Are you ready to jump into Core Standards? Or maybe you’re looking even further ahead to the National Association of REALTORS®’ new Fair Housing training requirement for 2025? We’re diving into your top questions.
Q: In the “Financial Solvency” section of Core Standards, there is a list of recommended policies. Where can we get help crafting those policies?
A: First, it’s important to note that these policies listed in the Core Standards form (fraud awareness and prevention, budgeting, dues collection, etc.) are not mandatory. As an example, an association may not need a staff travel policy if staff does not travel and there is no budget for it. However, many of the recommended policies are beneficial for an association to ensure financial solvency and integrity.
Fortunately, NAR has model documents that can be amended and tailored as needed to fit your association’s needs, with the help of your local legal counsel. Your legal counsel can also be a great resource for crafting any other policies that your association might want to have to maintain a healthy financial outlook well into the future.