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July 1, 2008

 
Save the Date!
FOR OUR 75TH ANNIVERSARY CELEBRATION ON SEPTEMBER 25

 
HAPPY 4th of July...
The PGCAR office will be closed this Friday, July 4, in observance of Independence Day.
We wish you a happy and safe holiday!
 

 
 
NOMINATIONS NOW OPEN - 2009 OFFICERS AND DIRECTORS

The Prince George's County Association of REALTORS® is seeking nominations for individuals interested in serving as a member of the 2009 PGCAR Board of Directors. The PGCAR membership will elect a President-Elect, a Secretary, and four (4) individuals to serve two-year terms on the Board of Directors, beginning on October 1, 2008.

Any individual wishing to run for President-Elect or Secretary

  • must be a REALTOR® member in good standing of PGCAR,
  • must have held membership in PGCAR for a minimum of two years and
  • must have served two years as a Member of the Board of Directors during the last four years.

Those running for a Director position

  • must be a REALTOR® member in good standing of PGCAR,
  • must have held Membership in PGCAR for a minimum of two years and
  • must have served on a PGCAR Committee for one year during the last four years.

Service on the Board of Directors requires a commitment to attend Board of Directors meetings (12 per year) as well as participating in other PGCAR activities. If you are interested in having your name considered by the Credentials Committee for inclusion on the ballot, please complete the Online Candidate Form or you can print and fax or mail it. Forms must be received in the Association office no later than 5 p.m. on July 15th. Forms may be submitted by fax at 301-306-8273 or by mail to 8400 Corporate Drive, Suite 225, Landover, MD 20785.

 
 
New Maryland Sales Contract Addendum Update
EFFECTIVE AS OF JULY 1, 2008
The Maryland non-resident seller transfer tax rate increases from 6.75% to 7.5% effective today, July 1, 2008. Therefore, a new "Maryland Non-Resident Seller Transfer Withholding Tax Addendum" must be used for contracts entered into on or after July 1, 2008.

This updated form is available through the PGCAR.com Members Only Forms section.

Please log in and make sure your entire forms library is current!

Prince George's County Recordation Tax Rate
EFFECTIVE SATURDAY, JULY 5, 2008
On the local level the Prince George's County Council recently passed CB-10-2008. This bill was part of the County Executives budget package. Effective this Saturday, July 5, 2008 the County recordation tax will increase from $2.20 to $2.50 per $500 in value. The increased rate is a temporary measure scheduled to revert back to $2.20 in July 2011. Please update this tax rate in any informational cost calculations or budgeting lists you may have. If you have any settlements which have moved from July 4 or earlier to July 5 or later, this local transfer tax will need to be changed.

 
 
THERE'S STILL TIME! HELP MAKE HIGHER LOAN LIMITS PERMANENT

Decisions are currently being made on making the higher loan limits permanent. These limits are currently set to expire December 31, 2008.

Customize a message from the REALTOR® Action Center to urge your Senators to increase investor confidence and safe mortgage credit by making higher FHA, Freddie Mac and Fannie Mae loan limits permanent.

It's quick.  It's easy. Visit the NAR REALTOR® Action Center >>

 
 
HANDY TIPS ON SHORT SALES AND FORECLOSURE

It is recognized that a growing segment of your business is dealing with short sales and foreclosures. Through the PGCAR Forms Committee we have compiled these resources to assist you as a real estate professional in meeting these challenges. The links below will take you to HUD and Fannie Mae publications as well as NAR and MAR resources, publications and articles. Some are geared toward real estate practitioners and some are consumer oriented. We hope you will find this information helpful.

Note: Above information is provided as a service through third parties and subject to change.

 
 
MAY EXISTING-HOME SALES SHOW MODEST GAIN

Existing-home sales increased in May with buyers responding to lower home prices, according to the National Association of REALTORS®.

Existing-home sales – including single-family, townhomes, condominiums and co-ops – increased 2.0 percent to a seasonally adjusted annual rate of 4.99 million units in May from a level of 4.89 million in April, but are 15.9 percent below the 5.93 million-unit pace in May 2007.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said buyers are seeing value in the current housing market. "Home buyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages," he said. "Today's buyer plans to stay in a home for 10 years, which is a good strategy for building long-term wealth."

Full article and inventory statistics >>

 
 
EARN YOUR GRI
GRI 200 Starts July 11
Sign up for the entire, 27 CE Series here!

Need a few make-up classes?
Sign up for individual classes by clicking class titles below.
Please note that the order of individual modules has changed. This will not impact those who are attending the entire series -- if you are taking a make up module, please pay special attention to the module number that you need and its date. Thank you!

  red arrow Module 203: Interpersonal Skills & Personal Assistants - Fri, July 11
  red arrow Module 202: Contracts & Agency - Wed, July 16
  red arrow Module 201: Pricing Property & Appraisal - Thur, July 17
  red arrow Module 205: Condominiums, Cooperatives & Buyer Brokerage - Wed, July 23
  red arrow Module 204: Advanced Financing & Real Estate Investments - Fri, July 25

 
 
CONTINUING EDUCATION

Earn ALL of your required Continuing Education hours for Maryland and DC license renewals -- and your GRI -- here at PGCAR. In relevant topics which are kept current for TODAY's Real Estate Market. Don't miss this summer's special offerings!


Next Tuesday, July 8
Photography for REALTORS®
No CEUs
Joseph Pruden 6:00 pm - 8:00 pm

Next Thursday, July 10
DC Fair Housing & Predatory Lending
3 DC Required CEU
Prabhjit Singh 6:00 pm - 9:00 pm

Next Friday, July 11
GRI Series II - FULL SERIES of 5 Classes Begins
27 MD Elective CEU
8:30 am - 4:00 pm

Tuesday, July 15
MD Code of Ethics
3 MD Required Ethics CEU; 3 DC Elective CEU
Larry Hudson 6:00 pm - 9:00 pm

Thursday, August 7
Housing Slump - Its Affect on Buyer & Seller
3 MD Elective CEU
Pat Miller 9:30 am - 12:30 pm

Wednesday, August 13
MD Legislative Update
3 MD Required Legislative Update CEU; 3 DC Elective CEU
Don Martin 1:00 pm - 4:00 pm

Wednesday, August 20
Commercial Property
3 MD Professional Enhancement CEU
Paul Bellegarde 9:30 am - 12:30 pm

Wednesday, August 27
MD Code of Ethics
3 MD Required Ethics CEU; 3 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

Friday, October 3
GRI Series III - FULL SERIES of 5 Classes Begins
30 MD Elective CEU
8:30 am - 4:00 pm

 

Code of Ethics Case Study: Case #13-3:
REALTOR®'s Obligation to Recommend Counsel When Needed

REALTOR® A was the listing broker for 25 acres of land owned by Client B. Shortly after REALTOR® A's sign was placed upon the property, Customer C called REALTOR® A and expressed interest in purchasing the property. After inspecting the property, Customer C made a full price offer. Surprised, Client B prepared a counter-offer at a higher price. REALTOR® A realized that he might have a legal claim for commission from Client B, but not wishing to jeopardize their relationship, he agreed that he would go back to Customer C and attempt to negotiate a higher price. Upon being informed of the property owner's change of mind and his requested higher price for the property, Customer C became upset and indicated his intent to consult his attorney to determine if he could force the seller to go through with the sales transaction at the price for which it had been originally offered. At this point REALTOR® A advised Customer C that, in his opinion, litigation would be lengthy and expensive and that in the final analysis the sale could not be enforced. On the basis of REALTOR® A's advice Customer C agreed to the higher price, and the transaction was consummated. Shortly after, Customer C complained to the Board of REALTORS® that REALTOR® A had provided bad advice to him. The Secretary referred the complaint to the Grievance Committee, which determined that a hearing should be held and referred the matter back to the Secretary to arrange such a hearing.

At the hearing, Customer C outlined his complaint to the Hearing Panel of the Professional Standards Committee. He indicated that he had intended to consult his attorney; however, because of the persuasive personality of REALTOR® A and REALTOR® A's assurance that legal action would be an exercise in futility, he had not done so.

REALTOR® A advised the panel that he had told Customer C that he could consult his attorney, but that, in his opinion, it would be a waste of time. He defended what he had told Customer C stating that it was only his opinion, not intended as a conclusive statement of law, and in fact, was a correct statement under the law of the state. The panel concluded that REALTOR® A, in pointing out the fact that legal action was likely to be time consuming and expensive, was stating a practical circumstance which Customer C should consider and was proper. The panel further concluded that the expression of an opinion as to the probable outcome of the case was not an "unauthorized practice of law" within the meaning of Article 13.

However, the panel noted that a REALTOR® is obligated to "recommend that legal counsel be obtained when the interest of any party to the transaction requires it."

In this case, REALTOR® A was aware that the interest of Customer C required a legal opinion as to whether Customer C could compel Client B to convey title to the property and did not intend his personal opinion to represent a "statement of law" upon which Customer C could rely. Accordingly, REALTOR® A was obligated to affirmatively recommend that Customer C consult his attorney to definitively establish the legal rights in question.

Based on your understanding of the Code of Ethics Article 13, how do you think the Professional Standards Panel ruled?

Find out here >>

 
 
A PICTURE IS WORTH A THOUSAND WORDS - Tuesday!

Stunning, eye-catching listing photographs or ho-hum photographs. Which do you prefer?

Why not catch a few tips from Professional Photographer Joseph Pruden? We had fun and learned so much at last month's special offering, that it's back for July!

Joseph is teaching "Photography for REALTORS®" at the Association Offices classroom next Tuesday evening, 6 - 8 p.m. The fee is only $15 per person. Bring a friend, spouse or associate at the same special price! Please visit pgcar.com to register in advance!

 
 
MAR LEADERSHIP ACADEMY

MAR is now accepting applications for the 2008 - 2009 Leadership Academy.

The Leadership Academy will include 8 sessions, the first on October 2, 2008 and the last - graduation day, on April 14, 2009. All applications are due by August 1st. Please be sure to indicate on the application your preferred interview date. Once received, MAR will confirm your interview date and time.

Click here for an application.

 
 
NAR DUES UPDATE

NAR has restated nondeductible dues dollars for 2008 because of the significant amount of new programming added to NAR's 2008 budget. The 2008 nondeductible amount has been increased to $25, or 31% of dues, from $18, or 22% of dues. For 2009, $26 of the $80 in dues per member will be nondeductible.

For more info contact Karen Paschal at kpaschal@realtors.org or 312.329.8239.

 
 
2009 PGCAR DUES

The Board of Directors has voted to allow 2009 dues to be paid in installments. The 2009 dues will be billed on August 1st and are payable no later than November 30th in order to prevent late charges. The installment payments will be due as follows:

$546
(includes voluntary RPAC contribution of $35)
$511
(does not include voluntary RPAC contribution of $35)
August 15 - $205
Sept. 15 - $114
Oct. 15 - $114
Nov. 15 - $113
August 15 - $205
Sept. 15 - $102
Oct. 15 - $102
Nov. 15 - $102

SPOTLIGHT SPECIAL

BE IN THE SPOTLIGHT FOR FREE!

That's right. Write an article that would be of interest to real estate consumers and submit it to Karey Major for a chance to be 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.

Article
Deadline
Monday,
July 7
  Ad Copy
Deadline
Tuesday,
July 8
  Publication
Date
Thursday,
July 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.

 
Save the Date!
FOR OUR 75TH ANNIVERSARY CELEBRATION ON SEPTEMBER 25

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  :  ©2008, PGCAR

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