YOU ARE NAR

NATIONAL ASSOCIATION OF REALTORS® 2014 ANNUAL REPORT Table of Contents

One Million Strong...... 2

The Trusted Source...... 4

Protecting Your Business...... 12

Engaging REALTORS® for Action...... 16

Brand Advantage...... 22

Raising the Professional Bar...... 30

Membership Dues and Assessments: How Your Dues Are Used...... 34

2014 NAR Leadership...... 36

1. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 1. ONE MILLION STRONG

One Million Strong

THE NATIONAL ASSOCIATION OF REALTORS® IS AMERICA’S LARGEST TRADE ASSOCIATION—THE VOICE FOR REAL ESTATE®— REPRESENTING MORE THAN 1 MILLION MEMBERS.

Members of the National Association of REALTORS® are involved in all aspects of residential and commercial IN 2014 real estate, and all are bound by a Code of Ethics that sets them apart

from nonmember practitioners. REALTORS® produced a bold new strategic plan; set standards of “We count on you to act when your Legislators, policymakers, and the media professionalism for 1,400 state industry needs you. You can count on your turn to NAR as the go-to source for and local REALTOR® associations; authoritative and objective information and explored the idea of an association to give you the tools you need about real estate and the economy. NAR’s aspirational commitment to succeed.” strength in numbers also translates into to excellence designed to benefits of membership, from publications ensure NAR members meet the STEVE BROWN and data tools exclusively for members changing needs of consumers. NAR PRESIDENT to buying discounts and special offers on a range of products and services.

2. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 3. THE TRUSTED SOURCE

The Trusted Source

WHILE THERE ARE MANY TOOLS THAT SEEK TO HELP HOME BUYERS AND SELLERS, THERE’S NO REPLACEMENT FOR A REALTOR® WHEN IT COMES TO PROVIDING EXPERTISE AND ACCURATE DATA.

REALTORS® provide real insight. They’re the most trusted voice on the value of property rights and home ownership, real estate trends, and the impact of public policy decisions on property values. NAR shared that message with consumers throughout 2014, achieving 145 billion consumer impressions through an integrated campaign that included:

“In partnership with the National Association of REALTORS® and its 1 million members, we look forward to turbo-charging realtor.com® Media Advertising Direct-to-consumer Social media and making it the most popular and profitable outreach communication engagement property site in America.” At the same time, NAR advanced the industry through highly regarded, closely Speaking to REALTORS® via satellite, ROBERT THOMSON, CHIEF tracked economic indicators and produced market research unavailable elsewhere. EXECUTIVE OF NEWS CORP November 2014

4. | National Association of Realtors® 2014 Annual Report | 5. NAR SHARE OF VOICE ADVERTISING The association was the leading voice in the media NAR’s advertising campaign featured interviews with buyers NAR kicked off on four key topics, garnering more than 50 percent The campaign talking about the value of REALTORS® and realtor.com®. The “Conversations with Real of the coverage on all four topics and nearly all the reached the campaign reached the target audience—consumers 25-54 Insight,” hosting a live- coverage in the important arena of public policy. who were likely to buy or sell a home in the next 12 months—an target audience: streamed conversation average of 35 times in 2014 using popular prime time network, between NAR President NAR OTHER consumers 25–54 cable, and sports programming; music, news, talk, and sports Steve Brown and HUD (Case-Shiller, Trulia, Zillow, National Association who were likely radio; and digital advertising. of Home Builders, Realtor.com, Redfin) Secretary Julian Castro. to buy or sell a An online tool kit walks 97% home in the next Local and state associations—and members—also had the opportunity to customize the ads for their audience, further state and local associations 3% 12 months. through the process of amplifying the message about REALTOR® value. PUBLIC POLICY developing their own “Real Insight” events. 88% 12% SOCIAL MEDIA ENGAGEMENT REALTOR® VALUE NAR reaches REALTORS® and consumers every day through its many social media channels. 65% 35% REAL ESTATE DATA

58% 42% The association NAR Social Media Subscribers, 2013—2014 HOME OWNERSHIP achieved significant growth in subscribers FACEBOOK TWITTER LINKEDIN

to its main social 66% 66% Growth Growth MEDIA OUTREACH media channels 1M 80% OF NAR in 2014. 80K NAR was mentioned in COVERAGE WAS FACTUAL AND 60K 90,786 NEUTRAL. articles, generating 16% 19% WAS 40K Growth POSITIVE. 19.8 BILLION positive impressions in 2014. 20K 1% WAS CRITICAL. 0 2013 2014 2013 2014 2013 2014

6. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 7. DIRECT-TO-CONSUMER COMMUNICATIONS REAL ESTATE TODAY In its seventh year on the air, NAR’s official radio program was on HOUSELOGIC.COM nearly 200 radio stations, including the top stations in the nation’s NAR’s website for home owners offers valuable information that top markets. REALTORS® can use in their own communications with customers

and prospects. TOP STATIONS IN THE NATION’S TOP MARKETS

WRKO WLS BOSTON CHICAGO In 2014, WABC SOCIAL MEDIA TRAFFIC NEW YORK houselogic.com KABC LOS ANGELES WBAP achieved 11 million 85% DALLAS visits (up 30% of consumers have 2013 access to the show on a local radio station. WMAL from 2013). WASHINGTON, DC Social Media 2014 traffic up 270% 176 RADIO STATIONS IN ALL

15,000 Listeners get weekly updates, as well as tips on real estate buying, ® ® selling, owning, investing, and maintenance—and the show is SEARCH TRAFFIC REALTORS , REALTOR associations, and always 100% pro-REALTOR®. MLSs embed the REALTOR.COM® 2013 “Real Estate Today” For consumers who are thinking about buying or selling a home, audio player on realtor.com® is the most accurate national database of homes for sale. NAR owns the domain name; San Jose, Calif.-based Search their websites. Move Inc. owns and operates the site. In November 2014, the 2014 traffic up global media company News Corp acquired Move with a 130% commitment to work closely with REALTORS® to make the site the No. 1 real estate destination online.

8. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 9. AUTHORITATIVE RESEARCH NAR’s monthly existing-home sales and pending home sales index are closely watched by government agencies, the news media, and the public. The association also tracks median home prices and affordability nationally, regionally, and in 174 metropolitan statistical areas, and it produces a wide range of original research.

NEW STUDIES RELEASED BY NAR IN 2014

PROFILE OF INTERNATIONAL HOME BUYING ACTIVITY Examines purchases of real estate in the United States by international clients, and the use of REALTORS®’ services

COMMERCIAL REAL ESTATE LENDING SURVEY Provides insights into REALTORS®’ commercial financing conditions, and details liquidity conditions, market impact and funding sources

MORTGAGE ORIGINATORS SURVEY Asks a sample of mortgage lenders about the impact of new regulations on their business and how the rules could impact consumers “We used to use a fill-in-the-blank template for our newsletter but didn’t get much

OVERVIEW OF LAND MARKETS response. Doing our own, and using NAR Conducted biannually with the REALTORS® Land Institute to data, we get a lot more feedback and, quite identify trends in land markets and the general state of land sales frankly, more leads turn into listings. That’s

RICHARD CHASSÉ, the name of the game.” GLENDALE, ARIZ.

10. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 11. PROTECTING YOUR BUSINESS

Protecting Your Business

DEEP POLITICAL EXPERTISE AND ONE OF THE STRONGEST POLITICAL ACTION COMMITTEES IN THE NATION GIVE REALTORS® A PLACE IN CRITICAL LEGISLATIVE AND REGULATORY DISCUSSIONS.

In 2014, NAR-backed issues were one of the bipartisan bright spots in Washington. Among other things, NAR helped preserve affordable financing for rural communities, restore control to flood insurance premiums, and extend mortgage debt tax forgiveness for consumers who had experienced a foreclosure or short sale.

“Without the Sec. 502 rural housing loan, home ownership would be impossible in our community for many households who have the ability to make monthly payments but can’t come up with much

VICKIE DAVIS of a down payment.” VAN BUREN, ARK. Vickie Davis’ community was in jeopardy of losing RHS’s rural designation

12. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 13. PRESERVING AFFORDABLE FINANCING ELIMINATING UNFAIR PREPAYMENT PAVING THE WAY FOR DRONE USE IN RURAL COMMUNITIES PENALTIES NAR worked with the Federal Aviation Administration NAR helped protect the availability of Rural The Federal Housing Administration agreed to ensure that future regulations enable the Housing Service-backed Sec. 502 mortgage in August to eliminate post-payment interest commercial use of drones in real estate. Proposed loans by working with Congress to extend charges on FHA-insured single-family mortgages. rules, released for public comment in February 2015, the existing definition of “rural” until the 2020 The charges amounted to a prepayment penalty would allow use by real estate practitioners. LEGAL ACTION PROGRAM Census. Under a proposed change, 900 by forcing sellers to pay interest on their loan until In addition to advocating for the industry communities risked losing their eligibility for the end of the month, regardless of when the in Washington, D.C., the association the loans, often the only financing available sale closed and their loan was paid off. PRESERVING NET NEUTRALITY provides legal-action funding to help real to rural home buyers. Next: NAR is asking RHS NAR urged the Federal Communications estate brokerages, MLSs, and REALTOR® to allow lenders to become direct endorsers, Commission to keep Internet service providers associations with cases that are of so they won’t have to send each loan to the RESTORING CONTROL TO FLOOD (ISPs) from creating fast and slow lanes for online significance to the association, including government for approval. INSURANCE PREMIUMS traffic, and in early 2015, the FCC announced its matters relevant to the practice of real Reforms to the National Flood Insurance intention to maintain so-called net neutrality. estate, the operation of real estate Program in 2012 were intended to put the associations, ownership and use of real EASING CREDIT ACCESS program on a sound financial footing, estate, and private property rights. NAR helped achieve responsible, affordable but unforeseen problems in the law led to STOPPING PATENT TROLLS lending by persuading federal banking regulators headline-making premium increases. One NAR testified on and helped organize a coalition to align their credit standards for securitized home homeowner’s premium rose to $87,000 from just seeking legislation to curb companies that buy $730,000 mortgage loans with the Consumer Financial a few thousand dollars. In 2014, NAR worked patents and then use the threat of patent- was provided by NAR in Protection Bureau’s ability-to-repay rules. with Congress to pass the Homeowners Flood infringement litigation to extort fees from businesses. Insurance Affordability Act. It gives insurers tools seven industry-critical to set more accurate premiums and imposes cases in 2014. EXTENDING MORTGAGE DEBT TAX caps on annual premium hikes. FORGIVENESS In December, Congress passed a one-year extension of mortgage debt tax forgiveness, $10,000 “The process was longer and more expensive than anything protecting households from unfair taxation we had contemplated, and we could not have sustained our Amount of decrease in home on debt forgiven as a result of a 2014 loan efforts without the support of the NAR Legal Action Committee modification or short sale. value for every $500 increase in and the association itself. They recognized that this was a flood insurance premium vital fight, and the outcome benefits our industry at large.”

11.6% ALLOWING DUAL AGENCY IN FHA SHORT —John Mosey, NorthstarMLS®, Saint Paul, Minn. Percentage of members who SALES Northstar received NAR legal action funding for a copyright responded to a call to action on In 2013, the federal government issued a policy prohibiting dual agency in short sales on FHA-insured infringement case. mortgage debt tax forgiveness properties. NAR leadership and legal staff met with the agency, and, in 2014, got the policy modified.

14. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 15. ENGAGING REALTORS® FOR ACTION

Engaging REALTORS®

for Action

2014 WAS A CRUCIAL MID-TERM ELECTION YEAR, WITH MAJOR REAL ESTATE ISSUES UNDER DISCUSSION AT THE FEDERAL, STATE, AND LOCAL LEVELS.

With the three pillars of the REALTOR® Party—Vote, Act, and Invest—NAR helped secure passage of real estate-friendly laws at all levels of government and elect REALTOR® champions.

“You can’t sell real estate when businesses

VOTE ACT INVEST are declaring bankruptcy and employees are given pinks slips. That’s what we faced with a proposed 2 percent business tax. We defeated it with a good argument and the

BRAD SPIRES, GRE, SFR, resources to get our voice heard.” GARDNERVILLE, NEV. The Nevada Association of REALTORS® received campaign support to defeat a ballot initiative that would have created a 2 percent “margins tax” on annual gross business revenue in excess of $1 million.

16. | NATIONAL ASSOCIATION OF REALTORS® REALTORS® VOTE REALTORS® INVEST

$9,216,534 National RPAC dollars raised in 2014, NAR encouraged REALTOR® participation in the 2014 elections through a 14% increase over 2013 voter registration and get-out-the-vote campaigns.

28% Participation was Major investors were of members twice as high as the up 15% and President’s participated in 82.8% 77.1% average rate for trade Circle members were of REALTORS® of the U.S. population RPAC in 2014, up association PACs. up 5%, compared are registered is eligible to vote. from 26% in 2013. to vote. with 2013.

MAKING A DIFFERENCE AT THE STATE & LOCAL LEVELS REALTORS® ACT Campaign Services

$ CANDIDATE SUPPORT 376 9.78 153 NAR supported REALTORS® and REALTOR® champions in the 2014 election. state and local million spent on million online independent supporting candidates impressions expenditure 457 383 98 campaigns REALTOR® champions REALTOR® champions REALTOR® candidates 1.87 in U.S. House and were supported in supported; 72% won. million phone calls Senate race were state and supported. local races. Issues Mobilization The association provided issues mobilization support to state and local association programs, 94% 77% All told, NAR distributed scoring key legislative victories in San Francisco of candidates of candidates $28,026,853 for local, state and in the states of North Dakota, South supported for national supported for state or and national candidates Carolina, and Texas. office won. local office won. and campaigns, a 12% increase over 2013. 51 $6.2 QUICK ALERTS ON CALLS FOR ACTION grants million dollars Nearly 47,000 REALTORS® were subscribed to REALTOR® Party Mobile in spending Alerts in 2014.

REALTOR® Party Disbursement Liaison Iona Harrison, GRI, thanks REALTORS® for their participation in RPAC.

18. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 19. BUILDING COMMUNITIES

Placemaking Beginning in 2014, NAR offered grants of up to $2,500 to REALTOR® associations wishing to help turn underused public spaces into public assets.

57 $114,200 grants awarded in funds

Community Outreach In 2014, alone, the association provided nearly $900,000 to support housing opportunity, smart growth, and diversity.

208 39% 33% grants, totaling increase in number increase in dollar $896,000 of grants, compared amount with 2013

Good Neighbor Awards Each year, the association recognizes REALTORS® who are extraordinary community givers with grants to their charitable cause.

$1 million+ in total grants over the life of the program “I’m shocked; it’s overwhelming … I haven’t met any of these people, and they are just

Habitat for Humanity International doing this out of the kindness of their hearts.” ® Since 2001, NAR has partnered with Habitat for Humanity International to build homes REALTORS attending the NAR Conference in in NAR convention cities, including three homes in New Orleans in 2014. That’s on top 2014 worked with Harris, a Habitat for Humanity of REALTOR®-supported builds that take place around the country each year. client, on the building of her new home. QUENETRIA “QUE” HARRIS, NEW ORLEANS, LA.

20. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 21. BRAND ADVANTAGE

Brand Advantage

BEING A MEMBER OF THE REALTOR® FAMILY BRINGS AN IDENTIFIABLE, MARKETABLE BRAND IDENTITY, SIGNIFYING A PROFESSIONAL WHO ADHERES TO A STRICT CODE OF ETHICS.

The brand power of a one-million strong organization also offers direct benefits to NAR members in the form of discounts and special offers on business products, access to exclusive technology and data, and continuing education and networking opportunities.

“When I show my customers I follow the Code, it tells them there’s accountability for everything I do without my having to take time away from the practical parts of my job, like obtaining a listing, setting the

MATTHEW RATHBUN, ABR, CRS, price, and staging the property.” FREDERICKSBURG, VA. The REALTORS® Code of Ethics marked its 101st year in 2014.

22. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 23. IN 2014, NAR MEMBERS ENJOYED MANY BENEFITS

Extensive property data The nation’s premier gathering Business-building tools, and listing information of real estate professionals, the through the REALTOR Benefits® through Realtors Property REALTORS® Conference & Expo Program and dozens of Resource® (RPR) technology applications through Second Century The REALTORS® Federal Ventures, the REach™ Creation and management Credit Union, a division technology accelerator of the .REALTOR of Northwest Federal program, and the Center for top-level domain Credit Union REALTOR® Technology

REALTORS PROPERTY RESOURCE® NAR-owned Realtors Property Resource® gathers all available data on a property and organizes it for REALTORS® to use with their clients and customers. The company rolled out a mobile app in 2014, enabling REALTORS® to access in-depth property information and create reports from any location. All RPR tools are exclusively for REALTORS® and offered as a benefit of membership.

.REALTOR TOP-LEVEL DOMAIN To create order on the Internet for real estate information, NAR secured the .REALTOR top-level domain for exclusive use by NAR members and NAR’s affiliated business partners. NAR launched .REALTOR in conjunction with the Canadian Real Estate Association to be the trusted, valued source of real estate information on the Internet.

“I applied for the .REALTOR domain because it is monitored by NAR to ensure that “RPR Mobile has become part of my regular only REALTORS® are represented on the domain. It, to me, added legitimacy to my business and my online presence. This is another form of validation for my clients.” arsenal of tools because I’m on the road more —David Craft, RE/MAX DFW Associates, Coppell, Texas than I’m sitting behind my desk.” DALE CHUMBLEY, CRS, VANCOUVER, WASH. At the end of 2014, nearly 90,000 .REALTOR domains claimed by REALTORS® were live on the Internet. In addition, NAR secured the top-level domain .realestate in 2014. The domain is expected to have far wider application around the world in organizing real estate information on the Internet.

24. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 25. NAR’S FAMILY OF INVESTMENT COMPANIES REALTOR BENEFITS® PROGRAM NAR and its strategic investment arm, Second Century Ventures, In 2014...REALTORS® Your Official Member Benefits Resource provides discounts and invest in companies that offer innovative business services and Insurance Marketplace special offers on products and services just for REALTORS® from products for you. more than 30 industry-leading companies. Program partners are expanded, offering carefully selected to support the unique needs of real estate more insurance carriers professionals and are committed to your success. NAR’S FAMILY OF INVESTMENT COMPANIES and plan options.

13 million+ $57 million+ SentriLock, a member experiences in member savings Cincinnati, Ohio, based lockbox solution wholly owned by NAR, 700,000 members took advantage produced its 1 millionth of the program lockbox and launched a new mobile app. NEW PARTNERS WELCOMED TO THE REALTOR BENEFITS® PROGRAM

2014 CLASS OF REACH™ COMPANIES

REALTOR® Credit Card Through REach™, now in its third year, NAR partners with early stage companies to help them tailor their products and services PARTNERS WHO EXTENDED OR EXPANDED THEIR OFFER TO REALTORS® IN 2014 to meet your needs as a REALTOR®.

CREDIT UNION Membership in the REALTORS® Federal Credit Union, a division of Northwest Federal Credit Union, grew by 21 percent in 2014. The Credit Union has made millions of dollars in low-interest-rate loans to REALTORS® and state and local REALTOR® associations. To 15 90% $34 million help REALTORS® achieve long-term financial success, throughout Companies Amount that Amount of 2014, the Credit Union offered financial planning and investment ™ that have gone REach companies outside financing basics through the “Your Money Matters” video series, developed ™ through REach™ typically grow their that REach in conjunction with REALTOR® Magazine. In 2014, the Credit Union customer base companies have launched the official REALTOR® Credit Card through the REALTOR after going through attracted Benefits® Program. the program

26. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 27. PREMIER GATHERING OF REAL ESTATE PROFESSIONALS The 2014 REALTORS® Conference & Expo in New Orleans drew real estate professionals and their guests from around the world. The dynamic program offered speakers and educational sessions to help REALTORS® become more successful and stay informed of opportunities.

16,391 326 REALTORS® and guests trade show exhibitors

6,101 23,743 total NAR Annual Conference Live visits app users

YOUR MEMBER MAGAZINE NAR’s award-winning REALTOR® Magazine launched digital subscriptions in 2014. Members can also access the magazine via a mobile app.

The magazine’s website, realtormag.realtor.org, averaged more than 325,000 unique visitors per month. And more than 150,000 members engaged each month with the magazine in social media. “Without fail, I find a way to improve my business at the REALTORS® Conference & Expo. Either it’s a product that can make my life easier, a vendor who makes a better product than one I’ve been using, or a class that teaches me something I didn’t know. COLLEEN KILFOIL, CRS, ABR, I never want to stop improving myself and BOURNE, MAINE my company.”

28. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 29. RAISING THE PROFESSIONAL BAR

Raising the Professional Bar

NAR MEMBERS HAVE THE OPPORTUNITY TO ENGAGE IN LIFELONG LEARNING THROUGH A VARIETY OF SPECIALTY EDUCATION OFFERINGS.

“Last year we hosted a delegation from China, and I was able to give my business card to our guests with confidence thanks to the culture tips I learned earning the CIPS designation.”

HILDY POLLARD, ABR, AHWD, CIPS, EPRO, MRP, SFR, SRES, ROCKVILLE, MD.

30. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 31. REALTOR® UNIVERSITY BROKER SUMMIT REALTOR® University celebrated its first Master of Real Estate Degree (MRE) In August, NAR hosted a sold-out broker event in Atlanta covering graduates in 2014 and held commencement ceremonies at the REALTOR® Party The success of this a variety of management issues from recruiting­ and management Convention & Trade Expo in Washington, D.C. event has resulted in styles to risk management and branding. Speakers included Sen. Johnny Isakson (R-Ga.), author David Eisenhower, and NAR Chief three Broker Summit Economist Lawrence Yun. REALTOR® UNIVERSITY ONLINE EDUCATION events in 2015. The success of this event has resulted in three Broker Summit New or revised courses in 2014 events in 2015.

· Accredited Buyer’s Representative · Short Sales & Foreclosures, Data Security Designation COMMERCIAL AND GLOBAL SERVICES · Expanding Housing Opportunities There were 703 new Certified International Property Specialist · Seller Representative Specialist · Commercial Real Estate (CIPS) designees, a 24% increase in members with the designation Designation that demonstrates their expertise in working with international · New Home Construction · Vacation/Investment/Luxury Properties clients or in markets around the world.

A new course, “Discovering Commercial Real Estate,” was launched at the end of the year, aimed at teaching members NAR TECH EDGE the fundamentals of commercial real estate, and 234 members · Offered in Chicago, enrolled in just two months. Atlanta, Detroit, Cleveland, Phoenix, 63 members were recognized with the Commercial National San Diego, and Award for outstanding local accomplishments. 339 commercial Portland in 2014 members have been recognized with this award since 2006.

2 new Cooperating Association agreements were signed, Real Estate Business Owners of South Africa and Real Estate Syndicate of Lebanon.

NAR members have an extensive global network for referral $100,000 was donated to veterans groups by opportunities with 84 associations in 63 countries. the new Military Relocation Professional certification (using a portion of each application fee). Nearly 1,000 new International REALTOR® Members joined NAR, expanding the network of real estate professionals around the world to 4,500.

32. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 33. MEMBERSHIP DUES AND ASSESSMENTS NONDUES REVENUE BREAKDOWN OF HOW NONDUES REVENUE IS USED NAR depends on nondues sources of income to cover the cost of association leadership GROSS NONDUES REVENUE* and governance, including Membership Dues $ the midyear meetings, annual 32 million and Assessments conference, leadership summit, committees, officers/leadership COST OF PRODUCING REVENUE

costs, and special meeting costs. $ HOW YOUR DUES ARE USED - 18 million

NET NONDUES REVENUE

$ Consumer Advertising $ Second Century Initiatives: =$14 million 35 Campaign (2,000 25 Second Century Ventures, television/5,000 radio spots Consumer Advocacy Outreach annually, building REALTOR® Campaign, Realtors Property

brand value and driving Resource®, HouseLogic, Real *Sources of revenue: rent, interest income, royalties, ad sales consumers to REALTORS®) Estate Today Radio, .REALTOR domain, RAMCO, Commercial $0 Total paid by members for leadership and governance (eProperty Data) $ New REALTOR® Party 40 Advancement Initiative (targeted state and local real $ The remainder of NAR’s estate and homeownership 25 services (Legal, Member advocacy) Communications, International Policy, Commercial, Education, Marketing, Affinity Partners, $ Government Affairs, Political Business Specialties, Wholly 30 Affairs, Economics & Research, Owned Subsidiaries, Center Regulatory Affairs, RPAC, Media for REALTOR® Technology) Communications, Executive Communications $ Total 2014 dues 155 and assessments

Thousands of REALTORS® around the country, including NAR’s past presidents, took part in the Ice Bucket Challenge to raise money and awareness for the ALS Association. 34. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 35. 2014 NAR LEADERSHIP NAR SENIOR STAFF REGIONAL VICE PRESIDENTS LIAISONS

Dale Stinton, CAE, CPA, CMA, RCE D. Gary Rogers, CRS Association Executives CEO Region 1 (Connecticut, Maine, Sharon Keating, ABR, CRS, GRI Massachusetts, New Hampshire, Rhode Janet Branton, CAE, CIPS, SRES Island, and Vermont) Business Specialties Group Senior Vice President, Commercial and Pamela W. Monroe, CPM Global Services William Hanley, AHWD, SFR Region 2 (New Jersey, New York, and Commercial Jerry Giovaniello Pennsylvania) Linda St. Peter, AHWD, CCIM 2014 Senior Vice President, Government Affairs and Chief Lobbyist John Dickinson, CCIM, GRI Consumer Relations Region 3 (Delaware, District of Columbia, Tiffany Curry, SFR NAR Bob Goldberg, ePRO Maryland, Virginia, and West Virginia) Senior Vice President, Sales & Marketing, Global Real Estate Business Development and Strategic Mike J. Gaughan, GRI Adrian Arriaga, CCIM, CIPS Investments, Professional Development, Region 4 (Kentucky, North Carolina, Leadership Conventions and President/CEO, South Carolina, and Tennessee) Large Residential Firms Relations Realtors® Information Network Steve A. Brown, CRB, GRI B.J. Harris, CIPS, CRS, GREEN, GRI, RSPS Doug Hinderer, RCE Region 5 (Alabama, Florida, Georgia, Law & Policy Senior Vice President, Human Resources, Mississippi, Puerto Rico, and the Virgin Linda Lee, CIPS, CRS, ePRO, GRI, PMN AE & Leadership Development, Buildings Islands) Steve Brown, ABR, CIPS, Gary Thomas, CIPS Member Services Katherine R. Johnson Jonathan Hall, ALC, GAA, GRI CRS, GREEN Immediate Past President Brian Copeland, ABR, CIPS, CRS, ePRO, Senior Vice President, Legal Affairs, Region 6 (Michigan and Ohio) GRI President Board Policy & Programs, and General Counsel John C. Kmiecik, CRB, SFR Public & Federal Issues Region 7 (Illinois, Indiana, and Wisconsin) Cynthia Shelton, CCIM, CIPS, CRE Beth L. Peerce Mark Lesswing, ePRO Senior Vice President, IT, CRT, Henry Kammandel Jr. REALTOR® Party Community Engagement Chris Polychron, CIPS, Vice President Information Services, and Chief Region 8 (Iowa, Minnesota, Nebraska, David Wluka CRS, GRI Technology Officer North Dakota, and South Dakota) REALTOR® Party Disbursement President-elect John Pierpoint, CPA, CTP Elizabeth Mendenhall, ABR, ABRM ,CIPS, Iona Harrison, GRI Senior Vice President, Finance & Tax CRB, GRI, PMN, ePRO JoAnne Poole, AHWD, Management, and Chief Financial Region 9 (Arkansas, Kansas, Missouri, REALTOR® Party Fundraising CRS, ePRO, GRI, PMN Officer and Oklahoma) Summer Greene, CRB, GRI Tom Salomone Vice President Stephanie Singer David McKey, CRB, GRI REALTOR® Party Member Involvement First Vice President Senior Vice President, Communications Region 10 (Louisiana and Texas) John Flor, ABR, CRS, ePRO, GRI, RSPS

Walt Witek Karen Valentine-Pond, CRS, ePRO, REALTOR® Party Spokesperson Dale Stinton, CAE, CPA, Senior Vice President, Community & GREEN, SRES John J. Harrison, CRB, CRS, GRI, SRES Political Affairs Region 11 (Arizona, Colorado, Nevada, Michael McGrew, CMA, RCE New Mexico, Utah, and Wyoming) Second Century Ventures and Special CRB, CRS, MRP CEO Lawrence Yun Projects Senior Vice President, Research and Rick Harris, ABR, CIPS, CRS, ePRO, GRI, Rei Mesa, CRB, CRS Treasurer Chief Economist SFR, SRS Region 12 (Alaska, Idaho, Montana, Oregon, and Washington)

Jim Liptak Region 13 (California, Guam, and Hawaii)

36. | NATIONAL ASSOCIATION OF REALTORS® 2014 Annual Report | 37. 430 North Michigan Ave., 500 New Jersey Ave., N.W., Chicago, IL 60611-4087 Wahington, DC 20001-2020 800/874-6500 800/874-6500

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2014 Annual Report | 39.