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 Real Estate experience (17 years),
Designated Broker (1995-present),
President of Professional Real Estate Partners (2005-present),
President of American Institute of Professional Standards and Practices
Certified Negotiation Expert (CNE),
Master of Real Estate Society (MRE),
AZ Real Estate Instructor (13 years)
AZ Dept. of Real Estate Continuing Education Instructor,
AZ Assoc. of REALTORS Professional Standards Committee,
AZ Assoc. of REALTORS Board of Directors (2008-09),
AAR Certified Ethics and Professional Standards Instructor,
AAR Forms Committee 2005 - Residential Purchase Contract 2005,
Southeast Valley Regional Assoc. of REALTORS (SEVRAR) Board of Directors (2008-2009),
SEVRAR Grievance Committee Chairperson (1998-2007),
SEVRAR Continuing Education Instructor (2003-present),
SEVRAR Education Committee (2007-present),
AZ Dept. of Real Estate Commissioner's Statute Review Committee (2007)
Organizations National Association of REALTORS,
Arizona Association of REALTORS,
Southeast Valley Regional Association of REALTORS (SEVRAR),
Phoenix Association of REALTORS,
Scottsdale Association of REALTORS,
Maricopa/Glendale Association of REALTORS,
Arizona Regional Multiple Listing System (ARMLS),
American Notary Association
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 ational 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 Platinum Production Award - Keller Williams Realty Int'l (2001),
Double Platinum Production Award - Keller Williams Realty Int'l (2002),
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
