Media Center - Florida Realtors®

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Jeff Zipper, Vice President of Communications
407/438-1400, ext. 2314
JeffZ@far.org

Marla Martin, Communications Manager
407/438-1400, ext. 2326
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Florida Association of Realtors® Announces Formation of New Subsidiary

ORLANDO, Fla., July 18, 2005 -- To better serve Florida Realtors® and keep pace with ever-changing business demands, the Florida Association of Realtors® (FAR) has formed Real Estate Industry Solutions Inc. (REIS), LLC, a new for-profit subsidiary, announces 2005 President Frank Kowalski.

"This is a historic moment in the evolution of FAR," Kowalski says. Other large state Realtor associations, including the California Association of Realtors, have established similar subsidiary companies.

This smart business practice allows the Florida Association of Realtors to continue to concentrate on its core mission of serving Florida Realtors as a not-for-profit professional association and yet also meet the membership's growing business challenges, says Kowalski.

The subsidiary's board of managers held its first meeting June 29 and elected Jacksonville Realtor Cathy E. Whatley as chairman. A Florida Realtor since 1969, Whatley is broker-owner of Buck & Buck Inc. REALTORS® in Jacksonville. She served as president of the National Association of Realtors® (NAR) in 2003 and as president of FAR in 1996.

"FAR, through its mission to serve its Realtor members, has worked to develop and deliver some outstanding technology-based products and services to its members and other Realtor groups across the country," Whatley says. "In order to ensure an ongoing focus in bringing new state-of-the-art tools and services to the market that make business sense for its members, FAR's board of directors voted to form a for-profit subsidiary, Real Estate Industry Solutions Inc.

"As a wholly owned subsidiary of FAR, REIS is responsible for developing and maintaining leading-edge products and services that benefit Realtor members in their daily business activities. The REIS board, made up of dedicated Realtor and industry leaders, looks to engage in finding new business products and services that will enhance member knowledge and professionalism. Realtors bring important expertise and value to their customers and clients in the real estate transaction, and REIS will be exploring ways to provide enhanced tools that help agents and firms continue to achieve that goal."

Members of the REIS board of managers are:

Executive Class -- 2005 FAR President-Elect Mike Dooley, a broker with Illustrated Properties in Hobe Sound, partial term ending 12/31/05; and FAR Executive Vice President John Fridlington.

Realtor Class -- Richard W. Cope, broker-owner of RCM Corporation in Clearwater, two-year term; Chip Boring, broker-owner of RE/MAX Realty Plus in Sebring, two-year term; Cathy Whatley, broker-owner of Buck & Buck Inc. in Jacksonville, three-year term; and Dale E. Peterson, broker-owner of Dale E. Peterson Realty Inc. in Destin, three-year term.

General Class -- Gary Nagle, attorney for the Jupiter-Tequesta-Hobe Sound Association of Realtors, one-year term; Wm. Glenn East, association executive for the Northeast Florida Association of Realtors in Jacksonville, two-year term; and Alan Yassky, broker-owner of Rockland Realty in Spring Valley, N.Y., three-year term.

The Florida Association of Realtors, the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation for its more than 125,000 members in 70 local boards/associations.