MLS & Associations

National Association of Realtors imposes minimum financial requirements on elected leaders

Board will choose from multiple candidates in more 'open and inclusive' election system

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

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 position; president-elects are automatically elevated to president every year.) At the time Thomas was elevated to president, some Realtors objected to his appointment because he had filed for per...