National Association of Real Estate Brokers

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The National Association of Real Estate Brokers (NAREB) was established on July 29, 1947, making it the oldest minority business association in the Americas. NAREB was created by African-American real estate professionals as an alternative space for African-Americans who were racially and specifically excluded from the National Association of Realtors.

Contents

NAREB members are called realtists (rather than REALTORs) and represent all professional disciplines within the real estate industry including residential and commercial real estate agents and brokers, loan officers, mortgage brokers, title companies, appraisers, insurance agents and developers.

Headquartered in Lanham, Maryland, NAREB is governed by a board of directors and an executive committee composed of members and leaders, in the industry, from across America. Each local chapter continuously accepts new members. [1]

History

NAREB was founded by twelve individuals in Tampa, FL, one woman and eleven men from seven states across the United States. NAREB held its first convention at the Convention Hall in Atlantic City, N.J., between July 19–20, 1948.

Dr. Martin Luther King Jr. spoke at the NAREB National Mid-Winter Conference that was held in February 1968, in San Francisco, California a few months before he was assassinated. During his speech, King talked about how a privately managed "Marshall Plan", similar to the one initiated in Europe following World War II, was needed to revitalize America's inner cities. King stated that in America's inner cities, a ten-billion dollar investment over ten years from the government would help attract or develop new businesses as well as maintain and improve existing businesses. In this revitalized urban economy, the employed inner city residents would become homeowners, he said, thus improving the social and economic climate of their communities.

Organization

NAREB's 2017-2018 leadership includes Jeffrey Hicks, President; Donnell Williams, First Vice President; Lydia Pope, Second Vice President; Courtney Johnson Rose, Third Vice President, Lawrence Butler, Treasurer; Derrick Jackson, Assistant Treasurer; Shelia Collette, Secretary; Ketriena Kier, Asst. Secretary, Edward London, Chaplin, H. Bernie Jackson, Parliamentarian, and Charles Gilyard, Sergeant-at-Arms.

Over its 69-year history, two women have led the organization as President: Evelyn A. Reeves [2] and Maria Kong. [3] In 2005, Catherine Dorsey was named co-chairman of the NAREB. She was the first woman named to the post. The current chairman and vice-chairman of the Board are Robert Hughes and Michelle Callaway, respectively. [4]

Affiliates

NAREB's affiliates consist of the following:

Women’s Council of NAREB

The Women's Council of NAREB, one of NAREB's ten affiliate organizations, is a nonprofit organization that focuses on community grassroots. The organization's mission is to evaluate the standards of women in the real estate industry by facilitating leadership, education, and the exchange of information through group learning techniques; and to provide the opportunity for women to increase their knowledge and expertise in all facets of the real estate profession. Lydia Kirkland served as the organization's 2011 president. Founded in Atlanta, Georgia, in 1971, officers and bylaws were established and Laura Seale became the first president of the Women's Council. Currently, it has over 18 chapters nationwide and women comprise 53 percent of the NAREB's membership, with participation in all divisions and aspects of the organization. [5]

Staff

NAREB, over the years, has operated mainly as a member-managed organization. However, in 2001, Lee Bowman became the official executive director of NAREB, ultimately, serving in the role of the organization's Executive Consultant, until 2004. He also had been the 2000 President and CEO of Lee Bowman & Associates, a Baltimore community development and finance consulting company. [6] Prior to joining NAREB, Bowman served for six years as Mid-Atlantic Regional Director; Director of Housing and Community Development at Fannie Mae. [7]

Brenda Brown became the first woman to serve as the Executive Consultant for NAREB. Previously, at the National Association of Realtors (NAR), Brown developed a comprehensive diversity program [8] based on former U.S. President Bill Clinton's initiative on race called One America Initiative.

In April 2015, Antoine M. Thompson became the National Executive Director of NAREB. A former New York State Senator, former Buffalo City Council, and former executive director for two other quasi-governmental not-for-profits. He is the author of Buffalo's Fair Housing Law and various city and state laws that promote workforce and business diversity.[ citation needed ]

Current

In early August 2011, at its national convention in New Orleans, LA, NAREB announced an engagement with Wall Street investors to launch an $800 million Homeowner's Assurance Program (HAP) to address the effects of the housing mortgage crisis on African-Americans and other communities of color across the United States. [9]

In March 2011, NAREB, along with two other organizations representing multicultural real estate professionals - the National Association of Hispanic Real Estate Professionals (NAHREP) and the Asian Real Estate Association of America (AREAA) - convened at the Multicultural Real Estate & Policy Conference in Washington, D.C. to discuss regulatory and policy changes to preserve access to homeownership for people of color. As a result of that meeting the organizations issued a joint report entitled "The Five Point Plan: Refocusing the Future of Minority Homeownership." [10]

In 2010, NAREB announced the formation of two partnerships with organizations focused on addressing the needs of communities of people of color. In July, NAREB partnered with Integrated Mortgage Solutions (IMS), the only woman-owned [11] collateral protection firm offering resources for the mortgage servicing sector. [12] Additionally, NAREB announced its partnership with PartnerFirst, LLC, a provider of resources to mortgage services and outsourcers, creating a certified, nationwide, and multicultural short sale agent network to help communities of color across the United States avoid foreclosure. [13]

Related Research Articles

This aims to be a complete list of the articles on real estate.

Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. The home can be a house, such as a single-family house, an apartment, condominium, or a housing cooperative. In addition to providing housing, owner-occupancy also functions as a real estate investment.

<span class="mw-page-title-main">National Association of Realtors</span> American trade association for real estate brokers

The National Association of Realtors (NAR) is an American trade association for those who work in the real estate industry. It has over 1.5 million members, making it the largest trade association in the United States including NAR's institutes, societies, and councils, involved in all aspects of the residential and commercial real estate industries. The organization holds a U.S. trademark over the term "Realtor". NAR also functions as a self-regulatory organization for real estate brokerage. The organization is headquartered in Chicago.

A real estate agent, referred to often as a real estate broker, is a person who represents sellers or buyers of real estate or real property. While a broker may work independently, an agent usually works under a licensed broker to represent clients. Brokers and agents are licensed by the state to negotiate sales agreements and manage the documentation required for closing real estate transactions. Buyers and sellers are generally advised to consult a licensed real estate professional for a written definition of an individual state's laws of agency.

Blockbusting is a business practice in the United States in which real estate agents and building developers convinced residents in a particular area to sell their property at below-market prices. This was achieved by fearmongering the homeowners, telling them that racial minorities would soon be moving into their neighborhoods. The blockbusters would then sell those same houses at inflated prices to black families seeking upward mobility. Blockbusting became prominent after post-World War II bans on explicitly segregationist real estate practices. By the 1980s it had mostly disappeared in the United States after changes to the law and real estate market.

<span class="mw-page-title-main">1964 California Proposition 14</span> 1964 California ballot proposition

California Proposition 14 was a November 1964 initiative ballot measure that amended the California state constitution to nullify the 1963 Rumford Fair Housing Act, thereby allowing property sellers, landlords and their agents to openly discriminate on ethnic grounds when selling or letting accommodations, as they had been permitted to before 1963. The proposition became law after receiving support from 65% of voters. In 1966, the California Supreme Court in a 5–2 split decision declared Proposition 14 unconstitutional under the equal protection clause of the United States Constitution. The U.S. Supreme Court affirmed that decision in 1967 in Reitman v. Mulkey.

Racial steering refers to the practice in which real estate brokers guide prospective home buyers towards or away from certain neighborhoods based on their race. The term is used in the context of de facto residential segregation in the United States, and is often divided into two broad classes of conduct:

  1. Advising customers to purchase homes in particular neighborhoods on the basis of race.
  2. Failing, on the basis of race, to show, or to inform buyers of homes that meet their specifications.
<span class="mw-page-title-main">Homeownership in the United States</span> Percentage of homes owned by their occupants

The homeownership rate in the United States is the percentage of homes that are owned by their occupants. In 2009, it remained similar to that in some other post-industrial nations with 67.4% of all occupied housing units being occupied by the unit's owner. Homeownership rates vary depending on demographic characteristics of households such as ethnicity, race, type of household as well as location and type of settlement. In 2018, homeownership dropped to a lower rate than it was in 1994, with a rate of 64.2%.

Mortgage discrimination or mortgage lending discrimination is the practice of banks, governments or other lending institutions denying loans to one or more groups of people primarily on the basis of race, ethnic origin, sex or religion.

Title 12 of the United States Code outlines the role of Banks and Banking in the United States Code.

<span class="mw-page-title-main">John H. Frey</span> American politician

John H. Frey is an American real estate broker, businessman and politician. A member of the Republican Party, he served as a member of the Connecticut House of Representatives for the 111th district from 1999 to 2021.

HomeServices of America is the United States' largest residential real estate services company, based on closed transactions. The company provides real estate brokerage services, mortgage loan origination, franchising, title insurance/escrow and closing services, home warranties, property insurance, casualty insurance, and relocation services.

The Mortgage Bankers Association (MBA) is the United States national association representing all facets of the real estate finance industry. Headquartered in Washington, D.C., MBA represents over 2,200 member companies. MBA’s membership base includes all sectors of the real estate finance industry including originators, servicers, unresidential, commercial, and multi-family arenas.

Residential segregation is the physical separation of two or more groups into different neighborhoods—a form of segregation that "sorts population groups into various neighborhood contexts and shapes the living environment at the neighborhood level". While it has traditionally been associated with racial segregation, it generally refers to the separation of populations based on some criteria.

In the United States, housing segregation is the practice of denying African Americans and other minority groups equal access to housing through the process of misinformation, denial of realty and financing services, and racial steering. Housing policy in the United States has influenced housing segregation trends throughout history. Key legislation include the National Housing Act of 1934, the G.I. Bill, and the Fair Housing Act. Factors such as socioeconomic status, spatial assimilation, and immigration contribute to perpetuating housing segregation. The effects of housing segregation include relocation, unequal living standards, and poverty. However, there have been initiatives to combat housing segregation, such as the Section 8 housing program.

<span class="mw-page-title-main">Causes of the 2000s United States housing bubble</span>

Observers and analysts have attributed the reasons for the 2001–2006 housing bubble and its 2007–10 collapse in the United States to "everyone from home buyers to Wall Street, mortgage brokers to Alan Greenspan". Other factors that are named include "Mortgage underwriters, investment banks, rating agencies, and investors", "low mortgage interest rates, low short-term interest rates, relaxed standards for mortgage loans, and irrational exuberance" Politicians in both the Democratic and Republican political parties have been cited for "pushing to keep derivatives unregulated" and "with rare exceptions" giving Fannie Mae and Freddie Mac "unwavering support".

The U.S. subprime mortgage crisis was a set of events and conditions that led to a financial crisis and subsequent recession that began in 2007. It was characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. Several major financial institutions collapsed in September 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession.

Housing discrimination in the United States refers to the historical and current barriers, policies, and biases that prevent equitable access to housing. Housing discrimination became more pronounced after the abolition of slavery in 1865, typically as part of Jim Crow laws that enforced racial segregation. The federal government didn't begin to take action against these laws until 1917, when the Supreme Court struck down ordinances prohibiting blacks from occupying or owning buildings in majority-white neighborhoods in Buchanan v. Warley. However, the federal government as well as local governments continued to be directly responsible for housing discrimination through redlining and race-restricted covenants until the Civil Rights Act of 1968.

<span class="mw-page-title-main">Donald Andrew Spencer Sr.</span>

Donald Andrew Spencer Sr. was one of the first African American realtors in Cincinnati, the first African American broker to join the Cincinnati Board of Realtors, the first African American broker to serve as President of the Cincinnati Board of Realtors, and the first African American trustee at Ohio University in Athens, Ohio. He was appointed trustee of Ohio University by former Ohio Governor John J. Gilligan. He was the first African American to chair the Ohio University board of trustees in 1979 and served on the Ohio University board from 1974 to 1983. He was also the charter member of the Beta Eta chapter of Kappa Alpha Psi, a predominantly African American fraternity, at the University of Cincinnati. He chartered the chapter in 1939.

<span class="mw-page-title-main">Association of Real Estate Agents Uganda</span>

The Association of Real Estate Agents Uganda , is an umbrella organization of real estate agents, managers, organizations and other real estate professionals in Uganda, the third-largest economy in the East African Community.

References

  1. ↑ National Association of Real Estate Brokers website
  2. ↑ “Real Estate Board Prexy”. Jet. September 16, 1991. Retrieved 2010-09-27.
  3. ↑ “NAREB to Convene in Memphis”. Memphis Business Journal. March 3, 2008. Retrieved 2010-09-27.
  4. ↑ "Google Books Results.” Jet Magazine, March 7, 2005: p.36. Retrieved 2010-09-22.
  5. ↑ “The Women’s Council of the National Association of Real Estate Brokers”.
  6. ↑ Press Release, ”FDIC Names Lee Bowman National Coordinator for Community Affairs”. Federal Deposit Insurance Corporation (FDIC). 2004. Retrieved 2010-08-08.
  7. ↑ Bloomberg BusinessWeek Online, February 8, 1999. Retrieved 2010-09-10.
  8. ↑ NLWJC–Kagan DPC-Box 051 – Folder-005 Race-Race Initiative Policy: Housing. Record of Paul J. Weinstein, Jr., June 1, 1998. William J. Clinton Presidential Library website. Retrieved 2010-10-04.
  9. ↑ ”State of Black American Housing”. The Huffington Post.com. August 13, 2011. Retrieved 2011-08-31.
  10. ↑ ”Minority Real Estate Leaders AREAA, NAHREP, NAREB Say Government Efforts Are Failing to Meet the Needs of Multicultural Homebuyers: Coalition Recommends Five-Point Plan & Diversity to Support Sustainability, Accountability & Responsibility". BusinessWire.com. March 15, 2011. Retrieved 2011-08-31.
  11. ↑ ”Integrated Mortgage, ICON, Providus make fast-growing women-led companies list”. Houston Business Journal. Friday, May 25, 2010. Retrieved 2010-10-04.
  12. ↑ Press Release, “MS and NAREB Collaborate to Create Opportunities for Underserved”. Business Wire.com. Retrieved 2010-08-08-10.
  13. ↑ "PartnerFirst Teams up with the National Association of Real Estate Brokers (NAREB) to Launch its Homeowner-Focused Minority Outreach Initiative" (Press release). PartnerFirst. PR Newswire. July 26, 2010.
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