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December 18, 2007

We wish you & your family a joy-filled holiday season!
The PGCAR office will be closed on Monday, December 24 and Tuesday, December 25
and also on Monday December 31 and Tuesday January 1.

 
 
Call for Contributions

PGCAR has adopted a family for Christmas in need of our help.

Show your generosity and caring by Clicking Here to make a donation online. PGCAR will forward your contributions to the family in the form of food, needed clothing and items, and some fun gifts too.

 
30 UNDER 30 - 2008 EDITION

REALTOR® Magazine is accepting applications through January 14, 2008 for NAR's annual "30 under 30" feature. This article profiles promising young real estate professionals from around the country, and will be published in the June 2008 publication. A select few will appear in REALTOR® magazine online. There is no cost to apply. Selection criteria include business success, leadership, industry or community involvement, and ingenuity. Nominees must be members of NAR and under the age of 30 as of May 31, 2008. Wouldn't it be great to have a Prince George's young REALTOR® featured? Visit REALTOR.org/realtormag for the application.

 
 
ANNUAL
HOLIDAY GALA

PGCAR would like to thank this year's sponsors for making the PGCAR Annual Holiday Gala such a great success.

Thank You Sponsors...

Beltway Title – Open Bar
Emkay Settlements – Desserts
EXIT Powerhouse Realty – Santa Claus
Home First Title Group – Photographer
Mel Schneider Title and Escrow, Inc. – DJ
SunTrust Mortgage – Ham & Turkey Station
SunTrust Mortgage – Fruit & Cheese
SunTrust Mortgage – Santa's Gifts
Troese Title – Idol Cash Prize
Village Settlements – Caricaturist

 
Thank you Event Sponsors...

CMG Mortgage – Joseph Altobelli
Cross Country Settlements – Gerry Whoolery
Dunn's Title & Escrow – Patrick Dunn
First Home Mortgage – Rob Mercer
Beltway Title – Vickee Curtis
VIP Title Group, LLC – Kelli Baxter
Ruth Wright – The Wright REALTOR®, LLC

THANK YOU to our Holiday Gala Committee for their dedication and service, and to everyone who attended. We hope you had a great time! Also, thank you to all members who donated coats for the needy and food for the hungry, affording more local families to celebrate the holidays this year!

 
SAFEMLS® TOKENS

SAFEMLS® tokens are being mailed to MRIS subscribers' home addresses today through January 7.

Beginning on December 19, all MRIS subscribers will be directed to the new Secure Login screen to access the system. However, you will still be able to login without the token for a period of time. This will ensure a successful transition as subscribers receive their tokens in rounds—at a rate of 6,000 per day—and the holiday rush winds down.

When you receive your token, you are encouraged to enroll it and use it. For more information about Secure Login, be sure to open the 12/13/2007 MRIS Product Update in your Inbox. Visit the MRIS website for additional updates.

 
 
CONTINUING EDUCATION

How is YOUR CEU Inventory?  You can earn ALL of Your Continuing Education requirements for both the Maryland and DC license renewals right here at PGCAR!

Sign up for multiple classes here!


Tuesday, January 22
MD Real Estate Ethics
3 MD Required Ethics CEU; 3 DC Elective CEU
Larry Hudson 6:00 pm - 9:00 pm

Thursday, January 24
New Agent Survival
3.0 Elective CEU, MD and DC
Stu Stern 9:30 am - 12:30 pm
Agency Law
3.0 Elective CEU, MD and DC
Stu Stern 1:30 pm - 4:30 pm

Friday, January 25
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
1.5 MD Required Fair Housing CEU; 1.5 DC Elective CEU
Don Martin 1:30 pm - 3:00 pm

Monday, January 28
Photography for REALTORS®
Joseph Pruden
Joseph Pruden 6:00 pm - 8:00 pm

Wednesday, February 6
Environmental Issues
3.0 MD Elective CEU; 3.0 DC Elective CEU
Vimal Kapoor 9:30 am - 12:30 pm
Risk Management
3.0 MD Elective CEU; 3.0 DC Elective CEU
Vimal Kapoor 1:30 pm - 4:30 pm

 
EXISTING-HOME SALES TO TREND UP IN 2008

Existing-home sales are projected to trend up in 2008, with pending home sales showing a slight near-term rise, according to the latest forecast by the National Association of REALTORS®. However, a recovery for new-home sales is unlikely before 2009. Lawrence Yun, NAR chief economist, said the worst part of the credit crunch has already worked its way through the data. "The unusual mortgage disruptions that peaked in August were clearly seen in lower home sales that were finalized in September and October, so the market was underperforming," he said. "Now that mortgage conditions have improved, some postponed activity should turn up in existing-home sales over the next couple of months, and I expect sales at fairly stable to slightly higher levels."

Coverage in Realty Times
The National Association of REALTORS® has suffered some ridicule for its perpetually sunny housing forecasts, even while some markets have been drenched in bad news. But the newest forecast for 2008 is optimistic for good reason. Full story >>

 
MORTGAGE RATES REVERSE TREND AND RISE THIS WEEK

Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 6.11 percent with an average 0.5 point for the week ending December 13, 2007, up from last week when it averaged 5.96 percent as well. Last year at this time, the 30-year FRM averaged 6.12 percent. Full story >>

 
$25.00 LATE FEE NOW IN EFFECT!
A majority of our members have paid their dues and we want to take this opportunity to thank you for your continued support of our Association and real estate industry.

Effective 9 a.m. on December 4,
a $25.00 late fee was added to any non-paid dues invoice.

Click here and log in to view, print, and pay your dues online!

Click here for easy 1-2-3 instructions on renewing online!

 
 
DECEMBER 2007 REAL ESTATE CYBERTIPS

The shirking dollar affects all of our wallets and one of the best measures of the average change in our purchasing power is the Consumer Price Index (CPI) that calculates the average price change of goods and services over time. Want an easy way to uninstall that program you don't want on your computer any more? These tips and more.
Full story >>

 

Code of Ethics Case Study: Case #2-3:
Obligation to Disclose Defects
Seller A came to REALTOR® B's office explaining that his company was transferring him to another city and he wished to sell his home. In executing the listing contract, Seller A specified that the house had hardwood floors throughout and that the selling price would include the shutters and draperies that had been custom made for the house. Seller A said that he would like to continue to occupy the house for 90 days while his wife looked for another home at his new location, and agreed that REALTOR® B could show the house during this time without making a special appointment for each visit. Accordingly, REALTOR® B advertised the house, showed it to a number of prospective buyers, and obtained a purchase contract from Buyer C. Settlement was completed and at the expiration of the 90-day period from the date of listing, Seller A moved out and Buyer C moved in.

On the day that Buyer C moved in, seeing the house for the first time in its unfurnished condition, he quickly observed that hardwood flooring existed only on the outer rim of the floor in each room that had been visible beyond the edges of rugs when he inspected the house, and that the areas that had been previously covered by rugs in each room were of subflooring material. He complained that REALTOR® B, the listing broker, had misrepresented the house in his advertisements and in the description included in his listing form, which had specified "hardwood floors throughout." Buyer C complained to REALTOR® B, who immediately contacted Seller A. REALTOR® B pointed out that the house had been fully furnished when it was listed and Seller A had said that the house had hardwood floors throughout. Seller A acknowledged that he had so described the floors, but said the error was inadvertent since he had lived in the house for ten years since it had been custom built for him. He explained that in discussing the plans and specifications with the contractor who had built the house, the contractor had pointed out various methods of reducing construction costs, including limiting the use of hardwood flooring to the outer rim of each room's floor. Since Seller A had planned to use rugs in each room, he had agreed, and after ten years of living in the house with the subflooring covered by rugs, he had "simply forgotten about it."

REALTOR® B explained, however, that Seller A's description, which he had accepted, had resulted in misrepresentation to the buyer. "But it's a small point," said Seller A. "He'll probably use rugs too, so it really doesn't make any difference." After further pressure from REALTOR® B for some kind of adjustment for Buyer C, Seller A concluded, "It was an honest mistake. It's not important. I'm not going to do anything about it. If Buyer C thinks this is a serious matter, let him sue me."

REALTOR® B explained Seller A's attitude to Buyer C, saying that he regretted it very much, but under the circumstances could do nothing more about it. It was at this point that Buyer C filed a complaint with REALTOR® B's Board.

Based on your understanding of Code of Ethics Article 2, how do you think the Professional Standards Panel ruled?

Find out here >>

SPOTLIGHT SPECIAL

Coming Again Soon...
BE IN THE SPOTLIGHT FOR FREE!

Starting in February, you can write an article that would be of interest to real estate consumers and have it published in 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.

Ad Copy Deadline Tuesday, Jan. 8   Publication Date Thursday, Jan. 24

If you are interested in writing an article or placing an ad, please contact
Karey Major at 240-473-7588 or kmajor@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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