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January 3, 2007

MAR LEGISLATIVE DAY
Mark your calendars for MAR's Annual Legislative Day on January 29, 2007.
PGCAR EDUCATION DAY
All-Day CEU training at La Fontaine Bleu
February 21, 2007
Full Class Schedule and
Registration Coming Soon!

 
MAR TOWN HALL MEETING

Join us Monday, February 12, 2007 at the Greenbelt Marriott, Greenbelt, from 11:30 a.m. to 1:30 p.m. You know that question that you have been yearning to ask MAR leadership? Here's your opportunity to do so! Join your colleagues for an informal lunch and meet the MAR Leadership and staff to find out the answers to those questions. FREE! But please RSVP online or by e-mail to jostenso@pgcar.com.

 
EXISTING-HOME SALES FORECASTED TO RECOVER IN 2007

Sales of existing homes will level out in 2007, with totals comparable to 2006 levels, according to the new forecast released by NAR. New home sales will continue to slide into next year. "Most of the correction in home prices is behind us, but general gains in value next year will be modest by historical standards," according to NAR Chief Economist David Lereah. Click here to read the entire forecast.

 
BROKERS' OPEN HOUSES MAKE A COMEBACK

With increased inventory making a tougher market for sellers, many agents are turning back to an old sales tactic: a brokers' open house. When access to a property is limited, or when agents want to reach only serious buyers, it's often easier to market directly to other agents. Agents who attend brokers' opens may already have buyers in mind, or can even bring them along. Click here to read more.

 
FIVE WAYS TO A SMOOTH CLOSING

Buyers, sellers, and agents all want a closing to be as effortless, and proceed as efficiently, as possible. There are steps you can take throughout the transaction to help the process along. Click here to read five tips you can use to ensure a smooth closing for yourself and your clients.

 
National Market Report: Existing Home Sales Rise Again

According to data from NAR, existing homes sales rose again in November for the second month in a row. Sales rose 0.6% for the month, although existing home sales are still down 10.7% from November 2005. According to NAR Chief Economist David Lereah, the current market correction cycle appeared to reach a low in September and home sales should continue to rise gradually into 2007. Read more >>

 
Who are Today's Buyers?

Understanding the psychology of different types of buyers is key when making a sale. Although no two buyers are exactly alike, there can be major differences between generations of buyers. Currently, Baby Boomers and Gen Xers make up the lion's share of the buyers' market. Here is a quick overview of these two groups and some tips on how to market to each.

 
DC Issues Guidance Concerning Non-Traditional Mortgages

The District of Columbia has joined in with 19 states by warning state-regulated lenders about potential hazards posed to consumers with non-traditional lending, such as interest-only and other similar types of loans. The guidance is designed to make sure consumers are more fully aware of specific details of exotic lending. Officials in Maryland are also considering new guidelines. Click here to read more.

 
CONTINUING EDUCATION

Meet all of your required Continuing Education for Maryland license renewal!
Sign up for multiple classes here!


This Friday, January 5
MD Real Estate Ethics
Meets 3 MD Required Ethics CEU; 3 DC Elective CEU
Don Martin 1:00 pm - 4:00 pm

Next Thursday, January 11
Contracts
3 Elective CE, MD & DC
Stu Stern 9:30 am - 12:30 pm
How to Save 10K & Your Real Estate License
1.5 Elective CEU, MD only
Stu Stern 1:30 pm - 3:00 pm
REALTOR® Etiquette & Professional Courtesies
1.5 Elective CEU, MD only
Stu Stern 3:15 pm - 4:45 pm

Next Friday, January 12
MD Legislative Update
3.0 MD Required Legislative Update CEU; 3.0 DC Elective CEU
Don Martin 9:30 am - 12:30 pm
MD Fair Housing Update
1.5 MD Required Fair Housing CEU; 1.5 DC Elective CEU
Don Martin 1:30 pm - 3:00 pm

Thursday, January 25
Advertising Obligations/Legal Update
3.0 MD Required Legislative Update CEU; 3.0 DC Elective CEU
Al Monshower 6:00 pm - 9:00 pm

 

Code of Ethics Case Study
Case #1-1: Fidelity to Client
Client A complained to a Board of REALTORS® that two of its members, REALTOR® B and his sales associate, REALTOR-Associate® C, had failed to represent the client's interests faithfully, proposing to various prospective buyers that a price less than the listed price of a house be offered. His complaint specified that REALTOR® B, in consultation with him, had agreed that $137,900 would be a fair price for the house, and it had been listed at that figure. The complaint also named three different prospective buyers who had told Client A that while looking at the property, REALTOR-Associate® C, representing REALTOR® B, when asked the price had said, "It's listed at $137,900, but I'm pretty sure that an offer of $130,000 will be accepted."

REALTOR® B and REALTOR-Associate® C were notified of the complaint and requested to be present at a hearing on the matter scheduled before a Hearing Panel of the Board's Professional Standards Committee.

During the hearing, REALTOR® B confirmed that he had agreed with Client A that $137,900 was a fair price for the house, and that it was listed at that figure. He added that he had asked for a 90-day listing contract as some time might be required in securing the full market value. Client A had agreed to do this but had indicated that he was interested in selling within a month even if it meant making some concession on the price. The discussion concluded with an agreement on listing at $137,900 and with REALTOR® B agreeing to make every effort to get that price for Client A.

REALTOR-Associate® C said in the hearing that REALTOR® B had repeated these comments of Client A and he, REALTOR-Associate® C, had interpreted them as meaning that an early offer of about 10 percent less than the listed price would be acceptable to the seller, Client A. Questioning by the Hearing Panel established that neither REALTOR® B nor REALTOR-Associate® C had been authorized to quote a price other than $137,900.

It was the Hearing Panel's conclusion that REALTOR® B was not in violation of Article 1 since he had no reason to know of REALTOR-Associate® C's actions. The panel did find REALTOR-Associate® C in violation of Article 1 for divulging his knowledge that the client was desirous of a rapid sale even if it meant accepting less than the asking price. The panel noted that such a disclosure was not in the client's best interest and should never be made without the client's knowledge and consent.

SPOTLIGHT SPECIAL

The Official Homes Section of The Prince George's County Association of REALTORS® brought to you by The Gazette. This is a special pullout FULL COLOR supplement reaching over 127,000 homes and businesses in Prince George's County.

Internet Upgrade Special: That's right, when you buy a print ad, you receive an online advertisement for only $50!

Article Deadline Monday,
Jan. 8
  Space Reservation
& Ad Copy Deadline
Tuesday,
Jan. 9
  Publication
Date
Thursday,
Jan. 25

If you are interested in writing an article or placing an ad, please contact
Heidi Lamere at 301-731-2134, 240-888-7509 or hlamere@gazette.net.




Prince George's County Association of REALTORS®
8400 Corporate Drive  :  Suite 225 : Landover MD 20785
Phone 301-306-7900  :  Fax 301-306-8273  :  www.pgcar.com  :  ©2006, PGCAR

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