange) and how selecting the improper method and procedure could cost you thousands of needless dollars. Each state has different definitions for types of property. Oh and about what to call it? In Arizona, we would call a 2-unit residence building a duplex, a 3-unit residence a tri-plex, 4- four-plex, after 4 the lingo switches to how many "doors" (apartments/townhouses/etc) the facility contains. Each apartment is considered a "door". Well I hope this sheds some light on the simplicity of getting into a complex situation, and how proper planning can result in more financial gain, less tax and less exposure to liability. Let me know if you need any further assistance. - Todd
