The National Association of Realtors' elected leaders will soon have to meet some minimum financial requirements that are not unlike those that their clients face when taking out a mortgage. Under an overhaul of NAR's elections process, candidates may no longer run for or remain in office if they have had a personal bankruptcy or foreclosure within the last seven years; if their credit score is not above the baseline required for a mortgage backed by the Federal Housing Administration (FHA); or if they have any current delinquent federal, state, or local tax filings or payments. Had such limits been in place a few years ago, NAR's 2013 president, Gary Thomas, would likely not have made it to the million-member trade group's highest office. (The office of president is not an elected ...
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